Document and Entity Information
Document and Entity Information - shares | Sep. 26, 2015 | Sep. 26, 2015 | Oct. 27, 2015 |
Document Information [Line Items] | |||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 26, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | Q3 | ||
Trading Symbol | SUM | ||
Entity Registrant Name | SUMMIT MATERIALS, INC. | ||
Entity Central Index Key | 1,621,563 | ||
Current Fiscal Year End Date | --12-26 | ||
Entity Filer Category | Non-accelerated Filer | ||
Membership interests description | As of October 27, 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 | 49,009,738 | ||
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 | Sep. 26, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | Q3 | ||
Entity Registrant Name | SUMMIT MATERIALS, LLC | ||
Entity Central Index Key | 1,571,371 | ||
Current Fiscal Year End Date | --12-26 | ||
Entity Filer Category | Non-accelerated Filer | ||
Membership interests percentage | 100.00% |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 18,987 | $ 13,215 |
Accounts receivable, net | 205,939 | 141,302 |
Costs and estimated earnings in excess of billings | 34,175 | 10,174 |
Inventories | 138,036 | 111,553 |
Other current assets | 21,762 | 17,172 |
Total current assets | 418,899 | 293,416 |
Property, plant and equipment, less accumulated depreciation, depletion and amortization (September 26, 2015 - $343,087 and December 27, 2014 - $279,375) | 1,276,227 | 950,601 |
Goodwill | 567,836 | 419,270 |
Intangible assets, less accumulated amortization (September 26, 2015 - $4,851 and December 27, 2014 - $3,073) | 15,481 | 17,647 |
Other assets | 51,798 | 48,843 |
Total assets | 2,330,241 | 1,729,777 |
Current liabilities: | ||
Current portion of debt | 68,125 | 5,275 |
Current portion of acquisition-related liabilities | 20,191 | 18,402 |
Accounts payable | 113,226 | 78,854 |
Accrued expenses | 90,880 | 101,496 |
Billings in excess of costs and estimated earnings | 11,005 | 8,958 |
Total current liabilities | 303,427 | 212,985 |
Long-term debt | 1,148,068 | 1,059,642 |
Acquisition-related liabilities | 41,978 | 42,736 |
Other noncurrent liabilities | 114,575 | 93,691 |
Total liabilities | $ 1,608,048 | $ 1,409,054 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | $ 33,740 | |
Stockholders' Equity/Partners' Interest: | ||
Accumulated earnings/deficit | $ 4,355 | |
Accumulated other comprehensive loss | (2,607) | |
Partners' interest | 285,685 | |
Additional paid-in capital | 600,204 | |
Stockholders' equity/partners' interest: | 603,132 | 285,685 |
Total liabilities, redeemable noncontrolling interest and member's interest | 2,330,241 | 1,729,777 |
Total stockholders' equity/partners' interest | 722,193 | 286,983 |
Common Class A [Member] | ||
Stockholders' Equity/Partners' Interest: | ||
Common stock | 490 | |
Total stockholders' equity/partners' interest | 490 | |
Common Class B [Member] | ||
Stockholders' Equity/Partners' Interest: | ||
Common stock | 690 | |
Total stockholders' equity/partners' interest | 690 | |
Summit Materials, LLC [Member] | ||
Current assets: | ||
Cash and cash equivalents | 5,482 | 13,215 |
Accounts receivable, net | 205,939 | 141,302 |
Costs and estimated earnings in excess of billings | 34,175 | 10,174 |
Inventories | 138,036 | 111,553 |
Other current assets | 21,762 | 17,172 |
Total current assets | 405,394 | 293,416 |
Property, plant and equipment, less accumulated depreciation, depletion and amortization (September 26, 2015 - $343,087 and December 27, 2014 - $279,375) | 1,276,227 | 950,601 |
Goodwill | 567,836 | 419,270 |
