APPLIED MATERIALS, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 102 Employee Stock Purchase Plans Under the ESPP, substantially all employees may purchase Applied common stock through payroll deductions at a price equal to 85 percent of the lower of the fair market value of Applied common stock at the beginning or end of each 6-month purchase period, subject to certain limits.
Based on the Black-Scholes option pricing model, the weighted average estimated fair value of purchase rights under the ESPP was $3.08 per share for the year ended October 27, 2013, $2.73 per share for the year ended October 28, 2012 and $3.03 per share for the year ended October 30, 2011.
The number of shares issued under the ESPP during fiscal 2013, 2012 and 2011 was 7 million, 7 million and 6 million, respectively.
At October 27, 2013, there were 40 million available for future issuance under the ESPP.
Compensation expense is calculated using the fair value of the employees’ purchase rights under the Black-Scholes model.
Underlying assumptions used in the model for fiscal 2013, 2012 and 2011 are outlined in the following table:
## Table 0 ##
Note 13 Employee Benefit Plans Employee Bonus Plans Applied has various employee bonus plans.
A discretionary bonus plan provides for the distribution of a percentage of pretax income to Applied employees who are not participants in other performance-based incentive plans, up to a maximum percentage of eligible compensation.
Other plans provide for bonuses to Applied’s executives and other key contributors based on the achievement of profitability and/or other specified performance criteria.
Charges under these plans were $269 million for fiscal 2013, $271 million for fiscal 2012, and $319 million charges for fiscal 2011.
Employee Savings and Retirement Plan Applied’s Employee Savings and Retirement Plan (the 401(k) Plan) is qualified under Sections 401(a) and (k) of the Internal Revenue Code (the Code).
Effective as of the close of the stock market on December 31, 2012, the Varian-sponsored 401(k) plan was merged with and into the 401(k) Plan, with the 401(k) Plan being the surviving plan.
Eligible employees may make salary deferral and catch-up contributions under the 401(k) Plan on a pre-tax basis and/or (effective as of the first payroll period beginning on or after December 22, 2012) on a Roth basis, subject to an annual dollar limit established by the Code.
Applied matches 100% of participant salary and/or Roth deferral contributions up to the first 3% of eligible contribution and then 50% of every dollar between 4% and 6% of eligible contribution.
Applied does not make matching contributions on any catch-up contributions made by participants.
Plan participants who were employed by Applied or any of its affiliates on or after January 1, 2010 became 100% vested in their Applied matching contribution account balances.
Applied’s matching contributions under the 401(k) Plan were approximately $29 million, net of $1 million in forfeitures for fiscal 2013, $37 million for fiscal 2012 and $27 million for fiscal 2011.
PART I Item 1: Business Incorporated in 1967, Applied, a Delaware corporation, provides manufacturing equipment, services and software to the global semiconductor, flat panel display, solar photovoltaic (PV) and related industries.
Applied’s customers include manufacturers of semiconductor wafers and chips, flat panel liquid crystal and other displays, solar PV cells and modules, and other electronic devices.
These customers may use what they manufacture in their own end products or sell the items to other companies for use in advanced electronic components.
Applied’s fiscal year ends on the last Sunday in October.
Applied operates in four reportable segments: Silicon Systems Group, Applied Global Services, Display, and Energy and Environmental Solutions.
Applied manages its business based upon these segments.
A summary of financial information for each reportable segment is found in Note 16 of Notes to Consolidated Financial Statements.
A discussion of factors that could affect operations is set forth under “Risk Factors” in Item 1A, which is incorporated herein by reference.
Net sales by reportable segment for the past three fiscal years were as follows:
## Table 1 ##
Silicon Systems Group Segment The Silicon Systems Group segment develops, manufactures and sells manufacturing equipment used to fabricate semiconductor chips, also referred to as integrated circuits (ICs).
Most chips are built on a silicon wafer base and include a variety of circuit components, such as transistors and other devices, that are connected by multiple layers of wiring (interconnects).
