UNITED PARCEL SERVICE INC | 2013 | FY | 3

Activity in the deferred compensation program for the years ended December 31, 2013, 2012 and 2011 is as follows (in millions):
 
2013
 
2012
 
2011
 
Shares
 
Dollars
 
Shares
 
Dollars
 
Shares
 
Dollars
Deferred Compensation Obligations
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of year
 
 
$
78

 
 
 
$
88

 
 
 
$
103

Reinvested dividends
 
 
4

 
 
 
3

 
 
 
4

Options exercise deferrals
 
 
—

 
 
 
—

 
 
 
—

Benefit payments
 
 
(13
)
 
 
 
(13
)
 
 
 
(19
)
Balance at end of year
 
 
$
69

 
 
 
$
78

 
 
 
$
88

Treasury Stock
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of year
(1
)
 
$
(78
)
 
(2
)
 
$
(88
)
 
(2
)
 
$
(103
)
Reinvested dividends
—

 
(4
)
 
—

 
(3
)
 
—

 
(4
)
Options exercise deferrals
—

 
—

 
—

 
—

 
—

 
—

Benefit payments
—

 
13

 
1

 
13

 
—

 
19

Balance at end of year
(1
)
 
$
(69
)
 
(1
)
 
$
(78
)
 
(2
)
 
$
(88
)

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