Document_and_Entity_Informatio
Document and Entity Information | 0 Months Ended | 3 Months Ended | |
Mar. 28, 2015 | Mar. 28, 2015 | Apr. 29, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-Q | ||
Amendment Flag | FALSE | ||
Document Period End Date | 28-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | Q1 | ||
Trading Symbol | SUM | ||
Entity Registrant Name | SUMMIT MATERIALS, INC. | ||
Entity Central Index Key | 1621563 | ||
Current Fiscal Year End Date | -14 | ||
Entity Filer Category | Non-accelerated Filer | ||
Membership interests description | As of April 29, 2015, 100% of Summit Materials, LLC’s outstanding limited liability company interests were held by Summit Materials Intermediate Holdings, LLC, its sole member and an indirect subsidiary of Summit Materials, Inc. | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 26,584,738 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 69,007,297 | ||
Summit Materials, LLC [Member] | |||
Document Information [Line Items] | |||
Document Type | 10-Q | ||
Amendment Flag | FALSE | ||
Document Period End Date | 28-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | Q1 | ||
Entity Registrant Name | SUMMIT MATERIALS, LLC | ||
Entity Central Index Key | 1571371 | ||
Current Fiscal Year End Date | -14 | ||
Entity Filer Category | Non-accelerated Filer | ||
Membership interests percentage | 100.00% |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash | $314,980 | $13,215 |
Accounts receivable, net | 109,941 | 141,302 |
Costs and estimated earnings in excess of billings | 11,836 | 10,174 |
Inventories | 133,307 | 111,553 |
Other current assets | 17,476 | 17,172 |
Total current assets | 587,540 | 293,416 |
Property, plant and equipment, less accumulated depreciation, depletion and amortization (March 28, 2015 - $297,187 and December 27, 2014 - $279,375) | 948,129 | 950,601 |
Goodwill | 415,582 | 419,270 |
Intangible assets, less accumulated amortization (March 28, 2015 - $3,623 and December 27, 2014 - $3,073) | 16,891 | 17,647 |
Other assets | 50,112 | 48,843 |
Total assets | 2,018,254 | 1,729,777 |
Current liabilities: | ||
Current portion of debt | 5,275 | 5,275 |
Current portion of acquisition-related liabilities | 24,851 | 18,402 |
Accounts payable | 70,840 | 78,854 |
Accrued expenses | 81,612 | 101,496 |
Billings in excess of costs and estimated earnings | 8,309 | 8,958 |
Total current liabilities | 190,887 | 212,985 |
Long-term debt | 1,057,418 | 1,059,642 |
Acquisition-related liabilities | 44,245 | 42,736 |
Other noncurrent liabilities | 97,433 | 93,691 |
Total liabilities | 1,389,983 | 1,409,054 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 33,740 | |
Stockholders' Equity/Partners' Interest: | ||
Accumulated deficit | -10,151 | |
Accumulated other comprehensive loss | -1,050 | |
Partners' interest | 285,685 | |
Additional paid-in capital | 456,406 | |
Stockholders' equity/partners' interest: | 446,161 | 285,685 |
Total liabilities, redeemable noncontrolling interest and member's interest | 2,018,254 | 1,729,777 |
Total stockholders' equity/partners' interest | 628,271 | 286,983 |
Common Class A [Member] | ||
Stockholders' Equity/Partners' Interest: | ||
Class A common stock, par value $0.01 per share; 1,000,000,000 shares authorized, 26,584,738 shares issued and outstanding as of March 28, 2015 | 266 | |
Total stockholders' equity/partners' interest | 266 | |
Common Class B [Member] | ||
Stockholders' Equity/Partners' Interest: | ||
Class A common stock, par value $0.01 per share; 1,000,000,000 shares authorized, 26,584,738 shares issued and outstanding as of March 28, 2015 | 690 | |
Total stockholders' equity/partners' interest | 690 | |
Summit Materials, LLC [Member] | ||
Current assets: | ||
Cash | 314,980 | 13,215 |
Accounts receivable, net | 109,941 | 141,302 |
Costs and estimated earnings in excess of billings | 11,836 | 10,174 |
Inventories | 133,307 | 111,553 |
Other current assets | 17,476 | 17,172 |
Total current assets | 587,540 | 293,416 |
Property, plant and equipment, less accumulated depreciation, depletion and amortization (March 28, 2015 - $297,187 and December 27, 2014 - $279,375) | 948,129 | 950,601 |
Goodwill | 415,582 | 419,270 |
Intangible assets, less accumulated amortization (March 28, 2015 - $3,623 and December 27, 2014 - $3,073) | 16,891 | 17,647 |
Other assets | 50,112 | 48,843 |
Total assets | 2,018,254 | 1,729,777 |
Current liabilities: | ||
Current portion of debt | 5,275 | 5,275 |
Current portion of acquisition-related liabilities | 22,351 | 18,402 |
Accounts payable | 70,840 | 78,854 |
Accrued expenses | 81,612 | 101,496 |
Billings in excess of costs and estimated earnings | 8,309 | 8,958 |
Total current liabilities | 188,387 | 212,985 |
Long-term debt | 1,057,418 | 1,059,642 |
Acquisition-related liabilities | 36,168 | 42,736 |
Other noncurrent liabilities | 97,433 | 93,691 |
Total liabilities | 1,379,406 | 1,409,054 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 33,740 | |
Member's interest: | ||
Member's equity | 987,010 | 518,647 |
Stockholders' Equity/Partners' Interest: | ||
Accumulated deficit | -327,523 | -217,416 |
Accumulated other comprehensive loss | -21,845 | -15,546 |
Member's interest | 637,642 | 285,685 |
Noncontrolling interest | 1,206 | 1,298 |
Total member's interest | 638,848 | 286,983 |
Total liabilities, redeemable noncontrolling interest and member's interest | 2,018,254 | 1,729,777 |
Noncontrolling interest in consolidated subsidiaries | 1,206 | 1,298 |
Summit Materials, INC [Member] | ||
Stockholders' Equity/Partners' Interest: | ||
Noncontrolling interest in consolidated subsidiaries | $180,904 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Property, plant and equipment, accumulated depreciation, depletion and amortization | $297,187 | $279,375 |
Intangible assets, accumulated amortization | 3,623 | 3,073 |
Common Class A [Member] | ||
Common stock, par value | $0.01 | |
Common stock, shares authorized | 1,000,000,000 | |
Common stock, shares issued | 26,584,738 | |
Common stock, shares outstanding | 26,584,738 | |
Common Class B [Member] | ||
Common stock, par value | $0.01 | |
Common stock, shares authorized | 250,000,000 | |
Common stock, shares issued | 69,007,297 | |
Common stock, shares outstanding | 69,007,297 | |
Summit Materials, LLC [Member] | ||
Property, plant and equipment, accumulated depreciation, depletion and amortization | 297,187 | 279,375 |
Intangible assets, accumulated amortization | $3,623 | $3,073 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Revenue: | ||
Product | $148,920 | $100,168 |
Service | 26,219 | 35,851 |
Net revenue | 175,139 | 136,019 |
Delivery and subcontract revenue | 18,848 | 15,072 |
Total revenue | 193,987 | 151,091 |
Cost of revenue (excluding items shown separately below): | ||
Product | 119,791 | 84,477 |
Service | 19,630 | 29,126 |
Net cost of revenue | 139,421 | 113,603 |
Delivery and subcontract cost | 18,848 | 15,072 |
Total cost of revenue | 158,269 | 128,675 |
General and administrative expenses | 67,234 | 35,488 |
Depreciation, depletion, amortization and accretion | 26,126 | 19,356 |
Transaction costs | 1,364 | 2,591 |
Operating (loss) income | -59,006 | -35,019 |
Other expense (income), net | 391 | -194 |
Loss on debt financings | 799 | |
Interest expense | 24,109 | 18,819 |
(Loss) income from continuing operations before taxes | -84,305 | -53,644 |
Income tax benefit | -4,468 | -596 |
Loss from continuing operations | -79,837 | -53,048 |
Loss from discontinued operations | 20 | |
Net loss | -79,837 | -53,068 |
Net loss per share of Class A common stock: | ||
Net loss | -10,151 | |
Summit Materials, LLC [Member] | ||
Revenue: | ||
Product | 148,920 | 100,168 |
Service | 26,219 | 35,851 |
Net revenue | 175,139 | 136,019 |
Delivery and subcontract revenue | 18,848 | 15,072 |
Total revenue | 193,987 | 151,091 |
Cost of revenue (excluding items shown separately below): | ||
Product | 119,791 | 84,477 |
Service | 19,630 | 29,126 |
Net cost of revenue | 139,421 | 113,603 |
Delivery and subcontract cost | 18,848 | 15,072 |
Total cost of revenue | 158,269 | 128,675 |
General and administrative expenses | 67,234 | 35,488 |
Depreciation, depletion, amortization and accretion | 26,126 | 19,356 |
Transaction costs | 1,364 | 2,591 |
Operating (loss) income | -59,006 | -35,019 |
Other expense (income), net | 391 | -194 |
Loss on debt financings | 799 | |
Interest expense | 24,109 | 18,819 |
(Loss) income from continuing operations before taxes | -84,305 | -53,644 |
Income tax benefit | -4,468 | -596 |
Loss from continuing operations | -79,837 | -53,048 |
Loss from discontinued operations | 20 | |
Net loss | -79,837 | -53,068 |
Net loss attributable to noncontrolling interest | -1,982 | -2,515 |
Net loss per share of Class A common stock: | ||
Net loss | 67,704 | 50,553 |
Summit Holdings [Member] | ||
Net loss per share of Class A common stock: | ||
Net loss | $67,704 | $50,553 |
Common Class A [Member] | ||
Net loss per share of Class A common stock: | ||
Basic | ($0.38) | |
Diluted | ($0.38) | |
Weighted average shares of Class A common stock: | ||
Basic | 26,584,738 | |
Diluted | 26,584,738 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Net loss | ($79,837) | ($53,068) |
Other comprehensive (loss) income: | ||
Postretirement curtailment adjustment | -1,346 | |
Postretirement liability adjustment | 2,164 | |
Foreign currency translation adjustment | -6,299 | |
Other comprehensive (loss) income | -6,299 | 818 |
Comprehensive loss | -86,136 | -52,250 |
Comprehensive loss attributable to member of Summit Materials, LLC | -11,201 | |
Summit Materials, LLC [Member] | ||
Net loss | -79,837 | -53,068 |
Other comprehensive (loss) income: | ||
Postretirement curtailment adjustment | -1,346 | |
Postretirement liability adjustment | 2,164 | |
Foreign currency translation adjustment | -6,299 | |
Other comprehensive (loss) income | -6,299 | 818 |
Comprehensive loss | -86,136 | -52,250 |
Less comprehensive loss attributable to the noncontrolling interest | -1,982 | -2,270 |
Comprehensive loss attributable to member of Summit Materials, LLC | -84,154 | -49,980 |
Summit Holdings [Member] | ||
Other comprehensive (loss) income: | ||
Comprehensive loss attributable to member of Summit Materials, LLC | $72,953 | $49,980 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Cash flow from operating activities: | ||
Net loss | ($79,837) | ($53,068) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, depletion, amortization and accretion | 27,358 | 20,789 |
Share-based compensation expense | 15,217 | 566 |
Deferred income tax benefit | -525 | |
Net gain on asset disposals | -1,834 | -48 |
Loss on debt financings | 688 | |
Other | 780 | 558 |
Decrease (increase) in operating assets, net of acquisitions: | ||
Accounts receivable, net | 30,309 | 16,989 |
Inventories | -21,413 | -13,377 |
Costs and estimated earnings in excess of billings | -1,662 | -839 |
Other current assets | -303 | 9 |
Other assets | 755 | 3,202 |
(Decrease) increase in operating liabilities, net of acquisitions: | ||
Accounts payable | -10,045 | -10,239 |
Accrued expenses | -20,669 | -9,620 |
Billings in excess of costs and estimated earnings | -649 | -2,728 |
Other liabilities | -203 | -2,044 |
Net cash used in operating activities | -61,508 | -50,375 |
Cash flow from investing activities: | ||
Acquisitions, net of cash acquired | -182,514 | |
Purchases of property, plant and equipment | -17,708 | -19,941 |
Proceeds from the sale of property, plant and equipment | 2,741 | 2,202 |
Other | -276 | 7 |
Net cash used for investing activities | -15,243 | -200,246 |
Cash flow from financing activities: | ||
Proceeds from initial public offering | 460,000 | |
Capital issuance costs | -35,956 | |
Capital contributions by partners | 24,350 | |
Proceeds from debt issuances | 104,000 | 306,750 |
Debt issuance costs | -4,055 | -6,309 |
Payments on debt | -106,441 | -54,314 |
Purchase of noncontrolling interest in consolidated subsidiary | -35,000 | |
Payments on acquisition-related liabilities | -4,032 | -638 |
Net cash provided by (used for) financing activities | 378,516 | 269,839 |
Net increase in cash | 301,765 | 19,218 |
Cash - Beginning of period | 13,215 | 18,184 |
Cash - end of period | 314,980 | 37,402 |
Summit Materials, LLC [Member] | ||
Cash flow from operating activities: | ||
Net loss | -79,837 | -53,068 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, depletion, amortization and accretion | 27,358 | 20,789 |
Share-based compensation expense | 15,217 | 566 |
Deferred income tax benefit | -525 | |
Net gain on asset disposals | -1,834 | -48 |
Loss on debt financings | 688 | |
Other | 780 | 558 |
Decrease (increase) in operating assets, net of acquisitions: | ||
Accounts receivable, net | 30,309 | 16,989 |
Inventories | -21,413 | -13,377 |
Costs and estimated earnings in excess of billings | -1,662 | -839 |
Other current assets | -303 | 9 |
Other assets | 755 | 3,202 |
(Decrease) increase in operating liabilities, net of acquisitions: | ||
Accounts payable | -10,045 | -10,239 |
Accrued expenses | -20,669 | -9,620 |
Billings in excess of costs and estimated earnings | -649 | -2,728 |
Other liabilities | -203 | -2,044 |
Net cash used in operating activities | -61,508 | -50,375 |
Cash flow from investing activities: | ||
Acquisitions, net of cash acquired | -182,514 | |
Purchases of property, plant and equipment | -17,708 | -19,941 |
Proceeds from the sale of property, plant and equipment | 2,741 | 2,202 |
Other | -276 | 7 |
Net cash used for investing activities | -15,243 | -200,246 |
Cash flow from financing activities: | ||
Capital contributions by member | 397,975 | 24,350 |
Capital issuance costs | -8,931 | |
Proceeds from debt issuances | 104,000 | 306,750 |
Debt issuance costs | -4,055 | -6,309 |
Payments on debt | -106,441 | -54,314 |
Payments on acquisition-related liabilities | -4,032 | -638 |
Net cash provided by (used for) financing activities | 378,516 | 269,839 |
Net increase in cash | 301,765 | 19,218 |
Cash - Beginning of period | 13,215 | 14,917 |
Cash - end of period | $314,980 | $34,135 |
Unaudited_Consolidated_Stateme
Unaudited Consolidated Statements of Changes in Redeemable Noncontrolling Interest and Stockholders' Equity (USD $) | Total | Common Class A [Member] | Common Class B [Member] | Redeemable Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Accumulated Deficit [Member] | AOCI Attributable to Parent [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Holdings [Member] |
In Thousands, except Share data | Common Class A [Member] | Common Class B [Member] | Redeemable Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Accumulated Deficit [Member] | AOCI Attributable to Parent [Member] | Members Equity [Member] | Parent Including Portion Attributable to Non Redeemable Noncontrolling Interest [Member] | Partners Interest [Member] | |||||||||
Beginning Balance at Dec. 28, 2013 | $1,211 | ($198,511) | ($6,045) | $486,896 | $283,551 | |||||||||||||
Beginning Balance at Dec. 28, 2013 | 286,817 | 24,767 | 24,767 | 1,211 | 285,606 | |||||||||||||
Contributed capital, Summit Materials, Inc | 24,350 | 24,350 | ||||||||||||||||
Contributed capital, Summit Materials, LLC | 24,350 | 24,350 | ||||||||||||||||
Accretion/ redemption value adjustment | -2,571 | 2,571 | 2,571 | -2,571 | -2,571 | -2,571 | ||||||||||||
Net (loss) income | -53,068 | -2,446 | -53,068 | -2,446 | -69 | -50,553 | -50,622 | -50,553 | ||||||||||
Other comprehensive income (loss) | 818 | 245 | 818 | 245 | 573 | 573 | 573 | |||||||||||
Share-based compensation | 566 | 566 | -566 | -566 | 566 | |||||||||||||
Ending Balance at Mar. 29, 2014 | 25,137 | 25,137 | ||||||||||||||||
Ending Balance at Mar. 29, 2014 | 1,142 | -251,635 | -5,472 | 511,812 | 255,847 | |||||||||||||
Ending Balance at Mar. 29, 2014 | 259,113 | 1,142 | 257,971 | |||||||||||||||
Beginning Balance at Dec. 27, 2014 | 286,983 | 1,289 | 285,685 | |||||||||||||||
Beginning Balance at Dec. 27, 2014 | 1,298 | |||||||||||||||||
Beginning Balance at Dec. 27, 2014 | 33,740 | 33,740 | ||||||||||||||||
Accretion/ redemption value adjustment | -32,252 | 32,252 | -32,252 | |||||||||||||||
Net (loss) income | -41,415 | -1,890 | -77 | -41,338 | ||||||||||||||
Other comprehensive income (loss) | -5,249 | -5,249 | ||||||||||||||||
Share-based compensation | 424 | 424 | ||||||||||||||||
Ending Balance at Mar. 11, 2015 | 64,102 | |||||||||||||||||
Ending Balance at Mar. 11, 2015 | 208,491 | 1,221 | 207,270 | |||||||||||||||
Beginning Balance at Dec. 27, 2014 | 286,983 | 1,289 | ||||||||||||||||
Beginning Balance at Dec. 27, 2014 | 286,983 | 1,298 | -217,416 | -15,546 | 518,647 | 286,983 | ||||||||||||
Beginning Balance at Dec. 27, 2014 | 33,740 | 33,740 | 33,740 | |||||||||||||||
Contributed capital, Summit Materials, LLC | 453,146 | 453,146 | ||||||||||||||||
Accretion/ redemption value adjustment | -31,850 | -32,252 | -32,252 | |||||||||||||||
Net (loss) income | -79,837 | -79,837 | -1,890 | -15 | -77,855 | -77,947 | ||||||||||||
Other comprehensive income (loss) | -6,299 | -6,299 | -6,299 | -6,299 | ||||||||||||||
Share-based compensation | 15,217 | 15,217 | -15,217 | -15,217 | ||||||||||||||
Issuance of common stock, Shares | 25,555,555 | |||||||||||||||||
Ending Balance at Mar. 28, 2015 | 638,848 | 1,206 | -327,523 | -21,845 | 987,010 | 638,848 | ||||||||||||
Ending Balance at Mar. 28, 2015 | 628,271 | 266 | 1,206 | |||||||||||||||
Ending Balance, Shares at Mar. 28, 2015 | 26,584,738 | |||||||||||||||||
Beginning Balance at Mar. 11, 2015 | 208,491 | 1,221 | 207,270 | |||||||||||||||
Recording of noncontrolling interest upon reorganization | 207,270 | -207,270 | ||||||||||||||||
Net (loss) income | -79,837 | -26,366 | -10,151 | -15 | ||||||||||||||
Other comprehensive income (loss) | -6,299 | -1,050 | ||||||||||||||||
Share repurchase, Value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Share repurchase, Shares | 100 | |||||||||||||||||
Purchase of redeemable noncontrolling interest | 18,525 | 10 | 64,102 | 18,515 | ||||||||||||||
Purchase of redeemable noncontrolling interest, Shares | 1,029,183 | |||||||||||||||||
Share-based compensation | 15,217 | -14,793 | ||||||||||||||||
Issuance of common stock, Values | 424,044 | 256 | 690 | 423,788 | -690 | |||||||||||||
Issuance of common stock, Shares | 25,555,555 | 69,007,397 | ||||||||||||||||
Ending Balance at Mar. 28, 2015 | 1,206 | |||||||||||||||||
Ending Balance at Mar. 28, 2015 | $628,271 | $266 | $690 | $180,904 | ($10,151) | ($1,050) | $456,406 | $1,206 | ||||||||||
Ending Balance, Shares at Mar. 28, 2015 | 26,584,738 | 69,007,297 |
Summary_of_Organization_and_Si
Summary of Organization and Significant Accounting Policies | 3 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Summary of Organization and Significant Accounting Policies | 1 | SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||
Summit Materials, Inc. (“Summit Inc.”) (together with its subsidiaries, the “Company”) is a vertically-integrated construction materials company. Through its subsidiaries, it is engaged in the production and sale of aggregates, cement, ready-mixed concrete, asphalt paving mix and concrete products and owns and operates quarries, sand and gravel pits, a cement plant, cement distribution terminals, ready-mixed concrete plants, asphalt plants and landfill sites. It is also engaged in paving and related services. The Company is organized by geographic region and has three operating segments, which are also its reporting segments: the West; Central; and East regions. | |||||||||||||||||
Substantially all of the Company’s products and services are produced, consumed and performed outdoors, primarily in the spring, summer and fall. Seasonal changes and other weather-related conditions can affect the production and sales volumes of its products and delivery of services. Therefore, the financial results for any interim period are typically not indicative of the results expected for the full year. Furthermore, the Company’s sales and earnings are sensitive to national, regional and local economic conditions and to cyclical changes in construction spending, among other factors. | |||||||||||||||||
Summit Inc. was formed as a Delaware corporation on September 23, 2014 to be a holding company. Its sole asset is a controlling equity interest in Summit Materials Holdings L.P. (“Summit Holdings”). Pursuant to a reorganization into a holding company structure (the “Reorganization”) consummated in connection with Summit Inc.’s initial public offering (“IPO”), Summit Inc. became a holding corporation operating and controlling all of the business and affairs of Summit Holdings and its subsidiaries and, through Summit Holdings, conducts its business. Certain investment funds affiliated with Blackstone Capital Partners V L.P. and Silverhawk Summit, L.P. (collectively, the “Sponsors”), as well as Summit Inc., are the primary owners of Summit Holdings. | |||||||||||||||||
Initial Public Offering—Summit Inc. commenced operations on March 11, 2015 upon the pricing of the IPO of its Class A common stock. Summit Inc. raised $433.0 million, net of underwriting discounts, through the issuance of 25,555,555 shares of Class A common stock at a public offering price of $18.00 per share. Summit Inc. used the offering proceeds to purchase a number of newly-issued LP Units from Summit Holdings equal to the number of shares of Class A common stock issued to the public. Summit Inc. caused Summit Holdings to use these proceeds (i) to redeem $288.2 million in aggregate principal amount of outstanding 10 1⁄2% Senior Notes due January 31, 2020 (“Senior Notes”) at a redemption price of 100% and an applicable premium thereon; (ii) to purchase 71,428,571 Class B Units of Continental Cement Company, L.L.C. (“Continental Cement”); (iii) to pay a one-time termination fee of $13.8 million primarily to affiliates of the Sponsors in connection with the termination of a transaction and management fee agreement; and (iv) for general corporate purposes. The $288.2 million redemption of Senior Notes was completed in the second quarter of 2015 at a redemption price equal to par plus an applicable premium of $38.2 million plus $5.2 million of accrued and unpaid interest. | |||||||||||||||||
Basis of Presentation—These unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of Summit Holdings and the notes thereto as of and for the year ended December 27, 2014 included in Summit Inc.’s prospectus filed with the SEC on March 13, 2015. The Company’s financial position as of December 27, 2014 and the results of operations and cash flows for the three months ended March 28, 2015 have been recast to reflect those of Summit Holdings. The Company continues to follow the accounting policies set forth in those consolidated financial statements. Management believes that these consolidated interim financial statements include all adjustments, normal and recurring in nature, that are necessary to present fairly the financial position of the Company as of March 28, 2015 and the results of operations and cash flows for the three months ended March 28, 2015 and March 29, 2014. All significant intercompany balances and transactions have been eliminated. | |||||||||||||||||
The Company’s fiscal year is based on a 52-53 week year with each quarter composed of 13 weeks ending on a Saturday. The 53-week year occurs approximately once every seven years and will occur in 2015. The additional week in the 53-week year will be included in the fourth quarter. | |||||||||||||||||
The consolidated financial statements of the Company include the accounts of Summit Inc. and its subsidiaries, including noncontrolling interests. As a result of the Reorganization, Summit Holdings became a variable interest entity. Summit Inc. is the primary beneficiary of Summit Holdings as a result of its 100% voting power and control over Summit Holdings, its obligation to absorb losses and its right to receive benefits of Summit Holdings and thus consolidates Summit Holdings in its consolidated financial statements with a corresponding noncontrolling interest elimination of 72.2%. | |||||||||||||||||
Noncontrolling interests in consolidated subsidiaries represent a 20% ownership in Ohio Valley Asphalt, LLC and, prior to the IPO and concurrent purchase of the noncontrolling interests of Continental Cement, a 30% redeemable ownership in Continental Cement. | |||||||||||||||||
Use of Estimates—Preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangibles and other long-lived assets, pension and other postretirement obligations and asset retirement obligations. Estimates also include revenue earned on contracts and costs to complete contracts. Most of the Company’s paving and related services are performed under fixed unit-price contracts with state and local governmental entities. Management regularly evaluates its estimates and assumptions based on historical experience and other factors, including the current economic environment. Management adjusts such estimates and assumptions when circumstances dictate. As future events and their effects cannot be determined with precision, actual results can differ significantly from estimates made. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the Company’s consolidated financial statements when the change in estimate occurs. | |||||||||||||||||
Business and Credit Concentrations—The Company’s operations are conducted primarily across 17 U.S. states and in British Columbia, Canada, with the most significant revenue generated in Texas, Kansas, Kentucky, Utah and Missouri. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers, and management does not believe that any significant concentrations of credit exist with respect to individual customers or groups of customers. No single customer accounted for more than 10% of the Company’s total revenue in the three months ended March 28, 2015 or March 29, 2014. | |||||||||||||||||
Earnings per Share—The Company computes basic earnings per share attributable to stockholders by dividing income attributable to Summit Inc. by the weighted-average Class A common shares outstanding. Diluted earnings per share reflects the potential dilution beyond shares for basic earnings per share that could occur if securities or other contracts to issue common stock were exercised, converted into common stock, or resulted in the issuance of common stock that would have shared in the Company’s earnings. Since the Class B common shares have no economic value, they are not included in the weighted-average common share amount for basic or diluted earnings per share. In addition, as the Class A common shares are issued by Summit Inc., the earnings and equity interests of noncontrolling interests are not included in basic or diluted earnings per share. | |||||||||||||||||
Fair Value Measurements—Certain acquisitions made by the Company require the payment of contingent amounts of purchase consideration. These payments are contingent on specified operating results being achieved in periods subsequent to the acquisition and will only be made if earn-out thresholds are achieved. Contingent consideration obligations are measured at fair value each reporting period. Any adjustments to fair value are recognized in earnings in the period identified. Contingent consideration as of March 28, 2015 and December 27, 2014 was: | |||||||||||||||||
March 28, | December 27, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Current portion of acquisition-related liabilities: | |||||||||||||||||
Current portion of contingent consideration | $ | 3,775 | $ | 2,375 | |||||||||||||
Acquisition-related liabilities: | |||||||||||||||||
Contingent consideration | $ | 4,187 | $ | 5,379 | |||||||||||||
The fair value of the contingent consideration obligations approximated their carrying value as of March 28, 2015 and December 27, 2014. The fair values are based on unobservable, or Level 3, inputs, including projected probability-weighted cash payments and an 11.0% discount rate, which reflects a market discount rate. Changes in fair value may occur as a result of a change in actual or projected cash payments, the probability weightings applied by the Company to projected payments or a change in the discount rate. Significant increases or decreases in any of these inputs in isolation could result in a lower, or higher, fair value measurement. There were no material valuation adjustments to contingent consideration obligations in the three months ended March 28, 2015 or March 29, 2014. | |||||||||||||||||
