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Project Assets | 9 Months Ended
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Jul. 31, 2020
Project Assets [Abstract] |
Project Assets | Note 6. Project Assets Project assets as of July 31, 2020 and October 31, 2019 were $160.9 million and $144.1 million, respectively. Project assets as of July 31, 2020 and October 31, 2019 included eight and seven, respectively, completed, commissioned installations generating power with respect to which the Company has PPAs with an aggregate carrying value of $74.8 million and $59.2 million as of July 31, 2020 and October 31, 2019, respectively. Certain of these assets are the subject of sale-leaseback arrangements with PNC Energy Capital, LLC (“PNC”) and Crestmark Equipment Finance, a division of MetaBank (“Crestmark”), which are accounted for under the financing method. In July 2020, the Company paid off the lease with PNC for the equipment of its subsidiary, UCI Fuel Cell, LLC, at the stipulated value in the lease schedule and applicable taxes, which totaled approximately $4.3 million. The funds used for such payoff included $3.0 million of restricted cash associated with this project and $1.3 million of unrestricted cash. The payment to repurchase the equipment prior to the end of the initial lease term resulted in the ownership of the equipment transferring back to UCI Fuel Cell, LLC (refer to Note 16. “Debt and Financing Obligations” for more information). Project asset depreciation was approximately $3.1 million and $2.7 million for the three months ended July 31, 2020 and 2019, respectively, and $8.6 million and $4.7 million for the nine months ended July 31, 2020 and 2019, respectively. The Project assets balance as of July 31, 2020 and October 31, 2019 also includes installations with an aggregate value of $86.1 million and $84.9 million, respectively, which are being developed and constructed by the Company under existing PPAs that have not been placed in service. Project construction costs incurred for long-term project assets are reported as investing activities in the consolidated statements of cash flows. The proceeds received from the sale and subsequent leaseback of project assets are classified as “Cash flows from financing activities” within the consolidated statements of cash flows and are classified as a financing obligation within “Current portion of long-term debt” and “Long-term debt and other liabilities” on the consolidated balance sheets (refer to Note 16. “Debt and Financing Obligations” for more information).

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