Balance Sheet Components (Tables)

12 Months Ended

Nov. 30, 2017

Balance Sheet Related Disclosures [Abstract]

The Partnership’s net investment in sales-type leases presented in “Accounts receivable and short-term financing receivables, net” and “Long-term financing receivables, net” on the consolidated balance sheets is as follows:



	As of
(in thousands)	November 30, 2017			November 30, 2016
Minimum lease payment receivable, net (1)	$	93,161		$	100,161
Unguaranteed residual value	12,774			12,926
Less: unearned income	(27,178		)	(30,557		)
Net financing receivables	$	78,757		$	82,530
Short-term financing receivables, net (2)	$	2,556		$	2,516
Long-term financing receivables, net	$	76,201		$	80,014


(1)	Allowance for losses on financing receivables was $0.7 million as of both November 30, 2017 and November 30, 2016.


(2)	Accounts receivable and short-term financing receivables, net on the consolidated balance sheets includes other trade accounts receivable of $3.0 million and $2.9 million as of November 30, 2017 and November 30, 2016, respectively.

Partnership Allowance for Losses on Financing Receivables

The movement in the Partnership’s allowance for losses on financing receivables is as follows:



	Balance at Beginning of Year			Releases (Charges) to Expenses			Deductions		Balance at End of Year
Fiscal 2017	$	(698	)	$	29		$	18	$	(651	)
Fiscal 2016	$	(328	)	$	(370	)	$	—	$	(698	)
Fiscal 2015	$	—		$	(328	)	$	—	$	(328	)

Schedule of Current and Non-Current Assets

Current and Non-current Assets



	As of
(in thousands)	November 30, 2017			November 30, 2016
Prepaid expense and other current assets
Reimbursable network upgrade costs (1)	$	13,294		$	13,870
Derivative financial instruments	1,603			—
Other current assets (2)	2,093			1,875
Total	$	16,990		$	15,745
Property and equipment, net
Utility solar power systems	$	636,495		$	578,817
Leased solar power systems	137,052			137,475
Land	1,020			1,020
Construction-in-progress (3)	—			36,981
	774,567			754,293
Less: accumulated depreciation	(61,283		)	(34,161		)
Total	$	713,284		$	720,132
Other long-term assets
Reimbursable network upgrade costs (1)	$	14,047		$	21,781
Intangible assets (4)	1,325			1,754
Derivative financial instruments	—			897
	$	15,372		$	24,432


(1)	For the Kingbird Project and the Quinto Project, the construction costs related to the network upgrade of a transmission grid belonging to a utility company are reimbursable by that utility company over five years from the date the project reached commercial operation.

(2)

Other current assets included $0.2 million due from SunPower related to system output performance warranties and system repairs in connection with less than $0.1 million of system output performance warranty accrual and $0.2 million of system repairs accrual recorded in the “Accounts payable and other current liabilities” line item on the consolidated balance sheet as of November 30, 2017. Similarly, other current assets included $0.5 million due from SunPower related to system output performance warranties and system repairs in connection with $0.2 million of system output performance warranty accrual and $0.3 million of system repairs accrual recorded in the “Accounts payable and other current liabilities” line item on the consolidated balance sheet as of November 30, 2016.


(3)	Construction-in-progress as of November 30, 2016 is comprised of project assets related to the Kern Phase 1(a) Assets, the Kern Phase 2(a) Assets and the Macy’s Maryland Project which achieved commercial operations in fiscal 2017.

(4)

Intangible assets represent a customer contract intangible that is amortized on a straight-line basis beginning on COD through the contract term end date of December 31, 2020. Operating revenues were reduced by $0.4 million, $0.1 million and zero in fiscal 2017, 2016 and 2015, respectively. As of November 30, 2017, the estimated future amortization expense related to the customer contract intangible is $0.4 million for each of fiscal years 2018, 2019 and 2020, and less than $0.1 million for fiscal year 2021.

Schedule of Current Liabilities

Current Liabilities



	As of
(in thousands)	November 30, 2017		November 30, 2016
Accounts payable and other current liabilities
Trade and accrued accounts payable	$	2,044	$	1,089
Related party payable (1)	1,047		20,653
System output performance warranty	45		196
Residential lease system repairs accrual	158		331
Other short-term liabilities	1,100		1,502
	$	4,394	$	23,771

(1)

Related party payable on the consolidated balance sheet as of November 30, 2017 consists of (i) $0.9 million related to accrued distributions to tax equity investors, and (ii) $0.1 million for accounts payable to related parties associated with O&M, AMA and MSA fees owed to the Sponsors. Related party payable on the consolidated balance sheet as of November 30, 2016 consists of (i) $19.5 million related to the purchase price payable to SunPower for the Kern Phase 1(a) Acquisition, the Kern Phase 1(b) Acquisition, the Kern Phase 2(a) Acquisition and the Macy’s Maryland Acquisition, which was funded by tax equity investors and subsequently transferred to SunPower in fiscal 2017, (ii) $1.0 million related to accrued distributions to tax equity investors and (iii) $0.1 million for accounts payable to related parties associated with O&M, AMA and MSA fees owed to the Sponsors.