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Rotating stack icon in status bar

I was wondering what the small character indicates in the status bar of Visual Studio 2012, which looks like this: enter image description here . It is located in the status bar next to the current line number. It is animated, and the mirror rotates.

So what does that mean? And does the action that it indicates affect the performance of Visual Studio?

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This is the animation area of ​​the Visual Studio status bar that displays a looping animation that indicates either a long-running operation or an operation of an indefinite length (for example, creating multiple projects in a solution).

It should not affect VS performance by simply indicating that the operation is in progress.

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