Note 11. Deferred Gains
We defer gains realized in connection with the sale of a property for which we continue to manage through a long-term management agreement and recognize the gains over the initial term of the related agreement. As of December 31, 2013 and 2012, we had total deferred gains of $954 million and $1,035 million, respectively, included in accrued expenses and other liabilities in our consolidated balance sheets. Amortization of deferred gains is included in management fees, franchise fees and other income in our consolidated statements of income and totaled approximately $91 million, $87 million and $87 million in 2013, 2012 and 2011, respectively.