Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entity

 v2.3.0.11
Variable Interest Entity
6 Months Ended
Jul. 02, 2011
Variable Interest Entity  
Variable Interest Entity

4.                                      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 July 2, 2011 and January 1, 2011:

 

 

 

July 2,
2011

 

January 1,
2011

 

Assets

 

 

 

 

 

Current assets

 

$

588

 

$

439

 

Property and equipment, net

 

9,373

 

8,430

 

Goodwill

 

1,082

 

1,082

 

Other assets

 

343

 

256

 

 

 

$

11,386

 

$

10,207

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Accounts Payable

 

$

581

 

$

737

 

Accrued Expenses

 

288

 

304

 

Current maturities of long-term debt obligations

 

618

 

4,000

 

Long-term debt obligations, net of current maturities

 

5,136

 

832

 

Other long-term liabilities (a)

 

663

 

455

 

 

 

$

7,286

 

$

6,328

 

 

 

(a)          Other long-term 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 July 2, 2011 and July 3, 2010:

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

July 2,
2011

 

July 3,
2010

 

July 2,
2011

 

July 3,
2010 (b)

 

Revenues

 

$

2,583

 

$

1,856

 

$

5,236

 

$

2,571

 

Gross profit (loss)

 

$

269

 

$

(83

)

$

542

 

$

(50

)

Operating income (loss)

 

$

185

 

$

(140

)

$

379

 

$

(182

)

 

 

(b)         AAP commenced operations on February 8, 2010.