Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entity

v2.4.0.8
Variable Interest Entity
6 Months Ended
Jun. 29, 2013
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 and because we have the ability to significantly influence the economic performance of the entity through our contractual agreement with GE.
 
The following table summarizes the assets and liabilities of AAP as of June 29, 2013, and December 29, 2012:
 
June 29,
2013
 
December 29,
2012
Assets
 

 
 

Current assets
$
858

 
$
787

Property and equipment, net
8,792

 
9,109

Other assets
143

 
149

Total Assets
$
9,793

 
$
10,045

Liabilities
 

 
 

Accounts payable
$
981

 
$
826

Accrued expenses
248

 
204

Current maturities of long-term debt obligations
874

 
635

Long-term debt obligations, net of current maturities
4,140

 
4,437

Other liabilities (a)
549

 
749

Total Liabilities
$
6,792

 
$
6,851

 
(a)          Other liabilities represent loans between ARCA and AAP that are eliminated in consolidation.

The following table summarizes the operating results of AAP for the three and six months ended June 29, 2013, and June 30, 2012:
 
Three Months Ended
 
Six Months Ended
 
June 29,
2013
 
June 30,
2012
 
June 29,
2013
 
June 30,
2012
Revenues
$
2,667

 
$
2,926

 
$
5,244

 
$
5,646

Gross profit
434

 
727

 
750

 
1,249

Operating income (loss)
(6
)
 
290

 
(59
)
 
355

Net income (loss)
(83
)
 
179

 
(193
)
 
157