UNITED PARCEL SERVICE, INC.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 91 Certain plans have been aggregated in the “all other multiemployer pension plans” line in the following table, as the contributions to each of these individual plans are not material.
## Table 0 ##
Agreement with the New England Teamsters and Trucking Industry Pension Fund In 2012, we reached an agreement with the New England Teamsters and Trucking Industry Pension Fund ("NETTI Fund"), a multiemployer pension plan in which UPS is a participant, to restructure the pension liabilities for approximately 10,200 UPS employees represented by the Teamsters.
As of December 31, 2017 and 2016, we had $859 and $866 million, respectively, recognized in "other non-current liabilities" on our consolidated balance sheets representing the remaining balance of the NETTI Fund withdrawal liability.
Based on the borrowing rates currently available to the Company for long-term financing of a similar maturity, the fair value of the NETTI Fund withdrawal liability as of December 31, 2017 and 2016 was $921 and $861 million.
We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of this liability
UNITED PARCEL SERVICE, INC.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 99 Floating-Rate Senior Notes The floating-rate senior notes with principal amounts totaling $1.043 billion, bear interest at either one or three-month LIBOR, less a spread ranging from 30 to 45 basis points.
The average interest rate for 2017 and 2016 was 0.74% and 0.21%, respectively.
These notes are callable at various times after 30 years at a stated percentage of par value, and putable by the note holders at various times after one year at a stated percentage of par value.
The notes have maturities ranging from 2049 through 2067.
We classified the floating-rate senior notes that are putable by the note holder as a long-term liability, due to our intent and ability to refinance the debt if the put option is exercised by the note holder.
In March and November 2017, we issued floating-rate senior notes in the principal amounts of $147 and $64 million, respectively, which are included in the $1.043 billion floating-rate senior notes described above.
These notes will bear interest at three-month LIBOR less 30 and 35 basis points, respectively and mature in 2067.
The remaining three floating-rate senior notes in the principal amounts of $350, $400 and $500 million, bear interest at three-month LIBOR, plus a spread ranging from 15 to 45 basis points.
The average interest rate for 2017 and 2016 was 0.50% and 0.0%, respectively.
These notes are not callable.
The notes have maturities ranging from 2021 through 2023.
We classified the floating-rate senior notes that are putable by the note holder as a long-term liability, due to our intent and ability to refinance the debt if the put option is exercised by the note holder.
Capital Lease Obligations We have certain property, plant and equipment subject to capital leases.
Some of the obligations associated with these capital leases have been legally defeased.
The recorded value of our property, plant and equipment subject to capital leases is as follows as of December 31 (in millions):
## Table 1 ##
These capital lease obligations have principal payments due at various dates from 2018 through 3005.
Facility Notes and Bonds We have entered into agreements with certain municipalities to finance the construction of, or improvements to, facilities that support our U. S.  Domestic Package and Supply Chain & Freight operations in the United States.
These facilities are located around airport properties in Louisville, Kentucky; Dallas, Texas; and Philadelphia, Pennsylvania.
Under these arrangements, we enter into a lease or loan agreement that covers the debt service obligations on the bonds issued by the municipalities, as follows: ?
Bonds with a principal balance of $149 million issued by the Louisville Regional Airport Authority associated with our Worldport facility in Louisville, Kentucky.
The bonds, which are due in January 2029, bear interest at a variable rate, and the average interest rates for 2017 and 2016 were 0.83% and 0.37%, respectively.  ?
Bonds with a principal balance of $42 million and due in November 2036 issued by the Louisville Regional Airport Authority associated with our air freight facility in Louisville, Kentucky.
The bonds bear interest at a variable rate, and the average interest rates for 2017 and 2016 were 0.80% and 0.36%, respectively.  ?
Bonds with a principal balance of $29 million issued by the Dallas / Fort Worth International Airport Facility Improvement Corporation associated with our Dallas, Texas airport facilities.