Intangible assets, less accumulated amortization (September 26, 2015 - $4,851 and December 27, 2014 - $3,073) | 15,481 | 17,647 |
Other assets | 51,798 | 48,843 |
Total assets | 2,316,736 | 1,729,777 |
Current liabilities: | ||
Current portion of debt | 68,125 | 5,275 |
Current portion of acquisition-related liabilities | 17,691 | 18,402 |
Accounts payable | 113,226 | 78,854 |
Accrued expenses | 90,880 | 101,496 |
Billings in excess of costs and estimated earnings | 11,005 | 8,958 |
Total current liabilities | 300,927 | 212,985 |
Long-term debt | 1,148,068 | 1,059,642 |
Acquisition-related liabilities | 33,320 | 42,736 |
Other noncurrent liabilities | 114,575 | 93,691 |
Total liabilities | $ 1,596,890 | $ 1,409,054 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | $ 33,740 | |
Member's equity | $ 1,039,763 | 518,647 |
Stockholders' Equity/Partners' Interest: | ||
Accumulated earnings/deficit | (293,101) | (217,416) |
Accumulated other comprehensive loss | (28,087) | (15,546) |
Member's interest | 718,575 | 285,685 |
Noncontrolling interest | 1,271 | 1,298 |
Total member's interest | 719,846 | 286,983 |
Total liabilities, redeemable noncontrolling interest and member's interest | 2,316,736 | 1,729,777 |
Noncontrolling interest in consolidated subsidiaries | 1,271 | $ 1,298 |
Summit Materials, INC [Member] | ||
Stockholders' Equity/Partners' Interest: | ||
Noncontrolling interest in Summit Materials, Inc. | $ 117,790 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Property, plant and equipment, accumulated depreciation, depletion and amortization | $ 343,087 | $ 279,375 |
Intangible assets, accumulated amortization | $ 4,851 | 3,073 |
Common Class A [Member] | ||
Common stock, par value | $ 0.01 | |
Common stock, shares authorized | 1,000,000,000 | |
Common stock, shares issued | 49,009,738 | |
Common stock, shares outstanding | 49,009,738 | |
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 | $ 343,087 | 279,375 |
Intangible assets, accumulated amortization | $ 4,851 | $ 3,073 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Revenue: | ||||
Product | $ 338,020 | $ 258,860 | $ 748,210 | $ 580,351 |
Service | 88,266 | 89,276 | 182,224 | 196,214 |
Net revenue | 426,286 | 348,136 | 930,434 | 776,565 |
Delivery and subcontract revenue | 45,619 | 46,623 | 100,401 | 93,580 |
Total revenue | 471,905 | 394,759 | 1,030,835 | 870,145 |
Cost of revenue (excluding items shown separately below): | ||||
Product | 207,500 | 176,967 | 490,923 | 411,581 |
Service | 59,280 | 61,907 | 128,514 | 140,773 |
Net cost of revenue | 266,780 | 238,874 | 619,437 | 552,354 |
Delivery and subcontract cost | 45,619 | 46,623 | 100,401 | 93,580 |
Total cost of revenue | 312,399 | 285,497 | 719,838 | 645,934 |
General and administrative expenses | 42,539 | 35,517 | 149,484 | 105,872 |
Depreciation, depletion, amortization and accretion | 33,306 | 23,255 | 86,818 | 63,950 |
Transaction costs | 304 | 2,741 | 8,044 | 7,737 |
Operating income (loss) | 83,357 | 47,749 | 66,651 | 46,652 |
Other income, net | (1,171) | (1,408) | (678) | (2,299) |
Loss on debt financings | 32,641 | 64,313 | ||
Interest expense | 20,727 | 22,085 | 62,231 | 62,555 |
Income (loss) from continuing operations before taxes | 31,160 | 27,072 | (59,215) | (13,604) |
Income tax benefit | (2,655) | (1,038) | (12,468) | (2,498) |
Income (loss) from continuing operations | 33,815 | 28,110 | (46,747) | (11,106) |
Income from discontinued operations | (57) | (7) | (815) | (356) |
Net income (loss) | $ 33,872 | 28,117 | $ (45,932) | (10,750) |
Net income per share of Class A common stock: | ||||
