TOTAL REVENUES NET OF INTEREST EXPENSE Discount revenue decreased $617 million or 3 percent in 2016 compared to 2015, and remained relatively flat in 2015 compared to 2014.
The decrease in 2016 was primarily driven by lower Costco-related revenue.
Both periods of comparison reflected increases in contra-discount revenues, including cash rebate rewards, which in 2015 as compared to 2014 was offset by growth in billed business.
Overall, billed business was flat in 2016 compared to 2015.
U. S.  billed business decreased 3 percent, primarily driven by lower Costco-related volumes and non-U.
S.  billed business increased 6 percent (10 percent on an FX-adjusted basis).1 The average discount rate was 2.45 percent, 2.46 percent and 2.48 percent for 2016, 2015 and 2014, respectively.
The decrease in the average discount rate in 2016 compared to 2015 was driven primarily by growth of the OptBlue program, merchant negotiations, including those resulting from the recent regulatory changes affecting competitor pricing in the European Union and a prior-year benefit related to certain merchant rebate accruals, partially offset by the benefit to the discount rate from the decline in Costco merchant volumes in the current year.
We expect the average discount rate will likely continue to decline over time due to further expansion of OptBlue, merchant negotiations and competition, volume related pricing discounts and certain pricing initiatives mainly driven by pricing regulation (including regulation of competitors’ interchange rates).
See Tables 5 and 6 for more details on billed business performance and the average discount rate.
Net card fees increased $186 million or 7 percent in 2016 compared to 2015 and remained relatively flat in 2015 compared to 2014 (increasing 5 percent on an FX-adjusted basis).1 The increase in 2016 was driven primarily by growth in the Platinum, Gold and Delta portfolios.
Other fees and commissions decreased $113 million or 4 percent in 2016 compared to 2015, and $760 million or 21 percent in 2015 compared to 2014.
The decrease in 2016 was primarily driven by lower Costco-related fees, partially offset by an increase in delinquency and loyalty coalition-related fees.
The decrease in 2015 was primarily due to the GBT JV transaction, resulting in a lack of comparability between periods.
Other revenues were relatively flat in 2016 compared to 2015, and decreased $956 million or 32 percent in 2015 compared to 2014.
The current year included a contractual payment from a GNS partner and higher revenues from our Prepaid Services business, offset by lower revenues related to Costco, Loyalty Edge (which was sold in the fourth quarter of 2016), and the GBT JV transition services agreement.
The decrease in 2015 was primarily driven by gains related to the sales of investment securities in Concur and Industrial and Commercial Bank of China in 2014.
Interest income decreased $70 million or 1 percent in 2016 compared to 2015, and increased $366 million or 5 percent in 2015 compared to 2014.
The decrease in 2016 was primarily driven by lower Costco cobrand loans and the associated interest income, partially offset by modestly higher yields and an increase in average Card Member loans across other lending products.
The increase in 2015 primarily reflects higher average Card Member loans, partially offset by decreases in interest and dividends on investment securities driven by lower average investment securities.
Interest expense increased $81 million or 5 percent in 2016 compared to 2015, and decreased $84 million or 5 percent in 2015 compared to 2014.
The increase in 2016 was primarily driven by higher average customer deposit balances, partially offset by lower average long-term debt.
The decrease in 2015 was primarily driven by a lower cost of funds on debt and customer deposits, partially offset by an increase in average customer deposit balances.
TABLE 3: PROVISIONS FOR LOSSES SUMMARY
## Table 0 ##
(a) Beginning December 1, 2015 through to the sale completion dates, does not reflect the HFS portfolios.1 The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U. S.  dollars (i. e. , assumes the foreign exchange rates used to determine results for the current period apply to the corresponding period against which such results are being compared).
FX-adjusted revenues and expenses constitute non-GAAP measures.
We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates
2017 vs.  2016 – Commercial & Residential Solutions sales were $5.9 billion in 2017, an increase of $302 million, or 5 percent, reflecting favorable conditions in HVAC and refrigeration markets in the U. S. , Asia and Europe, as well as U. S.  and Asian construction markets.
Underlying sales increased 5 percent ($297 million) on 6 percent higher volume, partially offset by 1 percent lower price.
Foreign currency translation deducted $20 million and acquisitions added $25 million.
Climate Technologies sales were $4.2 billion in 2017, an increase of $268 million, or 7 percent.
