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SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 30, 2011
Additional Information on RSUs
The following table provides additional information on RSUs for the last three fiscal years:

 
2011
 
2010
 
2009
Share-based compensation expense (in millions)
$
73

 
$
76

 
$
71

Weighted average grant-date fair value (per Marriott RSU)
$
40

 
$
27

 
$
19

Aggregate intrinsic value of converted and distributed Marriott RSUs (in millions)
$
113

 
$
79

 
$
39
Changes in Outstanding Restricted Stock Unit Grants
The following table shows the 2011 changes in our outstanding Marriott RSU grants and the associated weighted average grant-date fair values:
 
 
Number of
Marriott RSUs
(in millions)
 
Weighted
Average 
Grant-Date
Fair Value (per RSU)
Outstanding at year-end 2010
7.9

 
$
30

Granted during 2011
2.6

 
40

Distributed during 2011
(2.9
)
 
29

Forfeited during 2011
(0.3
)
 
32

Outstanding at year-end 2011 (1)
7.3

 
33

(1) Includes 0.7 million Marriott RSUs held by MVW employees.
Changes in Outstanding Stock Option Program Awards
The following table shows the 2011 changes in our outstanding Marriott Stock Option Program awards and the associated weighted average exercise prices:
 
 
Number of Marriott Options
(in  millions)
 
Weighted Average
Exercise  Price (per Option)
Outstanding at year-end 2010
24.1

 
$
18

Granted during 2011
—

 
—

Exercised during 2011
(7.6
)
 
17

Forfeited during 2011
(0.1
)
 
30

Outstanding at year-end 2011 (1)
16.4

 
17

(1) Includes 0.4 million Marriott options held by MVW employees.
Stock Options Issued Under the Stock Option Program Awards
The following table shows the Marriott stock options issued under the Stock Option Program awards outstanding at year-end 2011:
 
 
 
 
 
 
 
Outstanding
 
Exercisable
Range of
Exercise  Prices
 
Number of
Stock
Options
(in millions)
 
Weighted
Average
Exercise
Price (per Option)
 
Weighted
Average
Remaining
Life
(in years)
 
Number of
Stock
Options
(in millions)
 
Weighted
Average
Exercise
Price (per Option)
 
Weighted
Average
Remaining
Life
(in years)
13

 
to
 
17

 
11.7

 
15

 
2

 
11.7

 
15

 
2

18

 
to
 
22

 
3.3

 
21

 
3

 
3.3

 
21

 
3

23

 
to
 
49

 
1.4

 
31

 
5

 
1.3

 
31

 
4

8

 
to
 
49

 
16.4

 
17

 
2

 
16.3

 
17

 
2
Number of Options Granted and Associated Weighted Average Grant-Date Fair Values and Weighted Average Exercise Prices
The following table shows the number of Marriott options we granted in the last three years and the associated weighted average grant-date fair values and weighted average exercise prices:
 
 
2011
 
2010
 
2009
Options granted
19,192

 
53,304

 
—

Weighted average grant-date fair value (per option)
$
15

 
$
10

 
$
—

Weighted average exercise price (per option)
$
38

 
$
25

 
$
—
Intrinsic Value of Outstanding Stock Options and Exercisable Stock Option
The following table shows the intrinsic value of outstanding Marriott stock options and exercisable Marriott stock options at year-end 2011 and 2010:
 
($ in millions)
2011
 
2010
Outstanding stock options
$
211

 
$
580

Exercisable stock options
211

 
578
Changes in Outstanding SARs
The following table shows the 2011 changes in our outstanding Marriott SARs and the associated weighted average exercise prices:

 
Number of SARs
(in  millions)
 
Weighted Average
Exercise  Price
Outstanding at year-end 2010
4.8

 
$
31

Granted during 2011
0.7

 
38

Exercised during 2011
—

 
—

Forfeited during 2011
(0.1
)
 
31

Outstanding at year-end 2011 (1)
5.4

 
30

(1) Includes 0.3 million Marriott SARs held by MVW employees.
Number of Employee SARs and Director SARs Granted, Associated Weighted Average Base Values, And Weighted Average Grant-Date Fair Values
The following tables show the number of Employee Marriott SARs and Director Marriott SARs granted in the last three years, the associated weighted average exercise prices, and the associated weighted average grant-date fair values:
 
Employee Marriott SARs
2011
 
2010
 
2009
Employee Marriott SARs granted (in millions)
0.7

 
1.1

 
0.5

Weighted average exercise price (per SAR)
$
38

 
$
27

 
$
15

Weighted average grant-date fair value (per SAR)
$
14

 
$
10

 
$
5

Director Marriott SARs
2011
 
2010
 
2009
Director Marriott SARs granted
—

 
—

 
5,600

Weighted average exercise price (per SAR)
$
—

 
$
—

 
$
23

Weighted average grant-date fair value (per SAR)
$
—

 
$
—

 
$
10
Assumptions for Stock Options and Employee SARs
The following table shows the assumptions we used for stock options and Employee SARs for 2011, 2010, and 2009:

 
2011
 
2010
 
2009
Expected volatility
32
%
 
32
%
 
32
%
Dividend yield
0.73
%
 
0.71
%
 
0.95
%
Risk-free rate
3.4
%
 
3.3
%
 
2.2
%
Expected term (in years)
8.0

 
7.0

 
7.0
Share-Based Compensation Expense, Number of Deferred Stock Units Granted, Weighted Average Grant-date Fair Value, and Aggregate Intrinsic Value of Non-Employee Director Deferred Stock Units
The following table shows share-based compensation expense, number of deferred stock units granted, weighted average grant-date fair value, and aggregate intrinsic value of Non-employee director Marriott deferred stock units:
 
 
2011
 
2010
 
2009
Share-based compensation expense (in millions)
$
1.1

 
$
1.1

 
$
0.9

Non-employee director deferred stock units granted
29,000

 
34,000

 
39,000

Weighted average grant-date fair value (per share)
$
36

 
$
35

 
$
23

Aggregate intrinsic value of shares distributed (in millions)
$
1.4

 
$
1.2

 
$
0.5