Annual report pursuant to Section 13 and 15(d)

OTHER NON-CURRENT ASSETS

v3.24.0.1
OTHER NON-CURRENT ASSETS
 12 Months Ended
Dec. 31, 2023
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,
2023 2022
Restricted cash 24,900  24,888 
Note receivable 24,189  6,595 
Right of use asset — operating leases 12,814  13,303 
Investment in unconsolidated entity 6,089  6,089 
Pipeline materials and rights of way —  9,136 
Permitting costs —  916 
Land lease and purchase options $ —  $ 300 
Other 2,207  2,089 
Total other non-current assets $ 70,199  $ 63,316 
Restricted Cash
Restricted cash as of December 31, 2023 and December 31, 2022, represents the cash collateralization of letters of credit associated with finance leases.
Note Receivable
In February 2023, the Company issued an amended and restated promissory note due June 14, 2031 (the “Note Receivable”) to an unaffiliated entity engaged in the development of infrastructure projects in the energy industry. The outstanding principal balance of the Note Receivable as of December 31, 2023 was approximately $24.2 million. The promissory note bears interest at a rate of 6.00%, which is capitalized into the outstanding principal balance annually.
Investment in Unconsolidated Entities
On February 24, 2022, the Company purchased 1.5 million ordinary shares of an unaffiliated entity that provides renewable energy services. The total cost of this investment was approximately $6.1 million. This investment does not provide the Company with a controlling financial interest in or significant influence over the operating or financial decisions of the unaffiliated entity. The Company’s investment was recorded at cost.
Pipeline materials and rights of way
Pipeline materials and rights of way were transferred to construction in progress in the second quarter of 2023. See Note 4, Property, Plant and Equipment.