Income Tax Liabilities Tax liabilities related to unrecognized tax benefits as of 30 September 2018 were $233.6.
These tax liabilities were excluded from the Contractual Obligations table as it is impractical to determine a cash impact by year given that payments will vary according to changes in tax laws, tax rates, and our operating results.
In addition, there are uncertainties in timing of the effective settlement of our uncertain tax positions with respective taxing authorities.
However, the Contractual Obligations table above includes our accrued liability of approximately $184 for deemed repatriation tax that is payable over eight years related to the Tax Act.
Refer to Note 22, Income Taxes, to the consolidated financial statements for additional information.
Obligation for Future Contribution to an Equity Affiliate On 19 April 2015, a joint venture between Air Products and ACWA Holding entered into a 20-year oxygen and nitrogen supply agreement to supply Saudi Aramco’s oil refinery and power plant being built in Jazan, Saudi Arabia.
Air Products owns 25% of the joint venture and guarantees the repayment of its share of an equity bridge loan.
In total, we expect to invest approximately $100 in this joint venture.
As of 30 September 2018, we recorded a noncurrent liability of $94.4 for our obligation to make future equity contributions in 2020 based on our proportionate share of the advances received by the joint venture under the loan.
Expected Investment in Joint Venture On 12 August 2018, Air Products entered an agreement to form a gasification/power joint venture ("JV") with Saudi Aramco and ACWA in Jazan, Saudi Arabia.
Air Products will own at least 55% of the JV, with Saudi Aramco and ACWA Power owning the balance.
The JV will purchase the gasification assets, power block, and the associated utilities from Saudi Aramco for approximately $8 billion.
Our expected investment has been excluded from the contractual obligations table above pending closing, which is currently expected in fiscal year 2020.
The JV will own and operate the facility under a 25-year contract for a fixed monthly fee.
Saudi Aramco will supply feedstock to the JV, and the JV will produce power, hydrogen and other utilities for Saudi Aramco.
PENSION BENEFITS The Company and certain of its subsidiaries sponsor defined benefit pension plans and defined contribution plans that cover a substantial portion of its worldwide employees.
The principal defined benefit pension plans are the U. S.  salaried pension plan and the U. K.  pension plan.
These plans were closed to new participants in 2005, after which defined contribution plans were offered to new employees.
The shift to defined contribution plans is expected to continue to reduce volatility of both plan expense and contributions.
The fair market value of plan assets for our defined benefit pension plans as of the 30 September 2018 measurement date decreased to $4,273.1 from $4,409.2 at the end of fiscal year 2017.
The projected benefit obligation for these plans was $4,583.3 and $5,107.2 at the end of fiscal years 2018 and 2017, respectively.
The net unfunded liability decreased $387.8 from $698.0 to $310.2, primarily due to higher discount rates and favorable asset experience.
Refer to Note 16, Retirement Benefits, to the consolidated financial statements for comprehensive and detailed disclosures on our postretirement benefits.
Pension Expense
## Table 0 ##
Non-Operating Income (Expenses) Income and expenses incurred through activities outside of our core operations are considered non-operating.
The following tables present our non-operating income (expenses) (dollars in millions):
## Table 1 ##
The increases in interest expense over the last two years are primarily due to an increase in the overall amount of debt outstanding during each of the periods, primarily relating to debt incurred for and from the NYSE acquisition.
See “- Debt” below.
We recognized interest and investment income of $7 million, $3 million and $2 million for the years ended December 31, 2014, 2013 and 2012, respectively.
Interest and investment income is recorded in other income and the increase primarily relates to an increase in our short-term investments during the year ended December 31, 2014.
We account for our investment in Cetip as an available-for-sale investment and it is classified as a long-term investment in our consolidated balance sheet.
During the year ended December 31, 2013, we recorded an impairment of our Cetip investment for $190 million, which was recorded as other expense.
Refer to Note 5 to our consolidation financial statements and related notes, which are included elsewhere in this Annual Report on Form 10-K, for more information on this impairment.
We recognized dividend income received relating to our Cetip investment in other income, which was $23 million, $8 million and $5 million for the years ended December 31, 2014, 2013 and 2012, respectively.
On October 16, 2013, following the issuance of $1.4 billion in Senior Notes (as defined below), we prepaid our Private Senior Notes (as defined below) representing $400 million aggregate principal amount.
