we generated $ 18 million of cash proceeds from the disposal of excess land and inventory in our luxury segment . as discussed in more detail below and in footnote no . 19 , impairment charges ,  in the notes to our financial statements , in preparing for the spin-off , management approved a plan in the third quarter of 2011 to accelerate cash flow through the monetization of certain excess undeveloped land and excess built luxury inventory . as a result of adopting this plan , we recorded a pre-tax non-cash impairment charge of $ 324 million in our statement of operations to write-down the value of these assets . below is a summary of significant accounting policies used in our business that will be used in describing our results of operations . sales of vacation ownership products we recognize revenues from our sales of vacation ownership products when all of the following conditions exist : a binding sales contract has been executed ; the statutory rescission period has expired ; the receivable is deemed collectible ; the criteria for percentage of completion accounting are met ; and the remainder of our obligations are substantially completed . sales of vacation ownership products may be made for cash or we may provide financing . for sales where we provide financing , we defer revenue recognition until we receive a minimum downpayment equal to ten percent of the purchase price plus the fair value of certain sales incentives provided to the purchaser . prior to the launch of the mvcd program in mid-2010 , these sales incentives typically included marriott rewards points ; however , in connection with the launch of the mvcd program , we offered an alternative sales incentive that we refer to as plus points . these plus points are redeemable for stays at our resorts , generally within one year from the date of issuance . all sales incentives are only awarded if the sale is closed . when construction of a vacation ownership product that has been purchased is not complete , we recognize revenues using the percentage-of-completion ( poc ) method of accounting . under the poc method , sales may only be recognized when the preliminary construction phase is complete and a minimum of 10 percent of expected sales has been achieved . the completion percentage is determined by the proportion of life-to-date real estate inventory costs incurred to total estimated costs , with that percentage being applied to life-to-date revenues to determine the amount of revenue to be recognized . the remaining revenues and related costs of sales , including commissions and direct expenses , are deferred and recognized in subsequent periods as the construction is completed in the same proportion as the costs incurred compared to the total expected costs for completion . our points-based ownership programs generally require that we only sell completed inventory and , given that we expect most of our sales to be completed under the points-based programs going forward , we do not expect the poc method of accounting to result in a significant deferral of revenues in the future . as of year-end 2011 , we had less than $ 1 million of deferred revenues related to projects that were not completed . 36 as a result of the downpayment requirements with respect to financed sales and the statutory rescission periods , we often defer revenues associated with the sale of vacation ownership products from the date of the purchase agreement to a future period . when comparing results year-over-year , this deferral frequently generates significant variances , which we categorize as the impact of revenue reportability . finally , as more fully described in the financing section below , we record an estimate of expected uncollectibility on all notes receivable ( also known as a notes receivable reserve ) from vacation ownership purchases as a reduction of revenues from the sale of vacation ownership products at the time we recognize revenues from a sale . we report , on a supplemental basis , contract sales for each of our four segments . contract sales represent the total amount of vacation ownership product sales from purchase agreements signed during the period where we have received a downpayment of at least 10 percent of the contract price , reduced by actual rescissions during the period . contract sales differ from revenues from the sale of vacation ownership products that we report in our statements of operations due to the requirements for revenue recognition described above . we consider contract sales to be an important operating measure because it reflects the pace of sales in our business . total contract sales include sales from company-owned projects as well as sales generated under a marketing and sales arrangement with a joint venture . revenue associated with the company-owned contract sales is reflected as sales of vacation ownership products while revenue associated with joint venture contract sales is reflected on the equity in losses line on the statements of operations , included herein . prior to 2011 , we established cancellation allowances for previously