Basic | $ 0.39 | $ 0.14 | ||
Diluted | $ 0.39 | $ 0.14 | ||
Net income (loss) | $ 14,711 | $ 4,355 | ||
Weighted average shares of Class A common stock: | ||||
Diluted | 37,963,930 | 31,811,315 | ||
Summit Materials, LLC [Member] | ||||
Revenue: | ||||
Product | $ 338,020 | 258,860 | $ 748,210 | 580,351 |
Service | 88,266 | 89,276 | 182,224 | 196,214 |
Net revenue | 426,286 | 348,136 | 930,434 | 776,565 |
Delivery and subcontract revenue | 45,619 | 46,623 | 100,401 | 93,580 |
Total revenue | 471,905 | 394,759 | 1,030,835 | 870,145 |
Cost of revenue (excluding items shown separately below): | ||||
Product | 207,500 | 176,967 | 490,923 | 411,581 |
Service | 59,280 | 61,907 | 128,514 | 140,773 |
Net cost of revenue | 266,780 | 238,874 | 619,437 | 552,354 |
Delivery and subcontract cost | 45,619 | 46,623 | 100,401 | 93,580 |
Total cost of revenue | 312,399 | 285,497 | 719,838 | 645,934 |
General and administrative expenses | 42,539 | 35,517 | 149,484 | 105,872 |
Depreciation, depletion, amortization and accretion | 33,306 | 23,255 | 86,818 | 63,950 |
Transaction costs | 304 | 2,741 | 8,044 | 7,737 |
Operating income (loss) | 83,357 | 47,749 | 66,651 | 46,652 |
Other income, net | (1,171) | (1,408) | (678) | (2,299) |
Loss on debt financings | 32,641 | 64,313 | ||
Interest expense | 20,436 | 22,085 | 61,649 | 62,555 |
Income (loss) from continuing operations before taxes | 31,451 | 27,072 | (58,633) | (13,604) |
Income tax benefit | (2,655) | (1,038) | (12,468) | (2,498) |
Income (loss) from continuing operations | 34,106 | 28,110 | (46,165) | (11,106) |
Income from discontinued operations | (57) | (7) | (815) | (356) |
Net income (loss) | 34,163 | 28,117 | (45,350) | (10,750) |
Net income (loss) attributable to noncontrolling interest | 52 | 1,243 | (1,917) | 674 |
Net income per share of Class A common stock: | ||||
Net income (loss) | 34,111 | 26,874 | (43,433) | (11,424) |
Summit Holdings [Member] | ||||
Net income per share of Class A common stock: | ||||
Net income (loss) | $ (19,109) | $ (26,874) | $ 48,370 | $ 11,424 |
Common Class A [Member] | ||||
Net income per share of Class A common stock: | ||||
Basic | $ 0.39 | $ 0.14 | ||
Diluted | $ 0.39 | $ 0.14 | ||
Weighted average shares of Class A common stock: | ||||
Basic | 37,920,452 | 31,768,406 | ||
Diluted | 37,963,930 | 31,811,315 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Net income (loss) | $ 33,872 | $ 28,117 | $ (45,932) | $ (10,750) |
Other comprehensive (loss) income: | ||||
Postretirement curtailment adjustment | (1,346) | |||
Postretirement liability adjustment | 2,164 | |||
Foreign currency translation adjustment | (6,296) | (1,764) | (11,531) | (1,764) |
Loss on cash flow hedges | (1,010) | (1,010) | ||
Other comprehensive income (loss) | (7,306) | (1,764) | (12,541) | (946) |
Comprehensive income (loss) | 26,566 | 26,353 | (58,473) | (11,696) |
Comprehensive income (loss) attributable to Summit Materials, Inc. and Summit Materials, LLC | 12,090 | 1,748 | ||
Summit Materials, LLC [Member] | ||||
Net income (loss) | 34,163 | 28,117 | (45,350) | (10,750) |
Other comprehensive (loss) income: | ||||
Postretirement curtailment adjustment | (1,346) | |||
Postretirement liability adjustment | 2,164 | |||
Foreign currency translation adjustment | (6,296) | (1,764) | (11,531) | (1,764) |
Loss on cash flow hedges | (1,010) | (1,010) | ||
Other comprehensive income (loss) | (7,306) | (1,764) | (12,541) | (946) |
Comprehensive income (loss) | 26,857 | 26,353 | (57,891) | (11,696) |
Less comprehensive income (loss) attributable to the noncontrolling interest | 52 | 1,243 | (1,917) | 919 |