Applied offers systems that perform various processes used in chip fabrication, including chemical vapor deposition (CVD), physical vapor deposition (PVD), etch, electrochemical deposition (ECD), rapid thermal processing (RTP), ion implantation, chemical mechanical planarization (CMP), epitaxy (Epi), wet cleaning, atomic layer deposition (ALD), wafer metrology and inspection, and systems that etch or inspect circuit patterns on masks used in the photolithography process.
Applied’s semiconductor manufacturing systems are used by integrated device manufacturers and foundries to build and package memory, logic and other types of chips.
The majority of the Company's new equipment sales are for leading-edge technology for advanced 2X nanometer (nm) nodes and smaller dimensions.
To build a chip, the transistors, capacitors and other circuit components are first created on the surface of the wafer by performing a series of processes to deposit and selectively remove portions of successive film layers.
Similar processes are then used to build the layers of wiring structures on the wafer.
As the density of the circuit components increases to enable greater computing capability in the same or smaller physical area, the complexity of building the chip also increases, necessitating more process steps to form smaller transistor structures and more intricate wiring schemes.
Advanced chip designs require more than 500 steps involving these and other processes to complete the manufacturing cycle.
APPLIED MATERIALS, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The following table summarizes information with respect to options outstanding and exercisable at October 26, 2014:
## Table 2 ##
Option prices at the lower end of the range were principally attributable to stock options assumed in connection with the Varian acquisition in fiscal year 2012.
Restricted Stock Units, Restricted Stock, Performance Shares and Performance Units Restricted stock units are converted into shares of Applied common stock upon vesting on a one-for-one basis.
Restricted stock has the same rights as other issued and outstanding shares of Applied common stock except these shares generally have no right to dividends and are held in escrow until the award vests.
Performance shares and performance units are awards that result in a payment to a grantee, generally in shares of Applied common stock on a one-for-one basis if performance goals and/or other vesting criteria established by the Human Resources and Compensation Committee of Applied's Board of Directors (the Committee) are achieved or the awards otherwise vest.
Restricted stock units, restricted stock, performance shares and performance units typically vest over four years and vesting is usually subject to the grantee’s continued service with Applied and, in some cases, achievement of specified performance goals.
The compensation expense related to the service-based awards is determined using the fair market value of Applied common stock on the date of the grant, and the compensation expense is recognized over the vesting period.
Restricted stock, performance shares and performance units granted to certain executive officers are subject to the achievement of specified performance goals (performance-based awards).
These performance-based awards become eligible to vest only if performance goals are achieved and then actually will vest only if the grantee remains employed by Applied through each applicable vesting date.
These performance-based awards require the achievement of targeted levels of adjusted annual operating profit margin.
For the fiscal 2013 performance-based awards, additional shares become eligible for time-based vesting if Applied achieves certain levels of total shareholder return (TSR) relative to a peer group, comprised of companies in the Standard & Poor's 500 Information Technology Index, measured at the end of a two-year period.
The fair value of these performance-based awards is estimated on the date of grant and assumes that the specified performance goals will be achieved.
If the goals are achieved, these awards vest over a specified remaining service period of generally three or four years, provided that the grantee remains employed by Applied through each scheduled vesting date.
If the performance goals are not met as of the end of the performance period, no compensation expense is recognized and any previously recognized compensation expense is reversed.
The expected cost of each award is reflected over the service period and is reduced for estimated forfeitures.
Fiscal 2012 was characterized by significant fluctuations in demand for semiconductor equipment, coupled with an extremely weak market environment for display and solar equipment.
Applied completed its acquisition of Varian Semiconductor Equipment Associates, Inc.  (Varian) in the first quarter of fiscal 2012.
Mobility was the greatest influence on semiconductor industry spending in fiscal 2012.
Investment levels for display equipment were low in fiscal 2012 due to decreased capacity requirements for larger flat panel televisions, while demand for mobility products, such as smartphones and tablets, significantly influenced equipment spending.
