Intangible Assets

9 Months Ended

Sep. 30, 2011

Intangible Assets

Intangible Assets

4. Intangible Assets

Intangible assets consisted of:

		As of September 30, 2011						As of December 31, 2010
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
Unamortized Intangible Assets:
Goodwill	$	1,483					$	1,481
Trademarks	$	731					$	731
Amortized Intangible Assets:
Franchise agreements	$	634	$	333	$	301	$	634	$	318	$	316
Other		182		49		133		164		40		124
	$	816	$	382	$	434	$	798	$	358	$	440

The changes in the carrying amount of goodwill are as follows:

		Balance at		Goodwill
		December 31,		Acquired			Foreign			Balance at
		2010		During 2011			Exchange			September 30, 2011
Lodging	$	300	$	—		$	—		$	300
Vacation Exchange and Rentals		1,181		10	(*)		(8	)		1,183
Total Company	$	1,481	$	10		$	(8	)	$	1,483

(*)      Relates to two tuck-in acquisitions completed during the third quarter of 2011 (see Note 3—Acquisitions).

Amortization expense relating to amortizable intangible assets was as follows:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2011		2010		2011		2010
Franchise agreements	$	5	$	5	$	15	$	15
Other		3		1		9		5
Total (*)	$	8	$	6	$	24	$	20

(*)      Included as a component of depreciation and amortization on the Consolidated Statements of Income.

Based on the Company's amortizable intangible assets as of September 30, 2011, the Company expects related amortization expense as follows:

	Amount
Remainder of 2011	8
2012	31
2013	30
2014	29
2015	29
2016	27