The following table summarizes the gains (losses) recognized in Other expenses associated with the Company’s fair value hedges for the year ended December 31:
## Table 0 ##
The Company also recognized a net reduction in interest expense on long-term debt of $133 million, $224 million and $284 million for the years ended December 31, 2017, 2016 and 2015, respectively, primarily related to the net settlements (interest accruals) on the Company’s interest rate derivatives designated as fair value hedges.
NET INVESTMENT HEDGES A net investment hedge is used to hedge future changes in currency exposure of a net investment in a foreign operation.
The Company primarily designates foreign currency derivatives, typically foreign exchange forwards, and on occasion foreign currency denominated debt, as hedges of net investments in certain foreign operations.
These instruments reduce exposure to changes in currency exchange rates on the Company’s investments in non-U.
S.  subsidiaries.
The effective portion of the gain or loss on net investment hedges, net of taxes, recorded in AOCI as part of the cumulative translation adjustment, was a loss of $370 million and gains of $281 million and $577 million for the years ended December 31, 2017, 2016 and 2015, respectively, with any ineffective portion recognized in Other expenses during the period.
The net hedge ineffectiveness recognized was nil for the years ended December 31, 2017 and December 31, 2016, and a gain of $1 million for the year ended December 31, 2015.
Accumulated losses within AOCI of $31 million, $5 million and nil for the years ended December 31, 2017, 2016 and 2015, respectively, were reclassified to Other expenses upon investment sales or liquidations.
DERIVATIVES NOT DESIGNATED AS HEDGES The Company has derivatives that act as economic hedges, but are not designated as such for hedge accounting purposes.
Foreign currency transactions from time to time may be partially or fully economically hedged through foreign currency contracts, primarily foreign exchange forwards.
These hedges generally mature within one year.
Foreign currency contracts involve the purchase and sale of designated currencies at an agreed upon rate for settlement on a specified date.
The Company also has certain operating agreements containing payments that may be linked to a market rate or price, primarily foreign currency rates.
The payment components of these agreements may meet the definition of an embedded derivative, in which case the embedded derivative is accounted for separately and is classified as a foreign exchange contract based on its primary risk exposure.
The changes in the fair value of derivatives that are not designated as hedges are intended to offset the related foreign exchange gains or losses of the underlying foreign currency exposures.
The changes in the fair value of the derivatives and the related underlying foreign currency exposures resulted in a net loss of $29 million for the year ended December 31, 2017 and net gains of $1 million and $83 million for the years ended December 31, 2016 and 2015, respectively, and are recognized in Other expenses.
The changes in the fair value of an embedded derivative was nil for the year ended December 31, 2017 and resulted in gains of $9 million and $5 million for the years ended December 31, 2016 and 2015, respectively, and are recognized in Card Member services and other expenses.
INTERNATIONAL CONSUMER AND NETWORK SERVICES
## Table 1 ##
ICNS issues a wide range of proprietary consumer cards outside the United States and enters into partnership agreements with third-party card issuers and acquirers, licensing the American Express brand and extending the reach of the global network.
It also provides travel services outside the United States.
TOTAL REVENUES NET OF INTEREST EXPENSE Non-interest revenues increased in 2017 compared to 2016, primarily driven by higher discount revenue due to an increase in both proprietary and non-proprietary (i. e. , GNS) billed business, as well as higher net card fees, partially offset by a prior-year contractual payment from a GNS partner.
Total billed business increased in 2017 compared to 2016, reflecting higher average proprietary spend per card.
Refer to Tables 6 and 12 for additional information on billed business.
Net interest income increased in 2017 compared to 2016, primarily driven by an increase in interest income, reflecting higher average loan balances and higher yields, partially offset by an increase in interest expense driven by higher average debt.
Total revenues net of interest expense increased in 2016 compared to 2015, primarily driven by higher discount revenue due to an increase in both proprietary and non-proprietary billed business, a contractual payment from a GNS partner, as previously mentioned, and higher net card fees.
PROVISIONS FOR LOSSES Provisions for losses increased in 2017 compared to 2016, due to strong growth in both Card Member receivables and loans, as well as a slight increase in net write-off rates.
Provisions for losses increased in 2016 compared to 2015, driven primarily by higher net write-off rates.
Refer to Table 12 for Card Member loans and receivables write-off rates for 2017, 2016 and 2015.
EXPENSES Marketing, promotion, rewards, Card Member services and other expenses increased in 2017 compared to 2016, primarily driven by higher Card Member rewards expense due to higher spending volumes, partially offset by lower marketing and promotion expenses in part due to lower spending on growth initiatives.
Salaries and employee benefits and other operating expense decreased in 2017 compared to 2016, primarily driven by lower salaries and employee benefits costs, and restructuring charges in the prior year.
Total expenses increased in 2016 compared to 2015, primarily driven by higher levels of spending on growth initiatives.
Positive Train Control – In response to a legislative mandate to implement PTC by the end of 2015, we expect to spend approximately $335 million during 2012 on developing and deploying PTC.
We currently estimate that PTC in accordance with implementing rules issued by the Federal Rail Administration (FRA) will cost us approximately $2 billion by the end of 2015.
This includes costs for installing the new system along our tracks, upgrading locomotives to work with the new system, and adding digital data communication equipment so all the parts of the system can communicate with each other.
During 2012, we plan to continue testing the technology to evaluate its effectiveness.  ?
Financial Expectations – We are cautious about the economic environment but anticipate slow but steady volume growth that will exceed 2011 levels.
Coupled with price, on-going network improvements and operational productivity initiatives, we expect earnings that exceed 2011 earnings.
RESULTS OF OPERATIONS Operating Revenues
## Table 2 ##
We generate freight revenues by transporting freight or other materials from our six commodity groups.
