Business Context and Reporting Period
Company: Advance Auto Parts, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: December 21, 2012
Subject: Adoption of Accounting Standards Update (ASU) No. 2011-05 regarding the presentation of Comprehensive Income.
Key Financial Metrics
This filing presents retrospective data for the presentation of Comprehensive Income for fiscal years 2011, 2010, and 2009. The adoption of the new standard did not affect Net Income, Comprehensive Income totals, or Earnings Per Share.
| Fiscal Year Ended | Net Income (in thousands) | Other Comprehensive Income (in thousands) | Comprehensive Income (in thousands) |
|---|---|---|---|
| December 31, 2011 | $394,682 | $4,401 | $399,083 |
| January 1, 2011 | $346,053 | $5,102 | $351,155 |
| January 2, 2010 | $270,373 | $2,650 | $273,023 |
Note: The filing does not provide specific data on revenue, operating cash flow, debt levels, or liquidity ratios.
Material Changes
- Accounting Presentation: The Company retrospectively adopted ASU No. 2011-05, effective for the first quarter ended April 21, 2012. This changed the format of the Consolidated Statements of Comprehensive Income.
- Financial Impact: There was no change to the calculation of Net Income or total Comprehensive Income. The change is strictly presentational.
Guidance, Outlook, and Risks
Management Commentary: The filing states that the information is for informational purposes only regarding the reporting change. It explicitly does not amend or restate the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2011.
Limitations: This report does not reflect events occurring after February 28, 2012 (the filing date of the 2011 10-K). Investors are directed to read this 8-K in conjunction with the 2011 10-K and subsequent filings.
Risks and Contingencies: No new risks, contingencies, or unusual items are disclosed in this specific filing.
Investor Verification Checklist
- Verify the impact of ASU No. 2011-05 on the presentation of the Consolidated Statements of Comprehensive Income in the 2011 Form 10-K.
- Confirm that Net Income and Earnings Per Share figures remain unchanged from previously reported audited statements.
- Review the Annual Report on Form 10-K for the year ended December 31, 2011, for complete financial data including revenue, cash flow, and debt, as this 8-K does not contain those metrics.
- Check for any subsequent filings after February 28, 2012, for updated operational or financial information.