Other Liabilities

3 Months Ended

Mar. 31, 2021

Other Liabilities

Other Liabilities

11. Other Liabilities

Other liabilities consist of the following:

	March 31,		December 31,
	2021		2020
Accounts payable	$	26,404	$	25,376
Finance lease liability		405		316
Operating lease liabilities		888		808
Accrued compensation		2,288		3,337
Other accrued liabilities		8,762		6,892
Deferred revenue		16,718		16,632
Club initiation fees		12,641		10,716
Club membership deposits		3,773		3,764
Advance deposits		4,338		1,344
Accrued interest expense for Senior Notes held by SPE		713		2,850
Total other liabilities	$	76,930	$	72,035

Accounts payable as of March 31, 2021 and December 31, 2020 includes payables for projects under development and construction.

Other accrued liabilities include $1.5 million and $0.1 million of accrued property taxes as of March 31, 2021 and December 31, 2020, respectively, which are generally paid annually in November.

Deferred revenue as of both March 31, 2021 and December 31, 2020 includes $11.5 million related to a 2006 agreement pursuant to which the Company agreed to sell land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred.

Club initiation fees are recognized as revenue over the estimated average duration of membership, which is evaluated periodically. The following table presents the changes in club initiation fees related to contracts with customers:

	Club Initiation Fees
Balance as of January 1, 2021	$	10,716
New club memberships		2,848
Revenue from amounts included in contract liability opening balance		(852)
Revenue from current period new memberships		(71)
Balance as of March 31, 2021	$	12,641

	Club Initiation Fees
Balance as of January 1, 2020	$	6,917
New club memberships		320
Revenue from amounts included in contract liability opening balance		(579)
Revenue from current period new memberships		(10)
Balance as of March 31, 2020	$	6,648

Remaining performance obligations represent contracted revenue that has not been recognized, which include club initiation fees. As of March 31, 2021 remaining performance obligations were $12.6 million, of which the Company expects to recognize as revenue $2.3 million in less than 1 year, $5.4 million in 1-3 years, $3.8 million in 3-5 years and $1.1 million after 5 years.

Advance deposits consist of deposits received on hotel rooms and related hospitality activities. Advance deposits are recorded as other liabilities in the condensed consolidated balance sheets without regard to whether they are refundable and are recognized as income at the time the service is provided for the related deposit.