Financial Instruments—The Company’s financial instruments include debt and certain acquisition-related liabilities (deferred consideration and noncompete obligations). The carrying value and fair value of these financial instruments as of March 28, 2015 and December 27, 2014 was: | |||||||||||||||||
March 28, 2015 | December 27, 2014 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
Level 2 | |||||||||||||||||
Long-term debt(1) | 1,105,240 | 1,062,693 | 1,101,873 | 1,064,917 | |||||||||||||
Level 3 | |||||||||||||||||
Current portion of deferred consideration and noncompete obligations(2) | 21,076 | 21,076 | 16,027 | 16,027 | |||||||||||||
Long term portion of deferred consideration and noncompete obligations(3) | 40,058 | 40,058 | 37,357 | 37,357 | |||||||||||||
-1 | $5.3 million included in current portion of debt as of March 28, 2015 and December 27, 2014. | ||||||||||||||||
-2 | Included in current portion of acquisition-related liabilities on the balance sheet. | ||||||||||||||||
-3 | Included in acquisition-related liabilities on the balance sheet. | ||||||||||||||||
The fair value of debt was determined based on observable, or Level 2 inputs, such as interest rates, bond yields and quoted prices in inactive markets. The fair value of the deferred consideration and noncompete obligations were determined based on unobservable, or Level 3 inputs, including the cash payment terms in the purchase agreements and a discount rate reflecting the Company’s credit risk. | |||||||||||||||||
Redeemable Noncontrolling Interest — On March 17, 2015, upon the consummation of the IPO and the transactions contemplated by a contribution and purchase agreement entered into with the holders of all of the outstanding Class B Units of Continental Cement, Continental Cement became a wholly-owned indirect subsidiary of Summit Holdings. The noncontrolling interests of Continental Cement were acquired for aggregate consideration of $64.1 million, consisting of $35.0 million of cash, 1,029,183 of Class A common shares and $15.0 million aggregate principal amount of non-interest bearing notes payable in six annual installments of $2.5 million, beginning on March 17, 2016. | |||||||||||||||||
New Accounting Standards — In April 2015, the FASB issued a new accounting standard to simplify the presentation of debt issuance costs. Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs, changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity will present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The ASU is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The guidance will be applied retrospectively to all prior periods (i.e., the balance sheet for each period will be adjusted). Had the Company adopted this guidance as of the current period, both Other Assets (noncurrent) and Long-term Debt as of March 28, 2015 and December 27, 2014, would have decreased by $19.6 million and $17.2 million, respectively. | |||||||||||||||||
In April 2015, the FASB issued a new accounting standard, ASU 2015-04, Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets, which gives an employer whose fiscal year-end does not coincide with a calendar month-end (e.g., an entity that has a 52- or 53-week fiscal year) the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month-end that is closest to its fiscal year-end. The ASU is effective for public business entities for financial statements issued for fiscal years beginning after December 31, 2015, and interim periods within those fiscal years. Early application is permitted, and the ASU should be applied prospectively. The Company does not expect the adoption of the ASU to have a material effect on its financial position or results of operations. | |||||||||||||||||
In May 2014, the FASB issued a new accounting standard to improve and converge the financial reporting requirements for revenue from contracts with customers. ASU No. 2014-09, Revenue from Contracts with Customers, prescribes a five-step model for revenue recognition that will replace most existing revenue recognition guidance in U.S. GAAP. The ASU will supersede nearly all existing revenue recognition guidance under U.S. GAAP and provides that an entity recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption and will become effective for the Company in the first quarter of 2017. Early adoption is prohibited. Management is currently assessing the effect that the adoption of this standard will have on the consolidated financial statements. | |||||||||||||||||
Reclassifications — Certain amounts in the prior year have been reclassified to conform to the presentation in the consolidated financial statements as of and for the quarter ended March 28, 2015. | |||||||||||||||||
Summit Materials, LLC [Member] | |||||||||||||||||
Summary of Organization and Significant Accounting Policies | 1 | SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||
Summit Materials, LLC (“Summit LLC”) is a vertically integrated, heavy-side construction materials company. Through its subsidiaries, it is engaged in the production and sale of aggregates, cement, ready-mixed concrete, asphalt paving mix and concrete products. Summit LLC, through its subsidiaries (collectively, the “Company”), owns and operates quarries, sand and gravel pits, a cement plant, cement distribution terminals, ready-mixed concrete plants, asphalt plants and landfill sites. It is also engaged in paving and related services. The Company is organized by geographic region and has three operating segments, which are also its reporting segments: the West; Central; and East regions. | |||||||||||||||||
Substantially all of the Company’s products and services are produced, consumed and performed outdoors, primarily in the spring, summer and fall. Seasonal changes and other weather-related conditions can affect the production and sales volumes of its products and delivery of services. Therefore, the financial results for any interim period are typically not indicative of the results expected for the full year. Furthermore, the Company’s sales and earnings are sensitive to national, regional and local economic conditions and to cyclical changes in construction spending, among other factors. | |||||||||||||||||
Summit LLC is a wholly owned indirect subsidiary of Summit Materials Holdings L.P. (“Summit Holdings”), whose major indirect owners are certain investment funds affiliated with Blackstone Capital Partners V L.P. and Silverhawk Summit, L.P. and Summit Materials, Inc. (“Summit Inc.”). Summit Inc. was formed as a Delaware corporation on September 23, 2014 to be a holding company. Its sole asset is a controlling equity interest in Summit Holdings. Pursuant to a reorganization into a holding company structure (the “Reorganization”) in connection with Summit Inc.’s March 2015 initial public offering (“IPO”), Summit Inc. became a holding corporation operating and controlling all of the business and affairs of Summit Holdings and its subsidiaries, including Summit LLC, and, through Summit Holdings, conducts its business. | |||||||||||||||||
Basis of Presentation—These unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto as of and for the year ended December 27, 2014 . The Company continues to follow the accounting policies set forth in those consolidated financial statements. Management believes that these consolidated interim financial statements include all adjustments, normal and recurring in nature, that are necessary to present fairly the financial position of the Company as of March 28, 2015 and the results of operations and cash flows for the three months ended March 28, 2015 and March 29, 2014. | |||||||||||||||||
The Company’s fiscal year is based on a 52-53 week year with each quarter composed of 13 weeks ending on a Saturday. The 53-week year occurs approximately once every seven years and will occur in 2015. The additional week in the 53-week year will be included in the fourth quarter. | |||||||||||||||||
The consolidated financial statements of the Company include the accounts of Summit LLC and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Noncontrolling interests in consolidated subsidiaries represent a 20% ownership in Ohio Valley Asphalt, LLC and, prior to the IPO and concurrent purchase of the noncontrolling interests of Continental Cement Company, L.L.C. (“Continental Cement”), a 30% redeemable ownership in Continental Cement. | |||||||||||||||||
Use of Estimates—Preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangibles and other long-lived assets, pension and other postretirement obligations and asset retirement obligations. Estimates also include revenue earned on contracts and costs to complete contracts. Most of the Company’s paving and related services are performed under fixed unit-price contracts with state and local governmental entities. Management regularly evaluates its estimates and assumptions based on historical experience and other factors, including the current economic environment. Management adjusts such estimates and assumptions when circumstances dictate. As future events and their effects cannot be determined with precision, actual results can differ significantly from estimates made. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the Company’s consolidated financial statements when the change in estimate occurs. | |||||||||||||||||
Business and Credit Concentrations—The Company’s operations are conducted primarily across 17 U.S. states and in British Columbia, Canada, with the most significant revenue generated in Texas, Kansas, Kentucky, Utah and Missouri. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers, and management does not believe that any significant concentrations of credit exist with respect to individual customers or groups of customers. No single customer accounted for more than 10% of total revenue in the three months ended March 28, 2015 or March 29, 2014. | |||||||||||||||||
Fair Value Measurements—Certain acquisitions made by the Company require the payment of contingent amounts of purchase consideration. These payments are contingent on specified operating results being achieved in periods subsequent to the acquisition and will only be made if earn-out thresholds are achieved. Contingent consideration obligations are measured at fair value each reporting period. Any adjustments to fair value are recognized in earnings in the period identified. Contingent consideration as of March 28, 2015 and December 27, 2014 was: | |||||||||||||||||
March 28, | December 27, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Current portion of acquisition-related liabilities: | |||||||||||||||||
Current portion of contingent consideration | $ | 3,775 | $ | 2,375 | |||||||||||||
Acquisition-related liabilities: | |||||||||||||||||
Contingent consideration | $ | 4,187 | $ | 5,379 | |||||||||||||
The fair value of the contingent consideration obligations approximated their carrying value as of March 28, 2015 and December 27, 2014. The fair values are based on unobservable, or Level 3, inputs, including projected probability-weighted cash payments and an 11.0% discount rate, which reflects a market discount rate. Changes in fair value may occur as a result of a change in actual or projected cash payments, the probability weightings applied by the Company to projected payments or a change in the discount rate. Significant increases or decreases in any of these inputs in isolation could result in a lower, or higher, fair value measurement. There were no material valuation adjustments to contingent consideration obligations in the three months ended March 28, 2015 or March 29, 2014. | |||||||||||||||||
Financial Instruments—The Company’s financial instruments include debt and certain acquisition-related liabilities (deferred consideration and noncompete obligations). The carrying value and fair value of these financial instruments as of March 28, 2015 and December 27, 2014 was: | |||||||||||||||||
March 28, 2015 | December 27, 2014 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
Level 2 | |||||||||||||||||
Long-term debt(1) | 1,105,240 | 1,062,693 | 1,101,873 | 1,064,917 | |||||||||||||
Level 3 | |||||||||||||||||
Current portion of deferred consideration and noncompete obligations(2) | 18,576 | 18,576 | 16,027 | 16,027 | |||||||||||||
Long term portion of deferred consideration and noncompete obligations(3) | 31,981 | 31,981 | 37,357 | 37,357 | |||||||||||||
-1 | $5.3 million included in current portion of debt as of March 28, 2015 and December 27, 2014. | ||||||||||||||||
-2 | Included in current portion of acquisition-related liabilities on the balance sheet. | ||||||||||||||||
-3 | Included in acquisition-related liabilities on the balance sheet. | ||||||||||||||||
The fair value of debt was determined based on observable, or Level 2 inputs, such as interest rates, bond yields and quoted prices in inactive markets. The fair value of the deferred consideration and noncompete obligations were determined based on unobservable, or Level 3 inputs, including the cash payment terms in the purchase agreements and a discount rate reflecting the Company’s credit risk. | |||||||||||||||||
Redeemable Noncontrolling Interest — On March 17, 2015, upon the consummation of the IPO and the transactions contemplated by a contribution and purchase agreement entered into with the holders of all of the outstanding Class B Units of Continental Cement, Continental Cement became a wholly-owned indirect subsidiary of Summit LLC. The noncontrolling interests of Continental Cement were acquired for aggregate consideration of $64.1 million, consisting of $35.0 million of cash, 1,029,183 of Class A common shares and $15.0 million aggregate principal amount of non-interest bearing notes payable in six annual installments of $2.5 million, beginning on March 17, 2016. The notes payable is a liability of Summit Holdings and, is therefore excluded from the liabilities of Summit LLC. | |||||||||||||||||
New Accounting Standards — In April 2015, the FASB issued a new accounting standard to simplify the presentation of debt issuance costs. Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs, changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity will present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The ASU is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The guidance will be applied retrospectively to all prior periods (i.e., the balance sheet for each period will be adjusted). Had the Company adopted this guidance as of the current period, both Other Assets (noncurrent) and Long-term Debt as of March 28, 2015 and December 27, 2014, would have decreased by $19.6 million and $17.2 million, respectively. | |||||||||||||||||
In April 2015, the FASB issued a new accounting standard, ASU 2015-04, Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets, which gives an employer whose fiscal year-end does not coincide with a calendar month-end (e.g., an entity that has a 52- or 53-week fiscal year) the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month-end that is closest to its fiscal year-end. The ASU is effective for public business entities for financial statements issued for fiscal years beginning after December 31, 2015, and interim periods within those fiscal years. Early application is permitted, and the ASU should be applied prospectively. The Company does not expect the adoption of the ASU to have a material effect on its financial position or results of operations. | |||||||||||||||||
In May 2014, the FASB issued a new accounting standard to improve and converge the financial reporting requirements for revenue from contracts with customers. ASU No. 2014-09, Revenue from Contracts with Customers, prescribes a five-step model for revenue recognition that will replace most existing revenue recognition guidance in U.S. GAAP. The ASU will supersede nearly all existing revenue recognition guidance under U.S. GAAP and provides that an entity recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption and will become effective for the Company in the first quarter of 2017. Early adoption is prohibited. Management is currently assessing the effect that the adoption of this standard will have on the consolidated financial statements. | |||||||||||||||||
Reclassifications — Certain amounts in the prior year have been reclassified to conform to the presentation in the consolidated financial statements as of and for the quarter ended March 28, 2015. |
Reorganization
Reorganization | 3 Months Ended | |
Mar. 28, 2015 | ||
Reorganization | 2 | REORGANIZATION |
Prior to the IPO and Reorganization, the capital structure of Summit Holdings consisted of six different classes of limited partnership interests (Class A-1, Class A-2, Class B-1, Class C, Class D-1 and Class D-2), each of which had different amounts of aggregate distributions above which its holders would share in distributions. There were no outstanding Class A-2 interests. In connection with the IPO and the Reorganization, the limited partnership agreement of Summit Holdings was amended and restated to, among other things, modify its capital structure by creating a single new class of units (the “LP Units”), referred to as the “Reclassification.” Immediately following the Reclassification, 69,007,297 LP Units were outstanding. In addition, in substitution for part of the economic benefit of the Class C and Class D interests that was not reflected in the conversion of such interests to LP Units, warrants were issued to holders of Class C interests to purchase an aggregate of 160,333 shares of Class A common stock, and options were issued to holders of Class D interests to purchase an aggregate of 4,358,842 shares of Class A common stock (“leverage restoration options”). In each case, the exercise price of such warrants and leverage restoration options was the IPO price of $18.00 per share. In conjunction with the Reclassification of the equity-based awards, a $14.5 million modification charge was recognized in general and administrative costs in the three months ended March 28, 2015. | ||
The leverage restoration options were granted under the Summit Materials, Inc. 2015 Omnibus Incentive Plan (the “Omnibus Incentive Plan”) and are generally subject to vesting terms substantially similar to those that were applicable to the corresponding Class D interests immediately prior to the Reclassification, except that the leverage restoration options that correlate to time-vesting interests vest over four years, beginning on the Reclassification date, instead of over five years from the original grant date, and the leverage restoration options that correlate to performance-vesting interests vest only when both the relevant return multiple is achieved and a time-vesting condition is satisfied. The time-based vesting condition will be satisfied with respect to 25% of the performance-vesting options on each of the first four anniversaries of the Reclassification date. The number of leverage restoration options granted in respect of each Class D interest was based on the IPO price. | ||
The Company also granted 240,000 options to purchase shares of Class A common stock under the Omnibus Incentive Plan to certain employees some of whom did not previously hold equity-based incentive awards. These stock options have an exercise price per share of $18.00 equal to the IPO price per share and are subject to a time-based vesting condition that will be satisfied with respect to 25% of the award on each of the first four anniversaries of the grant date, subject to the employee’s continued employment through the applicable vesting date. |
Accounts_Receivable_Net
Accounts Receivable, Net | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Accounts Receivable, Net | 3 | ACCOUNTS RECEIVABLE, NET | |||||||
Accounts receivable, net consisted of the following as of March 28, 2015 and December 27, 2014: | |||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Trade accounts receivable | $ | 100,528 | $ | 131,060 | |||||
Retention receivables | 10,301 | 12,053 | |||||||
Receivables from related parties | 928 | 333 | |||||||
Accounts receivable | 111,757 | 143,446 | |||||||
Less: Allowance for doubtful accounts | (1,816 | ) | (2,144 | ) | |||||
Accounts receivable, net | $ | 109,941 | $ | 141,302 | |||||
Retention receivables are amounts earned by the Company but held by customers until paving and related service contracts and projects are near completion or fully completed. Amounts are expected to be billed and collected within one year. | |||||||||
Summit Materials, LLC [Member] | |||||||||
Accounts Receivable, Net | 2 | ACCOUNTS RECEIVABLE, NET | |||||||
Accounts receivable, net consisted of the following as of March 28, 2015 and December 27, 2014: | |||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Trade accounts receivable | $ | 100,528 | $ | 131,060 | |||||
Retention receivables | 10,301 | 12,053 | |||||||
Receivables from related parties | 928 | 333 | |||||||
Accounts receivable | 111,757 | 143,446 | |||||||
Less: Allowance for doubtful accounts | (1,816 | ) | (2,144 | ) | |||||
Accounts receivable, net | $ | 109,941 | $ | 141,302 | |||||
Retention receivables are amounts earned by the Company but held by customers until paving and related service contracts and projects are near completion or fully completed. Amounts are expected to be billed and collected within one year. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Inventories | 4 | INVENTORIES | |||||||
Inventories consisted of the following as of March 28, 2015 and December 27, 2014: | |||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Aggregate stockpiles | $ | 90,000 | $ | 88,211 | |||||
Finished goods | 18,355 | 8,826 | |||||||
Work in process | 2,065 | 1,801 | |||||||
Raw materials | 22,887 | 12,715 | |||||||
Total | $ | 133,307 | $ | 111,553 | |||||
Summit Materials, LLC [Member] | |||||||||
Inventories | 3 | INVENTORIES | |||||||
Inventories consisted of the following as of March 28, 2015 and December 27, 2014: | |||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Aggregate stockpiles | $ | 90,000 | $ | 88,211 | |||||
Finished goods | 18,355 | 8,826 | |||||||
Work in process | 2,065 | 1,801 | |||||||
Raw materials | 22,887 | 12,715 | |||||||
Total | $ | 133,307 | $ | 111,553 | |||||
Accrued_Expenses
Accrued Expenses | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Accrued Expenses | 5 | ACCRUED EXPENSES | |||||||
Accrued expenses consisted of the following as of March 28, 2015 and December 27, 2014: | |||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Interest | $ | 15,917 | $ | 32,475 | |||||
Payroll and benefits | 13,100 | 20,326 | |||||||
Capital lease obligations | 17,926 | 17,530 | |||||||
Insurance | 12,469 | 11,402 | |||||||
Non-income taxes | 5,765 | 5,520 | |||||||
Professional fees | 3,051 | 3,299 | |||||||
Other (1) | 13,384 | 10,944 | |||||||
Total | $ | 81,612 | $ | 101,496 | |||||
-1 | Consists primarily of subcontractor and working capital settlement accruals. | ||||||||
Summit Materials, LLC [Member] | |||||||||
Accrued Expenses | 4 | ACCRUED EXPENSES | |||||||
Accrued expenses consisted of the following as of March 28, 2015 and December 27, 2014: | |||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Interest | $ | 15,917 | $ | 32,475 | |||||
Payroll and benefits | 13,100 | 20,326 | |||||||
Capital lease obligations | 17,926 | 17,530 | |||||||
Insurance | 12,469 | 11,402 | |||||||
Non-income taxes | 5,765 | 5,520 | |||||||
Professional fees | 3,051 | 3,299 | |||||||
Other (1) | 13,384 | 10,944 | |||||||
Total | $ | 81,612 | $ | 101,496 | |||||
-1 | Consists primarily of subcontractor and working capital settlement accruals. |
Debt
Debt | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Debt | 6 | DEBT | |||||||
Debt consisted of the following as of March 28, 2015 and December 27, 2014: | |||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Long-term debt: | |||||||||
$625.0 million senior notes, including a $25.2 million and $26.5 million net premium at March 28, 2015 and December 27, 2014, respectively | 650,225 | 651,548 | |||||||
$414.6 million term loan, net of $2.1 million discount at March 28, 2015 and $415.7 million term loan, net of $2.3 million discount at December 27, 2014 | 412,468 | 413,369 | |||||||
Total | 1,062,693 | 1,064,917 | |||||||
Current portion of long-term debt | 5,275 | 5,275 | |||||||
Long-term debt | $ | 1,057,418 | $ | 1,059,642 | |||||
The contractual payments of long-term debt, including current maturities, for the five years subsequent to March 28, 2015, are as follows: | |||||||||
2015 (nine months) | $ | 4,220 | |||||||
2016 | 4,220 | ||||||||
2017 | 4,220 | ||||||||
2018 | 3,165 | ||||||||
2019 | 398,790 | ||||||||
2020 | 625,000 | ||||||||
Total | 1,039,615 | ||||||||
Plus: Original issue net premium | 23,078 | ||||||||
Total debt | $ | 1,062,693 | |||||||
Summit Materials, LLC (“Summit LLC”) and Summit Materials Finance Corp. (“Finance Corp.” and collectively, the “Issuers”) issued $250.0 million aggregate principal amount of Senior Notes under an indenture dated January 30, 2012 (as amended and supplemented, the “Indenture”). In addition to the Senior Notes, Summit LLC has credit facilities which provide for term loans in an aggregate amount of $422.0 million and revolving credit commitments in an aggregate amount of $235.0 million (the “Senior Secured Credit Facilities”). | |||||||||
On January 17, 2014 and September 8, 2014, the Issuers issued an additional $260.0 million and $115.0 million, respectively, aggregate principal amount of Senior Notes (the “Additional Notes”), receiving proceeds of $409.3 million, before payment of fees and expenses and including an aggregate $34.3 million premium. The proceeds from the sale of the Additional Notes were used for the purchases of acquisitions, to make payments on the revolving credit facility and for general corporate purposes. The Additional Notes are treated as a single series with the $250.0 million of Senior Notes (the “Existing Notes”) and have substantially the same terms as those of the Existing Notes. The Additional Notes and the Existing Notes are treated as one class under the Indenture. | |||||||||
Senior Notes—Interest on the Senior Notes is payable semi-annually in arrears. The Indenture contains covenants limiting, among other things, Summit LLC and its restricted subsidiaries’ ability to incur additional indebtedness or issue certain preferred shares, pay dividends, redeem stock or make other distributions, make certain investments, sell or transfer certain assets, create liens, consolidate, merge, sell or otherwise dispose of all or substantially all of the Company’s assets, enter into certain transactions with affiliates, and designate subsidiaries as unrestricted subsidiaries. The Indenture also contains customary events of default. As of March, 28, 2015 and December 27, 2014, the Company was in compliance with all covenants. | |||||||||
Senior Secured Credit Facilities—Under the Senior Secured Credit Facilities, Summit LLC has entered into term loans totaling $422.0 million with required principal repayments of 0.25% of term debt due on the last business day of each March, June, September and December. The unpaid principal balance is due in full on the maturity date, which is January 30, 2019. | |||||||||
On March 11, 2015, the Company entered into Amendment No. 3 to the Credit Agreement governing the Senior Secured Credit Facilities, dated as of January 30, 2012, which became effective on March 17, 2015 upon the consummation of the IPO. The amendment: (i) increased the size of the revolving credit facility from $150.0 million to $235.0 million; (ii) extended the maturity date of the revolving credit facility to March 17, 2020; (iii) amended certain covenants; and (iv) permits periodic tax distributions as contemplated in a tax receivable agreement, dated as of March 11, 2015, with Summit Holdings. As a result of this amendment, $0.8 million of financing fees were charged to earnings in the three months ended March 28, 2015. | |||||||||
The revolving credit facility bears interest per annum equal to, at Summit LLC’s option, either (i) a base rate determined by reference to the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate of Bank of America, N.A. and (c) LIBOR plus 1.00%, plus an applicable margin of 2.5% for base rate loans or (ii) a LIBOR rate determined by reference to Reuters prior to the interest period relevant to such borrowing adjusted for certain additional costs plus an applicable margin of 3.5% for LIBOR rate loans. The interest rate in effect at March 28, 2015 was 4.05%. | |||||||||
