foreign currency transaction gains ( losses ) foreign currency transaction gains ( losses ) in millions were as follows: .

Table:
years ended december 31, | 2017 | 2016 | 2015
mexico | $ 17 | $ -8 ( 8 ) | $ -6 ( 6 )
philippines | 15 | 12 | 8
bulgaria | 14 | -8 ( 8 ) | 3
chile | 8 | -9 ( 9 ) | -18 ( 18 )
aes corporation | 3 | -50 ( 50 ) | -31 ( 31 )
argentina | 1 | 37 | 124
united kingdom | -3 ( 3 ) | 13 | 11
colombia | -23 ( 23 ) | -8 ( 8 ) | 29
other | 10 | 6 | -14 ( 14 )
total ( 1 ) | $ 42 | $ -15 ( 15 ) | $ 106
total ( 1 ) $ 42 $ ( 15 ) $ 106 _____________________________ ( 1 ) includes gains of $ 21 million , $ 17 million and $ 247 million on foreign currency derivative contracts for the years ended december 31 , 2017 , 2016 and 2015 , respectively .
the company recognized net foreign currency transaction gains of $ 42 million for the year ended december 31 , 2017 primarily driven by transactions associated with vat activity in mexico , the amortization of frozen embedded derivatives in the philippines , and appreciation of the euro in bulgaria .
these gains were partially offset by unfavorable foreign currency derivatives in colombia .
the company recognized net foreign currency transaction losses of $ 15 million for the year ended december 31 , 2016 primarily due to remeasurement losses on intercompany notes , and losses on swaps and options at the aes corporation .
this loss was partially offset in argentina , mainly due to the favorable impact of foreign currency derivatives related to government receivables .
the company recognized net foreign currency transaction gains of $ 106 million for the year ended december 31 , 2015 primarily due to foreign currency derivatives related to government receivables in argentina and depreciation of the colombian peso in colombia .
these gains were partially offset due to decreases in the valuation of intercompany notes at the aes corporation and unfavorable devaluation of the chilean peso in chile .
income tax expense income tax expense increased $ 958 million to $ 990 million in 2017 as compared to 2016 .
the company's effective tax rates were 128% ( 128 % ) and 17% ( 17 % ) for the years ended december 31 , 2017 and 2016 , respectively .
the net increase in the 2017 effective tax rate was due primarily to expense related to the u.s .
tax reform one-time transition tax and remeasurement of deferred tax assets .
further , the 2016 rate was impacted by the items described below .
income tax expense decreased $ 380 million to $ 32 million in 2016 as compared to 2015 .
the company's effective tax rates were 17% ( 17 % ) and 42% ( 42 % ) for the years ended december 31 , 2016 and 2015 , respectively .
the net decrease in the 2016 effective tax rate was due , in part , to the 2016 asset impairments in the u.s. , as well as the devaluation of the peso in certain of our mexican subsidiaries and the release of valuation allowance at certain of our brazilian subsidiaries .
these favorable items were partially offset by the unfavorable impact of chilean income tax law reform enacted during the first quarter of 2016 .
further , the 2015 rate was due , in part , to the nondeductible 2015 impairment of goodwill at dp&l and chilean withholding taxes offset by the release of valuation allowance at certain of our businesses in brazil , vietnam and the u.s .
see note 19 2014asset impairment expense included in item 8 . 2014financial statements and supplementary data of this form 10-k for additional information regarding the 2016 u.s .
asset impairments .
see note 20 2014income taxes included in item 8 . 2014financial statements and supplementary data of this form 10-k for additional information regarding the 2016 chilean income tax law reform .
our effective tax rate reflects the tax effect of significant operations outside the u.s. , which are generally taxed at rates different than the u.s .
statutory rate .
foreign earnings may be taxed at rates higher than the new u.s .
corporate rate of 21% ( 21 % ) and a greater portion of our foreign earnings may be subject to current u.s .
taxation under the new tax rules .
a future proportionate change in the composition of income before income taxes from foreign and domestic tax jurisdictions could impact our periodic effective tax rate .
the company also benefits from reduced tax rates in certain countries as a result of satisfying specific commitments regarding employment and capital investment .
see note 20 2014income taxes included in item 8 . 2014financial statements and supplementary data of this form 10-k for additional information regarding these reduced rates. .

Question: in 2017 what percentage of foreign currency transaction gains were attributable to mexico?
Answer: 40%
Calculation: divide(17, 42)