Comprehensive income (loss) attributable to Summit Materials, Inc. and Summit Materials, LLC | 26,805 | 25,110 | (55,974) | (12,615) |
Summit Holdings [Member] | ||||
Other comprehensive (loss) income: | ||||
Comprehensive income (loss) attributable to Summit Materials, Inc. and Summit Materials, LLC | $ 14,424 | $ 25,110 | $ (58,304) | $ (12,615) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Cash flow from operating activities: | ||
Net loss | $ (45,932) | $ (10,750) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, depletion, amortization and accretion | 90,789 | 68,467 |
Share-based compensation expense | 18,589 | 1,746 |
Deferred income tax benefit | (525) | |
Net gain on asset disposals | (4,990) | (219) |
Net gain on debt financings | (4,570) | |
Other | 136 | (463) |
(Increase) decrease in operating assets, net of acquisitions: | ||
Accounts receivable, net | (56,287) | (54,463) |
Inventories | (3,830) | (3,843) |
Costs and estimated earnings in excess of billings | (23,402) | (15,009) |
Other current assets | (4,401) | (3,910) |
Other assets | (524) | (675) |
Increase (decrease) in operating liabilities, net of acquisitions: | ||
Accounts payable | 29,383 | 9,433 |
Accrued expenses | (12,272) | 2,578 |
Billings in excess of costs and estimated earnings | (763) | 270 |
Other liabilities | (853) | (3,473) |
Net cash used in operating activities | (18,927) | (10,836) |
Cash flow from investing activities: | ||
Acquisitions, net of cash acquired | (505,466) | (351,941) |
Purchases of property, plant and equipment | (69,672) | (64,244) |
Proceeds from the sale of property, plant and equipment | 8,883 | 9,575 |
Other | 610 | 757 |
Net cash used for investing activities | (565,645) | (405,853) |
Cash flow from financing activities: | ||
Proceeds from equity offerings | 1,037,444 | |
Capital issuance costs | (61,218) | |
Capital contributions by partners | 24,350 | |
Proceeds from debt issuances | 1,415,750 | 657,217 |
Debt issuance costs | (10,911) | (8,834) |
Payments on debt | (1,251,407) | (258,337) |
Purchase of noncontrolling interests | (497,848) | |
Payments on acquisition-related liabilities | (15,018) | (5,807) |
Distributions from partnership | (26,448) | |
Other | (88) | |
Net cash provided by (used for) financing activities | 590,344 | 408,501 |
Net increase (decrease) in cash | 5,772 | (8,188) |
Cash - beginning of period | 13,215 | 18,184 |
Cash - end of period | 18,987 | 9,996 |
Summit Materials, LLC [Member] | ||
Cash flow from operating activities: | ||
Net loss | (45,350) | (10,750) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, depletion, amortization and accretion | 90,207 | 68,467 |
Share-based compensation expense | 18,589 | 1,746 |
Deferred income tax benefit | (525) | |
Net gain on asset disposals | (4,990) | (219) |
Net gain on debt financings | (4,570) | |
Other | 136 | (463) |
(Increase) decrease in operating assets, net of acquisitions: | ||
Accounts receivable, net | (56,287) | (54,463) |
Inventories | (3,830) | (3,843) |
Costs and estimated earnings in excess of billings | (23,402) | (15,009) |
Other current assets | (4,401) | (3,910) |
Other assets | (524) | (675) |
Increase (decrease) in operating liabilities, net of acquisitions: | ||
Accounts payable | 29,383 | 9,433 |
Accrued expenses | (12,272) | 2,578 |
Billings in excess of costs and estimated earnings | (763) | 270 |
Other liabilities | (853) | (3,473) |
Net cash used in operating activities | (18,927) | (10,836) |
Cash flow from investing activities: | ||