Global air conditioning sales were solid, led by strength in the U. S.  and Asia and robust growth in China partially due to easier comparisons, while sales were up modestly in Europe and declined moderately in Middle East/Africa.
Global refrigeration sales were strong, reflecting robust growth in China on increased adoption of energyefficient solutions and slight growth in the U. S.  Sensors and solutions had strong growth, while temperature controls was up modestly.
Tools & Home Products sales were $1.6 billion in 2017, up $34 million compared to the prior year.
Professional tools had strong growth on favorable demand from oil and gas customers and in other construction-related markets.
Wet/dry vacuums sales were up moderately as favorable conditions continued in U. S.  construction markets.
Food waste disposers increased slightly, while the storage business declined moderately.
Overall, underlying sales increased 3 percent in the U. S. , 4 percent in Europe and 17 percent in Asia (China up 27 percent).
Sales increased 3 percent in Latin America and 4 percent in Canada, while sales decreased 5 percent in Middle East/Africa.
Earnings were $1.4 billion, an increase of $72 million driven by Climate Technologies, while margin was flat.
Increased volume and resulting leverage, savings from cost reduction actions, and lower customer accommodation costs of $16 million were largely offset by higher materials costs, lower price and unfavorable product mix.
Financial Position, Capital Resources and Liquidity The Company continues to generate substantial cash from operations and has the resources available to reinvest for growth in existing businesses, pursue strategic acquisitions and manage its capital structure on a short- and long-term basis.
CASH FLOW FROM CONTINUING OPERATIONS
## Table 1 ##
Operating cash flow from continuing operations for 2018 was $2.9 billion, a $202 million, or 8 percent increase compared with 2017, primarily due to higher earnings, partially offset by an increase in working capital investment to support higher levels of sales activity and income taxes paid on the residential storage divestiture.
Operating cash flow from continuing operations of $2.7 billion in 2017 increased 8 percent compared to $2.5 billion in 2016, reflecting higher earnings and favorable changes in working capital.
At September 30, 2018, operating working capital as a percent of sales was 5.7 percent compared with 6.6 percent in 2017 and 5.2 percent in 2016.
The increase in 2017 was due to higher levels of working capital in the acquired valves & controls business.
Operating cash flow from continuing operations funded capital expenditures of $617 million, dividends of $1.2 billion, and common stock purchases of $1.0 billion.
In 2018, the Company repatriated $1.4 billion of cash held by non-U.
S.  subsidiaries, which was part of the Company’s previously announced plans.
These funds along with increased short-term borrowings and divestiture proceeds supported acquisitions of $2.2 billion.
Contributions to pension plans were $61 million in 2018, $45 million in 2017 and $66 million in 2016.
Capital expenditures related to continuing operations were $617 million, $476 million and $447 million in 2018, 2017 and 2016, respectively.
Free cash flow from continuing operations (operating cash flow less capital expenditures) was $2.3 billion in 2018, up 3 percent.
Free cash flow was $2.2 billion in 2017, compared with $2.1 billion in 2016.
The Company is targeting capital spending of approximately $650 million in 2019.
Net cash paid in connection with acquisitions was $2.2 billion, $3.0 billion and $132 million in 2018, 2017 and 2016, respectively.
Proceeds from divestitures not classified as discontinued operations were $201 million and $39 million in 2018 and 2017, respectively.
Dividends were $1.2 billion ($1.94 per share) in 2018, compared with $1.2 billion ($1.92 per share) in 2017 and $1.2 billion ($1.90 per share) in 2016.
In November 2018, the Board of Directors voted to increase the quarterly cash dividend 1 percent, to an annualized rate of $1.96 per share.
Purchases of Emerson common stock totaled $1.0 billion, $400 million and $601 million in 2018, 2017 and 2016, respectively, at average per share prices of $66.25, $60.51 and $48.11.
The Board of Directors authorized the purchase of up to 70 million common shares in November 2015, and 41.8 million shares remain available for purchase under this authorization.
The Company purchased 15.1 million shares in 2018, 6.6 million shares in 2017, and 12.5 million shares in 2016 under this authorization and the remainder of the May 2013 authorization.
INCOME TAXES The provision for income taxes is based on pretax income reported in the consolidated statements of earnings and tax rates currently enacted in each jurisdiction.
Certain income and expense items are recognized in different time periods for financial reporting and income tax filing purposes, and deferred income taxes are provided for the effect of temporary differences.
