Other Liabilities

9 Months Ended

Sep. 30, 2021

Other Liabilities

Other Liabilities

11. Other Liabilities

Other liabilities consist of the following:

	September 30,		December 31,
	2021		2020
Accounts payable	$	36,957	$	25,376
Finance lease liability		409		316
Operating lease liabilities		794		808
Accrued compensation		4,168		3,337
Other accrued liabilities		7,809		6,892
Deferred revenue		14,864		16,632
Club initiation fees		19,823		10,716
Club membership deposits		3,867		3,764
Advance deposits		2,355		1,344
Accrued interest expense for Senior Notes held by SPE		712		2,850
Total other liabilities	$	91,758	$	72,035

Accounts payable as of September 30, 2021 and December 31, 2020, includes payables for projects under development and construction.

Other accrued liabilities include $4.3 million and $0.1 million of accrued property taxes as of September 30, 2021 and December 31, 2020, respectively, which are generally paid annually in November.

Deferred revenue as of September 30, 2021 and December 31, 2020, includes $10.9 million and $11.5 million, respectively, 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		12,283
Revenue from amounts included in contract liability opening balance		(2,310)
Revenue from current period new memberships		(866)
Balance as of September 30, 2021	$	19,823

	Club Initiation Fees
Balance as of January 1, 2020	$	6,917
New club memberships		3,441
Revenue from amounts included in contract liability opening balance		(1,600)
Revenue from current period new memberships		(190)
Balance as of September 30, 2020	$	8,568

Remaining performance obligations represent contracted revenue that has not been recognized, which include club initiation fees. As of September 30, 2021 remaining performance obligations were $19.8 million, of which the Company expects to recognize as revenue $1.2 million in 2021, $8.5 million in 2022 through 2023, $6.8 million in 2024 through 2025 and $3.3 million thereafter.

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.