In the solar industry, fiscal 2012 was characterized by excess manufacturing capacity, which led to significantly reduced demand for crystalline-silicon (c-Si) equipment, as well as weak operating performance and outlook.
New Orders New orders by reportable segment for the past three fiscal years were as follows:
## Table 3 ##
New orders increased in fiscal 2014 from fiscal 2013 across all segments, primarily due to higher demand for semiconductor equipment, semiconductor spares and services, and display equipment.
New orders for the Silicon Systems Group and Applied Global Services continued to comprise a majority of Applied's consolidated total new orders.
New orders for fiscal 2013 increased compared to fiscal 2012, primarily due to a recovery in demand for display manufacturing equipment and increased demand in semiconductor equipment, partially offset by lower demand for service products, as well as depressed demand for c-Si solar equipment due to excess manufacturing capacity in the solar industry.
New orders by geographic region, determined by the product shipment destination specified by the customer, were as follows:
## Table 4 ##
The changes in new orders from customers in the United States, Japan, Taiwan and Korea for fiscal 2014 compared to fiscal 2013 primarily reflected changes in customers mix in the Silicon Systems Group, while the increase in new orders from China resulted from increased demand from display manufacturing equipment.
The recovery in demand for display manufacturing equipment in fiscal 2013 led to the increase in new orders from customers in China.
The change in the composition of new orders from customers in Taiwan, Korea, Japan and the United States was primarily related to changes in customer demand for semiconductor equipment.
New Term Loan A Facility, with the remaining unpaid principal amount of loans under the New Term Loan A Facility due and payable in full at maturity on June 6, 2021.
Principal amounts outstanding under the New Revolving Loan Facility are due and payable in full at maturity on June 6, 2021, subject to earlier repayment pursuant to the springing maturity date described above.
In addition to paying interest on outstanding principal under the borrowings, we are obligated to pay a quarterly commitment fee at a rate determined by reference to a total leverage ratio, with a maximum commitment fee of 40% of the applicable margin for Eurocurrency loans.
In July 2016, Breakaway Four, Ltd. , as borrower, and NCLC, as guarantor, entered into a Supplemental Agreement, which amended the Breakaway four loan to, among other things, increase the aggregate principal amount of commitments under the multi-draw term loan credit facility from €590.5 million to €729.9 million.
In June 2016, we took delivery of Seven Seas Explorer.
To finance the payment due upon delivery, we had export credit financing in place for 80% of the contract price.
The associated $373.6 million term loan bears interest at 3.43% with a maturity date of June 30, 2028.
Principal and interest payments shall be paid semiannually.
In December 2016, NCLC issued $700.0 million aggregate principal amount of 4.750% senior unsecured notes due December 2021 (the ¡°Notes¡±) in a private offering (the ¡°Offering¡±) at par.
NCLC used the net proceeds from the Offering, after deducting the initial purchasers¡¯ discount and estimated fees and expenses, together with cash on hand, to purchase its outstanding 5.25% senior notes due 2019 having an aggregate outstanding principal amount of $680 million.
The redemption of the 5.25% senior notes due 2019 was completed in January 2017.
NCLC will pay interest on the Notes at 4.750% per annum, semiannually on June 15 and December 15 of each year, commencing on June 15, 2017, to holders of record at the close of business on the immediately preceding June 1 and December 1, respectively.
NCLC may redeem the Notes, in whole or part, at any time prior to December 15, 2018, at a price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest to, but not including, the redemption date and a ¡°make-whole premium.
¡± NCLC may redeem the Notes, in whole or in part, on or after December 15, 2018, at the redemption prices set forth in the indenture governing the Notes.
At any time (which may be more than once) on or prior to December 15, 2018, NCLC may choose to redeem up to 40% of the aggregate principal amount of the Notes at a redemption price equal to 104.750% of the face amount thereof with an amount equal to the net proceeds of one or more equity offerings, so long as at least 60% of the aggregate principal amount of the Notes issued remains outstanding following such redemption.
