goodwill and intangible asset impairment charge during the third quarter of fiscal year 2017 , we determined that the goodwill and indefinite-lived intangible assets ( primarily acquired trade names ) associated with our latin america reporting unit of our industrial gases 2013 americas segment were impaired .
we recorded a noncash impairment charge of $ 162.1 ( $ 154.1 attributable to air products , after-tax , or $ .70 per share ) , which was driven by lower economic growth and profitability in the region .
this impairment charge has been excluded from segment results .
refer to note 10 , goodwill , and note 11 , intangible assets , to the consolidated financial statements for additional information .
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 23 , supplemental information , to the consolidated financial statements .
2018 vs .
2017 other income ( expense ) , net of $ 50.2 decreased $ 70.8 , primarily due to lower income from the transition services agreements with versum and evonik , lower income from the sale of assets and investments , lower favorable contract settlements , and an unfavorable foreign exchange impact .
2017 vs .
2016 other income ( expense ) , net of $ 121.0 increased $ 71.6 , primarily due to income from transition services agreements with versum and evonik , income from the sale of assets and investments , including a gain of $ 12.2 ( $ 7.6 after-tax , or $ .03 per share ) resulting from the sale of a parcel of land , and a favorable foreign exchange impact .
interest expense .

2018
2017
2016
interest incurred
$ 150.0
$ 139.6
$ 147.9
less : capitalized interest
19.5
19.0
32.7
interest expense
$ 130.5
$ 120.6
$ 115.2

2018 vs .
2017 interest incurred increased $ 10.4 as project financing associated with the lu'an joint venture and a higher average interest rate on the debt portfolio were partially offset by the impact from a lower average debt balance .
the change in capitalized interest was driven by an increase in the carrying value of projects under construction .
2017 vs .
2016 interest incurred decreased $ 8.3 as the impact from a lower average debt balance of $ 26 was partially offset by the impact from a higher average interest rate on the debt portfolio of $ 19 .
the change in capitalized interest was driven by a decrease in the carrying value of projects under construction , primarily as a result of our decision to exit from the efw business .
other non-operating income ( expense ) , net 2018 vs .
2017 other non-operating income ( expense ) , net of $ 5.1 decreased $ 11.5 .
during the fourth quarter of fiscal year 2018 , we recognized a pension settlement loss of $ 43.7 ( $ 33.2 after-tax , or $ .15 per share ) that primarily resulted from the transfer of certain pension payment obligations to an insurer for our u.s .
salaried and hourly plans through the purchase of an irrevocable , nonparticipating group annuity contract with plan assets .
for additional information , refer to note 16 , retirement benefits , to the consolidated financial statements .
this loss was partially offset by higher interest income on cash and cash items and short-term investments and lower other non-service pension expense .
the prior year pension expense included a settlement loss of $ 10.5 ( $ 6.6 after-tax , or $ .03 per share ) associated with the u.s .
supplementary pension plan and a settlement benefit of $ 2.3 related to the disposition of emd and pmd. .

Question: what was the increase in the interest expenses during 2017 and 2018?
Answer: 8.21%