Quarterly report pursuant to Section 13 or 15(d)

Other Non-Current Assets

v3.20.1
Other Non-Current Assets
 3 Months Ended
Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Non-Current Assets
NOTE 5 — OTHER NON-CURRENT ASSETS
Other non-current assets consist of the following (in thousands):
 
March 31, 2020
 
December 31, 2019
Land lease and purchase options
$
4,882

 
$
4,320

Permitting costs
13,092

 
12,838

Right of use asset — operating leases (Note 13)
15,272

 
15,832

Other
3,437

 
3,765

Total other non-current assets
$
36,683

 
$
36,755


Land Lease and Purchase Options
We hold lease and purchase option agreements (the “Options”) for certain tracts of land and associated river frontage. Upon exercise of the Options, the leases are subject to maximum terms of 50 years, inclusive of various renewals which are at our sole discretion. Costs of the Options will be amortized over the life of the lease once obtained, or capitalized into the land if purchased.
Permitting Costs
Permitting costs primarily represent the purchase of wetland credits in connection with our permit application to the USACE in 2017 and 2018. These wetland credits will be applied to our permit in accordance with the Clean Water Act and the Rivers and Harbors Act, which require us to mitigate the impact to Louisiana wetlands caused by the construction of the Driftwood Project. In May 2019, we received the USACE permit. The permitting costs will be transferred to construction in progress upon reaching FID.