The indenture governing the Notes contains covenants that limit NCLC¡¯s ability (and its restricted subsidiaries¡¯ ability) to, among other things: (i) incur or guarantee additional indebtedness or issue certain preferred shares; (ii) pay dividends and make certain other restricted payments; (iii) create restrictions on the payment of dividends or other distributions to NCLC from its restricted subsidiaries; (iv) create liens on certain assets to secure debt; (v) make certain investments; (vi) engage in transactions with affiliates; (vii) engage in sales of assets and subsidiary stock; and (viii) transfer all or substantially all of its assets or enter into merger or consolidation transactions.
The indenture governing the Notes also provides for events of default, which, if any of them occurs, would permit or require the principal, premium (if any), interest and other monetary obligations on all of the then-outstanding Notes to become due and payable immediately.
Interest expense, net for the year ended December 31, 2016 was $276.9 million which included $34.7 million of amortization of deferred financing fees and a $27.7 million loss on extinguishment of debt.
Interest expense, net for the year ended December 31, 2015 was $221.9 million which included $36.7 million of amortization of deferred financing fees and a $12.7 million loss on extinguishment of debt.
Interest expense, net for the year ended December 31, 2014 was $151.8 million which included $32.3 million of amortization of deferred financing fees and $15.4 million of expenses related to financing transactions in connection with the Acquisition of Prestige.
Certain of our debt agreements contain covenants that, among other things, require us to maintain a minimum level of liquidity, as well as limit our net funded debt-to-capital ratio, maintain certain other ratios and restrict our ability to pay dividends.
Substantially all of our ships and other property and equipment are pledged as collateral for certain of our debt.
We believe we were in compliance with these covenants as of December 31, 2016.
The following are scheduled principal repayments on long-term debt including capital lease obligations as of December 31, 2016 for each of the next five years (in thousands):

<table><tr><td></td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>ESPP:</td><td></td><td></td><td></td></tr><tr><td>Dividend yield</td><td>2.80%</td><td>3.01%</td><td>2.53%</td></tr><tr><td>Expected volatility</td><td>24.8%</td><td>29.6%</td><td>31.1%</td></tr><tr><td>Risk-free interest rate</td><td>0.09%</td><td>0.13%</td><td>0.09%</td></tr><tr><td>Expected life (in years)</td><td>0.5</td><td>0.5</td><td>0.5</td></tr></table>
<table><tr><td></td><td colspan="2">2014</td><td colspan="2">2013</td><td colspan="2">2012</td></tr><tr><td></td><td colspan="6">(In millions, except percentages)</td></tr><tr><td>Silicon Systems Group</td><td>$5,978</td><td>66%</td><td>$4,775</td><td>64%</td><td>$5,536</td><td>64%</td></tr><tr><td>Applied Global Services</td><td>2,200</td><td>24%</td><td>2,023</td><td>27%</td><td>2,285</td><td>26%</td></tr><tr><td>Display</td><td>615</td><td>7%</td><td>538</td><td>7%</td><td>473</td><td>5%</td></tr><tr><td>Energy and Environmental Solutions</td><td>279</td><td>3%</td><td>173</td><td>2%</td><td>425</td><td>5%</td></tr><tr><td>Total</td><td>$9,072</td><td>100%</td><td>$7,509</td><td>100%</td><td>$8,719</td><td>100%</td></tr></table>
