CONSOLIDATED RESULTS OF OPERATIONS
## Table 0 ##
Note: Percentage changes may not compute directly as shown due to rounding of amounts presented above.
NM = not meaningful.
Net Sales 2018 compared with 2017 Net sales increased 3.7% in 2018 compared with 2017, reflecting a benefit from the recent Amplify and Pirate Brands acquisitions of 3.6% and a volume increase of 1.3%, partially offset by unfavorable price realization of 1.0% and an unfavorable impact from foreign currency exchange rates of 0.2%.
Excluding the unfavorable impact from foreign currency exchange rates, our net sales increased 3.9%.
Consolidated volumes increased due to the acquisitions of Amplify and Pirate Brands, as well as solid performance in select international markets, which more than offset the volume reduction resulting from the sale of SGM in July 2018.
The net increase in volume was partially offset by unfavorable net price realization, which was primarily attributed to incremental trade promotional expense in the North America segment in support of 2018 programming.2017 compared with 2016 Net sales increased 1.0% in 2017 compared with 2016, reflecting favorable price realization of 0.7%, a benefit from acquisitions of 0.3%, and a favorable impact from foreign currency exchange rates of 0.2%, partially offset by a volume decrease of 0.2%.
Excluding foreign currency, our net sales increased 0.8% in 2017.
The favorable net price realization was attributed to lower levels of trade promotional spending in both the North America and International and Other segments versus the prior year.
Consolidated volume decreased as a result of lower sales volume in the International and Other segment, primarily attributed to our China business and the softness in the modern trade channel coupled with a focus on optimizing our product offerings.
These volume decreases were partially offset by
and decrease as interest rates rise.
A 100 basis point increase in market interest rates would decrease the fair value of our fixed-rate long-term debt at December 31, 2018 and December 31, 2017 by approximately $121 million and $134 million, respectively.
However, since we currently have no plans to repurchase our outstanding fixed-rate instruments before their maturities, the impact of market interest rate fluctuations on our long-term debt does not affect our results of operations or financial position.
In order to manage interest rate exposure, in previous years we utilized interest rate swap agreements to protect against unfavorable interest rate changes relating to forecasted debt transactions.
These swaps, which were settled upon issuance of the related debt, were designated as cash flow hedges and the gains and losses that were deferred in other comprehensive income are being recognized as an adjustment to interest expense over the same period that the hedged interest payments affect earnings.
During 2016, we had one interest rate swap agreement in a cash flow hedging relationship with a notional amount of $500 million, which was settled in connection with the issuance of debt in August 2016, resulting in a payment of approximately $87 million which is reflected as an operating cash flow within the Consolidated Statement of Cash Flows.
Foreign Currency Exchange Rate Risk We are exposed to currency fluctuations related to manufacturing or selling products in currencies other than the U. S.  dollar.
We may enter into foreign currency forward exchange contracts to reduce fluctuations in our long or short currency positions relating primarily to purchase commitments or forecasted purchases for equipment, raw materials and finished goods denominated in foreign currencies.
We also may hedge payment of forecasted intercompany transactions with our subsidiaries outside of the United States.
We generally hedge foreign currency price risks for periods from 3 to 12 months.
A summary of foreign currency forward exchange contracts and the corresponding amounts at contracted forward rates is as follows:
## Table 1 ##
The fair value of foreign currency forward exchange contracts represents the difference between the contracted and current market foreign currency exchange rates at the end of the period.
We estimate the fair value of foreign currency forward exchange contracts on a quarterly basis by obtaining market quotes of spot and forward rates for contracts with similar terms, adjusted where necessary for maturity differences.
At December 31, 2018 and 2017, the net fair value of these instruments was an asset of $2.5 million and a liability of $1.0 million, respectively.
Assuming an unfavorable 10% change in year-end foreign currency exchange rates, the fair value of these instruments would have declined by $4.5 million and $19.7 million, respectively
VISA INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) September 30, 2016 Note 16—Share-based Compensation 2007 Equity Incentive Compensation Plan The Company’s 2007 Equity Incentive Compensation Plan, or the EIP, authorizes the compensation committee of the board of directors to grant non-qualified stock options (“options”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance-based shares to its employees and non-employee directors, for up to 236 million shares of class A common stock.
Shares available for award may be either authorized and unissued or previously issued shares subsequently acquired by the Company.
The EIP will continue to be in effect until all of the common stock available under the EIP is delivered and all restrictions on those shares have lapsed, unless the EIP is terminated earlier by the Company’s board of directors.
In January 2016, the Company’s board of directors approved an amendment of the EIP effective February 3, 2016, such that awards may be granted under the plan until January 31, 2022.
Share-based compensation cost is recorded net of estimated forfeitures on a straight-line basis for awards with service conditions only, and on a graded-vesting basis for awards with service, performance and market conditions.
The Company’s estimated forfeiture rate is based on an evaluation of historical, actual and trended forfeiture data.
For fiscal 2016, 2015 and 2014, the Company recorded share-based compensation cost related to the EIP of $211 million, $184 million and $172 million, respectively, in personnel on its consolidated statements of operations.
The related tax benefits were $62 million, $54 million and $51 million for fiscal 2016, 2015 and 2014, respectively.
The amount of capitalized share-based compensation cost was immaterial during fiscal 2016, 2015 and 2014.
All per share amounts and number of shares outstanding presented below reflect the four-for-one stock split that was effected in the second quarter of fiscal 2015.
See Note 14—Stockholders’ Equity.