Acquisitions, net of cash acquired | (505,466) | (351,941) |
Purchases of property, plant and equipment | (69,672) | (64,244) |
Proceeds from the sale of property, plant and equipment | 8,883 | 9,575 |
Other | 610 | 757 |
Net cash used for investing activities | (565,645) | (405,853) |
Cash flow from financing activities: | ||
Capital contributions by member | 490,916 | 24,350 |
Capital issuance costs | (12,539) | |
Proceeds from debt issuances | 1,415,750 | 657,217 |
Debt issuance costs | (10,911) | (8,834) |
Payments on debt | (1,251,407) | (258,337) |
Purchase of noncontrolling interests | (64,100) | |
Payments on acquisition-related liabilities | (15,018) | (5,807) |
Distributions from partnership | (39,952) | |
Other | (88) | |
Net cash provided by (used for) financing activities | 576,839 | 408,501 |
Net increase (decrease) in cash | (7,733) | (8,188) |
Cash - beginning of period | 13,215 | 14,917 |
Cash - end of period | $ 5,482 | $ 6,729 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Redeemable Noncontrolling Interest and Stockholders' Equity /Member's Interest - USD ($) $ in Thousands | Total | Common Class A [Member] | Common Class B [Member] | Noncontrolling Interest [Member] | Accumulated Deficit/Earnings [Member] | Accumulated Other Comprehensive Loss (AOCI) [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Common Class A [Member] | Additional Paid-in Capital [Member]Common Class B [Member] | Redeemable Noncontrolling Interest [Member] | Summit Materials, LLC [Member] | Summit Materials, LLC [Member]Noncontrolling Interest [Member] | Summit Materials, LLC [Member]Accumulated Deficit/Earnings [Member] | Summit Materials, LLC [Member]Accumulated Other Comprehensive Loss (AOCI) [Member] | Summit Materials, LLC [Member]Redeemable Noncontrolling Interest [Member] | Summit Materials, LLC [Member]Members Equity [Member] | Summit Materials, LLC [Member]Parent Including Portion Attributable to Non Redeemable Noncontrolling Interest [Member] | Summit Holdings [Member]Partners' Interest [Member] |
Beginning Balance at Dec. 28, 2013 | $ 286,817 | $ 24,767 | $ 1,211 | $ 24,767 | $ 285,606 | |||||||||||||
Beginning Balance at Dec. 28, 2013 | 1,211 | $ (198,511) | $ (6,045) | $ 486,896 | $ 283,551 | |||||||||||||
Contributed capital, Summit Materials, Inc | 24,350 | 24,350 | ||||||||||||||||
Contributed capital, Summit Materials, LLC | 24,350 | 24,350 | ||||||||||||||||
Accretion/ redemption value adjustment | (6,211) | 6,211 | (6,211) | 6,211 | (6,211) | (6,211) | ||||||||||||
Net income (loss) | (10,750) | 597 | $ (10,750) | 77 | (11,424) | 597 | (11,347) | (11,424) | ||||||||||
Other comprehensive income (loss) | (946) | 245 | (946) | (1,191) | 245 | (1,191) | (1,191) | |||||||||||
Repurchase of member's interest | 88 | 88 | 88 | 88 | ||||||||||||||
Share-based compensation | 1,750 | (1,982) | 3,732 | 1,750 | 1,750 | |||||||||||||
Ending Balance at Sep. 27, 2014 | 294,080 | 1,288 | 292,792 | |||||||||||||||
Ending Balance at Sep. 27, 2014 | 1,288 | (218,128) | (7,236) | 514,890 | 290,814 | |||||||||||||
Ending Balance at Sep. 27, 2014 | 31,820 | 31,820 | ||||||||||||||||
Beginning Balance at Dec. 27, 2014 | 33,740 | 33,740 | 33,740 | 33,740 | ||||||||||||||
Beginning Balance at Dec. 27, 2014 | 286,983 | 1,298 | (217,416) | (15,546) | 518,647 | 286,983 | ||||||||||||
Beginning Balance at Dec. 27, 2014 | 286,983 | 1,298 | 285,685 | |||||||||||||||
Accretion/ redemption value adjustment | (32,252) | 32,252 | (32,252) | |||||||||||||||
Net income (loss) | (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 | 208,491 | 1,221 | 207,270 | |||||||||||||||