In connection with the early payoff of the Private Senior Notes, we incurred $51 million in expenses, which was recorded as other expense during the year ended December 31, 2013.
See “- Debt” below.
In connection with our acquisition of NYSE, we obtained a 40% ownership in OCC and we recorded our investment in OCC as an equity method investment.
We recognized $25 million in equity income related to this investment during the year ended December 31, 2014 as other income.
For a description of this investment, see note 15 to our consolidated financial statements and related notes, which are included elsewhere is this Annual Report on Form 10-K and see "- Future Capital Requirements" below.
We incurred foreign currency transaction losses of $2 million, $2 million and $4 million for the years ended December 31, 2014, 2013 and 2012, respectively.
Foreign currency gains and losses are recorded in other income (expense) and relate to the settlement of foreign currency assets, liabilities and payables that occur through our foreign operations that are received in nonfunctional currencies due to the increase or decrease in the period-end foreign currency exchange rates between periods.
On June 24, 2014, we sold 94% of all outstanding shares of Euronext in an IPO.
On December 9, 2014, we sold the Non-Operating Income (Expenses) Income and expenses incurred through activities outside of our core operations are considered non-operating.
The following tables present our non-operating income (expenses) (dollars in millions):
The increases in interest expense over the last two years are primarily due to an increase in the overall amount of debt outstanding during each of the periods, primarily relating to debt incurred for and from the NYSE acquisition.
See ¡°- Debt¡± below.
We recognized interest and investment income of $7 million, $3 million and $2 million for the years ended December 31, 2014, 2013 and 2012, respectively.
Interest and investment income is recorded in other income and the increase primarily relates to an increase in our short-term investments during the year ended December 31, 2014.
We account for our investment in Cetip as an available-for-sale investment and it is classified as a long-term investment in our consolidated balance sheet.
During the year ended December 31, 2013, we recorded an impairment of our Cetip investment for $190 million, which was recorded as other expense.
Refer to Note 5 to our consolidation financial statements and related notes, which are included elsewhere in this Annual Report on Form 10-K, for more information on this impairment.
We recognized dividend income received relating to our Cetip investment in other income, which was $23 million, $8 million and $5 million for the years ended December 31, 2014, 2013 and 2012, respectively.
On October 16, 2013, following the issuance of $1.4 billion in Senior Notes (as defined below), we prepaid our Private Senior Notes (as defined below) representing $400 million aggregate principal amount.
In connection with the early payoff of the Private Senior Notes, we incurred $51 million in expenses, which was recorded as other expense during the year ended December 31, 2013.
See ¡°- Debt¡± below.
In connection with our acquisition of NYSE, we obtained a 40% ownership in OCC and we recorded our investment in OCC as an equity method investment.
We recognized $25 million in equity income related to this investment during the year ended December 31, 2014 as other income.
For a description of this investment, see note 15 to our consolidated financial statements and related notes, which are included elsewhere is this Annual Report on Form 10-K and see "- Future Capital Requirements" below.
We incurred foreign currency transaction losses of $2 million, $2 million and $4 million for the years ended December 31, 2014, 2013 and 2012, respectively.
Foreign currency gains and losses are recorded in other income (expense) and relate to the settlement of foreign currency assets, liabilities and payables that occur through our foreign operations that are received in nonfunctional currencies due to the increase or decrease in the period-end foreign currency exchange rates between periods.
On June 24, 2014, we sold 94% of all outstanding shares of Euronext in an IPO.
On December 9, 2014, we sold the remaining 4.2 million shares of Euronext common stock, representing 6% of the outstanding shares of Euronext, for €95 million ($118 million), including a realized net gain of $4 million, which was recognized in other income for the year ended December 31, 2014.
The $4 million net gain included a stock price gain of $15 million based on the difference in the Euronext stock price from the IPO date to the date of sale on December 9, 2014, less $11 million in foreign currency translation losses relating to the decrease in the value of the euro relative to the U. S.  dollar during this same period of time.
See ¡°- Discontinued Operations¡± below.
During the year ended December 31, 2013, we incurred $3 million in settlements and accruals for various outstanding legal matters, which were recorded as other expense.