There were no outstanding borrowings under the revolving credit facility as of March 28, 2015, leaving remaining borrowing capacity of $211.7 million, which is net of $23.3 million of outstanding letters of credit. The outstanding letters of credit are renewed annually and support required bonding on construction projects and the Company’s insurance liabilities. | |||||||||
Summit LLC must adhere to certain financial covenants related to its debt and interest leverage ratios, as defined in the Senior Secured Credit Facilities. The consolidated first lien net leverage ratio, reported each quarter, should be no greater than 4.5:1.0. The interest coverage ratio must be at least 1.70:1.0 from January 1, 2013 through December 31, 2014 and 1.85:1.0 thereafter. As of March 27, 2015 and December 27, 2014, the Company was in compliance with all covenants. Summit LLC’s wholly-owned domestic subsidiary companies are subject to certain exclusions and exceptions are named as subsidiary guarantors of the Senior Notes and the Senior Secured Credit Facilities. In addition, Summit LLC has pledged substantially all of its assets as collateral, subject to certain exclusions and exceptions, for the Senior Secured Credit Facilities. | |||||||||
Interest expense related to the debt totaled $22.0 million and $17.2 million for the three months ended March 28, 2015 and March 29, 2014, respectively. The following table presents the activity for the deferred financing fees for the three months ended March 28, 2015 and March 29, 2014: | |||||||||
Deferred financing fees | |||||||||
Balance — December 27, 2014 | $ | 17,215 | |||||||
Loan origination fees | 4,048 | ||||||||
Amortization | (982 | ) | |||||||
Write off of deferred financing fees | (688 | ) | |||||||
Balance — March 28, 2015 | $ | 19,593 | |||||||
Balance — December 28, 2013 | $ | 11,485 | |||||||
Loan origination fees | 6,309 | ||||||||
Amortization | (850 | ) | |||||||
Balance — March 29, 2014 | $ | 16,944 | |||||||
Other—On January 15, 2015, the Company’s wholly-owned subsidiary in British Columbia, Canada entered into an agreement with HSBC for a (i) $6.0 million Canadian dollar (“CAD”) revolving credit commitment to be used for operating activities that bears interest per annum equal to the bank’s prime rate plus 0.20%, (ii) $0.5 million CAD revolving credit commitment to be used for capital equipment that bears interest per annum at the bank’s prime rate plus 0.90% and (iii) $0.4 million CAD revolving credit commitment to provide guarantees on behalf of Mainland. There were no amounts outstanding under this agreement as of March 28, 2015. | |||||||||
Summit Materials, LLC [Member] | |||||||||
Debt | 5 | DEBT | |||||||
Debt consisted of the following as of March 28, 2015 and December 27, 2014: | |||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Long-term debt: | |||||||||
$625.0 million senior notes, including a $25.2 million and $26.5 million net premium at March 28, 2015 and December 27, 2014, respectively | 650,225 | 651,548 | |||||||
$414.6 million term loan, net of $2.1 million discount at March 28, 2015 and | |||||||||
$415.7 million term loan, net of $2.3 million discount at December 27, 2014 | 412,468 | 413,369 | |||||||
Total | 1,062,693 | 1,064,917 | |||||||
Current portion of long-term debt | 5,275 | 5,275 | |||||||
Long-term debt | $ | 1,057,418 | $ | 1,059,642 | |||||
The contractual payments of long-term debt, including current maturities, for the five years subsequent to March 28, 2015, are as follows: | |||||||||
2015 (nine months) | $ | 4,220 | |||||||
2016 | 4,220 | ||||||||
2017 | 4,220 | ||||||||
2018 | 3,165 | ||||||||
2019 | 398,790 | ||||||||
2020 | 625,000 | ||||||||
Total | 1,039,615 | ||||||||
Plus: Original issue net premium | 23,078 | ||||||||
Total debt | $ | 1,062,693 | |||||||
Summit LLC and Summit Materials Finance Corp.(“Finance Corp.” and collectively, the “Issuers”) issued $250.0 million aggregate principal amount of Senior Notes under an indenture dated January 30, 2012 (as amended and supplemented, the “Indenture”). In addition to the Senior Notes, Summit LLC has credit facilities which provide for term loans in an aggregate amount of $422.0 million and revolving credit commitments in an aggregate amount of $235.0 million (the “Senior Secured Credit Facilities”). | |||||||||
On January 17, 2014 and September 8, 2014, the Issuers issued an additional $260.0 million and $115.0 million, respectively, aggregate principal amount of Senior Notes (the “Additional Notes”), receiving proceeds of $409.3 million, before payment of fees and expenses and including an aggregate $34.3 million premium. The proceeds from the sale of the Additional Notes were used for the purchases of acquisitions, to make payments on the revolving credit facility and for general corporate purposes. The Additional Notes are treated as a single series with the $250.0 million of Senior Notes (the “Existing Notes”) and have substantially the same terms as those of the Existing Notes. The Additional Notes and the Existing Notes are treated as one class under the Indenture. | |||||||||
Senior Notes—Interest on the Senior Notes is payable semi-annually in arrears. The Indenture contains covenants limiting, among other things, Summit LLC and its restricted subsidiaries’ ability to incur additional indebtedness or issue certain preferred shares, pay dividends, redeem stock or make other distributions, make certain investments, sell or transfer certain assets, create liens, consolidate, merge, sell or otherwise dispose of all or substantially all of the Company’s assets, enter into certain transactions with affiliates, and designate subsidiaries as unrestricted subsidiaries. The Indenture also contains customary events of default. As of March, 28, 2015 and December 27, 2014, the Company was in compliance with all covenants. | |||||||||
Senior Secured Credit Facilities—Under the Senior Secured Credit Facilities, Summit LLC has entered into term loans totaling $422.0 million with required principal repayments of 0.25% of term debt due on the last business day of each March, June, September and December. The unpaid principal balance is due in full on the maturity date, which is January 30, 2019. | |||||||||
On March 11, 2015, the Company entered into Amendment No. 3 to the Credit Agreement governing the Senior Secured Credit Facilities, dated as of January 30, 2012, which became effective on March 17, 2015 upon the consummation of the IPO. The amendment: (i) increased the size of the revolving credit facility from $150.0 million to $235.0 million; (ii) extended the maturity date of the revolving credit facility to March 17, 2020; (iii) amended certain covenants; and (iv) permits periodic tax distributions as contemplated in a tax receivable agreement, dated as of March 11, 2015, with Summit Holdings. As a result of this amendment, $0.8 million of financing fees were charged to earnings in the three months ended March 28, 2015. | |||||||||
The revolving credit facility bears interest per annum equal to, at Summit Material’s option, either (i) a base rate determined by reference to the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate of Bank of America, N.A. and (c) LIBOR plus 1.00%, plus an applicable margin of 2.5% for base rate loans or (ii) a LIBOR rate determined by reference to Reuters prior to the interest period relevant to such borrowing adjusted for certain additional costs plus an applicable margin of 3.5% for LIBOR rate loans. The interest rate in effect at March 28, 2015 was 4.05%. | |||||||||
There were no outstanding borrowings under the revolving credit facility as of March 28, 2015, leaving remaining borrowing capacity of $211.7 million, which is net of $23.3 million of outstanding letters of credit. The outstanding letters of credit are renewed annually and support required bonding on construction projects and the Company’s insurance liabilities. | |||||||||
Summit LLC must adhere to certain financial covenants related to its debt and interest leverage ratios, as defined in the Senior Secured Credit Facilities. The consolidated first lien net leverage ratio, reported each quarter, should be no greater than 4.5:1.0. The interest coverage ratio must be at least 1.70:1.0 from January 1, 2013 through December 31, 2014 and 1.85:1.0 thereafter. As of March 27, 2015 and December 27, 2014, the Company was in compliance with all covenants. Summit LLC’s wholly-owned domestic subsidiary companies are subject to certain exclusions and exceptions are named as subsidiary guarantors of the Senior Notes and the Senior Secured Credit Facilities. In addition, Summit LLC has pledged substantially all of its assets as collateral, subject to certain exclusions and exceptions, for the Senior Secured Credit Facilities. | |||||||||
Interest expense related to the debt totaled $22.0 million and $17.2 million for the three months ended March 28, 2015 and March 29, 2014, respectively. The following table presents the activity for the deferred financing fees for the three months ended March 28, 2015 and March 29, 2014: | |||||||||
Deferred financing fees | |||||||||
Balance — December 27, 2014 | $ | 17,215 | |||||||
Loan origination fees | 4,048 | ||||||||
Amortization | (982 | ) | |||||||
Write off of deferred financing fees | (688 | ) | |||||||
Balance — March 28, 2015 | $ | 19,593 | |||||||
Balance — December 28, 2013 | $ | 11,485 | |||||||
Loan origination fees | 6,309 | ||||||||
Amortization | (850 | ) | |||||||
Balance — March 29, 2014 | $ | 16,944 | |||||||
Other—On January 15, 2015, the Company’s wholly-owned subsidiary in British Columbia, Canada entered into an agreement with HSBC for a (i) $6.0 million Canadian dollar (“CAD”) revolving credit commitment to be used for operating activities that bears interest per annum equal to the bank’s prime rate plus 0.20%, (ii) $0.5 million CAD revolving credit commitment to be used for capital equipment that bears interest per annum at the bank’s prime rate plus 0.90% and (iii) $0.4 million CAD revolving credit commitment to provide guarantees on behalf of Mainland. There were no amounts outstanding under this agreement as of March 28, 2015. |
Income_Taxes
Income Taxes | 3 Months Ended | |
Mar. 28, 2015 | ||
Income Taxes | 7 | INCOME TAXES |
Summit Inc.’s tax provision includes its proportional share of Summit Holdings’ tax attributes. Summit Holdings’ subsidiaries are primarily limited liability companies, but do include certain entities organized as C Corporations. The tax attributes related to the limited liability companies are passed on to Summit Holdings and then to its partners, including Summit Inc. The tax attributes associated with the C Corporations are reflected in the Company’s accounts. | ||
As of March 28, 2015 and December 27, 2014, Summit Inc. and subsidiaries have not recognized any liabilities for uncertain tax positions. The Company records interest and penalties as a component of the income tax provision. No material interest or penalties were recognized in income tax expense for the three months ended March 28, 2015 and March 29, 2014. | ||
Summit Inc. — Due to the timing of the IPO, taxes were calculated based on activity from March 12, 2015 through the end of the first quarter. Summit Inc.’s net deferred tax asset as of March 28, 2015 of $50.5 million, which is offset by a full valuation allowance, primarily consists of a $69.0 million temporary difference related to the tax intangible assets basis in excess of book, offset by the $6.9 million and $10.9 million book aggregate reserves and fixed assets in excess of tax basis, respectively. | ||
In assessing the realizability of deferred tax assets as of March 28, 2015, management considered whether it was more likely than not that the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible, projected future taxable income and tax-planning strategies. After considering these factors, management concluded that the deferred tax asset realization did not meet the more likely than not requirement and a full valuation allowance is recorded against the Summit Inc. net deferred tax assets as of the end of the first quarter. | ||
For interim income tax reporting, management estimates its annual effective tax rate and applies it to the year to date profit (loss) from continuing operations before taxes. Tax jurisdictions with a projected or year to date loss for which a tax benefit cannot be realized are excluded from this calculation; therefore, there is no provision for income taxes related to the limited liability companies that are passed on to Summit Inc. for the three months ended March 28, 2015. | ||
C Corporation Subsidiaries—The effective income tax rate for these entities differs from the statutory federal rate primarily due to (1) tax depletion expense in excess of the expense recorded under U.S. GAAP, (2) state income taxes and the effect of graduated tax rates and (3) certain non-recurring items, such as differences in the treatment of transaction costs, which are often not deductible for tax purposes. | ||
Tax Receivable Agreement—Upon the consummation of the Reorganization, the Company entered into a tax receivable agreement with the holders of LP Units and certain other indirect pre-IPO owners (“Investor Entities”) that provides for the payment by Summit Inc. to exchanging holders of LP Units of 85% of the benefits, if any, that Summit Inc. is deemed to realize as a result of (i) increases in tax basis of the tangible and intangible assets of Summit Holdings resulting from future exchanges of LP Units for shares of Class A common stock and (ii) the utilization of certain net operating losses of the Investor Entities and certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. As of March 28, 2015, no LP units had been exchanged. | ||
Summit Materials, LLC [Member] | ||
Income Taxes | 7 | INCOME TAXES |
Summit LLC is a limited liability company and passes its tax attributes for federal and state tax purposes to its parent company and is generally not subject to federal or state income tax. However, certain subsidiary entities file federal and state income tax returns due to their status as C corporations. The provision for income taxes is primarily composed of federal, state and local income taxes for the subsidiary entities that have C corporation status. | ||
The effective income tax rate for these entities differs from the statutory federal rate primarily due to (1) tax depletion expense in excess of the expense recorded under U.S. GAAP, (2) state income taxes and the effect of graduated tax rates and (3) certain non-recurring items, such as differences in the treatment of transaction costs, which are often not deductible for tax purposes. | ||
As of March 28, 2015 and December 27, 2014, the Company has not recognized any liabilities for uncertain tax positions. The Company records interest and penalties as a component of the income tax provision. No material interest or penalties were recognized in income tax expense for the three or nine months ended March 28, 2015 and March 29, 2014. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | |
Mar. 28, 2015 | ||
Net Loss Per Share | 8 | NET LOSS PER SHARE |
Immediately prior to the consummation of the Company’s IPO, the Company did not have outstanding common stock. In conjunction with the IPO, Summit Inc. sold 25,555,555 shares of Class A shares common stock to the public and issued 1,029,183 shares of Class A common stock in conjunction with the purchase of the noncontrolling interest of Continental Cement. The outstanding warrants and stock options granted in connection with the IPO are excluded from the calculations below as they would have an antidilutive effect as the Company had a net loss during the period. The number of antidilutive shares was 1,746,210 for the three months ended March 28, 2015. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Mar. 28, 2015 | ||
Commitments and Contingencies | 9 | COMMITMENTS AND CONTINGENCIES |
The Company is party to certain legal actions arising from the ordinary course of business activities. Accruals are recorded when the outcome is probable and can be reasonably estimated. While the ultimate results of claims and litigation cannot be predicted with certainty, management expects that the ultimate resolution of all pending or threatened claims and litigation will not have a material effect on the Company’s consolidated results of operations, financial position or liquidity. The Company’s policy is to record legal fees as incurred. | ||
Litigation and Claims—The Company is obligated under an indemnification agreement entered into with the sellers of Harper Contracting, Inc., Harper Sand and Gravel, Inc., Harper Excavating, Inc., Harper Ready Mix Company, Inc. and Harper Investments, Inc. (collectively, “Harper”) for the sellers’ 40% ownership interests in a joint venture agreement. The Company has the rights to any benefits under the joint venture as well as the assumption of any obligations, but does not own equity interests in the joint venture. The joint venture incurred significant losses on a highway project in Utah, which resulted in requests for funding from the joint venture partners and, ultimately, from the Company. Through March 28, 2015, the Company has funded $8.8 million, of which $4.0 million was funded in 2012 and $4.8 million was funded in 2011. On April 2, 2015, the Utah Department of Transportation filed suit in the Fourth District Court of Utah County, Utah against the joint venture and the parties to the joint venture seeking damages of at least $29.4 million. As of March 28, 2015 and December 27, 2014, an accrual of $4.3 million was recorded in other noncurrent liabilities as management’s best estimate of loss related to this matter. | ||
During the ordinary course of business, there may be revisions to project costs and conditions that can give rise to change orders on construction contracts. Revisions can also result in claims made against a customer or subcontractor to recover project variances that have not been satisfactorily addressed through change orders with a customer. As of March 28, 2015 and December 27, 2014, the company had $3.9 million of unapproved change orders and claims ($1.2 million in accounts receivable, $0.5 million in costs and estimated earnings in excess of billings and $2.2 million in other assets). | ||
Environmental Remediation—The Company’s operations are subject to and affected by federal, state, provincial and local laws and regulations relating to the environment, health and safety and other regulatory matters. These operations require environmental operating permits, which are subject to modification, renewal and revocation. The Company regularly monitors and reviews its operations, procedures and policies for compliance with these laws and regulations. Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Company’s business, as it is with other companies engaged in similar businesses, and there can be no assurance that environmental liabilities or noncompliance will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity in the future. | ||
Other — In the ordinary course of business, the Company enters into various firm purchase commitments for certain raw materials and services. The terms of the purchase commitments are generally less than one year. Management does not expect any significant changes in the market value of these goods and services during the commitment period that would have a material adverse effect on the financial position, results of operations or liquidity of the Company. | ||
Summit Materials, LLC [Member] | ||
Commitments and Contingencies | 8 | COMMITMENTS AND CONTINGENCIES |
The Company is party to certain legal actions arising from the ordinary course of business activities. Accruals are recorded when the outcome is probable and can be reasonably estimated. While the ultimate results of claims and litigation cannot be predicted with certainty, management expects that the ultimate resolution of all pending or threatened claims and litigation will not have a material effect on the Company’s consolidated results of operations, financial position or liquidity. The Company’s policy is to record legal fees as incurred. | ||
Litigation and Claims—The Company is obligated under an indemnification agreement entered into with the sellers of Harper Contracting, Inc., Harper Sand and Gravel, Inc., Harper Excavating, Inc., Harper Ready Mix Company, Inc. and Harper Investments, Inc. (collectively, “Harper”) for the sellers’ 40% ownership interests in a joint venture agreement. The Company has the rights to any benefits under the joint venture as well as the assumption of any obligations, but does not own equity interests in the joint venture. The joint venture incurred significant losses on a highway project in Utah, which resulted in requests for funding from the joint venture partners and, ultimately, from the Company. Through March 28, 2015, the Company has funded $8.8 million, of which $4.0 million was funded in 2012 and $4.8 million was funded in 2011. On April 2, 2015, the Utah Department of Transportation filed suit in the Fourth District Court of Utah County, Utah against the joint venture and the parties to the joint venture seeking damages of at least $29.4 million. As of March 28, 2015 and December 27, 2014, an accrual of $4.3 million was recorded in other noncurrent liabilities as management’s best estimate of loss related to this matter. | ||
During the ordinary course of business, there may be revisions to project costs and conditions that can give rise to change orders on construction contracts. Revisions can also result in claims made against a customer or subcontractor to recover project variances that have not been satisfactorily addressed through change orders with a customer. As of March 28, 2015 and December 27, 2014, the company had $3.9 million of unapproved change orders and claims ($1.2 million in accounts receivable, $0.5 million in costs and estimated earnings in excess of billings and $2.2 million in other assets). | ||
Environmental Remediation—The Company’s operations are subject to and affected by federal, state, provincial and local laws and regulations relating to the environment, health and safety and other regulatory matters. These operations require environmental operating permits, which are subject to modification, renewal and revocation. The Company regularly monitors and reviews its operations, procedures and policies for compliance with these laws and regulations. Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Company’s business, as it is with other companies engaged in similar businesses, and there can be no assurance that environmental liabilities or noncompliance will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity in the future. | ||
Other—In the ordinary course of business, the Company enters into various firm purchase commitments for certain raw materials and services. The terms of the purchase commitments are generally less than one year. Management does not expect any significant changes in the market value of these goods and services during the commitment period that would have a material adverse effect on the financial position, results of operations or liquidity of the Company. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Supplemental Cash Flow Information | 10 | SUPPLEMENTAL CASH FLOW INFORMATION | |||||||
Supplemental cash flow information is as follows: | |||||||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Cash payments: | |||||||||
Interest | $ | 39,165 | $ | 19,970 | |||||
Income taxes | 453 | 795 | |||||||
Non cash financing activities: | |||||||||
Purchase of noncontrolling interest in Continental Cement | $ | (29,102 | ) | $ | — | ||||
Summit Materials, LLC [Member] | |||||||||
Supplemental Cash Flow Information | 9 | SUPPLEMENTAL CASH FLOW INFORMATION | |||||||
Supplemental cash flow information is as follows: | |||||||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Cash payments: | |||||||||
Interest | $ | 39,165 | $ | 19,970 | |||||
Income taxes | 453 | 795 | |||||||
Non cash financing activities: | |||||||||
Purchase of noncontrolling interest in Continental Cement | $ | (64,102 | ) | $ | — |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Segment Information | 11 | SEGMENT INFORMATION | |||||||
The Company has three operating segments, which are its reportable segments: the West; Central; and East regions. These segments are consistent with the Company’s management reporting structure. Each region’s operations consist of various activities related to the production, distribution and sale of construction materials, products and the provision of paving and related services. Assets employed by segment include assets directly identified with those operations. Corporate assets consist primarily of cash, property, plant and equipment for corporate operations and other assets not directly identifiable with a reportable business segment. The accounting policies applicable to each segment are consistent with those used in preparing the consolidated financial statements. The following tables display selected financial data for the Company’s reportable segments: | |||||||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Revenue: | |||||||||
West region | $ | 127,674 | $ | 94,894 | |||||
Central region | 56,609 | 47,542 | |||||||
East region | 9,704 | 8,655 | |||||||
Total revenue | $ | 193,987 | $ | 151,091 | |||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Adjusted EBITDA | |||||||||
West region | $ | 11,869 | $ | 1,791 | |||||
Central region | 710 | (423 | ) | ||||||
East region | (7,867 | ) | (9,338 | ) | |||||
Corporate and other | (9,687 | ) | (7,499 | ) | |||||
Total reportable segments and corporate | (4,975 | ) | (15,469 | ) | |||||
Interest expense | 24,109 | 18,819 | |||||||
Depreciation, depletion, amortization and accretion | 26,126 | 19,356 | |||||||
Initial public offering costs | 28,296 | — | |||||||
Loss on debt financings | 799 | — | |||||||
Loss from continuing operations before taxes | $ | (84,305 | ) | $ | (53,644 | ) | |||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Cash paid for capital expenditures: | |||||||||
West region | $ | 5,419 | $ | 4,138 | |||||
Central region | 8,624 | 12,401 | |||||||
East region | 2,774 | 2,245 | |||||||
Total reportable segments | 16,817 | 18,784 | |||||||
Corporate and other | 891 | 1,157 | |||||||
Total capital expenditures | $ | 17,708 | $ | 19,941 | |||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Depreciation, depletion, amortization and accretion: | |||||||||
West region | $ | 12,088 | $ | 6,747 | |||||
Central region | 10,072 | 8,847 | |||||||
East region | 3,477 | 3,457 | |||||||
Total reportable segments | 25,637 | 19,051 | |||||||
Corporate and other | 489 | 305 | |||||||
Total depreciation, depletion, amortization and accretion | $ | 26,126 | $ | 19,356 | |||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Total assets: | |||||||||
West region | $ | 760,881 | $ | 777,981 | |||||
Central region | 704,314 | 704,134 | |||||||
East region | 219,607 | 221,598 | |||||||
Total reportable segments | 1,684,802 | 1,703,713 | |||||||
Corporate and other | 333,452 | 26,064 | |||||||
Total | $ | 2,018,254 | $ | 1,729,777 | |||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Revenue by product:* | |||||||||
Aggregates | $ | 52,337 | $ | 31,550 | |||||
Cement | 11,819 | 7,707 | |||||||
Ready-mixed concrete | 70,088 | 42,380 | |||||||
Asphalt | 20,914 | 24,396 | |||||||
Paving and related services | 43,899 | 55,857 | |||||||
Other | (5,070 | ) | (10,799 | ) | |||||
Total revenue | $ | 193,987 | $ | 151,091 | |||||
* | Revenue by product includes intercompany and intracompany sales transferred at market value. The elimination of intracompany transactions is included in Other. Revenue from the liquid asphalt terminals is included in asphalt revenue. | ||||||||
Summit Materials, LLC [Member] | |||||||||
Segment Information | 10 | SEGMENT INFORMATION | |||||||
