Annual report pursuant to Section 13 and 15(d)

OTHER NON-CURRENT ASSETS

v3.20.4
OTHER NON-CURRENT ASSETS
 12 Months Ended
Dec. 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):
December 31,
2020 2019
Land lease and purchase options $ 5,831  $ 4,320 
Permitting costs 13,092  12,838 
Right of use asset — operating leases 11,884  15,832 
Other 2,090  3,765 
Total other non-current assets $ 32,897  $ 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, at the option of the Company). Costs of the Options are 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 an affirmative FID by the Company’s board of directors.