The bonds are due in May 2032 and bear interest at a variable rate, however the variable cash flows on the obligation have been swapped to a fixed 5.11%.  ?
In September 2015, we entered into an agreement with the Delaware County, Pennsylvania Industrial Development Authority, associated with our Philadelphia, Pennsylvania airport facilities, for bonds issued with a principal balance of $100 million.
These bonds, which are due September 2045, bear interest at a variable rate.
The average interest rate for 2017 and 2016 was 0.78% and 0.40%, respectively.
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, 2012 in the Standard & Poor’s 500 Index, the Dow Jones Transportation Average and our class B common stock.
## Table 2 ##
UNITED PARCEL SERVICE, INC.  AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 27 Revenue per piece for our Next Day Air services decreased in 2017 compared with 2016.
The decrease in Next Day Air revenue per piece was primarily driven by a shift in product mix, as our lower yielding products experienced much larger volume growth than our higher yielding products.
This shift was offset slightly by an increase in the average billable weight per piece.
Revenue per piece of our deferred air services increased in 2017 compared with 2016.
Deferred revenue per piece increased primarily due to an increase in average billable weight per piece, but was partially offset by an unfavorable shift in product mix.
All products were positively impacted by higher fuel surcharge rates for 2017.
Ground revenue per piece increased in 2017, primarily due to base rate increases, higher fuel surcharge rates and an increase in average billable weight per piece.
These factors were partially offset by changes in product mix, as we experienced faster volume growth in our SurePost product.2016 compared to 2015 Overall revenue per piece decreased 0.3% in 2016, and was impacted by changes in base rates, customer and product mix and fuel surcharge rates.
Ground revenue per piece decreased in 2016, primarily due to customer and product mix changes, which adversely impacted revenue per piece as a greater portion of volume in 2016, relative to 2015, came from residential customers and lighter-weight shipments as SurePost volume surged.
Additionally, lower fuel surcharge rates contributed to the decline.
These drivers more than offset the rate actions taken since the fourth quarter of 2015.
Revenue per piece for Next Day Air products declined in 2016, while our deferred air products increased.
All products were negatively impacted by lower fuel surcharge rates.
The Next Day Air revenue per piece decline was caused by a shift in customer and product mix as well as an increase in lighter-weight packages.
We experienced relatively stronger growth in our lighter-weight business-to-consumer shipments, particularly our Next Day Air Saver product, which have lower average yields than our heavier-weight commercial shipments.
Customer mix also adversely impacted Next Day Air revenue per piece, due to faster volume growth among our larger customers, which have a lower average yield than our small and middle-market customers.
Deferred revenue per piece increased primarily due to heavier-weight packages partially offset by product mix.
Revenue per piece for ground and air products was positively impacted by a base rate increase on December 28, 2015.
UPS Ground rates and accessorial charges increased an average net 4.9%, while UPS Air services and accessorial charges increased an average net 5.2%.
The surcharge increased for Over Maximum Packages and the index tables for the Ground and Air fuel surcharges were adjusted effective November 2, 2015.
A charge for UPS’s Third-Party Billing Service was implemented, effective January 4, 2016.
Additionally, the dimensions of ground packages incurring the UPS Additional Handling charge were changed effective June 6, 2016.
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 3 ##
Effective February 6, 2017, the U. S.  fuel surcharge rates are reset weekly instead of monthly.
In addition, the price indices have moved from a two month to a two week lag.
Total domestic fuel surcharge revenue increased by $347 million in 2017 as a result of higher fuel surcharge rates caused by an increase in jet and diesel fuel prices, as well as an overall increase in package volume.
In addition to the factors above, fuel surcharge revenue was positively impacted by changes to the fuel surcharge calculation, as rates and price indices are updated more frequently to better align with prevailing market rates.
In 2016, total fuel surcharge revenue decreased by $219 million as a result of lower fuel surcharge rates caused by declining jet and diesel fuel prices, partially offset by the overall increase in package volume for the period.