For consolidated subsidiaries in which our ownership is less than 100%, and for which we have control over the assets, liabilities and management of the entity, the outside stockholders¡¯ interests are shown as non-controlling interests.
As of December 31, 2012, non-controlling interest related to the operating results of our CDS clearing subsidiaries in which non-ICE limited partners held a 45.5% net profit sharing interest.
During the year ended December 31, 2013, we purchased 3% of the net profit sharing interest in our CDS clearing subsidiaries from various non-ICE limited partners and the remaining non-ICE limited partners hold a 42.5% net profit sharing interest as of December 31, 2014 and 2013.
In connection with our acquisition of NYSE,
Trading and Clearing Segment
## Table 2 ##

<table><tr><td></td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Pension expense – Continuing operations</td><td>$91.8</td><td>$72.0</td><td>$55.8</td></tr><tr><td>Settlements, termination benefits, and curtailments (included above)</td><td>48.9</td><td>15.0</td><td>6.0</td></tr><tr><td>Weighted average discount rate – Service cost</td><td>3.2%</td><td>2.9%</td><td>4.1%</td></tr><tr><td>Weighted average discount rate – Interest cost</td><td>2.9%</td><td>2.5%</td><td>3.4%</td></tr><tr><td>Weighted average expected rate of return on plan assets</td><td>6.9%</td><td>7.4%</td><td>7.5%</td></tr><tr><td>Weighted average expected rate of compensation increase</td><td>3.5%</td><td>3.5%</td><td>3.5%</td></tr></table>
<table><tr><td></td><td colspan="2">Year EndedDecember 31,</td><td></td><td colspan="2">Year EndedDecember 31,</td><td></td></tr><tr><td></td><td>2014</td><td>2013</td><td>Change</td><td>2013</td><td>2012</td><td>Change</td></tr><tr><td>Other income (expense):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest expense</td><td>$-96</td><td>$-56</td><td>73%</td><td>$-56</td><td>$-39</td><td>43%</td></tr><tr><td>Other income (expense), net</td><td>55</td><td>-230</td><td>n/a</td><td>-230</td><td>2</td><td>n/a</td></tr><tr><td>Total other expense, net</td><td>$-41</td><td>$-286</td><td>-85%</td><td>$-286</td><td>$-37</td><td>666%</td></tr><tr><td>Net income attributable to non-controlling interest</td><td>$-35</td><td>$-16</td><td>115%</td><td>$-16</td><td>$-10</td><td>58%</td></tr></table>
<table><tr><td></td><td colspan="3">Trading and Clearing Segment Year Ended December 31,</td><td colspan="3">Data and Listings Segment Year Ended December 31,</td><td colspan="3">Consolidated Year Ended December 31,</td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</td><td>2016</td><td>2015</td><td>2014</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Total revenues, less transaction-based expenses</td><td>$2,102</td><td>$2,062</td><td>$2,034</td><td>$2,397</td><td>$1,276</td><td>$1,058</td><td>$4,499</td><td>$3,338</td><td>$3,092</td></tr><tr><td>Operating expenses</td><td>880</td><td>915</td><td>1,011</td><td>1,452</td><td>673</td><td>633</td><td>2,332</td><td>1,588</td><td>1,644</td></tr><tr><td>Less: NYSE and Interactive Data transaction and integration costs and acquisition related success fees</td><td>1</td><td>24</td><td>60</td><td>45</td><td>59</td><td>64</td><td>46</td><td>83</td><td>124</td></tr><tr><td>Less: Employee severance costs related to Creditex U.K. brokerage operations</td><td>4</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>4</td><td>—</td><td>—</td></tr><tr><td>Less: Creditex customer relationship intangible asset impairment</td><td>33</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>33</td><td>—</td><td>—</td></tr><tr><td>Less: Amortization of acquisition-related intangibles</td><td>72</td><td>82</td><td>83</td><td>230</td><td>58</td><td>48</td><td>302</td><td>140</td><td>131</td></tr><tr><td>Adjusted operating expenses</td><td>$770</td><td>$809</td><td>$868</td><td>$1,177</td><td>$556</td><td>$521</td><td>$1,947</td><td>$1,365</td><td>$1,389</td></tr><tr><td>Operating income</td><td>$1,222</td><td>$1,147</td><td>$1,023</td><td>$945</td><td>$603</td><td>$425</td><td>$2,167</td><td>$1,750</td><td>$1,448</td></tr><tr><td>Adjusted operating income</td><td>$1,332</td><td>$1,253</td><td>$1,166</td><td>$1,220</td><td>$720</td><td>$537</td><td>$2,552</td><td>$1,973</td><td>$1,703</td></tr><tr><td>Operating margin</td><td>58%</td><td>56%</td><td>50%</td><td>39%</td><td>47%</td><td>40%</td><td>48%</td><td>52%</td><td>47%</td></tr><tr><td>Adjusted operating margin</td><td>63%</td><td>61%</td><td>57%</td><td>51%</td><td>56%</td><td>51%</td><td>57%</td><td>59%</td><td>55%</td></tr><tr><td>Net income attributable to Intercontinental Exchange, Inc.