Shareowner Return Performance Graph The following performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that the Company specifically incorporates such information by reference into such filing.
The following graph shows a five year comparison of cumulative total shareowners’ returns for our class B common stock, the Standard & Poor’s 500 Index, and the Dow Jones Transportation Average.
The comparison of the total cumulative return on investment, which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods, assumes that $100 was invested on December 31, 2010 in the Standard & Poor’s 500 Index, the Dow Jones Transportation Average, and our class B common stock.
## Table 0 ##
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview Growth in the US economy proceeded at a moderately slow and uneven pace throughout 2015, resulting in 2.4% GDP growth for the year with an initial estimate of 1.8% GDP growth in the fourth quarter of 2015 when compared to 2014.
Consumer spending remains the primary driver of growth in the economy, as the combination of low inflation, healthy employment growth and a strong dollar have created a favorable environment for U. S.  households.
However, much of the growth in consumer spending has been centered in the service sector and not in the manufacturing sector.
Retail sales growth was disappointing throughout most of 2015, and finished the year on a soft note with an underwhelming holiday season.
Ecommerce has been one of the few bright spots for retailers, as growth in digital sales far outpaced traditional brick-and mortar retailers.
U. S.  manufacturing continues to struggle, with weak export demand and sharp cutbacks in the mining sector combining to curb domestic industrial production and investment spending in the economy.
These conditions are likely to continue in upcoming quarters, and growth is expected to remain fairly uneven in the economy as the bifurcation of the economy continues through the first half of 2016.
Given these trends, overall volume grew slowly during 2015, with those products most aligned with the retail industry and e-commerce in particular experiencing the most growth.
Global GDP forecasts have been reduced in recent months, largely driven by growth concerns in emerging markets.
China’s economy continues to decelerate, particularly in the manufacturing sector, and recent financial market turmoil has raised concerns that the pace of deceleration might be faster than initially expected.
This in turn has driven down commodity prices worldwide, and weakened the outlook for China’s major trading partners such as the EU and other emerging Asian nations.
The fall in commodity prices has negative implications for many other emerging economies, particularly in Latin America and Russia, which rely on commodity exports to drive economic growth.
Outside of emerging markets, growth in the developed world appears to be continuing at a moderate pace, and advanced economies such as the many EU nations should continue to experience solid growth in 2016.
The uneven nature of economic growth worldwide, combined with a trend towards more intra-regional trade, has continued the shifting of trade patterns and weakened demand in certain trade lanes.
As a result of these circumstances, we continued to adjust our air capacity and cost structure in our transportation network to better match the prevailing volume levels.
Our broad portfolio of product offerings and the flexibilities inherent in our transportation network have helped us adapt to these changing trends.
While the worldwide economic environment remained challenging in 2015, we have continued to undertake several initiatives in the U. S.  and internationally to (1) improve the flexibility and capacity in our transportation network; (2) improve yield management; and (3) increase operational efficiency and contain costs across all segments.
Most notably, the continued deployment of technology improvements (including several facility automation projects and the accelerated deployment of our On Road Integrated Optimization and Navigation system - "ORION") should increase our network capacity, and improve operational efficiency, flexibility and reliability.
Additionally, we have continued to utilize newly expanded operating facilities to improve time-in-transit for shipments in each region.
Our consolidated results are presented in the table below:
## Table 1 ##
UNITED PARCEL SERVICE, INC.  AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 31 Revenue per piece decreased for our Next Day Air and deferred air products in 2015, as lower fuel surcharge rates more than offset the positive impact of the base rate increase.
Product mix adversely impacted Next Day Air and deferred revenue per piece, as we experienced relatively stronger growth in our lighter-weight business-to-consumer shipments, which have lower average yields than our heavier-weight commercial shipments.
Customer mix also adversely impacted Next Day Air and deferred revenue per piece, due to faster volume growth among our larger customers, which typically have a lower average yield than our small and middle-market customers.
Ground revenue per piece increased in 2015, primarily due to the base rate increase, the dimensional weight pricing change and product mix.
Additionally, the revenue per piece for our traditional ground residential products was positively impacted by our decision not to pursue certain lower-yielding customer contract renewals.
These factors were partially offset by declines in fuel surcharge rates as well as changes in customer mix, as we experienced faster volume growth among our larger customers.2014 compared to 2013 Overall revenue per piece decreased 1.5% in 2014, and was impacted by changes in base rates, customer and product mix, and fuel surcharge rates.
Revenue per piece for our ground and air products was positively impacted by an increase in base rates that took effect on December 30, 2013.
We implemented an average 4.9% net increase in base and accessorial rates on UPS Next Day Air, UPS 2nd Day Air, UPS 3 Day Select and UPS Ground.
Revenue per piece increased for our Next Day Air products in 2014, largely due to the base rate increase, an increase in the average weight per package, and a shift in product mix from lower-yielding letters towards higher-yielding packages.