The Company also provides for foreign withholding taxes and any applicable U. S.  income taxes on earnings intended to be repatriated from non-U.
S.  locations.
No provision has been made for these taxes on approximately $3.4 billion of undistributed earnings of non-U.
S.  subsidiaries as of September 30, 2018, as these earnings are considered indefinitely invested or otherwise retained for continuing international operations.
Recognition of foreign withholding taxes and any applicable U. S.  income taxes on undistributed non-U.
S.  earnings would be triggered by a management decision to repatriate those earnings.
Determination of the amount of taxes that might be paid on these undistributed earnings if eventually remitted is not practicable.
See Note 14.
(2) Weighted-Average Common Shares Basic earnings per common share consider only the weighted-average of common shares outstanding while diluted earnings per common share also consider the dilutive effects of stock options and incentive shares.
An inconsequential number of shares of common stock were excluded from the computation of dilutive earnings per in 2018 as the effect would have been antidilutive, while 4.5 million and 13.3 million shares of common stock were excluded in 2017 and 2016, respectively.
Earnings allocated to participating securities were inconsequential for all years presented.
Reconciliations of weighted-average shares for basic and diluted earnings per common share follow (shares in millions):
## Table 2 ##
(3) Acquisitions and Divestitures On July 17, 2018, the Company completed the acquisition of Aventics, a global provider of smart pneumatics technologies that power machine and factory automation applications, for $622, net of cash acquired.
This business, which has annual sales of approximately $425, is reported in the Industrial Solutions product offering in the Automation Solutions segment.
The Company recognized goodwill of $358 ($20 of which is expected to be tax deductible), and identifiable intangible assets of $278, primarily intellectual property and customer relationships with a weighted-average useful life of approximately 12 years.
On July 2, 2018, the Company completed the acquisition of Textron’s tools and test equipment business for $810, net of cash acquired.
This business, with annual sales of approximately $470, is a manufacturer of electrical and utility tools, diagnostics, and test and measurement instruments, and is reported in the Tools & Home products segment.
The Company recognized goodwill of $374 ($17 of which is expected to be tax deductible), and identifiable intangible assets of $358, primarily intellectual property and customer relationships with a weighted-average useful life of approximately 14 years.
On December 1, 2017, the Company acquired Paradigm, a provider of software solutions for the oil and gas industry, for $505, net of cash acquired.
This business had annual sales of approximately $140 and is included in the Measurement & Analytical Instrumentation product offering within Automation Solutions.
The Company recognized goodwill of $328 ($160 of which is expected to be tax deductible), and identifiable intangible assets of $238, primarily intellectual property and customer relationships with a weighted-average useful life of approximately 11 years.
During 2018, the Company also acquired four smaller businesses, two in the Automation Solutions segment and two in the Climate Technologies segment.
In May 2018, the Company entered into a $3.5 billion five-year revolving backup credit facility with various banks, which replaced the April 2014 $3.5 billion facility.
The credit facility is maintained to support general corporate purposes, including commercial paper borrowings.
The Company has not incurred any borrowings under this or previous facilities.
The credit facility contains no financial covenants and is not subject to termination based on a change of credit rating or material adverse changes.
The facility is unsecured and may be accessed under various interest rate and currency denomination alternatives at the Company’s option.
Fees to maintain the facility are immaterial.
(10) Long-Term Debt The details of long-term debt follow:
## Table 3 ##
Long-term debt maturing during each of the four years after 2019 is $512, $319, $500 and $501, respectively.
Total interest paid on all debt was approximately $193, $192 and $209 in 2018, 2017 and 2016, respectively.
During the year, the Company repaid $250 of 5.375% notes that matured in October 2017.
In 2017, the Company repaid $250 of 5.125% notes that matured in December 2016.
The Company maintains a universal shelf registration statement on file with the SEC under which it can issue debt securities, preferred stock, common stock, warrants, share purchase contracts or share purchase units without a predetermined limit.
Securities can be sold in one or more separate offerings with the size, price and terms to be determined at the time of sale.
(11) Retirement Plans Retirement plans expense includes the following components:
## Table 4 ##
The decrease in net periodic pension expense in 2018 is primarily attributable to lower amortization expense compared to the prior year.
Net periodic pension expense includes $3 and $12 and defined contribution expense includes $6 and $34, for 2017 and 2016, respectively, related to discontinued operations.