The Company has three operating segments, which are its reportable segments: the West; Central; and East regions. These segments are consistent with the Company’s management reporting structure. Each region’s operations consist of various activities related to the production, distribution and sale of construction materials, products and the provision of paving and related services. Assets employed by segment include assets directly identified with those operations. Corporate assets consist primarily of cash, property, plant and equipment for corporate operations and other assets not directly identifiable with a reportable business segment. The accounting policies applicable to each segment are consistent with those used in preparing the consolidated financial statements. The following tables display selected financial data for the Company’s reportable segments: | |||||||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Revenue: | |||||||||
West region | $ | 127,674 | $ | 94,894 | |||||
Central region | 56,609 | 47,542 | |||||||
East region | 9,704 | 8,655 | |||||||
Total revenue | $ | 193,987 | $ | 151,091 | |||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Adjusted EBITDA | |||||||||
West region | $ | 11,869 | $ | 1,791 | |||||
Central region | 710 | (423 | ) | ||||||
East region | (7,867 | ) | (9,338 | ) | |||||
Corporate and other | (9,687 | ) | (7,499 | ) | |||||
Total reportable segments and corporate | (4,975 | ) | (15,469 | ) | |||||
Interest expense | 24,109 | 18,819 | |||||||
Depreciation, depletion, amortization and accretion | 26,126 | 19,356 | |||||||
Initial public offering costs | 28,296 | — | |||||||
Loss on debt financings | 799 | — | |||||||
Loss from continuing operations before taxes | $ | (84,305 | ) | $ | (53,644 | ) | |||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Cash paid for capital expenditures: | |||||||||
West region | $ | 5,419 | $ | 4,138 | |||||
Central region | 8,624 | 12,401 | |||||||
East region | 2,774 | 2,245 | |||||||
Total reportable segments | 16,817 | 18,784 | |||||||
Corporate and other | 891 | 1,157 | |||||||
Total capital expenditures | $ | 17,708 | $ | 19,941 | |||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Depreciation, depletion, amortization and accretion: | |||||||||
West region | $ | 12,088 | $ | 6,747 | |||||
Central region | 10,072 | 8,847 | |||||||
East region | 3,477 | 3,457 | |||||||
Total reportable segments | 25,637 | 19,051 | |||||||
Corporate and other | 489 | 305 | |||||||
Total depreciation, depletion, amortization and accretion | $ | 26,126 | $ | 19,356 | |||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Total assets: | |||||||||
West region | $ | 760,881 | $ | 777,981 | |||||
Central region | 704,314 | 704,134 | |||||||
East region | 219,607 | 221,598 | |||||||
Total reportable segments | 1,684,802 | 1,703,713 | |||||||
Corporate and other | 333,452 | 26,064 | |||||||
Total | $ | 2,018,254 | $ | 1,729,777 | |||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Revenue by product:* | |||||||||
Aggregates | $ | 52,337 | $ | 31,550 | |||||
Cement | 11,819 | 7,707 | |||||||
Ready-mixed concrete | 70,088 | 42,380 | |||||||
Asphalt | 20,914 | 24,396 | |||||||
Paving and related services | 43,899 | 55,857 | |||||||
Other | (5,070 | ) | (10,799 | ) | |||||
Total revenue | $ | 193,987 | $ | 151,091 | |||||
* | Revenue by product includes intercompany and intracompany sales transferred at market value. The elimination of intracompany transactions is included in Other. Revenue from the liquid asphalt terminals is included in asphalt revenue. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |
Mar. 28, 2015 | ||
Related Party Transactions | 12 | RELATED PARTY TRANSACTIONS |
Under the terms of an agreement with Summit Holdings and Blackstone Management Partners (“BMP”), whose affiliates include controlling stockholders of the Company, BMP provided monitoring, advisory and consulting services to the Company through March 17, 2015. In consideration for these services, the Company paid BMP the greater of $300,000 or 2.0% of the Company’s annual consolidated profit, as defined in the agreement. The management fees paid pursuant to this agreement are included in general and administrative expenses. The Company incurred management fees due to BMP totaling $1.0 million and $0.9 million during the period between December 28, 2014 and March 17, 2015 and in the three months ended March 29, 2014, respectively. | ||
In connection with the IPO, the transaction and management fee agreement with BMP was terminated on March 17, 2015 for total fees of approximately $13.8 million, $13.4 million of which was paid to affiliates of Blackstone and the remaining $0.4 million was paid to affiliates of Silverhawk Summit, L.P. and to certain other equity investors. | ||
BMP also undertook financial and structural analysis, due diligence investigations, corporate strategy and other advisory services and negotiation assistance related to acquisitions for which the Company paid BMP transaction fees equal to 1.0% of the aggregate enterprise value of any acquired entity or, if such transaction was structured as an asset purchase or sale, 1.0% of the consideration paid for or received in respect of the assets acquired or disposed. Under the terms of the agreement, BMP was permitted to assign, and had assigned, a portion of the fees to which it is entitled to Silverhawk Summit, L.P. and to certain other equity investors. During the three months ended March 28, 2015 and March 29, 2014, the Company paid BMP $1.7 million under this agreement and paid immaterial amounts to Silverhawk Summit, L.P. and to other equity investors. The acquisition-related fees paid pursuant to this agreement are included in transaction costs. | ||
In addition to the fees paid to BMP pursuant to the agreements described above, the Company reimbursed BMP for direct expenses incurred, which were not material in the three months ended March 28, 2015 and March 29, 2014. | ||
Blackstone Advisory Partners L.P., an affiliate of Blackstone, served as an initial purchaser of $13.0 million and $5.75 million principal amount of the senior notes issued in January 2014 and September 2014, respectively, and received compensation in connection therewith. | ||
Cement sales to companies owned by a former noncontrolling member of Continental Cement were approximately $1.4 million and $1.7 million during the period between December 28, 2014 and March 11, 2015 and in the three months ended March 29, 2014, respectively. Accounts receivables due from the former noncontrolling member were $0.2 million as of December 27, 2014. In addition, in the first quarter of 2014, the Company made an interest payment of $0.7 million to a certain former noncontrolling member of Continental Cement for a related party note. The principal balance on the note was repaid in 2012. | ||
In the three months ended March 29, 2014, the Company sold certain assets associated with the production of concrete blocks, including inventory and equipment, to a related party for $2.3 million. | ||
Summit Materials, LLC [Member] | ||
Related Party Transactions | 11 | RELATED PARTY TRANSACTIONS |
Under the terms of an agreement with Summit Holdings and Blackstone Management Partners (“BMP”), whose affiliates are controlling owners of the Company, BMP provided monitoring, advisory and consulting services to the Company through March 17, 2015. In consideration for these services, the Company paid BMP the greater of $300,000 or 2.0% of the Company’s annual consolidated profit, as defined in the agreement. The management fees paid pursuant to this agreement are included in general and administrative expenses. The Company incurred management fees due to BMP totaling $1.0 million and $0.9 million during the period between December 28, 2014 and March 17, 2015 and in the three months ended March 29, 2014, respectively. | ||
In connection with the IPO, the transaction and management fee agreement with BMP was terminated on March 17, 2015 for total fees of approximately $13.8 million, $13.4 million of which was paid to affiliates of Blackstone and the remaining $0.4 million was paid to affiliates of Silverhawk Summit, L.P. and to certain other equity investors. | ||
BMP also undertook financial and structural analysis, due diligence investigations, corporate strategy and other advisory services and negotiation assistance related to acquisitions for which the Company paid BMP transaction fees equal to 1.0% of the aggregate enterprise value of any acquired entity or, if such transaction was structured as an asset purchase or sale, 1.0% of the consideration paid for or received in respect of the assets acquired or disposed. Under the terms of the agreement, BMP was permitted to assign, and had assigned, a portion of the fees to which it is entitled to Silverhawk Summit, L.P. and to certain other equity investors. During the three months ended March 29, 2014, the Company paid BMP $1.7 million under this agreement and paid immaterial amounts to Silverhawk Summit, L.P. and to other equity investors. The acquisition-related fees paid pursuant to this agreement are included in transaction costs. | ||
In addition to the fees paid to BMP pursuant to the agreements described above, the Company reimbursed BMP for direct expenses incurred, which were not material in the three months ended March 28, 2015 and March 29, 2014. | ||
Blackstone Advisory Partners L.P., an affiliate of Blackstone, served as an initial purchaser of $13.0 million and $5.75 million principal amount of the senior notes issued in January 2014 and September 2014, respectively, and received compensation in connection therewith. | ||
Cement sales to companies owned by a former noncontrolling member of Continental Cement were approximately $1.4 million and $1.7 million during the period between December 28, 2014 and March 11, 2015 and in the three months ended March 29, 2014, respectively. Accounts receivables due from the former noncontrolling member were immaterial as of December 27, 2014. In addition, in the first quarter of 2014, the Company made an interest payment of $0.7 million to a certain former noncontrolling member of Continental Cement for a related party note. The principal balance on the note was repaid in 2012. | ||
In the three months ended March 29, 2014, the Company sold certain assets associated with the production of concrete blocks, including inventory and equipment, to a related party for $2.3 million. |
Subsequent_Events
Subsequent Events | 3 Months Ended | |
Mar. 28, 2015 | ||
Subsequent Events | 13 | SUBSEQUENT EVENTS |
On April 16, 2015, Continental Cement, Summit LLC, Summit Holdings and Lafarge North America Inc. (“Lafarge”) entered into an Asset Purchase Agreement (the “Davenport Purchase Agreement”). If the conditions in the Davenport Purchase Agreement are met and the parties proceed to closing, at closing, the Company will acquire certain assets (the “Davenport Assets”) from Lafarge, including a cement plant, a quarry and seven cement distribution terminals (the “Davenport Acquisition”). | ||
The Davenport Purchase Agreement contains customary representations, warranties, covenants, and termination rights. The consummation of the Davenport Acquisition is subject to customary conditions, including absence of a material adverse effect on the Davenport Assets. The consummation of the Davenport Acquisition is also subject to the conditions that (i) the Federal Trade Commission shall have accepted for public comment an Agreement Containing Order that, if issued as a final order, would require Lafarge to divest the Transferred Business (as defined in the Davenport Purchase Agreement) to Continental Cement, (ii) the merger of Lafarge’s parent company, Lafarge S.A., with Holcim Ltd. shall have been consummated, and (iii) the conditions in the Bettendorf Purchase Agreement (as defined below) shall have been satisfied or waived. The aggregate purchase price for the Davenport Acquisition is expected to be approximately $450 million in cash, subject to certain adjustments as set forth in the Davenport Purchase Agreement, plus the Bettendorf Assets (as defined below). The Company expects to fund the purchase price with debt issued by Summit LLC and equity issued by Summit Inc. The transaction is expected to close in the third quarter of 2015. There can be no assurance that the Davenport Acquisition will be completed in the anticipated time frame, or at all. | ||
In connection with the entry into the Davenport Agreement, Continental Cement, Summit LLC, Summit Holdings and Lafarge entered into an Asset Purchase Agreement (the “Bettendorf Purchase Agreement”). If the conditions in the Bettendorf Purchase Agreement are met and the parties proceed to closing, at closing, Continental Cement will convey certain assets to Lafarge, including a cement distribution terminal (the “Bettendorf Assets”) as partial consideration for the sale of the Davenport Assets pursuant to the Davenport Purchase Agreement (the “Bettendorf Acquisition”). | ||
Summit Materials, LLC [Member] | ||
Subsequent Events | 13 | SUBSEQUENT EVENTS |
On April 16, 2015, Continental Cement, Summit LLC, Summit Holdings and Lafarge North America Inc. (“Lafarge”) entered into an Asset Purchase Agreement (the “Davenport Purchase Agreement”). If the conditions in the Davenport Purchase Agreement are met and the parties proceed to closing, at closing, the Company will acquire certain assets (the “Davenport Assets”) from Lafarge, including a cement plant, a quarry and seven cement distribution terminals (the “Davenport Acquisition”). | ||
The Davenport Purchase Agreement contains customary representations, warranties, covenants, and termination rights. The consummation of the Davenport Acquisition is subject to customary conditions, including absence of a material adverse effect on the Davenport Assets. The consummation of the Davenport Acquisition is also subject to the conditions that (i) the Federal Trade Commission shall have accepted for public comment an Agreement Containing Order that, if issued as a final order, would require Lafarge to divest the Transferred Business (as defined in the Davenport Purchase Agreement) to Continental Cement, (ii) the merger of Lafarge’s parent company, Lafarge S.A., with Holcim Ltd. shall have been consummated, and (iii) the conditions in the Bettendorf Purchase Agreement (as defined below) shall have been satisfied or waived. The aggregate purchase price for the Davenport Acquisition is expected to be approximately $450 million in cash, subject to certain adjustments as set forth in the Davenport Purchase Agreement, plus the Bettendorf Assets (as defined below). The Company expects to fund the purchase price with debt issued by Summit LLC and equity issued by Summit Inc. The transaction is expected to close in the third quarter of 2015. There can be no assurance that the Davenport Acquisition will be completed in the anticipated time frame, or at all. | ||
In connection with the entry into the Davenport Agreement, Continental Cement, Summit LLC, Summit Holdings and Lafarge entered into an Asset Purchase Agreement (the “Bettendorf Purchase Agreement”). If the conditions in the Bettendorf Purchase Agreement are met and the parties proceed to closing, at closing, Continental Cement will convey certain assets to Lafarge, including a cement distribution terminal (the “Bettendorf Assets”) as partial consideration for the sale of the Davenport Assets pursuant to the Davenport Purchase Agreement (the “Bettendorf Acquisition”). | ||
In April 2015, the Issuers redeemed $288.2 million aggregate principal amount of their outstanding Senior Notes at a redemption price equal to par plus an applicable premium of $38.2 million plus $5.2 million of accrued and unpaid interest. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS (Summit Materials, LLC [Member]) | 3 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Summit Materials, LLC [Member] | |||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | 6 | ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||
The changes in each component of accumulated other comprehensive loss consisted of the following: | |||||||||||||
Pension and | Foreign currency | Accumulated | |||||||||||
Post- | translation | other | |||||||||||
retirement plans | adjustments | comprehensive | |||||||||||
loss | |||||||||||||
Balance — December 27, 2014 | $ | (9,730 | ) | $ | (5,816 | ) | $ | (15,546 | ) | ||||
Foreign currency translation adjustment | — | (6,299 | ) | (6,299 | ) | ||||||||
Balance — March 28, 2015 | $ | (9,730 | ) | $ | (12,115 | ) | $ | (21,845 | ) | ||||
Balance — December 28, 2013 | $ | (6,045 | ) | $ | — | $ | (6,045 | ) | |||||
Postretirement curtailment adjustment | (942 | ) | — | (942 | ) | ||||||||
Postretirement liability adjustment | 1,515 | — | 1,515 | ||||||||||
Balance — March 29, 2014 | $ | (5,472 | ) | $ | — | $ | (5,472 | ) | |||||
SENIOR_NOTES_GUARANTOR_AND_NON
SENIOR NOTES' GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Summit Materials, LLC [Member]) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||
Summit Materials, LLC [Member] | |||||||||||||||||||||||||
SENIOR NOTES' GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | 12 | SENIOR NOTES’ GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | |||||||||||||||||||||||
Summit LLC’s domestic wholly-owned subsidiary companies other than Finance Corp. (the “Guarantors”) are named as guarantors (collectively, the “Guarantors”) of the Senior Notes. Certain other partially-owned subsidiaries and a non-U.S. entity do not guarantee the Senior Notes (collectively, the “Non-Guarantors”). The Guarantors provide a joint and several, full and unconditional guarantee of the Senior Notes. | |||||||||||||||||||||||||
There are no significant restrictions on Summit LLC’s ability to obtain funds from any of the Guarantor Subsidiaries in the form of dividends or loans. Additionally, there are no significant restrictions on a Guarantor Subsidiary’s ability to obtain funds from Summit LLC or its direct or indirect subsidiaries. | |||||||||||||||||||||||||
The following condensed consolidating balance sheets, statements of operations and cash flows are provided for the Issuers, the Wholly-owned Guarantors and the Non-Guarantors. On March 17, 2015, the noncontrolling interests of Continental Cement were purchased resulting in Continental Cement being a wholly-owned indirect subsidiary of Summit LLC. Continental Cement’s results of operations and cash flows are reflected with the Guarantors for the three months ended March 28, 2015. In 2014, Continental Cement’s results are shown separately as a Non Wholly-owned Guarantor. | |||||||||||||||||||||||||
Earnings from subsidiaries are included in other income in the condensed consolidated statements of operations below. The financial information may not necessarily be indicative of the financial position, results of operations or cash flows had the guarantor or non-guarantor subsidiaries operated as independent entities. | |||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||||||
March 28, 2015 | |||||||||||||||||||||||||
Issuers | Wholly- | Non- | Eliminations | Consolidated | |||||||||||||||||||||
owned | Guarantors | ||||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash | $ | 314,635 | $ | 577 | $ | 7,895 | $ | (8,127 | ) | $ | 314,980 | ||||||||||||||
Accounts receivable, net | — | 101,089 | 9,269 | (417 | ) | 109,941 | |||||||||||||||||||
Intercompany receivables | 367,129 | 19,372 | 5,727 | (392,228 | ) | — | |||||||||||||||||||
Cost and estimated earnings in excess of billings | — | 11,581 | 255 | — | 11,836 | ||||||||||||||||||||
Inventories | — | 125,725 | 7,582 | — | 133,307 | ||||||||||||||||||||
Other current assets | 739 | 15,485 | 1,252 | — | 17,476 | ||||||||||||||||||||
Total current assets | 682,503 | 273,829 | 31,980 | (400,772 | ) | 587,540 | |||||||||||||||||||
Property, plant and equipment, net | 7,436 | 912,608 | 28,085 | — | 948,129 | ||||||||||||||||||||
Goodwill | — | 364,309 | 51,273 | — | 415,582 | ||||||||||||||||||||
Intangible assets, net | — | 14,547 | 2,344 | — | 16,891 | ||||||||||||||||||||
Other assets | 1,308,994 | 137,950 | 1,298 | (1,398,130 | ) | 50,112 | |||||||||||||||||||
Total assets | $ | 1,998,933 | $ | 1,703,243 | $ | 114,980 | $ | (1,798,902 | ) | $ | 2,018,254 | ||||||||||||||
Liabilities, Redeemable Noncontrolling Interest and Member’s Interest | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Current portion of debt | $ | 5,275 | $ | 5,266 | $ | — | $ | (5,266 | ) | $ | 5,275 | ||||||||||||||
Current portion of acquisition-related liabilities | — | 22,351 | — | — | 22,351 | ||||||||||||||||||||
Accounts payable | 5,073 | 61,530 | 4,654 | (417 | ) | 70,840 | |||||||||||||||||||
Accrued expenses | 25,083 | 60,750 | 3,906 | (8,127 | ) | 81,612 | |||||||||||||||||||
Intercompany payables | 109,863 | 278,938 | 3,427 | (392,228 | ) | — | |||||||||||||||||||
Billings in excess of costs and estimated earnings | — | 8,309 | — | — | 8,309 | ||||||||||||||||||||
Total current liabilities | 145,294 | 437,144 | 11,987 | (406,038 | ) | 188,387 | |||||||||||||||||||
Long-term debt | 1,057,418 | 632,861 | — | (632,861 | ) | 1,057,418 | |||||||||||||||||||
Acquisition-related liabilities | — | 36,168 | — | — | 36,168 | ||||||||||||||||||||
Other noncurrent liabilities | 751 | 94,243 | 57,546 | (55,107 | ) | 97,433 | |||||||||||||||||||
Total liabilities | 1,203,463 | 1,200,416 | 69,533 | (1,094,006 | ) | 1,379,406 | |||||||||||||||||||
Total stockholders’ equity/partners’ interest | 795,470 | 502,827 | 45,447 | (704,896 | ) | 638,848 | |||||||||||||||||||
Total liabilities, redeemable noncontrolling interest and member’s interest | $ | 1,998,933 | $ | 1,703,243 | $ | 114,980 | $ | (1,798,902 | ) | $ | 2,018,254 | ||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||||||
December 27, 2014 | |||||||||||||||||||||||||
Issuers | Non-Wholly-owned | Wholly- | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | owned | Guarantors | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash | $ | 10,837 | $ | 2 | $ | 695 | $ | 8,793 | $ | (7,112 | ) | $ | 13,215 | ||||||||||||
Accounts receivable, net | 1 | 6,629 | 124,380 | 11,525 | (1,233 | ) | 141,302 | ||||||||||||||||||
Intercompany receivables | 376,344 | 4,095 | 30,539 | 4,052 | (415,030 | ) | — | ||||||||||||||||||
Cost and estimated earnings in excess of billings | — | — | 9,819 | 355 | — | 10,174 | |||||||||||||||||||
Inventories | — | 8,696 | 98,188 | 4,669 | — | 111,553 | |||||||||||||||||||
Other current assets | 7,148 | 464 | 9,638 | 1,775 | (1,853 | ) | 17,172 | ||||||||||||||||||
Total current assets | 394,330 | 19,886 | 273,259 | 31,169 | (425,228 | ) | 293,416 | ||||||||||||||||||
Property, plant and equipment, net | 7,035 | 302,524 | 610,717 | 30,325 | — | 950,601 | |||||||||||||||||||
Goodwill | — | 23,124 | 340,969 | 55,177 | — | 419,270 | |||||||||||||||||||
Intangible assets, net | — | 542 | 14,245 | 2,860 | — | 17,647 | |||||||||||||||||||
Other assets | 1,153,204 | 25,233 | 125,462 | 1,362 | (1,256,418 | ) | 48,843 | ||||||||||||||||||
Total assets | $ | 1,554,569 | $ | 371,309 | $ | 1,364,652 | $ | 120,893 | $ | (1,681,646 | ) | $ | 1,729,777 | ||||||||||||
Liabilities, Redeemable Noncontrolling Interest and Member’s Interest | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Current portion of debt | $ | 5,275 | $ | 1,273 | $ | 3,990 | $ | — | $ | (5,263 | ) | $ | 5,275 | ||||||||||||
Current portion of acquisition-related liabilities | 166 | — | 18,236 | — | — | 18,402 | |||||||||||||||||||
Accounts payable | 3,655 | 6,845 | 65,018 | 4,569 | (1,233 | ) | 78,854 | ||||||||||||||||||
Accrued expenses | 37,101 | 10,178 | 59,477 | 3,705 | (8,965 | ) | 101,496 | ||||||||||||||||||
Intercompany payables | 162,728 | 4,052 | 245,416 | 2,834 | (415,030 | ) | — | ||||||||||||||||||
Billings in excess of costs and estimated earnings | — | — | 8,931 | 27 | — | 8,958 | |||||||||||||||||||
Total current liabilities | 208,925 | 22,348 | 401,068 | 11,135 | (430,491 | ) | 212,985 | ||||||||||||||||||
Long-term debt | 1,059,642 | 153,318 | 480,599 | — | (633,917 | ) | 1,059,642 | ||||||||||||||||||
Acquisition-related liabilities | — | — | 42,736 | — | — | 42,736 | |||||||||||||||||||
Other noncurrent liabilities | 796 | 24,787 | 65,479 | 57,736 | (55,107 | ) | 93,691 | ||||||||||||||||||
Total liabilities | 1,269,363 | 200,453 | 989,882 | 68,871 | (1,119,515 | ) | 1,409,054 | ||||||||||||||||||
Redeemable noncontrolling interest | — | — | — | — | 33,740 | 33,740 | |||||||||||||||||||
Redeemable members’ interest | — | 34,543 | — | — | (34,543 | ) | — | ||||||||||||||||||
Total stockholders’ equity/partners’ interest | 285,206 | 136,313 | 374,770 | 52,022 | (561,328 | ) | 286,983 | ||||||||||||||||||
Total liabilities, redeemable noncontrolling interest and member’s interest | $ | 1,554,569 | $ | 371,309 | $ | 1,364,652 | $ | 120,893 | $ | (1,681,646 | ) | $ | 1,729,777 | ||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||
For the three months ended March 28, 2015 | |||||||||||||||||||||||||
Issuers | Wholly- | Non- | Eliminations | Consolidated | |||||||||||||||||||||
owned | Guarantors | ||||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
Revenue | $ | — | $ | 179,343 | $ | 33,646 | $ | (19,002 | ) | $ | 193,987 | ||||||||||||||
Cost of revenue (excluding items shown separately below) | — | 151,226 | 26,045 | (19,002 | ) | 158,269 | |||||||||||||||||||
General and administrative expenses | 37,781 | 29,151 | 1,666 | — | 68,598 | ||||||||||||||||||||
Depreciation, depletion, amortization and accretion | 490 | 24,153 | 1,483 | — | 26,126 | ||||||||||||||||||||
Operating (loss) income | (38,271 | ) | (25,187 | ) | 4,452 | — | (59,006 | ) | |||||||||||||||||
Other (income) expense, net | 25,786 | 739 | 149 | (25,484 | ) | 1,190 | |||||||||||||||||||
Interest expense | 13,798 | 16,055 | 881 | (6,625 | ) | 24,109 | |||||||||||||||||||
Income from continuing operations before taxes | (77,855 | ) | (41,981 | ) | 3,422 | 32,109 | (84,305 | ) | |||||||||||||||||
Income tax benefit (expense) | — | (4,538 | ) | 70 | — | (4,468 | ) | ||||||||||||||||||
Income from continuing operations | (77,855 | ) | (37,443 | ) | 3,352 | 32,109 | (79,837 | ) | |||||||||||||||||
Income from discontinued operations | — | — | — | — | — | ||||||||||||||||||||
Net income | (77,855 | ) | (37,443 | ) | 3,352 | 32,109 | (79,837 | ) | |||||||||||||||||
Net income attributable to minority interest | — | — | — | (1,982 | ) | (1,982 | ) | ||||||||||||||||||
Net income attributable to member of Summit Materials, LLC | $ | (77,855 | ) | $ | (37,443 | ) | $ | 3,352 | $ | 34,091 | $ | (77,855 | ) | ||||||||||||
Comprehensive income attributable to member of Summit Materials, LLC | $ | (84,154 | ) | $ | (37,443 | ) | $ | (2,947 | ) | $ | 40,390 | $ | (84,154 | ) | |||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||
For the three months ended March 29, 2014 | |||||||||||||||||||||||||
Issuers | Non-Wholly-owned | Wholly- | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | owned | Guarantors | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
Revenue | $ | — | $ | 7,707 | $ | 140,410 | $ | 6,332 | $ | (3,358 | ) | $ | 151,091 | ||||||||||||
Cost of revenue (excluding items shown separately below) | — | 10,903 | 117,624 | 3,506 | (3,358 | ) | 128,675 | ||||||||||||||||||
General and administrative expenses | 7,688 | 1,674 | 28,441 | 276 | — | 38,079 | |||||||||||||||||||
Depreciation, depletion, amortization and accretion | 304 | 3,074 | 15,712 | 266 | — | 19,356 | |||||||||||||||||||
Operating (loss) income | (7,992 | ) | (7,944 | ) | (21,367 | ) | 2,284 | — | (35,019 | ) | |||||||||||||||
Other expense (income), net | 36,825 | (97 | ) | (195 | ) | 49 | (36,776 | ) | (194 | ) | |||||||||||||||
Interest expense | 5,736 | 2,846 | 11,772 | 26 | (1,561 | ) | 18,819 | ||||||||||||||||||
(Loss) income from continuing operations before taxes | (50,553 | ) | (10,693 | ) | (32,944 | ) | 2,209 | 38,337 | (53,644 | ) | |||||||||||||||
Income tax benefit | — | — | (596 | ) | — | — | (596 | ) | |||||||||||||||||
(Loss) income from continuing operations | (50,553 | ) | (10,693 | ) | (32,348 | ) | 2,209 | 38,337 | (53,048 | ) | |||||||||||||||
Loss from discontinued operations | — | — | 20 | — | — | 20 | |||||||||||||||||||
Net (loss) income | (50,553 | ) | (10,693 | ) | (32,368 | ) | 2,209 | 38,337 | (53,068 | ) | |||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | (2,515 | ) | (2,515 | ) | |||||||||||||||||
Net (loss) income attributable to member of Summit Materials, LLC | $ | (50,553 | ) | $ | (10,693 | ) | $ | (32,368 | ) | $ | 2,209 | $ | 40,852 | $ | (50,553 | ) | |||||||||
