Annual report pursuant to Section 13 and 15(d)

6. Sale and deconsolidation of variable interest entity (Tables)

v3.19.3
6. Sale and deconsolidation of variable interest entity (Tables)
 12 Months Ended
Dec. 29, 2018
Sale And Deconsolidation Of Variable Interest Entity - Aap  
Assets and liabilities of VIE

The following table summarizes the assets and liabilities of AAP consolidated in our financial position as of August 1, 2017 (date of deconsolidation) and December 31, 2016:

 

 

Assets   August 15, 2017     December 31, 2016  
Current assets   $ 367     $ 438  
Property and equipment, net     6,809       7,322  
Other assets     93       83  
Total assets   $ 7,269     $ 7,843  
                 
Liabilities                
Accounts payable   $ 2,661     $ 1,388  
Accrued expenses     619       523  
Current maturities of long-term debt obligations     729       3,558  
Long-term debt obligations, net of current maturities     3,431       435  
Other liabilities (a)     –       1,126  
Total liabilities   $ 7,440     $ 7,030  

 

(a)    Other liabilities represent loans and advances between ARCA and AAP that are eliminated in consolidation.
Operating results of VIE

The following table summarizes the operating results of AAP consolidated in our financial results for the 52 weeks ended December 30, 2017:

 

    52 Weeks Ended  
    December 30, 2017 (b)  
Revenues   $ 1,433  
Gross profit     24  
Operating loss     (848 )
Net loss     (991 )

 

(b)    Operating results for AAP were consolidated in the Company’s operating results from inception of AAP through August 15, 2017, the date of our 50% equity sale in AAP. We recorded a gain of $81 on the sale and deconsolidation of our 50% equity interest in AAP. Net Cash outflow arising from deconsolidation of AAP was $35. The Company received $800 in cash consideration for its 50% equity interest in AAP.