reported contract sales in anticipation that a portion of these contract sales would not be realized due to contract cancellations prior to closing . these cancellation allowances related mainly to our luxury segment where we were selling vacation ownership products well in advance of completion of construction . given the significant amount of time between the date of the purchase agreement and ultimate closing of the sale for these projects , as well as the significant weakness in the overall economic environment and , in particular , the luxury real estate market during 2010 , 2009 and 2008 , many customers decided not to complete their purchases . as we do not have any luxury products under construction , we do not anticipate having significant additional cancellation allowances in the future . story_separator_special_tag these declines were partially offset by $ 9 million of higher resort management and other services revenues net of expenses , $ 9 million of lower interest expense , $ 5 million of higher other revenues net of expenses , $ 3 million of higher revenues from the sale of vacation ownership products net of related expenses , and $ 1 million of lower general and administrative expenses . the $ 21 million decrease in financing revenues net of expenses to $ 141 million in 2011 from $ 162 million in 2010 reflected $ 19 million of lower interest income and $ 2 million of higher financing related expenses . general and administrative expenses decreased $ 1 million to $ 81 million in 2011 from $ 82 million in 2010 due to lower technology related depreciation expense and the full-year impact of cost savings initiatives that resulted in lower finance and accounting , human resources , information resources and other costs , partially offset by $ 1 million of higher severance expenses in 2011. royalty fee expense increased to $ 4 million in 2011 from $ 0 in 2010 due to the license agreements that were entered into at the time of the spin-off . rental revenues net of expenses decreased $ 1 million to a loss of $ 8 million in 2011 from a loss of $ 7 million in 2010. results reflected $ 25 million of higher rental revenues , a $ 3 million decrease in maintenance fees on unsold inventory ( $ 65 million in 2011 from $ 68 million in 2010 ) and a $ 3 million decrease in subsidy costs in our luxury segment . these increases were offset by $ 14 million of higher costs associated with the banking and borrowing usage option under our mvcd points program , a $ 12 million unfavorable variance from a 2010 third quarter adjustment to the marriott rewards customer loyalty program liability resulting from lower than anticipated cost of redemptions of marriott rewards points , and $ 6 million of higher housekeeping and other variable costs driven by the increase in revenues . as part of the greater flexibility offered in the mvcd program , owners have the ability to bank their mvcd program points for a limited time in order to use them for future vacations . during 2011 , which was the first year this option was available , a substantial number of owners decided to defer their vacation from 2011 to 2012 , combining this year 's points with next year 's points for a longer or more upscale vacation experience next year . we made the inventory related to their 2011 usage available for rent to offset the higher costs associated with banking . resort management and other services revenues net of expenses increased $ 9 million to $ 40 million in 2011 from $ 31 million in 2010 , reflecting $ 6 million of additional fees earned in connection with the mvcd program net of expenses and a $ 3 million increase in management fees . interest expense decreased by $ 9 million to $ 47 million in 2011 compared to $ 56 million in 2010 due to a lower outstanding debt balance related to the securitized notes receivable , reflecting our continued collection of existing mortgage notes receivables at a faster pace than our origination of new mortgage notes receivables and therefore a faster pay down of debt associated with these notes receivable securitizations . other revenues net of expenses increased $ 5 million to $ 16 million in 2011 from $ 11 million in 2010 , primarily from a $ 2 million favorable true-up of the 2010 bonus accrual as a result of final payouts made in the first quarter of 2011 and $ 3 million of lower miscellaneous other expenses . revenues from the sale of vacation ownership products net of expenses increased $ 3 million to $ 47 million in 2011 from $ 44 million in 2010. results reflected a $ 13 million increase in revenues net of variable expenses , inclusive of the favorable mix of real estate inventory sold , partially offset by $ 3 million of higher costs related to americans with disabilities act ( ada ) compliance and hurricane irene in the bahamas , a $ 3 million unfavorable variance from the 2010 third quarter adjustment to the marriott rewards customer loyalty program liability , and $ 3 million of legal costs related to a european project . 