Comprehensive (loss) income attributable to member of Summit Materials, LLC | $ | (50,553 | ) | $ | (9,875 | ) | $ | (32,368 | ) | $ | 2,209 | $ | 40,607 | $ | (49,980 | ) | |||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||
For the three months ended March 28, 2015 | |||||||||||||||||||||||||
Issuers | Wholly- | Non- | Eliminations | Consolidated | |||||||||||||||||||||
owned | Guarantors | ||||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (37,814 | ) | $ | (26,132 | ) | $ | 2,605 | $ | (167 | ) | $ | (61,508 | ) | |||||||||||
Cash flow from investing activities: | |||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | — | — | — | ||||||||||||||||||||
Purchase of property, plant and equipment | (891 | ) | (16,453 | ) | (364 | ) | — | (17,708 | ) | ||||||||||||||||
Proceeds from the sale of property, plant, and equipment | — | 2,703 | 38 | — | 2,741 | ||||||||||||||||||||
Other | — | (276 | ) | — | — | (276 | ) | ||||||||||||||||||
Net cash used for investing activities | (891 | ) | (14,026 | ) | (326 | ) | — | (15,243 | ) | ||||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||||||
Proceeds from investment by member | 397,975 | — | — | — | 397,975 | ||||||||||||||||||||
Capital issuance costs | (8,931 | ) | (8,931 | ) | |||||||||||||||||||||
Net proceeds from debt issuance | 104,000 | — | — | — | 104,000 | ||||||||||||||||||||
Loans received from and payments made on loans from other Summit Companies | (41,265 | ) | 46,345 | (3,177 | ) | (1,903 | ) | — | |||||||||||||||||
Payments on long-term debt | (105,055 | ) | (2,441 | ) | — | 1,055 | (106,441 | ) | |||||||||||||||||
Payments on acquisition-related liabilities | (166 | ) | (3,866 | ) | — | — | (4,032 | ) | |||||||||||||||||
Financing costs | (4,055 | ) | — | — | — | (4,055 | ) | ||||||||||||||||||
Net cash provided by (used for) financing activities | 342,503 | 40,038 | (3,177 | ) | (848 | ) | 378,516 | ||||||||||||||||||
Net increase (decrease) in cash | 303,798 | (120 | ) | (898 | ) | (1,015 | ) | 301,765 | |||||||||||||||||
Cash — Beginning of period | 10,837 | 697 | 8,793 | (7,112 | ) | 13,215 | |||||||||||||||||||
Cash — End of period | $ | 314,635 | $ | 577 | $ | 7,895 | $ | (8,127 | ) | $ | 314,980 | ||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||
For the three months ended March 29, 2014 | |||||||||||||||||||||||||
Issuers | Non-Wholly-owned | Wholly- | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | owned | Guarantors | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
Net cash used in operating activities | $ | (10,964 | ) | $ | (13,844 | ) | $ | (22,564 | ) | $ | (3,183 | ) | $ | 180 | $ | (50,375 | ) | ||||||||
Cash flow from investing activities: | |||||||||||||||||||||||||
Acquisitions, net of cash acquired | (182,514 | ) | — | — | — | — | (182,514 | ) | |||||||||||||||||
Purchase of property, plant and equipment | (1,157 | ) | (6,448 | ) | (12,292 | ) | (44 | ) | — | (19,941 | ) | ||||||||||||||
Proceeds from the sale of property, plant, and equipment | — | 48 | 2,083 | 71 | — | 2,202 | |||||||||||||||||||
Other | — | — | 7 | — | — | 7 | |||||||||||||||||||
Net cash (used for) provided by investing activities | (183,671 | ) | (6,400 | ) | (10,202 | ) | 27 | — | (200,246 | ) | |||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||||||
Proceeds from investment by member | 24,350 | (1,166 | ) | 1,166 | 24,350 | ||||||||||||||||||||
Net proceeds from debt issuance | 306,750 | — | — | — | — | 306,750 | |||||||||||||||||||
Loans received from and payments made on loans from other Summit Companies | (56,210 | ) | 20,240 | 38,595 | (298 | ) | (2,327 | ) | — | ||||||||||||||||
Payments on long-term debt | (51,057 | ) | — | (3,257 | ) | — | — | (54,314 | ) | ||||||||||||||||
Payments on acquisition-related liabilities | — | — | (638 | ) | — | — | (638 | ) | |||||||||||||||||
Financing costs | (6,309 | ) | — | — | — | — | (6,309 | ) | |||||||||||||||||
Net cash provided by (used for) financing activities | 217,524 | 20,240 | 33,534 | 868 | (2,327 | ) | 269,839 | ||||||||||||||||||
Net increase (decrease) in cash | 22,889 | (4 | ) | 768 | (2,288 | ) | (2,147 | ) | 19,218 | ||||||||||||||||
Cash — Beginning of period | 10,375 | 9 | 3,442 | 3,631 | (2,540 | ) | 14,917 | ||||||||||||||||||
Cash — End of period | $ | 33,264 | $ | 5 | $ | 4,210 | $ | 1,343 | $ | (4,687 | ) | $ | 34,135 | ||||||||||||
Summary_of_Organization_and_Si1
Summary of Organization and Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Initial Public Offering | Initial Public Offering—Summit Inc. commenced operations on March 11, 2015 upon the pricing of the IPO of its Class A common stock. Summit Inc. raised $433.0 million, net of underwriting discounts, through the issuance of 25,555,555 shares of Class A common stock at a public offering price of $18.00 per share. Summit Inc. used the offering proceeds to purchase a number of newly-issued LP Units from Summit Holdings equal to the number of shares of Class A common stock issued to the public. Summit Inc. caused Summit Holdings to use these proceeds (i) to redeem $288.2 million in aggregate principal amount of outstanding 10 1⁄2% Senior Notes due January 31, 2020 (“Senior Notes”) at a redemption price of 100% and an applicable premium thereon; (ii) to purchase 71,428,571 Class B Units of Continental Cement Company, L.L.C. (“Continental Cement”); (iii) to pay a one-time termination fee of $13.8 million primarily to affiliates of the Sponsors in connection with the termination of a transaction and management fee agreement; and (iv) for general corporate purposes. The $288.2 million redemption of Senior Notes was completed in the second quarter of 2015 at a redemption price equal to par plus an applicable premium of $38.2 million plus $5.2 million of accrued and unpaid interest. | ||||||||||||||||
Basis of Presentation | Basis of Presentation—These unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of Summit Holdings and the notes thereto as of and for the year ended December 27, 2014 included in Summit Inc.’s prospectus filed with the SEC on March 13, 2015. The Company’s financial position as of December 27, 2014 and the results of operations and cash flows for the three months ended March 28, 2015 have been recast to reflect those of Summit Holdings. The Company continues to follow the accounting policies set forth in those consolidated financial statements. Management believes that these consolidated interim financial statements include all adjustments, normal and recurring in nature, that are necessary to present fairly the financial position of the Company as of March 28, 2015 and the results of operations and cash flows for the three months ended March 28, 2015 and March 29, 2014. All significant intercompany balances and transactions have been eliminated. | ||||||||||||||||
The Company’s fiscal year is based on a 52-53 week year with each quarter composed of 13 weeks ending on a Saturday. The 53-week year occurs approximately once every seven years and will occur in 2015. The additional week in the 53-week year will be included in the fourth quarter. | |||||||||||||||||
The consolidated financial statements of the Company include the accounts of Summit Inc. and its subsidiaries, including noncontrolling interests. As a result of the Reorganization, Summit Holdings became a variable interest entity. Summit Inc. is the primary beneficiary of Summit Holdings as a result of its 100% voting power and control over Summit Holdings, its obligation to absorb losses and its right to receive benefits of Summit Holdings and thus consolidates Summit Holdings in its consolidated financial statements with a corresponding noncontrolling interest elimination of 72.2%. | |||||||||||||||||
Noncontrolling interests in consolidated subsidiaries represent a 20% ownership in Ohio Valley Asphalt, LLC and, prior to the IPO and concurrent purchase of the noncontrolling interests of Continental Cement, a 30% redeemable ownership in Continental Cement. | |||||||||||||||||
Use of Estimates | Use of Estimates—Preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangibles and other long-lived assets, pension and other postretirement obligations and asset retirement obligations. Estimates also include revenue earned on contracts and costs to complete contracts. Most of the Company’s paving and related services are performed under fixed unit-price contracts with state and local governmental entities. Management regularly evaluates its estimates and assumptions based on historical experience and other factors, including the current economic environment. Management adjusts such estimates and assumptions when circumstances dictate. As future events and their effects cannot be determined with precision, actual results can differ significantly from estimates made. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the Company’s consolidated financial statements when the change in estimate occurs. | ||||||||||||||||
Business and Credit Concentrations | Business and Credit Concentrations—The Company’s operations are conducted primarily across 17 U.S. states and in British Columbia, Canada, with the most significant revenue generated in Texas, Kansas, Kentucky, Utah and Missouri. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers, and management does not believe that any significant concentrations of credit exist with respect to individual customers or groups of customers. No single customer accounted for more than 10% of the Company’s total revenue in the three months ended March 28, 2015 or March 29, 2014. | ||||||||||||||||
Earnings per Share | Earnings per Share—The Company computes basic earnings per share attributable to stockholders by dividing income attributable to Summit Inc. by the weighted-average Class A common shares outstanding. Diluted earnings per share reflects the potential dilution beyond shares for basic earnings per share that could occur if securities or other contracts to issue common stock were exercised, converted into common stock, or resulted in the issuance of common stock that would have shared in the Company’s earnings. Since the Class B common shares have no economic value, they are not included in the weighted-average common share amount for basic or diluted earnings per share. In addition, as the Class A common shares are issued by Summit Inc., the earnings and equity interests of noncontrolling interests are not included in basic or diluted earnings per share. | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements—Certain acquisitions made by the Company require the payment of contingent amounts of purchase consideration. These payments are contingent on specified operating results being achieved in periods subsequent to the acquisition and will only be made if earn-out thresholds are achieved. Contingent consideration obligations are measured at fair value each reporting period. Any adjustments to fair value are recognized in earnings in the period identified. Contingent consideration as of March 28, 2015 and December 27, 2014 was: | ||||||||||||||||
March 28, | December 27, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Current portion of acquisition-related liabilities: | |||||||||||||||||
Current portion of contingent consideration | $ | 3,775 | $ | 2,375 | |||||||||||||
Acquisition-related liabilities: | |||||||||||||||||
Contingent consideration | $ | 4,187 | $ | 5,379 | |||||||||||||
The fair value of the contingent consideration obligations approximated their carrying value as of March 28, 2015 and December 27, 2014. The fair values are based on unobservable, or Level 3, inputs, including projected probability-weighted cash payments and an 11.0% discount rate, which reflects a market discount rate. Changes in fair value may occur as a result of a change in actual or projected cash payments, the probability weightings applied by the Company to projected payments or a change in the discount rate. Significant increases or decreases in any of these inputs in isolation could result in a lower, or higher, fair value measurement. There were no material valuation adjustments to contingent consideration obligations in the three months ended March 28, 2015 or March 29, 2014. | |||||||||||||||||
Financial Instruments | Financial Instruments—The Company’s financial instruments include debt and certain acquisition-related liabilities (deferred consideration and noncompete obligations). The carrying value and fair value of these financial instruments as of March 28, 2015 and December 27, 2014 was: | ||||||||||||||||
March 28, 2015 | December 27, 2014 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
Level 2 | |||||||||||||||||
Long-term debt(1) | 1,105,240 | 1,062,693 | 1,101,873 | 1,064,917 | |||||||||||||
Level 3 | |||||||||||||||||
Current portion of deferred consideration and noncompete obligations(2) | 21,076 | 21,076 | 16,027 | 16,027 | |||||||||||||
Long term portion of deferred consideration and noncompete obligations(3) | 40,058 | 40,058 | 37,357 | 37,357 | |||||||||||||
-1 | $5.3 million included in current portion of debt as of March 28, 2015 and December 27, 2014. | ||||||||||||||||
-2 | Included in current portion of acquisition-related liabilities on the balance sheet. | ||||||||||||||||
-3 | Included in acquisition-related liabilities on the balance sheet. | ||||||||||||||||
The fair value of debt was determined based on observable, or Level 2 inputs, such as interest rates, bond yields and quoted prices in inactive markets. The fair value of the deferred consideration and noncompete obligations were determined based on unobservable, or Level 3 inputs, including the cash payment terms in the purchase agreements and a discount rate reflecting the Company’s credit risk. | |||||||||||||||||
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest — On March 17, 2015, upon the consummation of the IPO and the transactions contemplated by a contribution and purchase agreement entered into with the holders of all of the outstanding Class B Units of Continental Cement, Continental Cement became a wholly-owned indirect subsidiary of Summit Holdings. The noncontrolling interests of Continental Cement were acquired for aggregate consideration of $64.1 million, consisting of $35.0 million of cash, 1,029,183 of Class A common shares and $15.0 million aggregate principal amount of non-interest bearing notes payable in six annual installments of $2.5 million, beginning on March 17, 2016. | ||||||||||||||||
New Accounting Standards | New Accounting Standards — In April 2015, the FASB issued a new accounting standard to simplify the presentation of debt issuance costs. Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs, changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity will present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The ASU is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The guidance will be applied retrospectively to all prior periods (i.e., the balance sheet for each period will be adjusted). Had the Company adopted this guidance as of the current period, both Other Assets (noncurrent) and Long-term Debt as of March 28, 2015 and December 27, 2014, would have decreased by $19.6 million and $17.2 million, respectively. | ||||||||||||||||
In April 2015, the FASB issued a new accounting standard, ASU 2015-04, Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets, which gives an employer whose fiscal year-end does not coincide with a calendar month-end (e.g., an entity that has a 52- or 53-week fiscal year) the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month-end that is closest to its fiscal year-end. The ASU is effective for public business entities for financial statements issued for fiscal years beginning after December 31, 2015, and interim periods within those fiscal years. Early application is permitted, and the ASU should be applied prospectively. The Company does not expect the adoption of the ASU to have a material effect on its financial position or results of operations. | |||||||||||||||||
In May 2014, the FASB issued a new accounting standard to improve and converge the financial reporting requirements for revenue from contracts with customers. ASU No. 2014-09, Revenue from Contracts with Customers, prescribes a five-step model for revenue recognition that will replace most existing revenue recognition guidance in U.S. GAAP. The ASU will supersede nearly all existing revenue recognition guidance under U.S. GAAP and provides that an entity recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption and will become effective for the Company in the first quarter of 2017. Early adoption is prohibited. Management is currently assessing the effect that the adoption of this standard will have on the consolidated financial statements. | |||||||||||||||||
Reclassifications | Reclassifications — Certain amounts in the prior year have been reclassified to conform to the presentation in the consolidated financial statements as of and for the quarter ended March 28, 2015. | ||||||||||||||||
Summit Materials, LLC [Member] | |||||||||||||||||
Basis of Presentation | Basis of Presentation—These unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto as of and for the year ended December 27, 2014 . The Company continues to follow the accounting policies set forth in those consolidated financial statements. Management believes that these consolidated interim financial statements include all adjustments, normal and recurring in nature, that are necessary to present fairly the financial position of the Company as of March 28, 2015 and the results of operations and cash flows for the three months ended March 28, 2015 and March 29, 2014. | ||||||||||||||||
The Company’s fiscal year is based on a 52-53 week year with each quarter composed of 13 weeks ending on a Saturday. The 53-week year occurs approximately once every seven years and will occur in 2015. The additional week in the 53-week year will be included in the fourth quarter. | |||||||||||||||||
The consolidated financial statements of the Company include the accounts of Summit LLC and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Noncontrolling interests in consolidated subsidiaries represent a 20% ownership in Ohio Valley Asphalt, LLC and, prior to the IPO and concurrent purchase of the noncontrolling interests of Continental Cement Company, L.L.C. (“Continental Cement”), a 30% redeemable ownership in Continental Cement. | |||||||||||||||||
Use of Estimates | Use of Estimates—Preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangibles and other long-lived assets, pension and other postretirement obligations and asset retirement obligations. Estimates also include revenue earned on contracts and costs to complete contracts. Most of the Company’s paving and related services are performed under fixed unit-price contracts with state and local governmental entities. Management regularly evaluates its estimates and assumptions based on historical experience and other factors, including the current economic environment. Management adjusts such estimates and assumptions when circumstances dictate. As future events and their effects cannot be determined with precision, actual results can differ significantly from estimates made. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the Company’s consolidated financial statements when the change in estimate occurs. | ||||||||||||||||
Business and Credit Concentrations | Business and Credit Concentrations—The Company’s operations are conducted primarily across 17 U.S. states and in British Columbia, Canada, with the most significant revenue generated in Texas, Kansas, Kentucky, Utah and Missouri. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers, and management does not believe that any significant concentrations of credit exist with respect to individual customers or groups of customers. No single customer accounted for more than 10% of total revenue in the three months ended March 28, 2015 or March 29, 2014. | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements—Certain acquisitions made by the Company require the payment of contingent amounts of purchase consideration. These payments are contingent on specified operating results being achieved in periods subsequent to the acquisition and will only be made if earn-out thresholds are achieved. Contingent consideration obligations are measured at fair value each reporting period. Any adjustments to fair value are recognized in earnings in the period identified. Contingent consideration as of March 28, 2015 and December 27, 2014 was: | ||||||||||||||||
March 28, | December 27, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Current portion of acquisition-related liabilities: | |||||||||||||||||
Current portion of contingent consideration | $ | 3,775 | $ | 2,375 | |||||||||||||
Acquisition-related liabilities: | |||||||||||||||||
Contingent consideration | $ | 4,187 | $ | 5,379 | |||||||||||||
The fair value of the contingent consideration obligations approximated their carrying value as of March 28, 2015 and December 27, 2014. The fair values are based on unobservable, or Level 3, inputs, including projected probability-weighted cash payments and an 11.0% discount rate, which reflects a market discount rate. Changes in fair value may occur as a result of a change in actual or projected cash payments, the probability weightings applied by the Company to projected payments or a change in the discount rate. Significant increases or decreases in any of these inputs in isolation could result in a lower, or higher, fair value measurement. There were no material valuation adjustments to contingent consideration obligations in the three months ended March 28, 2015 or March 29, 2014. | |||||||||||||||||
Financial Instruments | Financial Instruments—The Company’s financial instruments include debt and certain acquisition-related liabilities (deferred consideration and noncompete obligations). The carrying value and fair value of these financial instruments as of March 28, 2015 and December 27, 2014 was: | ||||||||||||||||
March 28, 2015 | December 27, 2014 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
Level 2 | |||||||||||||||||
Long-term debt(1) | 1,105,240 | 1,062,693 | 1,101,873 | 1,064,917 | |||||||||||||
Level 3 | |||||||||||||||||
Current portion of deferred consideration and noncompete obligations(2) | 18,576 | 18,576 | 16,027 | 16,027 | |||||||||||||
Long term portion of deferred consideration and noncompete obligations(3) | 31,981 | 31,981 | 37,357 | 37,357 | |||||||||||||
-1 | $5.3 million included in current portion of debt as of March 28, 2015 and December 27, 2014. | ||||||||||||||||
-2 | Included in current portion of acquisition-related liabilities on the balance sheet. | ||||||||||||||||
-3 | Included in acquisition-related liabilities on the balance sheet. | ||||||||||||||||
The fair value of debt was determined based on observable, or Level 2 inputs, such as interest rates, bond yields and quoted prices in inactive markets. The fair value of the deferred consideration and noncompete obligations were determined based on unobservable, or Level 3 inputs, including the cash payment terms in the purchase agreements and a discount rate reflecting the Company’s credit risk. | |||||||||||||||||
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest — On March 17, 2015, upon the consummation of the IPO and the transactions contemplated by a contribution and purchase agreement entered into with the holders of all of the outstanding Class B Units of Continental Cement, Continental Cement became a wholly-owned indirect subsidiary of Summit LLC. The noncontrolling interests of Continental Cement were acquired for aggregate consideration of $64.1 million, consisting of $35.0 million of cash, 1,029,183 of Class A common shares and $15.0 million aggregate principal amount of non-interest bearing notes payable in six annual installments of $2.5 million, beginning on March 17, 2016. The notes payable is a liability of Summit Holdings and, is therefore excluded from the liabilities of Summit LLC. | ||||||||||||||||
New Accounting Standards | New Accounting Standards — In April 2015, the FASB issued a new accounting standard to simplify the presentation of debt issuance costs. Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs, changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity will present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The ASU is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The guidance will be applied retrospectively to all prior periods (i.e., the balance sheet for each period will be adjusted). Had the Company adopted this guidance as of the current period, both Other Assets (noncurrent) and Long-term Debt as of March 28, 2015 and December 27, 2014, would have decreased by $19.6 million and $17.2 million, respectively. | ||||||||||||||||
In April 2015, the FASB issued a new accounting standard, ASU 2015-04, Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets, which gives an employer whose fiscal year-end does not coincide with a calendar month-end (e.g., an entity that has a 52- or 53-week fiscal year) the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month-end that is closest to its fiscal year-end. The ASU is effective for public business entities for financial statements issued for fiscal years beginning after December 31, 2015, and interim periods within those fiscal years. Early application is permitted, and the ASU should be applied prospectively. The Company does not expect the adoption of the ASU to have a material effect on its financial position or results of operations. | |||||||||||||||||
In May 2014, the FASB issued a new accounting standard to improve and converge the financial reporting requirements for revenue from contracts with customers. ASU No. 2014-09, Revenue from Contracts with Customers, prescribes a five-step model for revenue recognition that will replace most existing revenue recognition guidance in U.S. GAAP. The ASU will supersede nearly all existing revenue recognition guidance under U.S. GAAP and provides that an entity recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption and will become effective for the Company in the first quarter of 2017. Early adoption is prohibited. Management is currently assessing the effect that the adoption of this standard will have on the consolidated financial statements. | |||||||||||||||||
Reclassifications | Reclassifications — Certain amounts in the prior year have been reclassified to conform to the presentation in the consolidated financial statements as of and for the quarter ended March 28, 2015. |
Summary_of_Organization_and_Si2
Summary of Organization and Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Schedule of Contingent Consideration Obligations Measured at Fair Value | Contingent consideration as of March 28, 2015 and December 27, 2014 was: | ||||||||||||||||
March 28, | December 27, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Current portion of acquisition-related liabilities: | |||||||||||||||||
Current portion of contingent consideration | $ | 3,775 | $ | 2,375 | |||||||||||||
Acquisition-related liabilities: | |||||||||||||||||
Contingent consideration | $ | 4,187 | $ | 5,379 | |||||||||||||
Schedule of Carrying Value and Fair Value of Financial Instruments | The carrying value and fair value of these financial instruments as of March 28, 2015 and December 27, 2014 was: | ||||||||||||||||
March 28, 2015 | December 27, 2014 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
Level 2 | |||||||||||||||||
Long-term debt(1) | 1,105,240 | 1,062,693 | 1,101,873 | 1,064,917 | |||||||||||||
Level 3 | |||||||||||||||||
Current portion of deferred consideration and noncompete obligations(2) | 21,076 | 21,076 | 16,027 | 16,027 | |||||||||||||
Long term portion of deferred consideration and noncompete obligations(3) | 40,058 | 40,058 | 37,357 | 37,357 | |||||||||||||
-1 | $5.3 million included in current portion of debt as of March 28, 2015 and December 27, 2014. | ||||||||||||||||
-2 | Included in current portion of acquisition-related liabilities on the balance sheet. | ||||||||||||||||
-3 | Included in acquisition-related liabilities on the balance sheet. | ||||||||||||||||
Summit Materials, LLC [Member] | |||||||||||||||||
Schedule of Contingent Consideration Obligations Measured at Fair Value | Contingent consideration as of March 28, 2015 and December 27, 2014 was: | ||||||||||||||||