For defined contribution plans, the Company makes cash contributions based on plan requirements, which are expensed as incurred.
As of September 30, 2018, 1,874,750 shares awarded primarily in 2016 were outstanding, contingent on the Company achieving its performance objectives through 2018.
The objectives for these shares were met at the 97 percent level at the end of 2018 and 1,818,508 shares will be distributed in early 2019.
Additionally, the rights to receive a maximum of 2,261,700 and 2,375,313 common shares were awarded in 2018 and 2017, respectively, under the new performance shares program, and are outstanding and contingent upon the Company achieving its performance objectives through 2020 and 2019, respectively.
Incentive shares plans also include restricted stock awards which involve distribution of common stock to key management employees subject to cliff vesting at the end of service periods ranging from three to ten years.
The fair value of restricted stock awards is determined based on the average of the high and low market prices of the Company’s common stock on the date of grant, with compensation expense recognized ratably over the applicable service period.
In 2018, 310,000 shares of restricted stock vested as a result of participants fulfilling the applicable service requirements.
Consequently, 167,837 shares were issued while 142,163 shares were withheld for income taxes in accordance with minimum withholding requirements.
As of September 30, 2018, there were 1,276,200 shares of unvested restricted stock outstanding.
The total fair value of shares distributed under incentive shares plans was $20, $245 and $11, respectively, in 2018, 2017 and 2016, of which $9, $101 and $4 was paid in cash, primarily for tax withholding.
As of September 30, 2018, 10.3 million shares remained available for award under incentive shares plans.
Changes in shares outstanding but not yet earned under incentive shares plans during the year ended September 30, 2018 follow (shares in thousands; assumes 100 percent payout of unvested awards):
## Table 5 ##
Total compensation expense for stock options and incentive shares was $216, $115 and $159 for 2018, 2017 and 2016, respectively, of which $5 and $14 was included in discontinued operations for 2017 and 2016, respectively.
The increase in expense for 2018 reflects an increase in the Company’s stock price and progress toward achieving its performance objectives.
The decrease in expense for 2017 reflects the impact of changes in the stock price.
Income tax benefits recognized in the income statement for these compensation arrangements during 2018, 2017 and 2016 were $42, $33 and $45, respectively.
As of September 30, 2018, total unrecognized compensation expense related to unvested shares awarded under these plans was $182, which is expected to be recognized over a weighted-average period of 1.1 years.
In addition to the employee stock option and incentive shares plans, in 2018 the Company awarded 12,228 shares of restricted stock and 2,038 restricted stock units under the restricted stock plan for non-management directors.
As of September 30, 2018, 159,965 shares were available for issuance under this plan.
(16) Common and Preferred Stock At September 30, 2018, 37.0 million shares of common stock were reserved for issuance under the Company’s stock-based compensation plans.
During 2018, 15.1 million common shares were purchased and 2.6 million treasury shares were reissued.
In 2017, 6.6 million common shares were purchased and 5.5 million treasury shares were reissued.
At September 30, 2018 and 2017, the Company had 5.4 million shares of $2.50 par value preferred stock authorized, with none issued.

<table><tr><td>Years Ended December 31,</td><td></td><td></td><td></td><td colspan="2" rowspan="2"Change 2016 vs. 2015></td><td colspan="2" rowspan="2"Change 2015 vs. 2014></td></tr><tr><td><i>(Millions, except percentages)</i></td><td> 2016</td><td>2015</td><td>2014</td></tr><tr><td>Charge card</td><td>$696</td><td>$737</td><td>$792</td><td>$-41</td><td>-6%</td><td>$-55</td><td>-7%</td></tr><tr><td>Card Member loans</td><td>1,235</td><td>1,190</td><td>1,138</td><td>45</td><td>4</td><td>52</td><td>5</td></tr><tr><td>Other</td><td>95</td><td>61</td><td>114</td><td>34</td><td>56</td><td>-53</td><td>-46</td></tr><tr><td> Total provisions for losses<sup>(a)</sup> </td><td>$2,026</td><td>$1,988</td><td>$2,044</td><td>$38</td><td>2 %</td><td>$-56</td><td>-3%</td></tr></table>