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$1,422</td><td>$1,274</td><td>$981</td></tr><tr><td>Add: NYSE and Interactive Data transaction and integration costs and acquisition related success fees</td><td></td><td></td><td></td><td></td><td></td><td></td><td>46</td><td>83</td><td>124</td></tr><tr><td>Add: Amortization of acquisition-related intangibles</td><td></td><td></td><td></td><td></td><td></td><td></td><td>302</td><td>140</td><td>131</td></tr><tr><td>Add: Employee severance costs related to Creditex U.K. brokerage operations</td><td></td><td></td><td></td><td></td><td></td><td></td><td>4</td><td>—</td><td>—</td></tr><tr><td>Add: Creditex customer relationship intangible asset impairment</td><td></td><td></td><td></td><td></td><td></td><td></td><td>33</td><td>—</td><td>—</td></tr><tr><td>Add: Litigation settlements and accruals, net</td><td></td><td></td><td></td><td></td><td></td><td></td><td>—</td><td>15</td><td>—</td></tr><tr><td>Add: Pre-acquisition interest expense on debt issued for Interactive Data acquisition</td><td></td><td></td><td></td><td></td><td></td><td></td><td>—</td><td>5</td><td>—</td></tr><tr><td>Less: Net gain on the sale of 6% remaining ownership in Euronext</td><td></td><td></td><td></td><td></td><td></td><td></td><td>—</td><td>—</td><td>-4</td></tr><tr><td>Less: Other income from OCC equity investment</td><td></td><td></td><td></td><td></td><td></td><td></td><td>—</td><td>—</td><td>-26</td></tr><tr><td>Less: Income tax effect related to the items above</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-143</td><td>-83</td><td>-89</td></tr><tr><td>Less: Deferred tax adjustments on acquisition-related intangibles</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-22</td><td>-82</td><td>-14</td></tr><tr><td>Add: Other tax adjustments</td><td></td><td></td><td></td><td></td><td></td><td></td><td>23</td><td>7</td><td>12</td></tr><tr><td>Less: Income from discontinued operations, net of tax</td><td></td><td></td><td></td><td></td><td></td><td></td><td>—</td><td>—</td><td>-11</td></tr><tr><td>Adjusted net income attributable to ICE common shareholders from continuing operations</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$1,665</td><td>$1,359</td><td>$1,104</td></tr><tr><td>Basic earnings per share attributable to ICE common shareholders from continuing operations</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$2.39</td><td>$2.29</td><td>$1.70</td></tr><tr><td>Diluted earnings per share attributable to ICE common shareholders from continuing operations</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$2.37</td><td>$2.28</td><td>$1.69</td></tr><tr><td>Adjusted basic earnings per share attributable to ICE common shareholders from continuing operations</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$2.80</td><td>$2.44</td><td>$1.93</td></tr><tr><td>Adjusted diluted earnings per share attributable to ICE common shareholders from continuing operations</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$2.78</td><td>$2.43</td><td>$1.92</td></tr><tr><td>Basic weighted average common shares outstanding</td><td></td><td></td><td></td><td></td><td></td><td></td><td>595</td><td>556</td><td>570</td></tr><tr><td>Diluted weighted average common shares outstanding</td><td></td><td></td><td></td><td></td><td></td><td></td><td>599</td><td>559</td><td>573</td></tr></table>

Question: what is the percentual increase in the operating expenses during 2017 and 2018?
Answer: 0.275