Revenue per piece declined for our deferred products in 2014, as customer and product mix changes more than offset the increase in base rates.
Product mix adversely impacted deferred revenue per piece, as we experienced relatively stronger growth in our lighter-weight business-to-consumer shipments, which have lower average yields than our heavier-weight commercial shipments.
Customer mix also adversely impacted deferred revenue per piece, due to faster volume growth among our larger customers, which typically have a lower average yield than our smaller and middle-market customers.
Ground revenue per piece decreased in 2014, as customer and product mix changes more than offset the impact of the base rate increase.
Customer and product mix changes adversely impacted revenue per piece as a greater portion of our overall volume in 2014, relative to 2013, came from lighter-weight shipments (including more than 45% volume growth in SurePost) and larger customers.
Fuel Surcharges UPS applies a fuel surcharge on our domestic air and ground services.
The air fuel surcharge is based on the U. S.  Department of Energy’s (“DOE”) Gulf Coast spot price for a gallon of kerosene-type jet fuel, while the ground fuel surcharge is based on the DOE’s On-Highway Diesel Fuel Price.
Based on published rates, the average fuel surcharge rates for domestic air and ground products were as follows:
## Table 2 ##
Total domestic fuel surcharge revenue decreased by $843 million in 2015 as a result of lower fuel surcharge rates caused by declining jet and diesel fuel prices; however, the impact of lower fuel prices was partially mitigated by changes to the fuel surcharge indices, as well as the overall increase in package volume for the period.
In 2014, total fuel surcharge revenue declined by $8 million as lower fuel surcharge rates (driven by lower fuel prices) more than offset the impact of increased air and ground volume.

<table><tr><td></td><td>12/31/2010</td><td>12/31/2011</td><td>12/31/2012</td><td>12/31/2013</td><td>12/31/2014</td><td>12/31/2015</td></tr><tr><td>United Parcel Service, Inc.</td><td>$100.00</td><td>$103.88</td><td>$107.87</td><td>$158.07</td><td>$171.77</td><td>$160.61</td></tr><tr><td>Standard & Poor’s 500 Index</td><td>$100.00</td><td>$102.11</td><td>$118.43</td><td>$156.77</td><td>$178.22</td><td>$180.67</td></tr><tr><td>Dow Jones Transportation Average</td><td>$100.00</td><td>$100.01</td><td>$107.49</td><td>$151.97</td><td>$190.08</td><td>$158.23</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31,</td><td colspan="2">% Change</td></tr><tr><td></td><td>2015</td><td>2014</td><td>2013</td><td>2015/ 2014</td><td>2014/ 2013</td></tr><tr><td>Revenue (in millions)</td><td>$58,363</td><td>$58,232</td><td>$55,438</td><td>0.2%</td><td>5.0%</td></tr><tr><td>Operating Expenses (in millions)</td><td>50,695</td><td>53,264</td><td>48,404</td><td>-4.8%</td><td>10.0%</td></tr><tr><td>Operating Profit (in millions)</td><td>$7,668</td><td>$4,968</td><td>$7,034</td><td>54.3%</td><td>-29.4%</td></tr><tr><td>Operating Margin</td><td>13.1%</td><td>8.5%</td><td>12.7%</td><td></td><td></td></tr><tr><td>Average Daily Package Volume (in thousands)</td><td>18,324</td><td>18,016</td><td>16,938</td><td>1.7%</td><td>6.4%</td></tr><tr><td>Average Revenue Per Piece</td><td>$10.37</td><td>$10.58</td><td>$10.76</td><td>-2.0%</td><td>-1.7%</td></tr><tr><td>Net Income (in millions)</td><td>$4,844</td><td>$3,032</td><td>$4,372</td><td>59.8%</td><td>-30.6%</td></tr><tr><td>Basic Earnings Per Share</td><td>$5.38</td><td>$3.31</td><td>$4.65</td><td>62.5%</td><td>-28.8%</td></tr><tr><td>Diluted Earnings Per Share</td><td>$5.35</td><td>$3.28</td><td>$4.61</td><td>63.1%</td><td>-28.9%</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31,</td><td colspan="2">% Point Change</td></tr><tr><td></td><td>2015</td><td>2014</td><td>2013</td><td>2015/ 2014</td><td>2014/ 2013</td></tr><tr><td>Next Day Air / Deferred</td><td>4.8%</td><td>10.2%</td><td>10.7%</td><td>-5.4%</td><td>-0.5%</td></tr><tr><td>Ground</td><td>5.5%</td><td>7.1%</td><td>7.2%</td><td>-1.6%</td><td>-0.1%</td></tr></table>

Question: Does the value of Operating Expenses (in millions) in 2015 greater than that in 2014?
Answer: NO