|
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 June 30, 2012 and December 31, 2011:
|
|
|
June 30,
2012
|
|
December 31,
2011
|
|
|
Assets
|
|
|
|
|
|
|
Current assets
|
|
$
|
881
|
|
$
|
1,134
|
|
|
Property and equipment, net
|
|
9,265
|
|
9,419
|
|
|
Goodwill
|
|
1,082
|
|
1,082
|
|
|
Other assets
|
|
155
|
|
136
|
|
|
|
|
$
|
11,383
|
|
$
|
11,771
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Accounts Payable
|
|
$
|
652
|
|
$
|
858
|
|
|
Accrued Expenses
|
|
250
|
|
250
|
|
|
Current maturities of long-term debt obligations
|
|
614
|
|
593
|
|
|
Long-term debt obligations, net of current maturities
|
|
4,760
|
|
5,022
|
|
|
Other liabilities (a)
|
|
549
|
|
647
|
|
|
|
|
$
|
6,825
|
|
$
|
7,370
|
|
(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 30, 2012 and July 2, 2011:
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
|
June 30,
2012
|
|
July 2,
2011
|
|
June 30,
2012
|
|
July 2,
2011
|
|
|
Revenues
|
|
$
|
2,725
|
|
$
|
2,583
|
|
$
|
5,433
|
|
$
|
5,236
|
|
|
Gross profit
|
|
360
|
|
269
|
|
551
|
|
542
|
|
|
Operating income
|
|
290
|
|
185
|
|
355
|
|
379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|