UNITED PARCEL SERVICE, INC.  AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 46 Liquidity and Capital Resources As of December 31, 2017, we had $4.069 billion in cash, cash equivalents and marketable securities.
We believe that our current cash position, access to the long-term debt capital markets and cash flow generated from operations should be adequate not only for operating requirements but also to enable us to complete our capital expenditure programs and to fund dividend payments, share repurchases and long-term debt payments through the next several years.
In addition, we have funds available from our commercial paper program and the ability to obtain alternative sources of financing.
We regularly evaluate opportunities to optimize our capital structure, including through issuances of debt to refinance existing debt and to fund ongoing cash needs.
Cash Flows From Operating Activities The following is a summary of the significant sources (uses) of cash from operating activities (amounts in millions):
## Table 4 ##
(1) Represents depreciation and amortization, gains and losses on derivative transactions and foreign exchange, deferred income taxes, provisions for uncollectible accounts, pension and postretirement benefit expense, stock compensation expense and other non-cash items.
Cash from operating activities remained strong throughout 2015 to 2017.
Most of the variability in operating cash flows during the 2015 to 2017 time period relates to the funding of our company-sponsored pension and postretirement benefit plans (and related cash tax deductions).
Except for discretionary or accelerated fundings of our plans, contributions to our companysponsored pension plans have largely varied based on whether any minimum funding requirements are present for individual pension plans.  ?
We made discretionary contributions to our three primary company-sponsored U. S.  pension plans totaling $7.291, $2.461 and $1.030 billion in 2017, 2016 and 2015, respectively.  ?
The remaining contributions from 2015 to 2017 were largely due to contributions to our international pension plans and U. S.  postretirement medical benefit plans.
Apart from the transactions described above, operating cash flow was impacted by changes in our working capital position, payments for income taxes and changes in hedge margin payables and receivables.
Cash payments for income taxes were $1.559, $2.064 and $1.913 billion for 2017, 2016 and 2015, respectively, and were primarily impacted by the timing of current tax deductions.
The net hedge margin collateral (paid)/received from derivative counterparties was $(732), $(142) and $170 million during 2017, 2016 and 2015, respectively, due to settlements and changes in the fair value of the derivative contracts used in our currency and interest rate hedging programs.
As of December 31, 2017, the total of our worldwide holdings of cash, cash equivalents and marketable securities were $4.069 billion, of which approximately $1.800 billion was held by foreign subsidiaries.
The amount of cash, cash equivalents and marketable securities held by our U. S.  and foreign subsidiaries fluctuates throughout the year due to a variety of factors, including the timing of cash receipts and disbursements in the normal course of business.
Cash provided by operating activities in the U. S.  continues to be our primary source of funds to finance domestic operating needs, capital expenditures, share repurchases and dividend payments to shareowners.
As a result of the Tax Act, all cash, cash equivalents and marketable securities held by foreign subsidiaries are generally available for distribution to the U. S.  without any U. S.  federal income taxes.
Any such distributions may be subject to foreign withholding and U. S.  state taxes.
