Quarterly report pursuant to Section 13 or 15(d)

Other Non-Current Assets

v3.21.2
Other Non-Current Assets
 6 Months Ended
Jun. 30, 2021
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):
June 30, 2021 December 31, 2020
Land lease and purchase options $ 6,138  $ 5,831 
Permitting costs 13,374  13,092 
Right of use asset — operating leases 11,044  11,884 
Other 1,933  2,090 
Total other non-current assets $ 32,489  $ 32,897 
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, at the option of the Company). Costs of the Options will be amortized over the life of the lease once obtained, or capitalized into the cost of 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 may require us to mitigate the potential impact to Louisiana wetlands that might be 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 an affirmative FID by the Company’s Board of Directors.