<table><tr><td>(dollars in millions)</td><td>2016</td><td>2017</td><td>2018</td></tr><tr><td>Operating Cash Flow</td><td>$2,499</td><td>2,690</td><td>2,892</td></tr><tr><td>Percent of sales</td><td>17.2%</td><td>17.6%</td><td>16.6%</td></tr><tr><td>Capital Expenditures</td><td>$447</td><td>476</td><td>617</td></tr><tr><td>Percent of sales</td><td>3.1%</td><td>3.1%</td><td>3.5%</td></tr><tr><td>Free Cash Flow(Operating Cash Flow less Capital Expenditures)</td><td>$2,052</td><td>2,214</td><td>2,275</td></tr><tr><td>Percent of sales</td><td>14.1%</td><td>14.5%</td><td>13.1%</td></tr><tr><td>Operating Working Capital</td><td>$755</td><td>1,007</td><td>985</td></tr><tr><td>Percent of sales</td><td>5.2%</td><td>6.6%</td><td>5.7%</td></tr></table>
<table><tr><td></td><td>2016</td><td>2017</td><td>2018</td></tr><tr><td>Basic shares outstanding</td><td>644.0</td><td>642.1</td><td>632.0</td></tr><tr><td>Dilutive shares</td><td>2.8</td><td>1.3</td><td>3.3</td></tr><tr><td>Diluted shares outstanding</td><td>646.8</td><td>643.4</td><td>635.3</td></tr></table>
<table><tr><td></td><td>2017</td><td>2018</td></tr><tr><td>5.375% notes due October 2017</td><td>$250</td><td>—</td></tr><tr><td>5.25% notes due October 2018</td><td>400</td><td>400</td></tr><tr><td>5.0% notes due April 2019</td><td>250</td><td>250</td></tr><tr><td>4.875% notes due October 2019</td><td>500</td><td>500</td></tr><tr><td>4.25% notes due November 2020</td><td>300</td><td>300</td></tr><tr><td>2.625% notes due December 2021</td><td>500</td><td>500</td></tr><tr><td>2.625% notes due February 2023</td><td>500</td><td>500</td></tr><tr><td>3.15% notes due June 2025</td><td>500</td><td>500</td></tr><tr><td>6.0% notes due August 2032</td><td>250</td><td>250</td></tr><tr><td>6.125% notes due April 2039</td><td>250</td><td>250</td></tr><tr><td>5.25% notes due November 2039</td><td>300</td><td>300</td></tr><tr><td>Other</td><td>64</td><td>75</td></tr><tr><td>Long-term debt</td><td>4,064</td><td>3,825</td></tr><tr><td>Less: Current maturities</td><td>270</td><td>688</td></tr><tr><td>Total, net</td><td>$3,794</td><td>3,137</td></tr></table>
<table><tr><td></td><td colspan="3">U.S. Plans</td><td colspan="3">Non-U.S. Plans</td></tr><tr><td></td><td>2016</td><td>2017</td><td>2018</td><td>2016</td><td>2017</td><td>2018</td></tr><tr><td>Defined benefit plans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Service cost (benefits earned during the period)</td><td>$59</td><td>60</td><td>52</td><td>26</td><td>19</td><td>24</td></tr><tr><td>Interest cost</td><td>148</td><td>134</td><td>141</td><td>39</td><td>30</td><td>39</td></tr><tr><td>Expected return on plan assets</td><td>-296</td><td>-290</td><td>-283</td><td>-52</td><td>-56</td><td>-67</td></tr><tr><td>Net amortization and other</td><td>166</td><td>211</td><td>129</td><td>17</td><td>22</td><td>14</td></tr><tr><td>Net periodic pension expense</td><td>77</td><td>115</td><td>39</td><td>30</td><td>15</td><td>10</td></tr><tr><td>Defined contribution plans</td><td>104</td><td>96</td><td>132</td><td>56</td><td>47</td><td>52</td></tr><tr><td>Total retirement plans expense</td><td>$181</td><td>211</td><td>171</td><td>86</td><td>62</td><td>62</td></tr></table>
<table><tr><td></td><td>Shares</td><td>Average Grant DateFair Value Per Share</td></tr><tr><td>Beginning of year</td><td>4,999</td><td>$50.33</td></tr><tr><td>Granted</td><td>2,295</td><td>$63.79</td></tr><tr><td>Earned/vested</td><td>-310</td><td>$51.27</td></tr><tr><td>Canceled</td><td>-86</td><td>$56.53</td></tr><tr><td>End of year</td><td>6,898</td><td>$54.69</td></tr></table>

Question: In the year with largest amount of Net amortization and other, what's the increasing rate of Defined contribution plans?