When amounts earned by foreign subsidiaries are expected to be indefinitely reinvested, no accrual for taxes is provided.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>EIN / PensionPlan</td><td colspan="2">PensionProtection ActZone Status</td><td>FIP / RP StatusPending /</td><td colspan="3">(in millions)UPS Contributions and Accruals</td><td>Surcharge</td></tr><tr><td>Pension Fund</td><td>Number</td><td>2017</td><td>2016</td><td>Implemented</td><td>2017</td><td>2016</td><td>2015</td><td>Imposed</td></tr><tr><td>Alaska Teamster-Employer Pension Plan</td><td>92-6003463-024</td><td>Red</td><td>Red</td><td>Yes/Implemented</td><td>$5</td><td>$5</td><td>$5</td><td>No</td></tr><tr><td>Automotive Industries Pension Plan</td><td>94-1133245-001</td><td>Red</td><td>Red</td><td>Yes/Implemented</td><td>5</td><td>4</td><td>4</td><td>No</td></tr><tr><td>Central Pennsylvania Teamsters Defined Benefit Plan</td><td>23-6262789-001</td><td>Green</td><td>Green</td><td>No</td><td>40</td><td>38</td><td>36</td><td>No</td></tr><tr><td>Eastern Shore Teamsters Pension Fund</td><td>52-0904953-001</td><td>Green</td><td>Green</td><td>No</td><td>5</td><td>5</td><td>4</td><td>No</td></tr><tr><td>Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund</td><td>55-6021850-001</td><td>Red</td><td>Red</td><td>Yes/Implemented</td><td>12</td><td>11</td><td>11</td><td>No</td></tr><tr><td>Hagerstown Motor Carriers and Teamsters Pension Fund</td><td>52-6045424-001</td><td>Red</td><td>Red</td><td>Yes/Implemented</td><td>8</td><td>7</td><td>7</td><td>No</td></tr><tr><td>I.A.M. National Pension Fund / National Pension Plan</td><td>51-6031295-002</td><td>Green</td><td>Green</td><td>No</td><td>35</td><td>31</td><td>29</td><td>No</td></tr><tr><td>International Brotherhood of Teamsters Union Local No. 710 Pension Fund</td><td>36-2377656-001</td><td>Green</td><td>Green</td><td>No</td><td>118</td><td>107</td><td>106</td><td>No</td></tr><tr><td>Local 705, International Brotherhood of Teamsters Pension Plan</td><td>36-6492502-001</td><td>Yellow</td><td>Red</td><td>Yes/Implemented</td><td>93</td><td>88</td><td>91</td><td>No</td></tr><tr><td>Local 804 I.B.T. & Local 447 I.A.M.—UPS Multiemployer Retirement Plan</td><td>51-6117726-001</td><td>Yellow</td><td>Red</td><td>Yes/Implemented</td><td>110</td><td>103</td><td>97</td><td>No</td></tr><tr><td>Milwaukee Drivers Pension Trust Fund</td><td>39-6045229-001</td><td>Green</td><td>Green</td><td>No</td><td>38</td><td>36</td><td>35</td><td>No</td></tr><tr><td>New England Teamsters & Trucking Industry Pension Fund</td><td>04-6372430-001</td><td>Red</td><td>Red</td><td>Yes/Implemented</td><td>114</td><td>114</td><td>110</td><td>No</td></tr><tr><td>New York State Teamsters Conference Pension and Retirement Fund</td><td>16-6063585-074</td><td>Red</td><td>Red</td><td>Yes/Implemented</td><td>100</td><td>91</td><td>86</td><td>No</td></tr><tr><td>Teamster Pension Fund of Philadelphia and Vicinity</td><td>23-1511735-001</td><td>Yellow</td><td>Yellow</td><td>Yes/Implemented</td><td>60</td><td>56</td><td>53</td><td>No</td></tr><tr><td>Teamsters Joint Council No. 83 of Virginia Pension Fund</td><td>54-6097996-001</td><td>Green</td><td>Yellow</td><td>No</td><td>64</td><td>61</td><td>57</td><td>No</td></tr><tr><td>Teamsters Local 639—Employers Pension Trust</td><td>53-0237142-001</td><td>Green</td><td>Green</td><td>No</td><td>55</td><td>51</td><td>48</td><td>No</td></tr><tr><td>Teamsters Negotiated Pension Plan</td><td>43-6196083-001</td><td>Green</td><td>Green</td><td>No</td><td>32</td><td>31</td><td>30</td><td>No</td></tr><tr><td>Truck Drivers and Helpers Local Union No. 355 Retirement Pension Plan</td><td>52-6043608-001</td><td>Green</td><td>Yellow</td><td>No</td><td>20</td><td>19</td><td>17</td><td>No</td></tr><tr><td>United Parcel Service, Inc.