2010 compared to 2009 revenues decreased by $ 12 million ( 1 percent ) , to $ 1,584 million in 2010 from $ 1,596 million in 2009 , as a result of $ 108 million of lower revenues from the sale of vacation ownership products and $ 5 million of lower other revenues , partially offset by $ 69 million of higher financing revenues , $ 14 million of higher resort management and other services revenues , $ 12 million of higher rental revenues , and $ 6 million of higher cost reimbursements . 42 gross contract sales ( before cancellation allowances ) declined $ 43 million ( 6 percent ) to $ 705 million in 2010 from $ 748 million in 2009 , primarily due to $ 43 million of lower contract sales in our north america segment . contract sales , net of cancellation allowances , increased $ 20 million in 2010 to $ 685 million from $ 665 million in 2009 driven mainly by a $ 63 million decrease in cancellation allowances year-over-year . revenues from the sale of vacation ownership products declined $ 108 million ( 15 percent ) to $ 635 million in 2010 from $ 743 million in 2009 , driven mainly by $ 43 million of lower gross contract sales , $ 38 million from lower revenue reportability and $ 37 million related to the notes receivable reserve activity as discussed below . the $ 43 million decline in

cash from investing activities replace_table_token_25_th capital expenditures for property and equipment capital expenditures for property and equipment relates to spending for technology development , buildings and equipment used at sales locations , and ancillary offerings at resorts such as food and beverage locations . in 2011 , capital expenditures for property and equipment of $ 15 million included $ 10 million for technology spending , of which $ 7 million related to systems enhancements supporting the mvcd program and $ 2 million of spin-off related initiatives , while the remaining spending of $ 5 million related to the support of normal business operations ( e.g . , sales locations and ancillary assets ) . 64 in 2010 , capital expenditures for property and equipment of $ 24 million included $ 16 million for technology spending , of which $ 14 million was spent to facilitate and support the launch of the mvcd program in 2010 , and roughly $ 8 million was spent to support normal business operations ( e.g . , sales locations and ancillary assets ) . in 2009 , capital expenditures for property and equipment of $ 28 million included $ 10 million for technology spending , of which $ 3 million was to facilitate the launch of the mvcd program in 2010 , and $ 9 million for sales locations , with the remaining spending primarily relating to support of other ancillary assets . dispositions dispositions of property and assets generated cash proceeds of $ 19 million in 2011 , $ 46 million in 2010 and $ 1 million in 2009. the $ 19 million of dispositions in 2011 primarily related to the bulk sale of excess land and developed inventory , which was classified as inventory within our luxury segment . in 2010 , we sold an operating hotel we originally acquired for conversion into vacation ownership products for our asia pacific segment for cash proceeds of $ 42 million and recorded a net gain of $ 21 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash from investing activities replace_table_token_25_th capital expenditures for property and equipment capital expenditures for property and equipment relates to spending for technology development , buildings and equipment used at sales locations , and ancillary offerings at resorts such as food and beverage locations . in 2011 , capital expenditures for property and equipment of $ 15 million included $ 10 million for technology spending , of which $ 7 million related to systems enhancements supporting the mvcd program and $ 2 million of spin-off related initiatives , while the remaining spending of $ 5 million related to the support of normal business operations ( e.g . , sales locations and ancillary assets ) . 64 in 2010 , capital expenditures for property and equipment of $ 24 million included $ 16 million for technology spending , of which $ 14 million was spent to facilitate and support the launch of the mvcd program in 2010 , and roughly $ 8 million was spent to support normal business operations ( e.g . , sales locations and ancillary assets ) . in 2009 , capital expenditures for property and equipment of $ 28 million included $ 10 million for technology spending , of which $ 3 million was to facilitate the launch of the mvcd program in 2010 , and $ 9 million for sales locations , with the remaining spending primarily relating to support of other ancillary assets . dispositions dispositions of property and assets generated cash proceeds of $ 19 million in 2011 , $ 46 million in 2010 and $ 1 million in 2009. the $ 19 million of dispositions in 2011 primarily related to the bulk sale of excess land and developed inventory , which was classified as inventory within our luxury segment . in 2010 , we sold an operating hotel we originally acquired for conversion into vacation ownership products for our asia pacific segment for cash proceeds of $ 42 million and recorded a net gain of $ 21 million .