Freight revenues vary with volume (carloads) and average revenue per car (ARC).
Changes in price, traffic mix and fuel surcharges drive ARC.
We provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations, which we record as reductions to freight revenues based on the actual or projected future shipments.
We recognize freight revenues as shipments move 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 for all six commodity groups increased during 2011 compared to 2010, while volume increased in all except intermodal.
Increased demand in many market sectors, with particularly strong growth in chemical, industrial products, and automotive shipments for the year, generated the increases.
ARC increased 12%, driven by higher fuel cost recoveries and core pricing gains.
Fuel cost recoveries include fuel surcharge revenue and the impact of resetting the base fuel price for certain traffic, which is described below in more detail.
Higher fuel prices, volume growth, and new fuel surcharge provisions in renegotiated contracts all combined to increase revenues from fuel surcharges.
Freight revenues and volume levels for all six commodity groups increased during 2010 as a result of economic improvement in many market sectors.
We experienced particularly strong volume growth in automotive, intermodal, and industrial products shipments.
Core pricing gains and higher fuel surcharges also increased freight revenues and drove a 6% improvement in ARC.
Our fuel surcharge programs (excluding index-based contract escalators that contain some provision for fuel) generated freight revenues of $2.2 billion, $1.2 billion, and $605 million in 2011, 2010, and 2009, respectively.
Higher fuel prices, volume growth, and new fuel surcharge provisions in contracts renegotiated during the year increased fuel surcharge amounts in 2011 and 2010.
Furthermore, for certain periods during 2009, fuel prices dropped below the base at which our mileage-based fuel surcharge begins, which resulted in no fuel surcharge recovery for associated shipments during those periods.
Additionally, fuel surcharge revenue is not entirely comparable to prior periods as we continue to convert portions of our non-regulated traffic to mileage-based fuel surcharge programs.
In 2011, other revenues increased from 2010 due primarily to higher revenues at our subsidiaries that broker intermodal and automotive services.

<table><tr><td>(Millions)</td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Other expenses:</td><td></td><td></td><td></td></tr><tr><td>Interest rate derivative contracts</td><td>$-246</td><td>$-184</td><td>$-83</td></tr><tr><td>Hedged items</td><td>206</td><td>163</td><td>93</td></tr><tr><td>Net hedge ineffectiveness (losses) gains</td><td>$-40</td><td>$-21</td><td>$10</td></tr></table>
<table><tr><td>Years Ended December 31,</td><td></td><td></td><td></td><td colspan="2" rowspan="2"Change 2017 vs. 2016></td><td colspan="2" rowspan="2"Change 2016 vs. 2015></td></tr><tr><td>(Millions, except percentages)</td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Revenues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Non-interest revenues</td><td>$5,052</td><td>$4,785</td><td>$4,627</td><td>$267</td><td>6%</td><td>$158</td><td>3%</td></tr><tr><td>Interest income</td><td>1,029</td><td>922</td><td>945</td><td>107</td><td>12</td><td>-23</td><td>-2</td></tr><tr><td>Interest expense</td><td>251</td><td>219</td><td>235</td><td>32</td><td>15</td><td>-16</td><td>-7</td></tr><tr><td>Net interest income</td><td>778</td><td>703</td><td>710</td><td>75</td><td>11</td><td>-7</td><td>-1</td></tr><tr><td>Total revenues net of interest expense</td><td>5,830</td><td>5,488</td><td>5,337</td><td>342</td><td>6</td><td>151</td><td>3</td></tr><tr><td>Provisions for losses</td><td>367</td><td>325</td><td>300</td><td>42</td><td>13</td><td>25</td><td>8</td></tr><tr><td>Total revenues net of interest expense after provisions for losses</td><td>5,463</td><td>5,163</td><td>5,037</td><td>300</td><td>6</td><td>126</td><td>3</td></tr><tr><td>Expenses</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketing, promotion, rewards, Card Member services and other</td><td>2,341</td><td>2,177</td><td>1,980</td><td>164</td><td>8</td><td>197</td><td>10</td></tr><tr><td>Salaries and employee benefits and other operating expenses</td><td>2,029</td><td>2,168</td><td>2,153</td><td>-139</td><td>-6</td><td>15</td><td>1</td></tr><tr><td>Total expenses</td><td>4,370</td><td>4,345</td><td>4,133</td><td>25</td><td>1</td><td>212</td><td>5</td></tr><tr><td>Pretax segment income</td><td>1,093</td><td>818</td><td>904</td><td>275</td><td>34</td><td>-86</td><td>-10</td></tr><tr><td>Income tax provision</td><td>181</td><td>163</td><td>220</td><td>18</td><td>11</td><td>-57</td><td>-26</td></tr><tr><td>Segment income</td><td>$912</td><td>$655</td><td>$684</td><td>$257</td><td>39%</td><td>$-29</td><td>-4%</td></tr><tr><td>Effective tax rate</td><td>16.6%</td><td>19.9%</td><td>24.3%</td><td></td><td></td><td></td><td></td></tr></table>
<table><tr><td><i>Millions</i></td><td><i>2011</i></td><td><i>2010</i></td><td><i>2009</i></td><td><i>% Change 2011 v 2010</i></td><td><i>% Change 2010 v 2009</i></td></tr><tr><td>Freight revenues</td><td>$18,508</td><td>$16,069</td><td>$13,373</td><td>15%</td><td>20%</td></tr><tr><td>Other revenues</td><td>1,049</td><td>896</td><td>770</td><td>17</td><td>16</td></tr><tr><td>Total</td><td>$19,557</td><td>$16,965</td><td>$14,143</td><td>15%</td><td>20%</td></tr></table>

Question: In the year with the most Pretax segment income, what is the growth rate of interest expense?
Answer: 0.06232