other income ( expense ) , net items recorded to other income ( expense ) , net arise from transactions and events not directly related to our principal income earning activities .the detail of other income ( expense ) , net is presented in note 24 , supplemental information , to the consolidated financial statements .2016 vs .2015 other income ( expense ) , net of $ 58.1 increased $ 10.8 primarily due to lower foreign exchange losses , favorable contract settlements , and receipt of a government subsidy .the prior year included a gain of $ 33.6 ( $ 28.3 after-tax , or $ .13 per share ) resulting from the sale of two parcels of land .no other individual items were significant in comparison to the prior year .2015 vs .2014 other income ( expense ) , net of $ 47.3 decreased $ 5.5 and included a gain of $ 33.6 ( $ 28.3 after-tax , or $ .13 per share ) resulting from the sale of two parcels of land .the gain was partially offset by unfavorable foreign exchange impacts and lower gains on other sales of assets and emissions credits .no other individual items were significant in comparison to fiscal year 2014 .interest expense .
[['', '2016', '2015', '2014'], ['interest incurred', '$ 148.4', '$ 152.6', '$ 158.1'], ['less : capitalized interest', '32.9', '49.1', '33.0'], ['interest expense', '$ 115.5', '$ 103.5', '$ 125.1']]
2016 vs .2015 interest incurred decreased $ 4.2 .the decrease primarily resulted from a stronger u.s .dollar on the translation of foreign currency interest of $ 6 , partially offset by a higher average debt balance of $ 2 .the change in capitalized interest was driven by a decrease in the carrying value of projects under construction , primarily as a result of our exit from the energy-from-waste business .2015 vs .2014 interest incurred decreased $ 5.5 .the decrease was driven by the impact of a stronger u.s .dollar on the translation of foreign currency interest of $ 12 , partially offset by a higher average debt balance of $ 7 .the change in capitalized interest was driven by a higher carrying value in construction in progress .loss on extinguishment of debt on 30 september 2016 , in anticipation of the versum spin-off , versum issued $ 425.0 of notes to air products , who then exchanged these notes with certain financial institutions for $ 418.3 of air products 2019 outstanding commercial paper .the exchange resulted in a loss of $ 6.9 ( $ 4.3 after-tax , or $ .02 per share ) .in september 2015 , we made a payment of $ 146.6 to redeem 3000000 unidades de fomento ( 201cuf 201d ) series e 6.30% ( 6.30 % ) bonds due 22 january 2030 that had a carrying value of $ 130.0 and resulted in a net loss of $ 16.6 ( $ 14.2 after-tax , or $ .07 per share ) .effective tax rate the effective tax rate equals the income tax provision divided by income from continuing operations before taxes .refer to note 23 , income taxes , to the consolidated financial statements for details on factors affecting the effective tax rate .2016 vs .2015 on a gaap basis , the effective tax rate was 27.5% ( 27.5 % ) and 24.0% ( 24.0 % ) in 2016 and 2015 , respectively .the change included a 240 bp impact from tax costs associated with business separation , primarily resulting from a dividend declared in 2016 to repatriate cash from a foreign subsidiary , as discussed above in 201cbusiness separation costs . 201d the remaining 110 bp change was primarily due to the increase in mix of income in jurisdictions with a higher effective tax rate and the impact of business separation costs for which a tax benefit was not available .on a non- gaap basis , the effective tax rate increased from 24.2% ( 24.2 % ) in 2015 to 24.8% ( 24.8 % ) in 2016 , primarily due to the increase in and mix of income in jurisdictions with a higher effective tax rate. .

Question: considering the years 2014-2016 , what is the highest interest expense observed?
Answer: 125.1
Explanation: it is the maximum value of the interest expense observed during these years .