<table><tr><td></td><td colspan="4">Options Outstanding</td><td colspan="3">Options Exercisable</td></tr><tr><td>Range ofExercise Prices</td><td>Number ofShares (In millions)</td><td>WeightedAverageExercisePrice</td><td>WeightedAverageRemainingContractualLife (In years)</td><td>AggregateIntrinsicValue (In millions)</td><td>Number ofShares (In millions)</td><td>WeightedAverageExercisePrice</td><td>AggregateIntrinsicValue (In millions)</td></tr><tr><td>$3.36 — $9.99</td><td>1</td><td>$5.31</td><td>1.81</td><td>$12</td><td>1</td><td>$5.30</td><td>$12</td></tr><tr><td>$10.00 — $15.06</td><td>1</td><td>$14.96</td><td>5.59</td><td>7</td><td>—</td><td>$14.71</td><td>2</td></tr><tr><td></td><td>2</td><td>$10.87</td><td>3.99</td><td>$19</td><td>1</td><td>$7.97</td><td>$14</td></tr><tr><td>Options exercisable and expected to become exercisable</td><td>2</td><td>$10.87</td><td>3.99</td><td>$19</td><td></td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="2">2014</td><td>Change2014 over 2013</td><td colspan="2">2013</td><td>Change2013 over 2012</td><td colspan="2">2012</td></tr><tr><td></td><td colspan="8">(In millions, except percentages)</td></tr><tr><td>Silicon Systems Group</td><td>$6,132</td><td>64%</td><td>11%</td><td>$5,507</td><td>65%</td><td>4%</td><td>$5,294</td><td>66%</td></tr><tr><td>Applied Global Services</td><td>2,433</td><td>25%</td><td>16%</td><td>2,090</td><td>25%</td><td>-8%</td><td>2,274</td><td>28%</td></tr><tr><td>Display</td><td>845</td><td>9%</td><td>20%</td><td>703</td><td>8%</td><td>157%</td><td>274</td><td>4%</td></tr><tr><td>Energy and Environmental Solutions</td><td>238</td><td>2%</td><td>43%</td><td>166</td><td>2%</td><td>-15%</td><td>195</td><td>2%</td></tr><tr><td>Total</td><td>$9,648</td><td>100%</td><td>14%</td><td>$8,466</td><td>100%</td><td>5%</td><td>$8,037</td><td>100%</td></tr></table>
<table><tr><td></td><td colspan="2">2014</td><td>Change2014 over 2013</td><td colspan="2">2013</td><td>Change2013 over 2012</td><td colspan="2">2012</td></tr><tr><td></td><td colspan="8">(In millions, except percentages)</td></tr><tr><td>Taiwan</td><td>$2,740</td><td>28%</td><td>-5%</td><td>$2,885</td><td>34%</td><td>34%</td><td>$2,155</td><td>27%</td></tr><tr><td>China</td><td>1,517</td><td>16%</td><td>13%</td><td>1,339</td><td>16%</td><td>232%</td><td>403</td><td>5%</td></tr><tr><td>Korea</td><td>1,086</td><td>11%</td><td>19%</td><td>915</td><td>11%</td><td>-49%</td><td>1,784</td><td>22%</td></tr><tr><td>Japan</td><td>1,031</td><td>11%</td><td>25%</td><td>822</td><td>10%</td><td>37%</td><td>600</td><td>7%</td></tr><tr><td>Southeast Asia</td><td>412</td><td>4%</td><td>17%</td><td>351</td><td>4%</td><td>24%</td><td>283</td><td>4%</td></tr><tr><td>Asia Pacific</td><td>6,786</td><td>70%</td><td>8%</td><td>6,312</td><td>75%</td><td>21%</td><td>5,225</td><td>65%</td></tr><tr><td>United States</td><td>2,200</td><td>23%</td><td>55%</td><td>1,419</td><td>17%</td><td>-29%</td><td>1,995</td><td>25%</td></tr><tr><td>Europe</td><td>662</td><td>7%</td><td>-10%</td><td>735</td><td>8%</td><td>-10%</td><td>817</td><td>10%</td></tr><tr><td>Total</td><td>$9,648</td><td>100%</td><td>14%</td><td>$8,466</td><td>100%</td><td>5%</td><td>$8,037</td><td>100%</td></tr></table>

Question: what is the percentage change in interest expense-net , from 2015 to 2016?
Answer: 0.24786