March 28, | December 27, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Current portion of acquisition-related liabilities: | |||||||||||||||||
Current portion of contingent consideration | $ | 3,775 | $ | 2,375 | |||||||||||||
Acquisition- related liabilities: | |||||||||||||||||
Contingent consideration | $ | 4,187 | $ | 5,379 | |||||||||||||
Schedule of Carrying Value and Fair Value of Financial Instruments | The carrying value and fair value of these financial instruments as of March 28, 2015 and December 27, 2014 was: | ||||||||||||||||
March 28, 2015 | December 27, 2014 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
Level 2 | |||||||||||||||||
Long-term debt(1) | 1,105,240 | 1,062,693 | 1,101,873 | 1,064,917 | |||||||||||||
Level 3 | |||||||||||||||||
Current portion of deferred consideration and noncompete obligations(2) | 18,576 | 18,576 | 16,027 | 16,027 | |||||||||||||
Long term portion of deferred consideration and noncompete obligations(3) | 31,981 | 31,981 | 37,357 | 37,357 | |||||||||||||
-1 | $5.3 million included in current portion of debt as of March 28, 2015 and December 27, 2014. | ||||||||||||||||
-2 | Included in current portion of acquisition-related liabilities on the balance sheet. | ||||||||||||||||
-3 | Included in acquisition-related liabilities on the balance sheet. |
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Summary of Accounts Receivable, Net | Accounts receivable, net consisted of the following as of March 28, 2015 and December 27, 2014: | ||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Trade accounts receivable | $ | 100,528 | $ | 131,060 | |||||
Retention receivables | 10,301 | 12,053 | |||||||
Receivables from related parties | 928 | 333 | |||||||
Accounts receivable | 111,757 | 143,446 | |||||||
Less: Allowance for doubtful accounts | (1,816 | ) | (2,144 | ) | |||||
Accounts receivable, net | $ | 109,941 | $ | 141,302 | |||||
Summit Materials, LLC [Member] | |||||||||
Summary of Accounts Receivable, Net | Accounts receivable, net consisted of the following as of March 28, 2015 and December 27, 2014: | ||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Trade accounts receivable | $ | 100,528 | $ | 131,060 | |||||
Retention receivables | 10,301 | 12,053 | |||||||
Receivables from related parties | 928 | 333 | |||||||
Accounts receivable | 111,757 | 143,446 | |||||||
Less: Allowance for doubtful accounts | (1,816 | ) | (2,144 | ) | |||||
Accounts receivable, net | $ | 109,941 | $ | 141,302 | |||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Components of Inventories | Inventories consisted of the following as of March 28, 2015 and December 27, 2014: | ||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Aggregate stockpiles | $ | 90,000 | $ | 88,211 | |||||
Finished goods | 18,355 | 8,826 | |||||||
Work in process | 2,065 | 1,801 | |||||||
Raw materials | 22,887 | 12,715 | |||||||
Total | $ | 133,307 | $ | 111,553 | |||||
Summit Materials, LLC [Member] | |||||||||
Components of Inventories | Inventories consisted of the following as of March 28, 2015 and December 27, 2014: | ||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Aggregate stockpiles | $ | 90,000 | $ | 88,211 | |||||
Finished goods | 18,355 | 8,826 | |||||||
Work in process | 2,065 | 1,801 | |||||||
Raw materials | 22,887 | 12,715 | |||||||
Total | $ | 133,307 | $ | 111,553 | |||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Components of Accrued Expenses | Accrued expenses consisted of the following as of March 28, 2015 and December 27, 2014: | ||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Interest | $ | 15,917 | $ | 32,475 | |||||
Payroll and benefits | 13,100 | 20,326 | |||||||
Capital lease obligations | 17,926 | 17,530 | |||||||
Insurance | 12,469 | 11,402 | |||||||
Non-income taxes | 5,765 | 5,520 | |||||||
Professional fees | 3,051 | 3,299 | |||||||
Other (1) | 13,384 | 10,944 | |||||||
Total | $ | 81,612 | $ | 101,496 | |||||
-1 | Consists primarily of subcontractor and working capital settlement accruals. | ||||||||
Summit Materials, LLC [Member] | |||||||||
Components of Accrued Expenses | Accrued expenses consisted of the following as of March 28, 2015 and December 27, 2014: | ||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Interest | $ | 15,917 | $ | 32,475 | |||||
Payroll and benefits | 13,100 | 20,326 | |||||||
Capital lease obligations | 17,926 | 17,530 | |||||||
Insurance | 12,469 | 11,402 | |||||||
Non-income taxes | 5,765 | 5,520 | |||||||
Professional fees | 3,051 | 3,299 | |||||||
Other (1) | 13,384 | 10,944 | |||||||
Total | $ | 81,612 | $ | 101,496 | |||||
-1 | Consists primarily of subcontractor and working capital settlement accruals. |
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Schedule of Debt | Debt consisted of the following as of March 28, 2015 and December 27, 2014: | ||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Long-term debt: | |||||||||
$625.0 million senior notes, including a $25.2 million and $26.5 million net premium at March 28, 2015 and December 27, 2014, respectively | 650,225 | 651,548 | |||||||
$414.6 million term loan, net of $2.1 million discount at March 28, 2015 and $415.7 million term loan, net of $2.3 million discount at December 27, 2014 | 412,468 | 413,369 | |||||||
Total | 1,062,693 | 1,064,917 | |||||||
Current portion of long-term debt | 5,275 | 5,275 | |||||||
Long-term debt | $ | 1,057,418 | $ | 1,059,642 | |||||
Schedule of Contractual Payments of Long-Term Debt | The contractual payments of long-term debt, including current maturities, for the five years subsequent to March 28, 2015, are as follows: | ||||||||
2015 (nine months) | $ | 4,220 | |||||||
2016 | 4,220 | ||||||||
2017 | 4,220 | ||||||||
2018 | 3,165 | ||||||||
2019 | 398,790 | ||||||||
2020 | 625,000 | ||||||||
Total | 1,039,615 | ||||||||
Plus: Original issue net premium | 23,078 | ||||||||
Total debt | $ | 1,062,693 | |||||||
Summary of Activity for Deferred Financing Fees | The following table presents the activity for the deferred financing fees for the three months ended March 28, 2015 and March 29, 2014: | ||||||||
Deferred financing fees | |||||||||
Balance — December 27, 2014 | $ | 17,215 | |||||||
Loan origination fees | 4,048 | ||||||||
Amortization | (982 | ) | |||||||
Write off of deferred financing fees | (688 | ) | |||||||
Balance — March 28, 2015 | $ | 19,593 | |||||||
Balance — December 28, 2013 | $ | 11,485 | |||||||
Loan origination fees | 6,309 | ||||||||
Amortization | (850 | ) | |||||||
Balance — March 29, 2014 | $ | 16,944 | |||||||
Summit Materials, LLC [Member] | |||||||||
Schedule of Debt | Debt consisted of the following as of March 28, 2015 and December 27, 2014: | ||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Long-term debt: | |||||||||
$625.0 million senior notes, including a $25.2 million and $26.5 million net premium at March 28, 2015 and December 27, 2014, respectively | 650,225 | 651,548 | |||||||
$414.6 million term loan, net of $2.1 million discount at March 28, 2015 and | |||||||||
$415.7 million term loan, net of $2.3 million discount at December 27, 2014 | 412,468 | 413,369 | |||||||
Total | 1,062,693 | 1,064,917 | |||||||
Current portion of long-term debt | 5,275 | 5,275 | |||||||
Long-term debt | $ | 1,057,418 | $ | 1,059,642 | |||||
Schedule of Contractual Payments of Long-Term Debt | The contractual payments of long-term debt, including current maturities, for the five years subsequent to March 28, 2015, are as follows: | ||||||||
2015 (nine months) | $ | 4,220 | |||||||
2016 | 4,220 | ||||||||
2017 | 4,220 | ||||||||
2018 | 3,165 | ||||||||
2019 | 398,790 | ||||||||
2020 | 625,000 | ||||||||
Total | 1,039,615 | ||||||||
Plus: Original issue net premium | 23,078 | ||||||||
Total debt | $ | 1,062,693 | |||||||
Summary of Activity for Deferred Financing Fees | The following table presents the activity for the deferred financing fees for the three months ended March 28, 2015 and March 29, 2014: | ||||||||
Deferred financing fees | |||||||||
Balance — December 27, 2014 | $ | 17,215 | |||||||
Loan origination fees | 4,048 | ||||||||
Amortization | (982 | ) | |||||||
Write off of deferred financing fees | (688 | ) | |||||||
Balance — March 28, 2015 | $ | 19,593 | |||||||
Balance — December 28, 2013 | $ | 11,485 | |||||||
Loan origination fees | 6,309 | ||||||||
Amortization | (850 | ) | |||||||
Balance — March 29, 2014 | $ | 16,944 | |||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information is as follows: | ||||||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Cash payments: | |||||||||
Interest | $ | 39,165 | $ | 19,970 | |||||
Income taxes | 453 | 795 | |||||||
Non cash financing activities: | |||||||||
Purchase of noncontrolling interest in Continental Cement | $ | (29,102 | ) | $ | — | ||||
Summit Materials, LLC [Member] | |||||||||
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information is as follows: | ||||||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Cash payments: | |||||||||
Interest | $ | 39,165 | $ | 19,970 | |||||
Income taxes | 453 | 795 | |||||||
Non cash financing activities: | |||||||||
Purchase of noncontrolling interest in Continental Cement | $ | (64,102 | ) | $ | — |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Summary of Financial Data for Company's Reportable Business Segments | The following tables display selected financial data for the Company’s reportable segments: | ||||||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Revenue: | |||||||||
West region | $ | 127,674 | $ | 94,894 | |||||
Central region | 56,609 | 47,542 | |||||||
East region | 9,704 | 8,655 | |||||||
Total revenue | $ | 193,987 | $ | 151,091 | |||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Adjusted EBITDA | |||||||||
West region | $ | 11,869 | $ | 1,791 | |||||
Central region | 710 | (423 | ) | ||||||
East region | (7,867 | ) | (9,338 | ) | |||||
Corporate and other | (9,687 | ) | (7,499 | ) | |||||
Total reportable segments and corporate | (4,975 | ) | (15,469 | ) | |||||
Interest expense | 24,109 | 18,819 | |||||||
Depreciation, depletion, amortization and accretion | 26,126 | 19,356 | |||||||
Initial public offering costs | 28,296 | — | |||||||
Loss on debt financings | 799 | — | |||||||
Loss from continuing operations before taxes | $ | (84,305 | ) | $ | (53,644 | ) | |||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Cash paid for capital expenditures: | |||||||||
West region | $ | 5,419 | $ | 4,138 | |||||
Central region | 8,624 | 12,401 | |||||||
East region | 2,774 | 2,245 | |||||||
Total reportable segments | 16,817 | 18,784 | |||||||
Corporate and other | 891 | 1,157 | |||||||
Total capital expenditures | $ | 17,708 | $ | 19,941 | |||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Depreciation, depletion, amortization and accretion: | |||||||||
West region | $ | 12,088 | $ | 6,747 | |||||
Central region | 10,072 | 8,847 | |||||||
East region | 3,477 | 3,457 | |||||||
Total reportable segments | 25,637 | 19,051 | |||||||
Corporate and other | 489 | 305 | |||||||
Total depreciation, depletion, amortization and accretion | $ | 26,126 | $ | 19,356 | |||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Total assets: | |||||||||
West region | $ | 760,881 | $ | 777,981 | |||||
Central region | 704,314 | 704,134 | |||||||
East region | 219,607 | 221,598 | |||||||
Total reportable segments | 1,684,802 | 1,703,713 | |||||||
Corporate and other | 333,452 | 26,064 | |||||||
Total | $ | 2,018,254 | $ | 1,729,777 | |||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Revenue by product:* | |||||||||
Aggregates | $ | 52,337 | $ | 31,550 | |||||
Cement | 11,819 | 7,707 | |||||||
Ready-mixed concrete | 70,088 | 42,380 | |||||||
Asphalt | 20,914 | 24,396 | |||||||
Paving and related services | 43,899 | 55,857 | |||||||
Other | (5,070 | ) | (10,799 | ) | |||||
Total revenue | $ | 193,987 | $ | 151,091 | |||||
* | Revenue by product includes intercompany and intracompany sales transferred at market value. The elimination of intracompany transactions is included in Other. Revenue from the liquid asphalt terminals is included in asphalt revenue. | ||||||||
Summit Materials, LLC [Member] | |||||||||
Summary of Financial Data for Company's Reportable Business Segments | The following tables display selected financial data for the Company’s reportable segments: | ||||||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Revenue: | |||||||||
West region | $ | 127,674 | $ | 94,894 | |||||
Central region | 56,609 | 47,542 | |||||||
East region | 9,704 | 8,655 | |||||||
Total revenue | $ | 193,987 | $ | 151,091 | |||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Adjusted EBITDA | |||||||||
West region | $ | 11,869 | $ | 1,791 | |||||
Central region | 710 | (423 | ) | ||||||
East region | (7,867 | ) | (9,338 | ) | |||||
Corporate and other | (9,687 | ) | (7,499 | ) | |||||
Total reportable segments and corporate | (4,975 | ) | (15,469 | ) | |||||
Interest expense | 24,109 | 18,819 | |||||||
Depreciation, depletion, amortization and accretion | 26,126 | 19,356 | |||||||
Initial public offering costs | 28,296 | — | |||||||
Loss on debt financings | 799 | — | |||||||
Loss from continuing operations before taxes | $ | (84,305 | ) | $ | (53,644 | ) | |||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Cash paid for capital expenditures: | |||||||||
West region | $ | 5,419 | $ | 4,138 | |||||
Central region | 8,624 | 12,401 | |||||||
East region | 2,774 | 2,245 | |||||||
Total reportable segments | 16,817 | 18,784 | |||||||
Corporate and other | 891 | 1,157 | |||||||
Total capital expenditures | $ | 17,708 | $ | 19,941 | |||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Depreciation, depletion, amortization and accretion: | |||||||||
West region | $ | 12,088 | $ | 6,747 | |||||
Central region | 10,072 | 8,847 | |||||||
East region | 3,477 | 3,457 | |||||||
Total reportable segments | 25,637 | 19,051 | |||||||
Corporate and other | 489 | 305 | |||||||
Total depreciation, depletion, amortization and accretion | $ | 26,126 | $ | 19,356 | |||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Total assets: | |||||||||
West region | $ | 760,881 | $ | 777,981 | |||||
Central region | 704,314 | 704,134 | |||||||
East region | 219,607 | 221,598 | |||||||
Total reportable segments | 1,684,802 | 1,703,713 | |||||||
Corporate and other | 333,452 | 26,064 | |||||||
Total | $ | 2,018,254 | $ | 1,729,777 | |||||
Three months ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Revenue by product:* | |||||||||
Aggregates | $ | 52,337 | $ | 31,550 | |||||
Cement | 11,819 | 7,707 | |||||||
Ready-mixed concrete | 70,088 | 42,380 | |||||||
Asphalt | 20,914 | 24,396 | |||||||
Paving and related services | 43,899 | 55,857 | |||||||
Other | (5,070 | ) | (10,799 | ) | |||||
Total revenue | $ | 193,987 | $ | 151,091 | |||||
* | Revenue by product includes intercompany and intracompany sales transferred at market value. The elimination of intracompany transactions is included in Other. Revenue from the liquid asphalt terminals is included in asphalt revenue. |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) (Summit Materials, LLC [Member]) | 3 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Summit Materials, LLC [Member] | |||||||||||||
Accumulated Other Comprehensive Loss | The changes in each component of accumulated other comprehensive loss consisted of the following: | ||||||||||||
Pension and | Foreign currency | Accumulated | |||||||||||
Post- | translation | other | |||||||||||
retirement plans | adjustments | comprehensive | |||||||||||
loss | |||||||||||||
Balance — December 27, 2014 | $ | (9,730 | ) | $ | (5,816 | ) | $ | (15,546 | ) | ||||
Foreign currency translation adjustment | — | (6,299 | ) | (6,299 | ) | ||||||||
Balance — March 28, 2015 | $ | (9,730 | ) | $ | (12,115 | ) | $ | (21,845 | ) | ||||
Balance — December 28, 2013 | $ | (6,045 | ) | $ | — | $ | (6,045 | ) | |||||
Postretirement curtailment adjustment | (942 | ) | — | (942 | ) | ||||||||
Postretirement liability adjustment | 1,515 | — | 1,515 | ||||||||||
Balance — March 29, 2014 | $ | (5,472 | ) | $ | — | $ | (5,472 | ) | |||||
SENIOR_NOTES_GUARANTOR_AND_NON1
SENIOR NOTES' GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables) (Summit Materials, LLC [Member]) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||
Summit Materials, LLC [Member] | |||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
March 28, 2015 | |||||||||||||||||||||||||
Issuers | Wholly- | Non- | Eliminations | Consolidated | |||||||||||||||||||||
owned | Guarantors | ||||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash | $ | 314,635 | $ | 577 | $ | 7,895 | $ | (8,127 | ) | $ | 314,980 | ||||||||||||||
Accounts receivable, net | — | 101,089 | 9,269 | (417 | ) | 109,941 | |||||||||||||||||||
Intercompany receivables | 367,129 | 19,372 | 5,727 | (392,228 | ) | — | |||||||||||||||||||
Cost and estimated earnings in excess of billings | — | 11,581 | 255 | — | 11,836 | ||||||||||||||||||||
Inventories | — | 125,725 | 7,582 | — | 133,307 | ||||||||||||||||||||
Other current assets | 739 | 15,485 | 1,252 | — | 17,476 | ||||||||||||||||||||
Total current assets | 682,503 | 273,829 | 31,980 | (400,772 | ) | 587,540 | |||||||||||||||||||
Property, plant and equipment, net | 7,436 | 912,608 | 28,085 | — | 948,129 | ||||||||||||||||||||
Goodwill | — | 364,309 | 51,273 | — | 415,582 | ||||||||||||||||||||
Intangible assets, net | — | 14,547 | 2,344 | — | 16,891 | ||||||||||||||||||||
Other assets | 1,308,994 | 137,950 | 1,298 | (1,398,130 | ) | 50,112 | |||||||||||||||||||
Total assets | $ | 1,998,933 | $ | 1,703,243 | $ | 114,980 | $ | (1,798,902 | ) | $ | 2,018,254 | ||||||||||||||
Liabilities, Redeemable Noncontrolling Interest and Member’s Interest | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Current portion of debt | $ | 5,275 | $ | 5,266 | $ | — | $ | (5,266 | ) | $ | 5,275 | ||||||||||||||
Current portion of acquisition-related liabilities | — | 22,351 | — | — | 22,351 | ||||||||||||||||||||
Accounts payable | 5,073 | 61,530 | 4,654 | (417 | ) | 70,840 | |||||||||||||||||||
Accrued expenses | 25,083 | 60,750 | 3,906 | (8,127 | ) | 81,612 | |||||||||||||||||||
Intercompany payables | 109,863 | 278,938 | 3,427 | (392,228 | ) | — | |||||||||||||||||||
Billings in excess of costs and estimated earnings | — | 8,309 | — | — | 8,309 | ||||||||||||||||||||
Total current liabilities | 145,294 | 437,144 | 11,987 | (406,038 | ) | 188,387 | |||||||||||||||||||
Long-term debt | 1,057,418 | 632,861 | — | (632,861 | ) | 1,057,418 | |||||||||||||||||||
Acquisition-related liabilities | — | 36,168 | — | — | 36,168 | ||||||||||||||||||||
Other noncurrent liabilities | 751 | 94,243 | 57,546 | (55,107 | ) | 97,433 | |||||||||||||||||||
Total liabilities | 1,203,463 | 1,200,416 | 69,533 | (1,094,006 | ) | 1,379,406 | |||||||||||||||||||
Total stockholders’ equity/partners’ interest | 795,470 | 502,827 | 45,447 | (704,896 | ) | 638,848 | |||||||||||||||||||
Total liabilities, redeemable noncontrolling interest and member’s interest | $ | 1,998,933 | $ | 1,703,243 | $ | 114,980 | $ | (1,798,902 | ) | $ | 2,018,254 | ||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||||||
December 27, 2014 | |||||||||||||||||||||||||
Issuers | Non-Wholly-owned | Wholly- | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | owned | Guarantors | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash | $ | 10,837 | $ | 2 | $ | 695 | $ | 8,793 | $ | (7,112 | ) | $ | 13,215 | ||||||||||||
Accounts receivable, net | 1 | 6,629 | 124,380 | 11,525 | (1,233 | ) | 141,302 | ||||||||||||||||||
Intercompany receivables | 376,344 | 4,095 | 30,539 | 4,052 | (415,030 | ) | — | ||||||||||||||||||
Cost and estimated earnings in excess of billings | — | — | 9,819 | 355 | — | 10,174 | |||||||||||||||||||
Inventories | — | 8,696 | 98,188 | 4,669 | — | 111,553 | |||||||||||||||||||
Other current assets | 7,148 | 464 | 9,638 | 1,775 | (1,853 | ) | 17,172 | ||||||||||||||||||
Total current assets | 394,330 | 19,886 | 273,259 | 31,169 | (425,228 | ) | 293,416 | ||||||||||||||||||
Property, plant and equipment, net | 7,035 | 302,524 | 610,717 | 30,325 | — | 950,601 | |||||||||||||||||||
Goodwill | — | 23,124 | 340,969 | 55,177 | — | 419,270 | |||||||||||||||||||
Intangible assets, net | — | 542 | 14,245 | 2,860 | — | 17,647 | |||||||||||||||||||
Other assets | 1,153,204 | 25,233 | 125,462 | 1,362 | (1,256,418 | ) | 48,843 | ||||||||||||||||||
Total assets | $ | 1,554,569 | $ | 371,309 | $ | 1,364,652 | $ | 120,893 | $ | (1,681,646 | ) | $ | 1,729,777 | ||||||||||||
Liabilities, Redeemable Noncontrolling Interest and Member’s Interest | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Current portion of debt | $ | 5,275 | $ | 1,273 | $ | 3,990 | $ | — | $ | (5,263 | ) | $ | 5,275 | ||||||||||||
Current portion of acquisition-related liabilities | 166 | — | 18,236 | — | — | 18,402 | |||||||||||||||||||
Accounts payable | 3,655 | 6,845 | 65,018 | 4,569 | (1,233 | ) | 78,854 | ||||||||||||||||||
Accrued expenses | 37,101 | 10,178 | 59,477 | 3,705 | (8,965 | ) | 101,496 | ||||||||||||||||||
Intercompany payables | 162,728 | 4,052 | 245,416 | 2,834 | (415,030 | ) | — | ||||||||||||||||||
Billings in excess of costs and estimated earnings | — | — | 8,931 | 27 | — | 8,958 | |||||||||||||||||||
Total current liabilities | 208,925 | 22,348 | 401,068 | 11,135 | (430,491 | ) | 212,985 | ||||||||||||||||||
Long-term debt | 1,059,642 | 153,318 | 480,599 | — | (633,917 | ) | 1,059,642 | ||||||||||||||||||
Acquisition-related liabilities | — | — | 42,736 | — | — | 42,736 | |||||||||||||||||||
Other noncurrent liabilities | 796 | 24,787 | 65,479 | 57,736 | (55,107 | ) | 93,691 | ||||||||||||||||||
Total liabilities | 1,269,363 | 200,453 | 989,882 | 68,871 | (1,119,515 | ) | 1,409,054 | ||||||||||||||||||
Redeemable noncontrolling interest | — | — | — | — | 33,740 | 33,740 | |||||||||||||||||||
Redeemable members’ interest | — | 34,543 | — | — | (34,543 | ) | — | ||||||||||||||||||
Total stockholders’ equity/partners’ interest | 285,206 | 136,313 | 374,770 | 52,022 | (561,328 | ) | 286,983 | ||||||||||||||||||
Total liabilities, redeemable noncontrolling interest and member’s interest | $ | 1,554,569 | $ | 371,309 | $ | 1,364,652 | $ | 120,893 | $ | (1,681,646 | ) | $ | 1,729,777 | ||||||||||||
Condensed Consolidating Statements of Operations | Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
For the three months ended March 28, 2015 | |||||||||||||||||||||||||
Issuers | Wholly- | Non- | Eliminations | Consolidated | |||||||||||||||||||||
owned | Guarantors | ||||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
Revenue | $ | — | $ | 179,343 | $ | 33,646 | $ | (19,002 | ) | $ | 193,987 | ||||||||||||||
Cost of revenue (excluding items shown separately below) | — | 151,226 | 26,045 | (19,002 | ) | 158,269 | |||||||||||||||||||
General and administrative expenses | 37,781 | 29,151 | 1,666 | — | 68,598 | ||||||||||||||||||||
Depreciation, depletion, amortization and accretion | 490 | 24,153 | 1,483 | — | 26,126 | ||||||||||||||||||||
Operating (loss) income | (38,271 | ) | (25,187 | ) | 4,452 | — | (59,006 | ) | |||||||||||||||||
Other (income) expense, net | 25,786 | 739 | 149 | (25,484 | ) | 1,190 | |||||||||||||||||||
Interest expense | 13,798 | 16,055 | 881 | (6,625 | ) | 24,109 | |||||||||||||||||||
Income from continuing operations before taxes | (77,855 | ) | (41,981 | ) | 3,422 | 32,109 | (84,305 | ) | |||||||||||||||||
Income tax benefit (expense) | — | (4,538 | ) | 70 | — | (4,468 | ) | ||||||||||||||||||
Income from continuing operations | (77,855 | ) | (37,443 | ) | 3,352 | 32,109 | (79,837 | ) | |||||||||||||||||
Income from discontinued operations | — | — | — | — | — | ||||||||||||||||||||
Net income | (77,855 | ) | (37,443 | ) | 3,352 | 32,109 | (79,837 | ) | |||||||||||||||||
Net income attributable to minority interest | — | — | — | (1,982 | ) | (1,982 | ) | ||||||||||||||||||
Net income attributable to member of Summit Materials, LLC | $ | (77,855 | ) | $ | (37,443 | ) | $ | 3,352 | $ | 34,091 | $ | (77,855 | ) | ||||||||||||
Comprehensive income attributable to member of Summit Materials, LLC | $ | (84,154 | ) | $ | (37,443 | ) | $ | (2,947 | ) | $ | 40,390 | $ | (84,154 | ) | |||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||
For the three months ended March 29, 2014 | |||||||||||||||||||||||||
Issuers | Non-Wholly-owned | Wholly- | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | owned | Guarantors | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
Revenue | $ | — | $ | 7,707 | $ | 140,410 | $ | 6,332 | $ | (3,358 | ) | $ | 151,091 | ||||||||||||
Cost of revenue (excluding items shown separately below) | — | 10,903 | 117,624 | 3,506 | (3,358 | ) | 128,675 | ||||||||||||||||||
General and administrative expenses | 7,688 | 1,674 | 28,441 | 276 | — | 38,079 | |||||||||||||||||||
Depreciation, depletion, amortization and accretion | 304 | 3,074 | 15,712 | 266 | — | 19,356 | |||||||||||||||||||
Operating (loss) income | (7,992 | ) | (7,944 | ) | (21,367 | ) | 2,284 | — | (35,019 | ) | |||||||||||||||
Other expense (income), net | 36,825 | (97 | ) | (195 | ) | 49 | (36,776 | ) | (194 | ) | |||||||||||||||
Interest expense | 5,736 | 2,846 | 11,772 | 26 | (1,561 | ) | 18,819 | ||||||||||||||||||
(Loss) income from continuing operations before taxes | (50,553 | ) | (10,693 | ) | (32,944 | ) | 2,209 | 38,337 | (53,644 | ) | |||||||||||||||
Income tax benefit | — | — | (596 | ) | — | — | (596 | ) | |||||||||||||||||
(Loss) income from continuing operations | (50,553 | ) | (10,693 | ) | (32,348 | ) | 2,209 | 38,337 | (53,048 | ) | |||||||||||||||
Loss from discontinued operations | — | — | 20 | — | — | 20 | |||||||||||||||||||
Net (loss) income | (50,553 | ) | (10,693 | ) | (32,368 | ) | 2,209 | 38,337 | (53,068 | ) | |||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | (2,515 | ) | (2,515 | ) | |||||||||||||||||
Net (loss) income attributable to member of Summit Materials, LLC | $ | (50,553 | ) | $ | (10,693 | ) | $ | (32,368 | ) | $ | 2,209 | $ | 40,852 | $ | (50,553 | ) | |||||||||
Comprehensive (loss) income attributable to member of Summit Materials, LLC | $ | (50,553 | ) | $ | (9,875 | ) | $ | (32,368 | ) | $ | 2,209 | $ | 40,607 | $ | (49,980 | ) | |||||||||
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the three months ended March 28, 2015 | |||||||||||||||||||||||||
Issuers | Wholly- | Non- | Eliminations | Consolidated | |||||||||||||||||||||
owned | Guarantors | ||||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (37,814 | ) | $ | (26,132 | ) | $ | 2,605 | $ | (167 | ) | $ | (61,508 | ) | |||||||||||
Cash flow from investing activities: | |||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | — | — | — | ||||||||||||||||||||
Purchase of property, plant and equipment | (891 | ) | (16,453 | ) | (364 | ) | — | (17,708 | ) | ||||||||||||||||
Proceeds from the sale of property, plant, and equipment | — | 2,703 | 38 | — | 2,741 | ||||||||||||||||||||
Other | — | (276 | ) | — | — | (276 | ) | ||||||||||||||||||
Net cash used for investing activities | (891 | ) | (14,026 | ) | (326 | ) | — | (15,243 | ) | ||||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||||||
Proceeds from investment by member | 397,975 | — | — | — | 397,975 | ||||||||||||||||||||
Capital issuance costs | (8,931 | ) | (8,931 | ) | |||||||||||||||||||||
Net proceeds from debt issuance | 104,000 | — | — | — | 104,000 | ||||||||||||||||||||
Loans received from and payments made on loans from other Summit Companies | (41,265 | ) | 46,345 | (3,177 | ) | (1,903 | ) | — | |||||||||||||||||
Payments on long-term debt | (105,055 | ) | (2,441 | ) | — | 1,055 | (106,441 | ) | |||||||||||||||||
Payments on acquisition-related liabilities | (166 | ) | (3,866 | ) | — | — | (4,032 | ) | |||||||||||||||||
Financing costs | (4,055 | ) | — | — | — | (4,055 | ) | ||||||||||||||||||
Net cash provided by (used for) financing activities | 342,503 | 40,038 | (3,177 | ) | (848 | ) | 378,516 | ||||||||||||||||||
Net increase (decrease) in cash | 303,798 | (120 | ) | (898 | ) | (1,015 | ) | 301,765 | |||||||||||||||||
Cash — Beginning of period | 10,837 | 697 | 8,793 | (7,112 | ) | 13,215 | |||||||||||||||||||
Cash — End of period | $ | 314,635 | $ | 577 | $ | 7,895 | $ | (8,127 | ) | $ | 314,980 | ||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||
For the three months ended March 29, 2014 | |||||||||||||||||||||||||