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 Suspicious Activity Report : we generated $ 18 million of cash proceeds from the disposal of excess land and inventory in our luxury segment . as discussed in more detail below and in footnote no . 19 , impairment charges ,  in the notes to our financial statements , in preparing for the spin-off , management approved a plan in the third quarter of 2011 to accelerate cash flow through the monetization of certain excess undeveloped land and excess built luxury inventory . as a result of adopting this plan , we recorded a pre-tax non-cash impairment charge of $ 324 million in our statement of operations to write-down the value of these assets . below is a summary of significant accounting policies used in our business that will be used in describing our results of operations . sales of vacation ownership products we recognize revenues from our sales of vacation ownership products when all of the following conditions exist : a binding sales contract has been executed ; the statutory rescission period has expired ; the receivable is deemed collectible ; the criteria for percentage of completion accounting are met ; and the remainder of our obligations are substantially completed . sales of vacation ownership products may be made for cash or we may provide financing . for sales where we provide financing , we defer revenue recognition until we receive a minimum downpayment equal to ten percent of the purchase price plus the fair value of certain sales incentives provided to the purchaser . prior to the launch of the mvcd program in mid-2010 , these sales incentives typically included marriott rewards points ; however , in connection with the launch of the mvcd program , we offered an alternative sales incentive that we refer to as plus points . these plus points are redeemable for stays at our resorts , generally within one year from the date of issuance . all sales incentives are only awarded if the sale is closed . when construction of a vacation ownership product that has been purchased is not complete , we recognize revenues using the percentage-of-completion ( poc ) method of accounting . under the poc method , sales may only be recognized when the preliminary construction phase is complete and a minimum of 10 percent of expected sales has been achieved . the completion percentage is determined by the proportion of life-to-date real estate inventory costs incurred to total estimated costs , with that percentage being applied to life-to-date revenues to determine the amount of revenue to be recognized . the remaining revenues and related costs of sales , including commissions and direct expenses , are deferred and recognized in subsequent periods as the construction is completed in the same proportion as the costs incurred compared to the total expected costs for completion . our points-based ownership programs generally require that we only sell completed inventory and , given that we expect most of our sales to be completed under the points-based programs going forward , we do not expect the poc method of accounting to result in a significant deferral of revenues in the future . as of year-end 2011 , we had less than $ 1 million of deferred revenues related to projects that were not completed . 36 as a result of the downpayment requirements with respect to financed sales and the statutory rescission periods , we often defer revenues associated with the sale of vacation ownership products from the date of the purchase agreement to a future period . when comparing results year-over-year , this deferral frequently generates significant variances , which we categorize as the impact of revenue reportability . finally , as more fully described in the financing section below , we record an estimate of expected uncollectibility on all notes receivable ( also known as a notes receivable reserve ) from vacation ownership purchases as a reduction of revenues from the sale of vacation ownership products at the time we recognize revenues from a sale . we report , on a supplemental basis , contract sales for each of our four segments . contract sales represent the total amount of vacation ownership product sales from purchase agreements signed during the period where we have received a downpayment of at least 10 percent of the contract price , reduced by actual rescissions during the period . contract sales differ from revenues from the sale of vacation ownership products that we report in our statements of operations due to the requirements for revenue recognition described above . we consider contract sales to be an important operating measure because it reflects the pace of sales in our business . total contract sales include sales from company-owned projects as well as sales generated under a marketing and sales arrangement with a joint venture . revenue associated with the company-owned contract sales is reflected as sales of vacation ownership products while revenue associated with joint venture contract sales is reflected on the equity in losses line on the statements of operations , included herein . prior to 2011 , we established cancellation allowances for previously reported contract sales in anticipation that a portion of these contract sales would not be realized due to contract cancellations prior to closing . these cancellation allowances related mainly to our luxury segment where we were selling vacation ownership products well in advance of completion of construction . given the significant amount of time between the date of the purchase agreement and ultimate closing of the sale for these projects , as well as the significant weakness in the overall economic environment and , in particular , the luxury real