Note 17. Other Liabilities

Other liabilities consisted of the following (in millions):


	December 31,
	2012		2011
Deferred gains on asset sales	$	944	$	933
SPG point liability ^(a)		733		724
Deferred revenue including VOI and residential sales		33		17
Benefit plan liabilities		78		74
Insurance reserves		45		47
Other		123		176

	$	1,956	$	1,971

(a)	Includes the actuarially determined liability related to the SPG program and the liability associated with the American Express transaction discussed below.

During the year ended December 31, 2009, we entered into an amendment to our existing co-branded credit card agreement (“Amendment”) with American Express and extended the term of our co-branding agreement to June 15, 2015. In connection with the Amendment in July 2009, we received $250 million in cash toward the purchase of future SPG points by American Express. In accordance with ASC Topic 470, Debt, we have recorded this transaction as a financing arrangement with an implicit interest rate of 4.5%. The Amendment requires a fixed amount of $50 million per year to be deducted from the $250 million advance over the five-year period regardless of the total amount of points purchased. As a result, the liability associated with this financing arrangement is being reduced ratably over a five-year period beginning in October 2009. The terms of the Amendment state that if we fail to comply with certain financial covenants, we would have to repay the remaining balance of the liability, and, if we do not pay such liability, then we are required to pledge certain receivables as collateral for the remaining balance of the liability. As of December 31, 2012 and 2011, the liability related to the Amendment was $28 million and $72 million, respectively, and was recorded in other liabilities.