Issuers | Non-Wholly-owned | Wholly- | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | owned | Guarantors | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
Net cash used in operating activities | $ | (10,964 | ) | $ | (13,844 | ) | $ | (22,564 | ) | $ | (3,183 | ) | $ | 180 | $ | (50,375 | ) | ||||||||
Cash flow from investing activities: | |||||||||||||||||||||||||
Acquisitions, net of cash acquired | (182,514 | ) | — | — | — | — | (182,514 | ) | |||||||||||||||||
Purchase of property, plant and equipment | (1,157 | ) | (6,448 | ) | (12,292 | ) | (44 | ) | — | (19,941 | ) | ||||||||||||||
Proceeds from the sale of property, plant, and equipment | — | 48 | 2,083 | 71 | — | 2,202 | |||||||||||||||||||
Other | — | — | 7 | — | — | 7 | |||||||||||||||||||
Net cash (used for) provided by investing activities | (183,671 | ) | (6,400 | ) | (10,202 | ) | 27 | — | (200,246 | ) | |||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||||||
Proceeds from investment by member | 24,350 | (1,166 | ) | 1,166 | 24,350 | ||||||||||||||||||||
Net proceeds from debt issuance | 306,750 | — | — | — | — | 306,750 | |||||||||||||||||||
Loans received from and payments made on loans from other Summit Companies | (56,210 | ) | 20,240 | 38,595 | (298 | ) | (2,327 | ) | — | ||||||||||||||||
Payments on long-term debt | (51,057 | ) | — | (3,257 | ) | — | — | (54,314 | ) | ||||||||||||||||
Payments on acquisition-related liabilities | — | — | (638 | ) | — | — | (638 | ) | |||||||||||||||||
Financing costs | (6,309 | ) | — | — | — | — | (6,309 | ) | |||||||||||||||||
Net cash provided by (used for) financing activities | 217,524 | 20,240 | 33,534 | 868 | (2,327 | ) | 269,839 | ||||||||||||||||||
Net increase (decrease) in cash | 22,889 | (4 | ) | 768 | (2,288 | ) | (2,147 | ) | 19,218 | ||||||||||||||||
Cash — Beginning of period | 10,375 | 9 | 3,442 | 3,631 | (2,540 | ) | 14,917 | ||||||||||||||||||
Cash — End of period | $ | 33,264 | $ | 5 | $ | 4,210 | $ | 1,343 | $ | (4,687 | ) | $ | 34,135 | ||||||||||||
Summary_of_Organization_and_Si3
Summary of Organization and Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 | Apr. 30, 2015 | Jun. 27, 2015 | |
Customer | Customer | ||||
State | |||||
Segment | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Number of operating segments | 3 | ||||
Date of incorporation | 23-Sep-14 | ||||
Net proceeds from IPO | $460,000,000 | ||||
Redeemable noncontrolling interest percentage | 40.00% | ||||
Number of customers accounted for more than 10% of total revenue | 0 | 0 | |||
Number of operating states | 17 | ||||
Reductions recognized in contingent consideration | 0 | 0 | |||
Aggregate consideration for acquiring noncontrolling interests | 64,100,000 | ||||
Cash consideration | 35,000,000 | ||||
Aggregate principal amount of non-interest bearing notes payable | 15,000,000 | ||||
Annual installments amount of non-interest bearing notes payable | 2,500,000 | ||||
Decrease in other assets (noncurrent) | -755,000 | -3,202,000 | |||
Accounting Standards Update (ASU) 2015-03 [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Decrease in other assets (noncurrent) | -19,600,000 | ||||
Decrease in long-term debt | -17,200,000 | ||||
Level 3 [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Discount rate | 11.00% | ||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Percentage of voting power | 100.00% | ||||
Noncontrolling interest elimination percentage | 72.20% | ||||
Summit Materials, LLC [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Number of operating segments | 3 | ||||
Date of incorporation | 23-Sep-14 | ||||
Redeemable noncontrolling interest percentage | 40.00% | ||||
Number of customers accounted for more than 10% of total revenue | 0 | 0 | |||
Number of operating states | 17 | ||||
Reductions recognized in contingent consideration | 0 | 0 | |||
Aggregate consideration for acquiring noncontrolling interests | 64,100,000 | ||||
Cash consideration | 35,000,000 | ||||
Aggregate principal amount of non-interest bearing notes payable | 15,000,000 | ||||
Annual installments amount of non-interest bearing notes payable | 2,500,000 | ||||
Decrease in other assets (noncurrent) | -755,000 | -3,202,000 | |||
Summit Materials, LLC [Member] | Accounting Standards Update (ASU) 2015-03 [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Decrease in other assets (noncurrent) | -19,600,000 | ||||
Decrease in long-term debt | -17,200,000 | ||||
Summit Materials, LLC [Member] | Level 3 [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Discount rate | 11.00% | ||||
Continental Cement Company, L.L.C. [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Redeemable noncontrolling interest percentage | 30.00% | ||||
Continental Cement Company, L.L.C. [Member] | Summit Materials, LLC [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Redeemable noncontrolling interest percentage | 30.00% | ||||
Ohio Valley Asphalt, LLC [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Redeemable noncontrolling interest percentage | 20.00% | ||||
Ohio Valley Asphalt, LLC [Member] | Summit Materials, LLC [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Redeemable noncontrolling interest percentage | 20.00% | ||||
Senior Notes [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Debt instrument, face amount | 625,000,000 | 625,000,000 | |||
Senior Notes [Member] | Summit Materials, LLC [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Debt instrument, face amount | 625,000,000 | 625,000,000 | |||
Senior Notes [Member] | Summit Materials, LLC [Member] | Subsequent Event [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Debt instrument, face amount | 288,200,000 | ||||
Debt Instrument, redemption premium | 38,200,000 | ||||
Accrued and unpaid interest | 5,200,000 | ||||
Sales [Member] | Customer Concentration Risk [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Customer accounted revenue | 10.00% | 10.00% | |||
Sales [Member] | Customer Concentration Risk [Member] | Summit Materials, LLC [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Customer accounted revenue | 10.00% | 10.00% | |||
Common Class A [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Class A common shares | 1,029,183 | ||||
Common Class A [Member] | Summit Materials, LLC [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Class A common shares | 1,029,183 | ||||
Initial Public Offering [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Operations commenced date | 11-Mar-15 | ||||
Net proceeds from IPO | 433,000,000 | ||||
Initial Public Offering [Member] | Blackstone Management Partners L.L.C. [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Payment of termination fee to affiliates of Sponsors | 13,800,000 | ||||
Initial Public Offering [Member] | Class B Units [Member] | Continental Cement Company, L.L.C. [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Class B capital units purchased | 71,428,571 | ||||
Initial Public Offering [Member] | Senior Notes [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Senior notes, interest rate | 10.50% | ||||
Senior notes, redemption date | 31-Jan-20 | ||||
Senior notes, redemption price percentage | 100.00% | ||||
Debt instrument, face amount | 288,200,000 | ||||
Debt Instrument, redemption premium | 38,200,000 | ||||
Accrued and unpaid interest | 5,200,000 | ||||
Initial Public Offering [Member] | Senior Notes [Member] | Subsequent Event [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Senior notes, aggregate principal amount redeemed | $288,200,000 | $288,200,000 | |||
Initial Public Offering [Member] | Common Class A [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Class A common shares | 25,555,555 | ||||
Class A Common stock offering price per share | $18 |
Summary_of_Organization_and_Si4
Summary of Organization and Significant Accounting Policies - Schedule of Contingent Consideration Obligations Measured at Fair Value (Detail) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Current portion of contingent consideration | $3,775 | $2,375 |
Contingent consideration | 4,187 | 5,379 |
Summit Materials, LLC [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Current portion of contingent consideration | 3,775 | 2,375 |
Contingent consideration | $4,187 | $5,379 |
Summary_of_Organization_and_Si5
Summary of Organization and Significant Accounting Policies - Schedule of Carrying Value and Fair Value of Financial Instruments (Detail) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt, Carrying Value | $1,062,693 | $1,064,917 |
Summit Materials, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Carrying Value | 1,062,693 | 1,064,917 |
Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Fair Value | 1,105,240 | 1,101,873 |
Long-term debt, Carrying Value | 1,062,693 | 1,064,917 |
Level 2 [Member] | Summit Materials, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Fair Value | 1,105,240 | 1,101,873 |
Long-term debt, Carrying Value | 1,062,693 | 1,064,917 |
Level 3 [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of deferred consideration and noncompete obligations, Fair Value | 21,076 | 16,027 |
Long term portion of deferred consideration and noncompete obligations, Fair Value | 40,058 | 37,357 |
Current portion of deferred consideration and noncompete obligations, Carrying Value | 21,076 | 16,027 |
Long term portion of deferred consideration and noncompete obligations, Carrying Value | 40,058 | 37,357 |
Level 3 [Member] | Summit Materials, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of deferred consideration and noncompete obligations, Fair Value | 18,576 | 16,027 |
Long term portion of deferred consideration and noncompete obligations, Fair Value | 31,981 | 37,357 |
Current portion of deferred consideration and noncompete obligations, Carrying Value | 18,576 | 16,027 |
Long term portion of deferred consideration and noncompete obligations, Carrying Value | $31,981 | $37,357 |
Summary_of_Organization_and_Si6
Summary of Organization and Significant Accounting Policies - Schedule of Carrying Value and Fair Value of Financial Instruments (Parenthetical) (Detail) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Current portion of debt | $5.30 | $5.30 |
Summit Materials, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of debt | $5.30 | $5.30 |
Reorganization_Additional_Info
Reorganization - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 28, 2015 |
Reorganization Items [Line Items] | |
Number of LP Units outstanding | 69,007,297 |
Vesting period of leverage restoration options | 4 years |
2015 Omnibus Equity Incentive Plan [Member] | |
Reorganization Items [Line Items] | |
Percentage of performance-vesting options | 25.00% |
General and Administrative Expense Costs [Member] | |
Reorganization Items [Line Items] | |
Modification charge recognized in general and administrative costs | 14.5 |
Common Class A [Member] | |
Reorganization Items [Line Items] | |
Class A common stock issued at IPO | 1,029,183 |
Common Class A [Member] | 2015 Omnibus Equity Incentive Plan [Member] | |
Reorganization Items [Line Items] | |
Number of class A common stock issued under the Omnibus Incentive Plan | 240,000 |
Exercise price per share under the Omnibus Incentive Plan | 18 |
Common Class A [Member] | Initial Public Offering [Member] | |
Reorganization Items [Line Items] | |
Class A common stock issued at IPO | 25,555,555 |
Class A Common stock offering price per share | 18 |
Class C Units [Member] | Common Class A [Member] | |
Reorganization Items [Line Items] | |
Class A common stock issued at IPO | 160,333 |
Class D Units [Member] | Common Class A [Member] | |
Reorganization Items [Line Items] | |
Class A common stock issued at IPO | 4,358,842 |
Accounts_Receivable_Net_Summar
Accounts Receivable, Net - Summary of Accounts Receivable, Net (Detail) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade accounts receivable | $100,528 | $131,060 |
Retention receivables | 10,301 | 12,053 |
Receivables from related parties | 928 | 333 |
Accounts receivable | 111,757 | 143,446 |
Less: Allowance for doubtful accounts | -1,816 | -2,144 |
Accounts receivable, net | 109,941 | 141,302 |
Summit Materials, LLC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade accounts receivable | 100,528 | 131,060 |
Retention receivables | 10,301 | 12,053 |
Receivables from related parties | 928 | 333 |
Accounts receivable | 111,757 | 143,446 |
Less: Allowance for doubtful accounts | -1,816 | -2,144 |
Accounts receivable, net | $109,941 | $141,302 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ||
Aggregate stockpiles | $90,000 | $88,211 |
Finished goods | 18,355 | 8,826 |
Work in process | 2,065 | 1,801 |
Raw materials | 22,887 | 12,715 |
Total | 133,307 | 111,553 |
Summit Materials, LLC [Member] | ||
Inventory [Line Items] | ||
Aggregate stockpiles | 90,000 | 88,211 |
Finished goods | 18,355 | 8,826 |
Work in process | 2,065 | 1,801 |
Raw materials | 22,887 | 12,715 |
Total | $133,307 | $111,553 |
Accrued_Expenses_Components_of
Accrued Expenses - Components of Accrued Expenses (Detail) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Schedule Of Accrued Expenses [Line Items] | ||
Interest | $15,917 | $32,475 |
Payroll and benefits | 13,100 | 20,326 |
Capital lease obligations | 17,926 | 17,530 |
Insurance | 12,469 | 11,402 |
Non-income taxes | 5,765 | 5,520 |
Professional fees | 3,051 | 3,299 |
Other | 13,384 | 10,944 |
Total | 81,612 | 101,496 |
Summit Materials, LLC [Member] | ||
Schedule Of Accrued Expenses [Line Items] | ||
Interest | 15,917 | 32,475 |
Payroll and benefits | 13,100 | 20,326 |
Capital lease obligations | 17,926 | 17,530 |
Insurance | 12,469 | 11,402 |
Non-income taxes | 5,765 | 5,520 |
Professional fees | 3,051 | 3,299 |
Other | 13,384 | 10,944 |
Total | $81,612 | $101,496 |
Debt_Schedule_of_Debt_Detail
Debt - Schedule of Debt (Detail) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Long-term debt: | ||
Long-term debt, total | $1,062,693 | $1,064,917 |
Current portion of long-term debt | 5,275 | 5,275 |
Long-term debt | 1,057,418 | 1,059,642 |
Credit Facility [Member] | ||
Long-term debt: | ||
Long-term debt, total | 412,468 | 413,369 |
Senior Notes [Member] | ||
Long-term debt: | ||
Long-term debt, total | 650,225 | 651,548 |
Summit Materials, LLC [Member] | ||
Long-term debt: | ||
Long-term debt, total | 1,062,693 | 1,064,917 |
Current portion of long-term debt | 5,275 | 5,275 |
Long-term debt | 1,057,418 | 1,059,642 |
Summit Materials, LLC [Member] | Credit Facility [Member] | ||
Long-term debt: | ||
Long-term debt, total | 412,468 | 413,369 |
Summit Materials, LLC [Member] | Senior Notes [Member] | ||
Long-term debt: | ||
Long-term debt, total | $650,225 | $651,548 |
Debt_Schedule_of_Debt_Parenthe
Debt - Schedule of Debt (Parenthetical) (Detail) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, face value | $625,000,000 | $625,000,000 |
Original issuance discount | 25,200,000 | 26,500,000 |
Summit Materials, LLC [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, face value | 625,000,000 | 625,000,000 |
Original issuance discount | 25,200,000 | 26,500,000 |
Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, face value | 414,600,000 | 415,700,000 |
Original issuance discount | 2,100,000 | 2,300,000 |
Credit Facility [Member] | Summit Materials, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, face value | 414,600,000 | 415,700,000 |
Original issuance discount | $2,100,000 | $2,300,000 |
Debt_Schedule_of_Contractual_P
Debt - Schedule of Contractual Payments of Long-Term Debt (Detail) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
2015 (nine months) | $4,220 | |
2016 | 4,220 | |
2017 | 4,220 | |
2018 | 3,165 | |
2019 | 398,790 | |
2020 | 625,000 | |
Total | 1,039,615 | |
Plus: Original issue net premium | 23,078 | |
Total debt | 1,062,693 | 1,064,917 |
Summit Materials, LLC [Member] | ||
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
2015 (nine months) | 4,220 | |
2016 | 4,220 | |
2017 | 4,220 | |
2018 | 3,165 | |
2019 | 398,790 | |
2020 | 625,000 | |
Total | 1,039,615 | |
Plus: Original issue net premium | 23,078 | |
Total debt | $1,062,693 | $1,064,917 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 3 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||
Mar. 28, 2015 | Mar. 29, 2014 | Jan. 15, 2015 | Jan. 15, 2015 | Mar. 17, 2015 | Mar. 28, 2015 | Mar. 17, 2015 | Mar. 16, 2015 | Jan. 15, 2015 | Jan. 15, 2015 | Jan. 15, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 08, 2014 | Jan. 17, 2014 | Jan. 30, 2012 | Mar. 28, 2015 | Sep. 08, 2014 | Jan. 17, 2014 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 29, 2014 | Jan. 15, 2015 | Jan. 15, 2015 | Jan. 30, 2012 | Mar. 17, 2015 | Mar. 28, 2015 | Mar. 17, 2015 | Mar. 11, 2015 | Jan. 30, 2012 | Jan. 15, 2015 | Jan. 15, 2015 | Jan. 15, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | |
USD ($) | USD ($) | Prime Rate [Member] | Prime Rate [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | Senior Notes [Member] | Senior Notes [Member] | Summit Materials And Summit Materials Finance Corp [Member] | Summit Materials And Summit Materials Finance Corp [Member] | Summit Materials And Summit Materials Finance Corp [Member] | Summit Materials And Summit Materials Finance Corp [Member] | Summit Materials And Summit Materials Finance Corp [Member] | Summit Materials And Summit Materials Finance Corp [Member] | Summit Materials And Summit Materials Finance Corp [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member] | Summit Materials, INC [Member] | Summit Materials, INC [Member] | Summit Materials, INC [Member] | Summit Materials, INC [Member] | Summit Materials, INC [Member] | |
COLOMBIA | CANADA | USD ($) | USD ($) | USD ($) | COLOMBIA | CANADA | Mainland [Member] | USD ($) | USD ($) | USD ($) | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes Additional [Member] | Senior Notes Additional [Member] | Senior Notes Additional [Member] | Existing Secured Notes [Member] | USD ($) | USD ($) | Prime Rate [Member] | Prime Rate [Member] | Term Loan Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Senior Secured Credit Facilities [Member] | Senior Secured Credit Facilities [Member] | Letter of Credit [Member] | Senior Notes [Member] | Senior Notes [Member] | Interest Coverage Ratio Fiscal Quarter Started January 1, 2013 Through December 31, 2014 [Member] | Interest Coverage Ratio After December 31, 2014 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
CAD | CAD | CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | COLOMBIA | CANADA | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | COLOMBIA | CANADA | Mainland [Member] | Federal Funds Effective Rate [Member] | Libor Plus Rate [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | USD ($) | Maximum [Member] | USD ($) | USD ($) | USD ($) | Senior Secured Credit Facilities [Member] | Senior Secured Credit Facilities [Member] | Federal Funds Effective Rate [Member] | Libor Plus Rate [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
CAD | CAD | CAD | Minimum [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $625,000,000 | $625,000,000 | $115,000,000 | $260,000,000 | $250,000,000 | $115,000,000 | $260,000,000 | $250,000,000 | $235,000,000 | $422,000,000 | $625,000,000 | $625,000,000 | ||||||||||||||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 235,000,000 | 150,000,000 | 211,700,000 | 422,000,000 | 235,000,000 | 150,000,000 | 211,700,000 | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of debt | 104,000,000 | 306,750,000 | 409,300,000 | 104,000,000 | 306,750,000 | |||||||||||||||||||||||||||||||||||||||||||||
Premium of debt instrument | 23,078,000 | 34,300,000 | 23,078,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Quarterly principal repayments percentage | 0.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
Frequency of periodic payment | Term debt due on the last business day of each March, June, September and December. | |||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | 30-Jan-19 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revolving credit facility, maturity date | 17-Mar-20 | 17-Mar-20 | ||||||||||||||||||||||||||||||||||||||||||||||||
Financing fees | -799,000 | -799,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Basis spread on variable rate | 0.20% | 0.90% | 0.20% | 0.90% | 0.50% | 1.00% | 2.50% | 3.50% | 0.50% | 1.00% | 2.50% | 3.50% | ||||||||||||||||||||||||||||||||||||||
Effective interest rate | 4.05% | 4.05% | ||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding letters of credit | 0 | 23,300,000 | 0 | 23,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||
First lien leverage ratio | 4.51 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest coverage ratio, maximum | 1.7 | 1.85 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 22,000,000 | 17,200,000 | 22,000,000 | 17,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Revolving credit commitment | 6,000,000 | 500,000 | 400,000 | 6,000,000 | 500,000 | 400,000 |
Debt_Summary_of_Activity_for_D
Debt - Summary of Activity for Deferred Financing Fees (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Deferred Financing Cost [Line Items] | ||
Beginning balance | $17,215 | $11,485 |
Loan origination fees | 4,048 | 6,309 |
Amortization | -982 | -850 |
Write off of deferred financing fees | -688 | |
Ending balance | 19,593 | 16,944 |
Summit Materials, LLC [Member] | ||
Deferred Financing Cost [Line Items] | ||
Beginning balance | 17,215 | 11,485 |
Loan origination fees | 4,048 | 6,309 |
Amortization | -982 | -850 |
Write off of deferred financing fees | -688 | |
Ending balance | $19,593 | $16,944 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 | |
Income Taxes [Line Items] | |||
Liabilities for uncertain tax positions | $0 | $0 | |
Interest and penalties recognized in income tax expense | 0 | 0 | |
Deferred tax assets, net | 50,500,000 | ||
Valuation allowance | 69,000,000 | ||
Deferred tax liability, book aggregate reserves | 6,900,000 | ||
Deferred tax liability, fixed assets | 10,900,000 | ||
Provision for income taxes | -4,468,000 | -596,000 | |
Percentage of benefits to be paid on tax receivable agreement | 85.00% | ||
Limited Liability Company [Member] | |||
Income Taxes [Line Items] | |||
Provision for income taxes | 0 | ||
Summit Materials, LLC [Member] | |||
Income Taxes [Line Items] | |||
Liabilities for uncertain tax positions | 0 | 0 | |
Interest and penalties recognized in income tax expense | 0 | 0 | |
Provision for income taxes | ($4,468,000) | ($596,000) |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Information (Detail) | 1 Months Ended | 3 Months Ended |
Mar. 28, 2015 | Mar. 28, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Number of antidilutive shares excluded from computation of earnings per share | 1,746,210 | |
Common Class A [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Issuance of common stock, Shares | 25,555,555 | 25,555,555 |
Stock issued in conjunction with the acquisition | 1,029,183 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Mar. 28, 2015 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 02, 2015 | Dec. 27, 2014 |
Loss Contingencies [Line Items] | |||||
Amount funded for loss incurred by joint venture | $8.80 | $4 | $4.80 | ||
Accrual recorded in other noncurrent liabilities | 4.3 | 4.3 | |||
Percentage of ownership interest in joint venture | 40.00% | ||||
Unapproved change orders and claims | 3.9 | 3.9 | |||
Unapproved change orders within accounts receivable | 1.2 | 1.2 | |||
Unapproved change orders within costs in excess of billings | 0.5 | 0.5 | |||
Unapproved change orders within other current assets | 2.2 | 2.2 | |||
Summit Materials, LLC [Member] | |||||
Loss Contingencies [Line Items] | |||||
Amount funded for loss incurred by joint venture | 8.8 | 4 | 4.8 | ||
Accrual recorded in other noncurrent liabilities | 4.3 | 4.3 | |||
Percentage of ownership interest in joint venture | 40.00% | ||||
Unapproved change orders and claims | 3.9 | 3.9 | |||
Unapproved change orders within accounts receivable | 1.2 | 1.2 | |||
Unapproved change orders within costs in excess of billings | 0.5 | 0.5 | |||
Unapproved change orders within other current assets | 2.2 | 2.2 | |||
Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Duration of commitments | 1 year | ||||
Maximum [Member] | Summit Materials, LLC [Member] | |||||
Loss Contingencies [Line Items] | |||||
Duration of commitments | 1 year | ||||
Subsequent Event [Member] | |||||
Loss Contingencies [Line Items] | |||||
Value of damages sought | 29.4 | ||||
Subsequent Event [Member] | Summit Materials, LLC [Member] | |||||
Loss Contingencies [Line Items] | |||||
Value of damages sought | $29.40 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Cash payments: | ||
Interest | $39,165 | $19,970 |
Income taxes | 453 | 795 |
Non cash financing activities: | ||
Purchase of noncontrolling interest in Continental Cement | -29,102 | |
Summit Materials, LLC [Member] | ||
Cash payments: | ||
Interest | 39,165 | 19,970 |
Income taxes | 453 | 795 |
Non cash financing activities: | ||
Purchase of noncontrolling interest in Continental Cement | ($64,102) |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 28, 2015 | |
Segment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 3 |
Summit Materials, LLC [Member] | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 3 |
Segment_Information_Summary_of
Segment Information - Summary of Financial Data for Company's Reportable Business Segments (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 |
Segment Reporting Information [Line Items] | |||
Total revenue | $193,987 | $151,091 | |
Total capital expenditures | 17,708 | 19,941 | |
Income (loss) from continuing operations before taxes | -84,305 | -53,644 | |
Interest expense | 24,109 | 18,819 | |
Depreciation, depletion, amortization and accretion | 26,126 | 19,356 | |
Total assets | 2,018,254 | 1,729,777 | |
Loss on debt financings | 799 | ||
Summit Materials, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 193,987 | 151,091 | |
Total capital expenditures | 17,708 | 19,941 | |
Income (loss) from continuing operations before taxes | -84,305 | -53,644 | |
Interest expense | 24,109 | 18,819 | |
Depreciation, depletion, amortization and accretion | 26,126 | 19,356 | |
Total assets | 2,018,254 | 1,729,777 | |
Loss on debt financings | 799 | ||
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 16,817 | 18,784 | |
Depreciation, depletion, amortization and accretion | 25,637 | 19,051 | |
Total assets | 1,684,802 | 1,703,713 | |
Operating Segments [Member] | Summit Materials, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 16,817 | 18,784 | |
Depreciation, depletion, amortization and accretion | 25,637 | 19,051 | |
Total assets | 1,684,802 | 1,703,713 | |
Operating Segments [Member] | Aggregates [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 52,337 | 31,550 | |
Operating Segments [Member] | Aggregates [Member] | Summit Materials, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 52,337 | 31,550 | |
Operating Segments [Member] | Cement [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 11,819 | 7,707 | |
Operating Segments [Member] | Cement [Member] | Summit Materials, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 11,819 | 7,707 | |
Operating Segments [Member] | Ready Mixed Concrete [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 70,088 | 42,380 | |
Operating Segments [Member] | Ready Mixed Concrete [Member] | Summit Materials, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 70,088 | 42,380 | |
Operating Segments [Member] | Asphalt [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 20,914 | 24,396 | |
Operating Segments [Member] | Asphalt [Member] | Summit Materials, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 20,914 | 24,396 | |
Operating Segments [Member] | Paving And Related Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 43,899 | 55,857 | |
Operating Segments [Member] | Paving And Related Services [Member] | Summit Materials, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 43,899 | 55,857 | |
Operating Segments [Member] | West Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 127,674 | 94,894 | |
Total capital expenditures | 5,419 | 4,138 | |
Income (loss) from continuing operations before taxes | 11,869 | 1,791 | |
Depreciation, depletion, amortization and accretion | 12,088 | 6,747 | |
Total assets | 760,881 | 777,981 | |