—Local 177, I.B.T. Multiemployer Retirement Plan</td><td>13-1426500-419</td><td>Red</td><td>Red</td><td>Yes/Implemented</td><td>88</td><td>83</td><td>83</td><td>No</td></tr><tr><td>Western Conference of Teamsters Pension Plan</td><td>91-6145047-001</td><td>Green</td><td>Green</td><td>No</td><td>772</td><td>694</td><td>646</td><td>No</td></tr><tr><td>Western Pennsylvania Teamsters and Employers Pension Fund</td><td>25-6029946-001</td><td>Red</td><td>Red</td><td>Yes/Implemented</td><td>30</td><td>28</td><td>26</td><td>No</td></tr><tr><td>All Other Multiemployer Pension Plans</td><td></td><td></td><td></td><td></td><td>66</td><td>56</td><td>42</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td>Total Contributions</td><td>$1,870</td><td>$1,719</td><td>$1,623</td><td></td></tr></table>
<table><tr><td></td><td>2017</td><td>2016</td></tr><tr><td>Vehicles</td><td>$70</td><td>$68</td></tr><tr><td>Aircraft</td><td>2,291</td><td>2,291</td></tr><tr><td>Buildings</td><td>285</td><td>190</td></tr><tr><td>Accumulated amortization</td><td>-990</td><td>-896</td></tr><tr><td>Property, plant and equipment subject to capital leases</td><td>$1,656</td><td>$1,653</td></tr></table>
<table><tr><td></td><td>12/31/2012</td><td>12/31/2013</td><td>12/31/2014</td><td>12/31/2015</td><td>12/31/2016</td><td>12/31/2017</td></tr><tr><td>United Parcel Service, Inc.</td><td>$100.00</td><td>$146.54</td><td>$159.23</td><td>$148.89</td><td>$182.70</td><td>$195.75</td></tr><tr><td>Standard & Poor’s 500 Index</td><td>$100.00</td><td>$132.38</td><td>$150.49</td><td>$152.55</td><td>$170.79</td><td>$208.06</td></tr><tr><td>Dow Jones Transportation Average</td><td>$100.00</td><td>$141.38</td><td>$176.83</td><td>$147.19</td><td>$179.37</td><td>$213.49</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>2017</td><td>2016</td><td>2015</td><td>2017/ 2016</td><td>2016/ 2015</td></tr><tr><td>Next Day Air / Deferred</td><td>5.2%</td><td>3.6%</td><td>4.8%</td><td>1.6%</td><td>-1.2%</td></tr><tr><td>Ground</td><td>5.6%</td><td>4.9%</td><td>5.5%</td><td>0.7%</td><td>-0.6%</td></tr></table>
<table><tr><td></td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Net Income</td><td>$4,910</td><td>$3,431</td><td>$4,844</td></tr><tr><td>Non-cash operating activities<sup>-1</sup></td><td>5,776</td><td>6,444</td><td>4,122</td></tr><tr><td>Pension and postretirement plan contributions (UPS-sponsored plans)</td><td>-7,794</td><td>-2,668</td><td>-1,229</td></tr><tr><td>Hedge margin receivables and payables</td><td>-732</td><td>-142</td><td>170</td></tr><tr><td>Income tax receivables and payables</td><td>-550</td><td>-505</td><td>-6</td></tr><tr><td>Changes in working capital and other non-current assets and liabilities</td><td>-178</td><td>-62</td><td>-418</td></tr><tr><td>Other operating activities</td><td>47</td><td>-25</td><td>-53</td></tr><tr><td>Net cash from operating activities</td><td>$1,479</td><td>$6,473</td><td>$7,430</td></tr></table>

Question: Which year is the value of UPS Contributions and Accruals for Eastern Shore Teamsters Pension Fund the lowest?
Answer: 2015