Other Liabilities

9 Months Ended

Sep. 30, 2012

Other Liabilities

Note 12. Other Liabilities

Other liabilities consisted of the following (in millions):

	September 30, 2012		December 31, 2011
Deferred gains on asset sales	$	963	$	933
SPG point liability		709		724
Deferred revenue including VOIs and residential sales		41		36
Benefit plan liabilities		67		74
Insurance reserves		47		47
Other		124		157
	$	1,951	$	1,971

The Company defers gains realized in connection with the sales of properties that the Company continues to manage through long-term management agreements and recognizes the gains over the initial terms of the related agreements. As of September 30, 2012 and December 31, 2011, the Company had total deferred gains of approximately $1.1 billion and $1.0 billion, respectively, included in accrued expenses and other liabilities in the Company’s consolidated balance sheets. Amortization of deferred gains is included in management fees, franchise fees and other income in the Company’s consolidated statements of income and totaled approximately $21 million and $64 million in the three and nine months ended September 30, 2012, respectively, and $22 million and $64 million in the three and nine months ended September 30, 2011, respectively.