Other Liabilities

12 Months Ended

Dec. 31, 2021

Other Liabilities

Other Liabilities

12. Other Liabilities

Other liabilities consist of the following:

	December 31,		December 31,
	2021		2020
Accounts payable	$	48,597	$	25,376
Finance lease liabilities		380		316
Operating lease liabilities		732		808
Accrued compensation		4,877		3,337
Other accrued liabilities		4,807		6,892
Deferred revenue		13,357		16,632
Club initiation fees		22,850		10,716
Club membership deposits		3,602		3,764
Advance deposits		2,140		1,344
Accrued interest expense for Senior Notes held by SPE		2,850		2,850
Total other liabilities	$	104,192	$	72,035

Accounts payable as of December 31, 2021 and 2020 includes payables for projects under development and construction, such as the Embassy Suites by Hilton hotel, the Camp Creek Inn and amenity center and the Watersound Origins residential community.

Deferred revenue as of December 31, 2021 and 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:

	December 31, 2021		December 31, 2020
Balance at beginning of year	$	10,716	$	6,917
New club memberships		16,804		6,268
Revenue from amounts included in contract liability opening balance		(3,037)		(2,062)
Revenue from current period new memberships		(1,633)		(407)
Balance at end of year	$	22,850	$	10,716

Remaining performance obligations represent contracted revenue that has not been recognized, which include club initiation fees. As of December 31, 2021 remaining performance obligations were $22.8 million, of which the Company expects to recognize as revenue $5.2 million in 2022, $9.0 million in 2023 through 2024, $7.2 million in 2025 through 2026 and $1.4 million thereafter.

Advance deposits consist of deposits received on hotel rooms and related hospitality activities. Advance deposits are recorded as other liabilities in the 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.