Operating Segments [Member] | West Region [Member] | Summit Materials, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 127,674 | 94,894 | |
Total capital expenditures | 5,419 | 4,138 | |
Income (loss) from continuing operations before taxes | 11,869 | 1,791 | |
Depreciation, depletion, amortization and accretion | 12,088 | 6,747 | |
Total assets | 760,881 | 777,981 | |
Operating Segments [Member] | Central Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 56,609 | 47,542 | |
Total capital expenditures | 8,624 | 12,401 | |
Income (loss) from continuing operations before taxes | 710 | -423 | |
Depreciation, depletion, amortization and accretion | 10,072 | 8,847 | |
Total assets | 704,314 | 704,134 | |
Operating Segments [Member] | Central Region [Member] | Summit Materials, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 56,609 | 47,542 | |
Total capital expenditures | 8,624 | 12,401 | |
Income (loss) from continuing operations before taxes | 710 | -423 | |
Depreciation, depletion, amortization and accretion | 10,072 | 8,847 | |
Total assets | 704,314 | 704,134 | |
Operating Segments [Member] | East Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 9,704 | 8,655 | |
Total capital expenditures | 2,774 | 2,245 | |
Income (loss) from continuing operations before taxes | -7,867 | -9,338 | |
Depreciation, depletion, amortization and accretion | 3,477 | 3,457 | |
Total assets | 219,607 | 221,598 | |
Operating Segments [Member] | East Region [Member] | Summit Materials, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 9,704 | 8,655 | |
Total capital expenditures | 2,774 | 2,245 | |
Income (loss) from continuing operations before taxes | -7,867 | -9,338 | |
Depreciation, depletion, amortization and accretion | 3,477 | 3,457 | |
Total assets | 219,607 | 221,598 | |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 891 | 1,157 | |
Income (loss) from continuing operations before taxes | -9,687 | -7,499 | |
Depreciation, depletion, amortization and accretion | 489 | 305 | |
Total assets | 333,452 | 26,064 | |
Corporate and Other [Member] | Summit Materials, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 891 | 1,157 | |
Income (loss) from continuing operations before taxes | -9,687 | -7,499 | |
Depreciation, depletion, amortization and accretion | 489 | 305 | |
Total assets | 333,452 | 26,064 | |
Operating Segment and Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from continuing operations before taxes | -4,975 | -15,469 | |
Operating Segment and Corporate and Other [Member] | Summit Materials, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from continuing operations before taxes | -4,975 | -15,469 | |
Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 24,109 | 18,819 | |
Depreciation, depletion, amortization and accretion | 26,126 | 19,356 | |
Initial public offering costs | 28,296 | ||
Loss on debt financings | 799 | ||
Segment Reconciling Items [Member] | Summit Materials, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 24,109 | 18,819 | |
Depreciation, depletion, amortization and accretion | 26,126 | 19,356 | |
Initial public offering costs | 28,296 | ||
Loss on debt financings | 799 | ||
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | -5,070 | -10,799 | |
Intersegment Eliminations [Member] | Summit Materials, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | ($5,070) | ($10,799) |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | ||||
Sep. 30, 2014 | Jan. 31, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 11, 2015 | Dec. 27, 2014 | |
Related Party Transaction [Line Items] | ||||||
Transaction fees paid | $1,700,000 | $1,700,000 | ||||
Related party transactions | 5,750,000 | 13,000,000 | ||||
Assets sold to related party | 2,300,000 | |||||
Summit Materials, LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management fee agreement termination date | 17-Mar-15 | |||||
Management fee paid as of termination | 13,800,000 | |||||
Transaction fees paid | 1,700,000 | |||||
Related party transactions | 5,750,000 | 13,000,000 | ||||
Assets sold to related party | 2,300,000 | |||||
Blackstone Management Partners L.L.C. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consideration of Consolidated profit | $300,000 or 2.0% which ever is higher | |||||
Payment for services | 300,000 | |||||
Management fees incurred | 1,000,000 | 900,000 | ||||
Management fee agreement termination date | 17-Mar-15 | |||||
Management fee paid as of termination | 13,800,000 | |||||
Percentage transaction fee on value of entity acquired | 1.00% | |||||
Consideration paid / received on assets acquired / disposed | 1.00% | |||||
Blackstone Management Partners L.L.C. [Member] | Summit Materials, LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consideration of Consolidated profit | $300,000 or 2.0% which ever is higher | |||||
Payment for services | 300,000 | |||||
Management fees incurred | 1,000,000 | 900,000 | ||||
Management fee paid as of termination | 13,400,000 | |||||
Percentage transaction fee on value of entity acquired | 1.00% | |||||
Consideration paid / received on assets acquired / disposed | 1.00% | |||||
Blackstone And Affiliates [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management fee paid as of termination | 13,400,000 | |||||
Silverhawk Summit LP [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management fee paid as of termination | 400,000 | |||||
Silverhawk Summit LP [Member] | Summit Materials, LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management fee paid as of termination | 400,000 | |||||
Continental Cement Company, L.L.C. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Sales to related parties | 1,700,000 | 1,400,000 | ||||
Accounts receivables due from related parties | 200,000 | |||||
Non controlling interest owned | $700,000 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | |||
Apr. 30, 2015 | Apr. 16, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | |
Senior Notes [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, face amount | $625,000,000 | $625,000,000 | ||
Senior Notes [Member] | Summit Materials, LLC [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, face amount | 625,000,000 | 625,000,000 | ||
Subsequent Event [Member] | Senior Notes [Member] | Summit Materials, LLC [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, face amount | 288,200,000 | |||
Debt Instrument, redemption premium | 38,200,000 | |||
Accrued and unpaid interest | 5,200,000 | |||
Davenport Acquisition [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Aggregate cash consideration to be paid | 450,000,000 | |||
Davenport Acquisition [Member] | Subsequent Event [Member] | Summit Materials, LLC [Member] | ||||
Subsequent Event [Line Items] | ||||
Aggregate cash consideration to be paid | $450,000,000 |
Recovered_Sheet1
Accumulated Other Comprehensive Loss - Summary of Changes in Each Component of Accumulated Comprehensive Income Loss (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 | Dec. 28, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustment | ($6,299) | |||
Postretirement adjustment | 2,164 | |||
Summit Materials, LLC [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustment | -6,299 | |||
Postretirement adjustment | 2,164 | |||
Summit Materials, LLC [Member] | Pension And Postretirement Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | -9,730 | -6,045 | ||
Ending balance | -9,730 | -5,472 | -9,730 | -6,045 |
Summit Materials, LLC [Member] | Pension And Postretirement Plans [Member] | Postretirement Curtailment Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Postretirement adjustment | -942 | |||
Summit Materials, LLC [Member] | Pension And Postretirement Plans [Member] | Postretirement Liability Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Postretirement adjustment | 1,515 | |||
Summit Materials, LLC [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | -5,816 | |||
Foreign currency translation adjustment | -6,299 | |||
Ending balance | -12,115 | |||
Summit Materials, LLC [Member] | AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | -15,546 | -6,045 | ||
Foreign currency translation adjustment | -6,299 | |||
Ending balance | -21,845 | -5,472 | -6,045 | |
Summit Materials, LLC [Member] | AOCI Attributable to Parent [Member] | Postretirement Curtailment Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Postretirement adjustment | -942 | |||
Summit Materials, LLC [Member] | AOCI Attributable to Parent [Member] | Postretirement Liability Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Postretirement adjustment | $1,515 |
Recovered_Sheet2
Senior Notes' Guarantor and Non-Guarantor Financial Information - Schedule of Condensed Consolidating Balance Sheets (Detail) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash | $314,980 | $13,215 | $37,402 | $18,184 |
Accounts receivable, net | 109,941 | 141,302 | ||
Cost and estimated earnings in excess of billings | 11,836 | 10,174 | ||
Inventories | 133,307 | 111,553 | ||
Other current assets | 17,476 | 17,172 | ||
Total current assets | 587,540 | 293,416 | ||
Property, plant and equipment, net | 948,129 | 950,601 | ||
Goodwill | 415,582 | 419,270 | ||
Intangible assets, net | 16,891 | 17,647 | ||
Other assets | 50,112 | 48,843 | ||
Total assets | 2,018,254 | 1,729,777 | ||
Current liabilities: | ||||
Current portion of debt | 5,275 | 5,275 | ||
Current portion of acquisition-related liabilities | 24,851 | 18,402 | ||
Accounts payable | 70,840 | 78,854 | ||
Accrued expenses | 81,612 | 101,496 | ||
Billings in excess of costs and estimated earnings | 8,309 | 8,958 | ||
Total current liabilities | 190,887 | 212,985 | ||
Long-term debt | 1,057,418 | 1,059,642 | ||
Acquisition-related liabilities | 44,245 | 42,736 | ||
Other noncurrent liabilities | 97,433 | 93,691 | ||
Total liabilities | 1,389,983 | 1,409,054 | ||
Redeemable noncontrolling interest | 33,740 | 286,817 | ||
Total liabilities, redeemable noncontrolling interest and member's interest | 2,018,254 | 1,729,777 | ||
Summit Materials, LLC [Member] | ||||
Current assets: | ||||
Cash | 314,980 | 13,215 | 34,135 | 14,917 |
Accounts receivable, net | 109,941 | 141,302 | ||
Cost and estimated earnings in excess of billings | 11,836 | 10,174 | ||
Inventories | 133,307 | 111,553 | ||
Other current assets | 17,476 | 17,172 | ||
Total current assets | 587,540 | 293,416 | ||
Property, plant and equipment, net | 948,129 | 950,601 | ||
Goodwill | 415,582 | 419,270 | ||
Intangible assets, net | 16,891 | 17,647 | ||
Other assets | 50,112 | 48,843 | ||
Total assets | 2,018,254 | 1,729,777 | ||
Current liabilities: | ||||
Current portion of debt | 5,275 | 5,275 | ||
Current portion of acquisition-related liabilities | 22,351 | 18,402 | ||
Accounts payable | 70,840 | 78,854 | ||
Accrued expenses | 81,612 | 101,496 | ||
Billings in excess of costs and estimated earnings | 8,309 | 8,958 | ||
Total current liabilities | 188,387 | 212,985 | ||
Long-term debt | 1,057,418 | 1,059,642 | ||
Acquisition-related liabilities | 36,168 | 42,736 | ||
Other noncurrent liabilities | 97,433 | 93,691 | ||
Total liabilities | 1,379,406 | 1,409,054 | ||
Redeemable noncontrolling interest | 33,740 | |||
Total stockholders' equity/partners' interest | 638,848 | 286,983 | ||
Total liabilities, redeemable noncontrolling interest and member's interest | 2,018,254 | 1,729,777 | ||
Summit Materials, LLC [Member] | Consolidation, Eliminations [Member] | ||||
Current assets: | ||||
Cash | -8,127 | -7,112 | -4,687 | -2,540 |
Accounts receivable, net | -417 | -1,233 | ||
Intercompany receivables | -392,228 | -415,030 | ||
Other current assets | -1,853 | |||
Total current assets | -400,772 | -425,228 | ||
Other assets | -1,398,130 | -1,256,418 | ||
Total assets | -1,798,902 | -1,681,646 | ||
Current liabilities: | ||||
Current portion of debt | -5,266 | -5,263 | ||
Accounts payable | -417 | -1,233 | ||
Accrued expenses | -8,127 | -8,965 | ||
Intercompany payables | -392,228 | -415,030 | ||
Total current liabilities | -406,038 | -430,491 | ||
Long-term debt | -632,861 | -633,917 | ||
Other noncurrent liabilities | -55,107 | -55,107 | ||
Total liabilities | -1,094,006 | -1,119,515 | ||
Redeemable noncontrolling interest | 33,740 | |||
Redeemable members' interest | -34,543 | |||
Total stockholders' equity/partners' interest | -704,896 | -561,328 | ||
Total liabilities, redeemable noncontrolling interest and member's interest | -1,798,902 | -1,681,646 | ||
Summit Materials, LLC [Member] | Issuers [Member] | ||||
Current assets: | ||||
Cash | 314,635 | 10,837 | 33,264 | 10,375 |
Accounts receivable, net | 1 | |||
Intercompany receivables | 367,129 | 376,344 | ||
Other current assets | 739 | 7,148 | ||
Total current assets | 682,503 | 394,330 | ||
Property, plant and equipment, net | 7,436 | 7,035 | ||
Other assets | 1,308,994 | 1,153,204 | ||
Total assets | 1,998,933 | 1,554,569 | ||
Current liabilities: | ||||
Current portion of debt | 5,275 | 5,275 | ||
Current portion of acquisition-related liabilities | 166 | |||
Accounts payable | 5,073 | 3,655 | ||
Accrued expenses | 25,083 | 37,101 | ||
Intercompany payables | 109,863 | 162,728 | ||
Total current liabilities | 145,294 | 208,925 | ||
Long-term debt | 1,057,418 | 1,059,642 | ||
Other noncurrent liabilities | 751 | 796 | ||
Total liabilities | 1,203,463 | 1,269,363 | ||
Total stockholders' equity/partners' interest | 795,470 | 285,206 | ||
Total liabilities, redeemable noncontrolling interest and member's interest | 1,998,933 | 1,554,569 | ||
Summit Materials, LLC [Member] | Wholly Owned Guarantors [Member] | ||||
Current assets: | ||||
Cash | 577 | 695 | 4,210 | 3,442 |
Accounts receivable, net | 101,089 | 124,380 | ||
Intercompany receivables | 19,372 | 30,539 | ||
Cost and estimated earnings in excess of billings | 11,581 | 9,819 | ||
Inventories | 125,725 | 98,188 | ||
Other current assets | 15,485 | 9,638 | ||
Total current assets | 273,829 | 273,259 | ||
Property, plant and equipment, net | 912,608 | 610,717 | ||
Goodwill | 364,309 | 340,969 | ||
Intangible assets, net | 14,547 | 14,245 | ||
Other assets | 137,950 | 125,462 | ||
Total assets | 1,703,243 | 1,364,652 | ||
Current liabilities: | ||||
Current portion of debt | 5,266 | 3,990 | ||
Current portion of acquisition-related liabilities | 22,351 | 18,236 | ||
Accounts payable | 61,530 | 65,018 | ||
Accrued expenses | 60,750 | 59,477 | ||
Intercompany payables | 278,938 | 245,416 | ||
Billings in excess of costs and estimated earnings | 8,309 | 8,931 | ||
Total current liabilities | 437,144 | 401,068 | ||
Long-term debt | 632,861 | 480,599 | ||
Acquisition-related liabilities | 36,168 | 42,736 | ||
Other noncurrent liabilities | 94,243 | 65,479 | ||
Total liabilities | 1,200,416 | 989,882 | ||
Total stockholders' equity/partners' interest | 502,827 | 374,770 | ||
Total liabilities, redeemable noncontrolling interest and member's interest | 1,703,243 | 1,364,652 | ||
Summit Materials, LLC [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash | 7,895 | 8,793 | 1,343 | 3,631 |
Accounts receivable, net | 9,269 | 11,525 | ||
Intercompany receivables | 5,727 | 4,052 | ||
Cost and estimated earnings in excess of billings | 255 | 355 | ||
Inventories | 7,582 | 4,669 | ||
Other current assets | 1,252 | 1,775 | ||
Total current assets | 31,980 | 31,169 | ||
Property, plant and equipment, net | 28,085 | 30,325 | ||
Goodwill | 51,273 | 55,177 | ||
Intangible assets, net | 2,344 | 2,860 | ||
Other assets | 1,298 | 1,362 | ||
Total assets | 114,980 | 120,893 | ||
Current liabilities: | ||||
Accounts payable | 4,654 | 4,569 | ||
Accrued expenses | 3,906 | 3,705 | ||
Intercompany payables | 3,427 | 2,834 | ||
Billings in excess of costs and estimated earnings | 27 | |||
Total current liabilities | 11,987 | 11,135 | ||
Other noncurrent liabilities | 57,546 | 57,736 | ||
Total liabilities | 69,533 | 68,871 | ||
Total stockholders' equity/partners' interest | 45,447 | 52,022 | ||
Total liabilities, redeemable noncontrolling interest and member's interest | 114,980 | 120,893 | ||
Summit Materials, LLC [Member] | Non Wholly Owned Guarantor [Member] | ||||
Current assets: | ||||
Cash | 2 | 5 | 9 | |
Accounts receivable, net | 6,629 | |||
Intercompany receivables | 4,095 | |||
Inventories | 8,696 | |||
Other current assets | 464 | |||
Total current assets | 19,886 | |||
Property, plant and equipment, net | 302,524 | |||
Goodwill | 23,124 | |||
Intangible assets, net | 542 | |||
Other assets | 25,233 | |||
Total assets | 371,309 | |||
Current liabilities: | ||||
Current portion of debt | 1,273 | |||
Accounts payable | 6,845 | |||
Accrued expenses | 10,178 | |||
Intercompany payables | 4,052 | |||
Total current liabilities | 22,348 | |||
Long-term debt | 153,318 | |||
Other noncurrent liabilities | 24,787 | |||
Total liabilities | 200,453 | |||
Redeemable members' interest | 34,543 | |||
Total stockholders' equity/partners' interest | 136,313 | |||
Total liabilities, redeemable noncontrolling interest and member's interest | $371,309 |
Recovered_Sheet3
Senior Notes' Guarantor and Non-Guarantor Financial Information - Schedule of Condensed Consolidating Statements of Operations (Detail) (USD $) | 1 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 11, 2015 | Mar. 28, 2015 | Mar. 29, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | $193,987 | $151,091 | ||
Cost of revenue (excluding items shown separately below) | 158,269 | 128,675 | ||
Depreciation, depletion, amortization and accretion | 26,126 | 19,356 | ||
Operating (loss) income | -59,006 | -35,019 | ||
Interest expense | 24,109 | 18,819 | ||
(Loss) income from continuing operations before taxes | -84,305 | -53,644 | ||
Income tax benefit | -4,468 | -596 | ||
(Loss) income from continuing operations | -79,837 | -53,048 | ||
Income from discontinued operations | 20 | |||
Net (loss) income | -79,837 | -41,415 | -79,837 | -53,068 |
Net (loss) income attributable to member of Summit Materials, LLC | -10,151 | |||
Comprehensive (loss) income attributable to member of Summit Materials, LLC | -11,201 | |||
Summit Materials, LLC [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 193,987 | 151,091 | ||
Cost of revenue (excluding items shown separately below) | 158,269 | 128,675 | ||
General and administrative expenses | 68,598 | 38,079 | ||
Depreciation, depletion, amortization and accretion | 26,126 | 19,356 | ||
Operating (loss) income | -59,006 | -35,019 | ||
Other (income) expense, net | 1,190 | -194 | ||
Interest expense | 24,109 | 18,819 | ||
(Loss) income from continuing operations before taxes | -84,305 | -53,644 | ||
Income tax benefit | -4,468 | -596 | ||
(Loss) income from continuing operations | -79,837 | -53,048 | ||
Income from discontinued operations | 20 | |||
Net (loss) income | -79,837 | -53,068 | ||
Net income attributable to minority interest | -1,982 | -2,515 | ||
Net (loss) income attributable to member of Summit Materials, LLC | 67,704 | 50,553 | ||
Comprehensive (loss) income attributable to member of Summit Materials, LLC | -84,154 | -49,980 | ||
Summit Materials, LLC [Member] | Consolidation, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | -19,002 | -3,358 | ||
Cost of revenue (excluding items shown separately below) | -19,002 | -3,358 | ||
Other (income) expense, net | -25,484 | -36,776 | ||
Interest expense | -6,625 | -1,561 | ||
(Loss) income from continuing operations before taxes | 32,109 | 38,337 | ||
(Loss) income from continuing operations | 32,109 | 38,337 | ||
Net (loss) income | 32,109 | 38,337 | ||
Net income attributable to minority interest | -1,982 | -2,515 | ||
Net (loss) income attributable to member of Summit Materials, LLC | 34,091 | 40,852 | ||
Comprehensive (loss) income attributable to member of Summit Materials, LLC | 40,390 | 40,607 | ||
Summit Materials, LLC [Member] | Issuers [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative expenses | 37,781 | 7,688 | ||
Depreciation, depletion, amortization and accretion | 490 | 304 | ||
Operating (loss) income | -38,271 | -7,992 | ||
Other (income) expense, net | 25,786 | 36,825 | ||
Interest expense | 13,798 | 5,736 | ||
(Loss) income from continuing operations before taxes | -77,855 | -50,553 | ||
(Loss) income from continuing operations | -77,855 | -50,553 | ||
Net (loss) income | -77,855 | -50,553 | ||
Net (loss) income attributable to member of Summit Materials, LLC | -77,855 | -50,553 | ||
Comprehensive (loss) income attributable to member of Summit Materials, LLC | -84,154 | -50,553 | ||
Summit Materials, LLC [Member] | Wholly Owned Guarantors [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 179,343 | 140,410 | ||
Cost of revenue (excluding items shown separately below) | 151,226 | 117,624 | ||
General and administrative expenses | 29,151 | 28,441 | ||
Depreciation, depletion, amortization and accretion | 24,153 | 15,712 | ||
Operating (loss) income | -25,187 | -21,367 | ||
Other (income) expense, net | 739 | -195 | ||
Interest expense | 16,055 | 11,772 | ||
(Loss) income from continuing operations before taxes | -41,981 | -32,944 | ||
Income tax benefit | -4,538 | -596 | ||
(Loss) income from continuing operations | -37,443 | -32,348 | ||
Income from discontinued operations | 20 | |||
Net (loss) income | -37,443 | -32,368 | ||
Net (loss) income attributable to member of Summit Materials, LLC | -37,443 | -32,368 | ||
Comprehensive (loss) income attributable to member of Summit Materials, LLC | -37,443 | -32,368 | ||
Summit Materials, LLC [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 33,646 | 6,332 | ||
Cost of revenue (excluding items shown separately below) | 26,045 | 3,506 | ||
General and administrative expenses | 1,666 | 276 | ||
Depreciation, depletion, amortization and accretion | 1,483 | 266 | ||
Operating (loss) income | 4,452 | 2,284 | ||
Other (income) expense, net | 149 | 49 | ||
Interest expense | 881 | 26 | ||
(Loss) income from continuing operations before taxes | 3,422 | 2,209 | ||
Income tax benefit | 70 | |||
(Loss) income from continuing operations | 3,352 | 2,209 | ||
Net (loss) income | 3,352 | 2,209 | ||
Net (loss) income attributable to member of Summit Materials, LLC | 3,352 | 2,209 | ||
Comprehensive (loss) income attributable to member of Summit Materials, LLC | -2,947 | 2,209 | ||
Summit Materials, LLC [Member] | Non Wholly Owned Guarantor [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 7,707 | |||
Cost of revenue (excluding items shown separately below) | 10,903 | |||
General and administrative expenses | 1,674 | |||
Depreciation, depletion, amortization and accretion | 3,074 | |||
Operating (loss) income | -7,944 | |||
Other (income) expense, net | -97 | |||
Interest expense | 2,846 | |||
(Loss) income from continuing operations before taxes | -10,693 | |||
(Loss) income from continuing operations | -10,693 | |||
Net (loss) income | -10,693 | |||
Net (loss) income attributable to member of Summit Materials, LLC | -10,693 | |||
Comprehensive (loss) income attributable to member of Summit Materials, LLC | ($9,875) |
Senior_Notes_Guarantor_and_Non2
Senior Notes' Guarantor and Non-Guarantor Financial Information - Schedule of Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | ($61,508) | ($50,375) |
Cash flow from investing activities: | ||
Acquisitions, net of cash acquired | -182,514 | |
Purchase of property, plant and equipment | -17,708 | -19,941 |
Proceeds from the sale of property, plant, and equipment | 2,741 | 2,202 |
Other | -276 | 7 |
Net cash (used for) provided by investing activities | -15,243 | -200,246 |
Cash flow from financing activities: | ||
Capital issuance costs | -35,956 | |
Net proceeds from debt issuance | 104,000 | 306,750 |
Payments on acquisition-related liabilities | -4,032 | -638 |
Net cash provided by (used for) financing activities | 378,516 | 269,839 |
Net increase (decrease) in cash | 301,765 | 19,218 |
Cash - Beginning of period | 13,215 | 18,184 |
Cash - end of period | 314,980 | 37,402 |
Summit Materials, LLC [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | -61,508 | -50,375 |
Cash flow from investing activities: | ||
Acquisitions, net of cash acquired | -182,514 | |
Purchase of property, plant and equipment | -17,708 | -19,941 |
Proceeds from the sale of property, plant, and equipment | 2,741 | 2,202 |
Other | -276 | 7 |
Net cash (used for) provided by investing activities | -15,243 | -200,246 |
Cash flow from financing activities: | ||
Proceeds from investment by member | 397,975 | 24,350 |
Capital issuance costs | -8,931 | |
Net proceeds from debt issuance | 104,000 | 306,750 |
Payments on long-term debt | -106,441 | -54,314 |
Payments on acquisition-related liabilities | -4,032 | -638 |
Financing costs | -4,055 | -6,309 |
Net cash provided by (used for) financing activities | 378,516 | 269,839 |
Net increase (decrease) in cash | 301,765 | 19,218 |
Cash - Beginning of period | 13,215 | 14,917 |
Cash - end of period | 314,980 | 34,135 |
Summit Materials, LLC [Member] | Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | -167 | 180 |
Cash flow from financing activities: | ||
Loans received from and payments made on loans from other Summit Companies | -1,903 | -2,327 |
Payments on long-term debt | 1,055 | |
Net cash provided by (used for) financing activities | -848 | -2,327 |
Net increase (decrease) in cash | -1,015 | -2,147 |
Cash - Beginning of period | -7,112 | -2,540 |
Cash - end of period | -8,127 | -4,687 |
Summit Materials, LLC [Member] | Issuers [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | -37,814 | -10,964 |
Cash flow from investing activities: | ||
Acquisitions, net of cash acquired | -182,514 | |
Purchase of property, plant and equipment | -891 | -1,157 |
Net cash (used for) provided by investing activities | -891 | -183,671 |
Cash flow from financing activities: | ||
Proceeds from investment by member | 397,975 | 24,350 |
Capital issuance costs | -8,931 | |
Net proceeds from debt issuance | 104,000 | 306,750 |
Loans received from and payments made on loans from other Summit Companies | -41,265 | -56,210 |
Payments on long-term debt | -105,055 | -51,057 |
Payments on acquisition-related liabilities | -166 | |
Financing costs | -4,055 | -6,309 |
Net cash provided by (used for) financing activities | 342,503 | 217,524 |
Net increase (decrease) in cash | 303,798 | 22,889 |
Cash - Beginning of period | 10,837 | 10,375 |
Cash - end of period | 314,635 | 33,264 |
Summit Materials, LLC [Member] | Wholly Owned Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | -26,132 | -22,564 |
Cash flow from investing activities: | ||
Purchase of property, plant and equipment | -16,453 | -12,292 |
Proceeds from the sale of property, plant, and equipment | 2,703 | 2,083 |
Other | -276 | 7 |
Net cash (used for) provided by investing activities | -14,026 | -10,202 |
Cash flow from financing activities: | ||
Proceeds from investment by member | -1,166 | |
Loans received from and payments made on loans from other Summit Companies | 46,345 | 38,595 |
Payments on long-term debt | -2,441 | -3,257 |
Payments on acquisition-related liabilities | -3,866 | -638 |
Net cash provided by (used for) financing activities | 40,038 | 33,534 |
Net increase (decrease) in cash | -120 | 768 |
Cash - Beginning of period | 695 | 3,442 |
Cash - end of period | 577 | 4,210 |
Summit Materials, LLC [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 2,605 | -3,183 |
Cash flow from investing activities: | ||
Purchase of property, plant and equipment | -364 | -44 |
Proceeds from the sale of property, plant, and equipment | 38 | 71 |
Net cash (used for) provided by investing activities | -326 | 27 |
Cash flow from financing activities: | ||
Proceeds from investment by member | 1,166 | |
Loans received from and payments made on loans from other Summit Companies | -3,177 | -298 |
Net cash provided by (used for) financing activities | -3,177 | 868 |
Net increase (decrease) in cash | -898 | -2,288 |
Cash - Beginning of period | 8,793 | 3,631 |
Cash - end of period | 7,895 | 1,343 |
Summit Materials, LLC [Member] | Non Wholly Owned Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | -13,844 | |
Cash flow from investing activities: | ||
Purchase of property, plant and equipment | -6,448 | |
Proceeds from the sale of property, plant, and equipment | 48 | |
Net cash (used for) provided by investing activities | -6,400 | |
Cash flow from financing activities: | ||
Loans received from and payments made on loans from other Summit Companies | 20,240 | |
Net cash provided by (used for) financing activities | 20,240 | |
Net increase (decrease) in cash | -4 | |
Cash - Beginning of period | 9 | |
Cash - end of period | $5 |