3. Variable Interest Entity
|12 Months Ended|
Dec. 31, 2016
|Variable Interest Entity|
|Variable Interest Entity||
The financial position and results of operations of AAP are consolidated in our financial statements based on our conclusion that AAP is a variable interest entity due to our contribution of 50% of the total equity, subordinated debt and other forms of financial support. We have a controlling financial interest in AAP and have provided substantially all of the financial support to fund the operations of AAP since its inception. The financial position and results of operations for AAP are reported in our recycling segment.
The following table summarizes the assets and liabilities of AAP as of December 31, 2016 and January 2, 2016:
(a) Other liabilities represent outstanding loans from ARCA and are eliminated in consolidation.
The following table summarizes the operating results of AAP for fiscal years 2016 and 2015:
The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.
Reference 1: http://www.xbrl.org/2003/role/presentationRef