Annual report pursuant to Section 13 and 15(d)

Variable Interest Entity

v2.4.1.9
Variable Interest Entity
12 Months Ended
Jan. 03, 2015
Variable Interest Entity  
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 through our contractual agreement with GE, which is material to AAP, and we 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 January 3, 2015, and December 28, 2013:
 
January 3, 2015
 
December 28, 2013
Assets
 
 
 
Current assets
$
912

 
$
1,099

Property and equipment, net
8,775

 
8,713

Other assets
127

 
137

Total assets
$
9,814

 
$
9,949

Liabilities
 
 
 

Accounts payable
$
923

 
$
861

Accrued expenses
199

 
202

Current maturities of long-term debt obligations
795

 
797

Long-term debt obligations, net of current maturities
3,737

 
3,796

Other liabilities (a)
289

 
469

Total liabilities
$
5,943

 
$
6,125


 
(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 2014 and 2013:
 
For the fiscal years ended
 
January 3, 2015
 
December 28, 2013
Revenues
$
11,137

 
$
11,833

Gross profit
2,461

 
2,766

Operating income
334

 
956