2016 compared with 2015 net gains on investments of $ 57 million in 2016 decreased $ 52 million from 2015 due to lower net gains in 2016 . net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment . interest and dividend income increased $ 14 million from 2015 primarily due to higher dividend income in 2016 . 2015 compared with 2014 net gains on investments of $ 109 million in 2015 decreased $ 45 million from 2014 due to lower net gains in 2015 . net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment . net gains on investments in 2014 included the positive impact of the monetization of a nonstrategic , opportunistic private equity investment . interest expense decreased $ 28 million from 2014 primarily due to repayments of long-term borrowings in the fourth quarter of 2014 . income tax expense .

Table:
( in millions ) | gaap 2016 | gaap 2015 | gaap 2014 | gaap 2016 | gaap 2015 | 2014
operating income ( 1 ) | $ 4570 | $ 4664 | $ 4474 | $ 4674 | $ 4695 | $ 4563
total nonoperating income ( expense ) ( 1 ) ( 2 ) | -108 ( 108 ) | -69 ( 69 ) | -49 ( 49 ) | -108 ( 108 ) | -70 ( 70 ) | -56 ( 56 )
income before income taxes ( 2 ) | $ 4462 | $ 4595 | $ 4425 | $ 4566 | $ 4625 | $ 4507
income tax expense | $ 1290 | $ 1250 | $ 1131 | $ 1352 | $ 1312 | $ 1197
effective tax rate | 28.9% ( 28.9 % ) | 27.2% ( 27.2 % ) | 25.6% ( 25.6 % ) | 29.6% ( 29.6 % ) | 28.4% ( 28.4 % ) | 26.6% ( 26.6 % )
( 1 ) see non-gaap financial measures for further information on and reconciliation of as adjusted items .
( 2 ) net of net income ( loss ) attributable to nci .
the company 2019s tax rate is affected by tax rates in foreign jurisdictions and the relative amount of income earned in those jurisdictions , which the company expects to be fairly consistent in the near term .
the significant foreign jurisdictions that have lower statutory tax rates than the u.s .
federal statutory rate of 35% ( 35 % ) include the united kingdom , channel islands , ireland and canada .
u.s .
income taxes were not provided for certain undistributed foreign earnings intended to be indefinitely reinvested outside the united states .
2016 .
income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 30 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 65 million of nonrecurring items , including the resolution of certain outstanding tax matters .
the as adjusted effective tax rate of 29.6% ( 29.6 % ) for 2016 excluded the net noncash benefit of $ 30 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .
2015 .
income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 54 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 75 million of nonrecurring items , primarily due to the realization of losses from changes in the company 2019s organizational tax structure and the resolution of certain outstanding tax matters .
the as adjusted effective tax rate of 28.4% ( 28.4 % ) for 2015 excluded the net noncash benefit of $ 54 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .
2014 .
income tax expense ( gaap ) reflected : 2022 a $ 94 million tax benefit , primarily due to the resolution of certain outstanding tax matters related to the acquisition of bgi , including the previously mentioned $ 50 million tax benefit ( see executive summary for more information ) ; 2022 a $ 73 million net tax benefit related to several favorable nonrecurring items ; and 2022 a net noncash benefit of $ 9 million associated with the revaluation of deferred income tax liabilities .
the as adjusted effective tax rate of 26.6% ( 26.6 % ) for 2014 excluded the $ 9 million net noncash benefit as it will not have a cash flow impact and to ensure comparability among periods presented and the $ 50 million tax benefit mentioned above .
the $ 50 million general and administrative expense and $ 50 million tax benefit have been excluded from as adjusted results as there is no impact on blackrock 2019s book value .
balance sheet overview as adjusted balance sheet the following table presents a reconciliation of the consolidated statement of financial condition presented on a gaap basis to the consolidated statement of financial condition , excluding the impact of separate account assets and separate account collateral held under securities lending agreements ( directly related to lending separate account securities ) and separate account liabilities and separate account collateral liabilities under securities lending agreements and consolidated sponsored investment funds , including consolidated vies .
the company presents the as adjusted balance sheet as additional information to enable investors to exclude certain .

Question: what is the percent change in effective tax rate from from 2015 to 2016?
Answer: 1.7%
Calculation: subtract(28.9%, 27.2%)