estate market during 2010 , 2009 and 2008 , many customers decided not to complete their purchases . as we do not have any luxury products under construction , we do not anticipate having significant additional cancellation allowances in the future . story_separator_special_tag these declines were partially offset by $ 9 million of higher resort management and other services revenues net of expenses , $ 9 million of lower interest expense , $ 5 million of higher other revenues net of expenses , $ 3 million of higher revenues from the sale of vacation ownership products net of related expenses , and $ 1 million of lower general and administrative expenses . the $ 21 million decrease in financing revenues net of expenses to $ 141 million in 2011 from $ 162 million in 2010 reflected $ 19 million of lower interest income and $ 2 million of higher financing related expenses . general and administrative expenses decreased $ 1 million to $ 81 million in 2011 from $ 82 million in 2010 due to lower technology related depreciation expense and the full-year impact of cost savings initiatives that resulted in lower finance and accounting , human resources , information resources and other costs , partially offset by $ 1 million of higher severance expenses in 2011. royalty fee expense increased to $ 4 million in 2011 from $ 0 in 2010 due to the license agreements that were entered into at the time of the spin-off . rental revenues net of expenses decreased $ 1 million to a loss of $ 8 million in 2011 from a loss of $ 7 million in 2010. results reflected $ 25 million of higher rental revenues , a $ 3 million decrease in maintenance fees on unsold inventory ( $ 65 million in 2011 from $ 68 million in 2010 ) and a $ 3 million decrease in subsidy costs in our luxury segment . these increases were offset by $ 14 million of higher costs associated with the banking and borrowing usage option under our mvcd points program , a $ 12 million unfavorable variance from a 2010 third quarter adjustment to the marriott rewards customer loyalty program liability resulting from lower than anticipated cost of redemptions of marriott rewards points , and $ 6 million of higher housekeeping and other variable costs driven by the increase in revenues . as part of the greater flexibility offered in the mvcd program , owners have the ability to bank their mvcd program points for a limited time in order to use them for future vacations . during 2011 , which was the first year this option was available , a substantial number of owners decided to defer their vacation from 2011 to 2012 , combining this year 's points with next year 's points for a longer or more upscale vacation experience next year . we made the inventory related to their 2011 usage available for rent to offset the higher costs associated with banking . resort management and other services revenues net of expenses increased $ 9 million to $ 40 million in 2011 from $ 31 million in 2010 , reflecting $ 6 million of additional fees earned in connection with the mvcd program net of expenses and a $ 3 million increase in management fees . interest expense decreased by $ 9 million to $ 47 million in 2011 compared to $ 56 million in 2010 due to a lower outstanding debt balance related to the securitized notes receivable , reflecting our continued collection of existing mortgage notes receivables at a faster pace than our origination of new mortgage notes receivables and therefore a faster pay down of debt associated with these notes receivable securitizations . other revenues net of expenses increased $ 5 million to $ 16 million in 2011 from $ 11 million in 2010 , primarily from a $ 2 million favorable true-up of the 2010 bonus accrual as a result of final payouts made in the first quarter of 2011 and $ 3 million of lower miscellaneous other expenses . revenues from the sale of vacation ownership products net of expenses increased $ 3 million to $ 47 million in 2011 from $ 44 million in 2010. results reflected a $ 13 million increase in revenues net of variable expenses , inclusive of the favorable mix of real estate inventory sold , partially offset by $ 3 million of higher costs related to americans with disabilities act ( ada ) compliance and hurricane irene in the bahamas , a $ 3 million unfavorable variance from the 2010 third quarter adjustment to the marriott rewards customer loyalty program liability , and $ 3 million of legal costs related to a european project . 2010 compared to 2009 revenues decreased by $ 12 million ( 1 percent ) , to $ 1,584 million in 2010 from $ 1,596 million in 2009 , as a result of $ 108 million of lower revenues from the sale of vacation ownership products and $ 5 million of lower other revenues , partially offset by $ 69 million of higher financing revenues , $ 14 million of higher resort management and other services revenues , $ 12 million of higher rental revenues , and $ 6 million of higher cost reimbursements . 42 gross contract sales ( before cancellation allowances ) declined $ 43 million ( 6 percent ) to $ 705 million in 2010 from $ 748 million in 2009 , primarily due to $ 43 million of lower contract sales in our north america segment . contract sales , net of cancellation allowances , increased $ 20 million in 2010 to $ 685 million from $ 665 million in 2009 driven mainly by a $ 63 million decrease in cancellation allowances year-over-year . revenues from the sale of vacation ownership products declined $ 108 million ( 15 percent ) to $ 635 million in 2010 from $ 743 million in 2009 , driven mainly by $ 43 million of lower gross contract sales , $ 38 million from lower revenue reportability and $ 37 million related to the notes receivable reserve activity as discussed below . the $ 43 million decline in