Options Options issued under the EIP expire 10 years from the date of grant and primarily vest ratably over 3 years from the date of grant, subject to earlier vesting in full under certain conditions.
During fiscal 2016, 2015 and 2014, the fair value of each stock option was estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:
## Table 2 ##
(1) This assumption is based on the Company’s historical option exercises and those of a set of peer companies that management believes is generally comparable to Visa.
The Company’s data is weighted based on the number of years between the measurement date and Visa’s initial public offering as a percentage of the options’ contractual term.
The relative weighting placed on Visa’s data and peer data in fiscal 2016 was approximately 77% and 23%, respectively, 67% and 33% in fiscal 2015, respectively, and 58% and 42% in fiscal 2014, respectively.

<table><tr><td></td><td></td><td></td><td></td><td colspan="2">Percent Change</td></tr><tr><td>For the years ended December 31,</td><td>2018</td><td>2017</td><td>2016</td><td>2018 vs 2017</td><td>2017 vs 2016</td></tr><tr><td>In millions of dollars except per share amounts</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net Sales</td><td>$7,791.1</td><td>$7,515.4</td><td>$7,440.2</td><td>3.7%</td><td>1.0%</td></tr><tr><td>Cost of Sales</td><td>4,215.7</td><td>4,060.0</td><td>4,270.6</td><td>3.8%</td><td>-4.9%</td></tr><tr><td>Gross Profit</td><td>3,575.4</td><td>3,455.4</td><td>3,169.6</td><td>3.5%</td><td>9.0%</td></tr><tr><td>Gross Margin</td><td>45.9%</td><td>46.0%</td><td>42.6%</td><td></td><td></td></tr><tr><td>SM&A Expense</td><td>1,874.8</td><td>1,885.5</td><td>1,891.3</td><td>-0.6%</td><td>-0.3%</td></tr><tr><td>SM&A Expense as a percent of net sales</td><td>24.1%</td><td>25.1%</td><td>25.4%</td><td></td><td></td></tr><tr><td>Long-Lived and Intangible Asset Impairment Charges</td><td>57.7</td><td>208.7</td><td>4.2</td><td>-72.3%</td><td>NM</td></tr><tr><td>Business Realignment Costs</td><td>19.1</td><td>47.8</td><td>18.9</td><td>-60.0%</td><td>153.3%</td></tr><tr><td>Operating Profit</td><td>1,623.8</td><td>1,313.4</td><td>1,255.2</td><td>23.6%</td><td>4.6%</td></tr><tr><td>Operating Profit Margin</td><td>20.8%</td><td>17.5%</td><td>16.9%</td><td></td><td></td></tr><tr><td>Interest Expense, Net</td><td>138.8</td><td>98.3</td><td>90.2</td><td>41.3%</td><td>9.0%</td></tr><tr><td>Other (Income) Expense, Net</td><td>74.8</td><td>104.4</td><td>65.6</td><td>-28.4%</td><td>59.4%</td></tr><tr><td>Provision for Income Taxes</td><td>239.0</td><td>354.1</td><td>379.4</td><td>-32.5%</td><td>-6.7%</td></tr><tr><td>Effective Income Tax Rate</td><td>17.0%</td><td>31.9%</td><td>34.5%</td><td></td><td></td></tr><tr><td>Net Income Including Noncontrolling Interest</td><td>1,171.2</td><td>756.6</td><td>720.0</td><td>54.8%</td><td>5.1%</td></tr><tr><td>Less: Net Loss Attributable to Noncontrolling Interest</td><td>-6.5</td><td>-26.4</td><td>—</td><td>NM</td><td>NM</td></tr><tr><td>Net Income Attributable to The Hershey Company</td><td>$1,177.7</td><td>$783.0</td><td>$720.0</td><td>50.4%</td><td>8.7%</td></tr><tr><td>Net Income Per Share—Diluted</td><td>$5.58</td><td>$3.66</td><td>$3.34</td><td>52.5%</td><td>9.6%</td></tr></table>
<table><tr><td>December 31,</td><td colspan="2">2018</td><td colspan="2">2017</td></tr><tr><td></td><td>ContractAmount</td><td>PrimaryCurrencies</td><td>ContractAmount</td><td>PrimaryCurrencies</td></tr><tr><td>In millions of dollars</td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign currency forward exchange contracts to purchase foreign currencies</td><td>$33.4</td><td>EurosBritish pound</td><td>$19.5</td><td>Euros</td></tr><tr><td>Foreign currency forward exchange contracts to sell foreign currencies</td><td>$51.8</td><td>Canadian dollarsBrazilian realsJapanese yen</td><td>$158.2</td><td>Canadian dollarsBrazilian realsJapanese yen</td></tr></table>
<table><tr><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Expected term (in years)<sup>(1)</sup></td><td>4.35</td><td>4.55</td><td>4.80</td></tr><tr><td>Risk-free rate of return<sup>-2</sup></td><td>1.5%</td><td>1.5%</td><td>1.3%</td></tr><tr><td>Expected volatility<sup>-3</sup></td><td>21.7%</td><td>22.0%</td><td>25.2%</td></tr><tr><td>Expected dividend yield<sup>-4</sup></td><td>0.7%</td><td>0.8%</td><td>0.8%</td></tr><tr><td>Fair value per option granted</td><td>$15.01</td><td>$12.04</td><td>$11.03</td></tr></table>

Question: based on the tax benefit related to the share-based compensation cost , what is the effective tax rate in 2016?
Answer: 0.29384