Ending Balance at Mar. 11, 2015 | 64,102 | |||||||||||||||||
Beginning Balance at Dec. 27, 2014 | 33,740 | 33,740 | 33,740 | 33,740 | ||||||||||||||
Beginning Balance at Dec. 27, 2014 | 286,983 | 1,298 | (217,416) | (15,546) | 518,647 | 286,983 | ||||||||||||
Beginning Balance at Dec. 27, 2014 | 286,983 | 1,298 | 285,685 | |||||||||||||||
Contributed capital, Summit Materials, LLC | 542,479 | 542,479 | ||||||||||||||||
Accretion/ redemption value adjustment | (32,252) | (31,850) | (32,252) | |||||||||||||||
Net income (loss) | (45,932) | (45,350) | (27) | (43,433) | $ (1,890) | (43,460) | ||||||||||||
Other comprehensive income (loss) | (12,541) | (12,541) | (12,541) | (12,541) | ||||||||||||||
Share-based compensation | 18,589 | 18,589 | ||||||||||||||||
Distributions from partnership | (39,952) | (39,952) | ||||||||||||||||
Ending Balance at Sep. 26, 2015 | 722,193 | $ 490 | $ 690 | $ 117,790 | $ 4,355 | $ (2,607) | $ 600,204 | 1,271 | ||||||||||
Ending Balance at Sep. 26, 2015 | 719,846 | 1,271 | (293,101) | (28,087) | 1,039,763 | 719,846 | ||||||||||||
Ending Balance, Shares at Sep. 26, 2015 | 49,009,738 | 69,007,297 | ||||||||||||||||
Issuance of common stock, Shares | 25,555,555 | |||||||||||||||||
Recording of noncontrolling interest upon reorganization | 207,270 | (207,270) | ||||||||||||||||
Beginning Balance at Mar. 11, 2015 | 208,491 | 1,221 | $ 207,270 | |||||||||||||||
Net income (loss) | (2,627) | (7,032) | 4,355 | 50 | ||||||||||||||
Other comprehensive income (loss) | (7,292) | (4,685) | (2,607) | |||||||||||||||
Share repurchase, Shares | (100) | |||||||||||||||||
Purchase of noncontrolling interests | (32,790) | $ 10 | (51,315) | 18,515 | $ 64,102 | |||||||||||||
Purchase of noncontrolling interests, Shares | 1,029,183 | |||||||||||||||||
Share-based compensation | 18,165 | 18,165 | ||||||||||||||||
Distributions from partnership | (26,448) | (26,448) | ||||||||||||||||
Ending Balance at Sep. 26, 2015 | 722,193 | $ 490 | $ 690 | $ 117,790 | $ 4,355 | $ (2,607) | $ 600,204 | 1,271 | ||||||||||
Ending Balance at Sep. 26, 2015 | $ 719,846 | $ 1,271 | $ (293,101) | $ (28,087) | $ 1,039,763 | $ 719,846 | ||||||||||||
Ending Balance, Shares at Sep. 26, 2015 | 49,009,738 | 69,007,297 | ||||||||||||||||
Issuance of common stock, Values | $ 564,694 | $ 480 | $ 690 | $ 564,214 | $ (690) | |||||||||||||
Issuance of common stock, Shares | 47,980,555 | 69,007,397 |
Summary of Organization and Sig
Summary of Organization and Significant Accounting Policies | 9 Months Ended |
Sep. 26, 2015 | |
Summary of Organization and Significant Accounting Policies | 1. SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Summit Materials, Inc. (“Summit Inc.” and, together with its subsidiaries, the “Company”) is a vertically-integrated construction materials company. The Company 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, two cement plants, 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. On September 23, 2014, Summit Inc. was formed as a Delaware corporation to be a holding company. Its sole material 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 March 2015 initial public offering, 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. Together with Summit Inc., certain investment funds affiliated with Blackstone Capital Partners V L.P. and Silverhawk Summit, L.P. (collectively, the “Sponsors”) are the primary owners of Summit Holdings. Initial Public Offering 1 2 Follow-On Offering Basis of Presentation 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 September 26, 2015, the results of operations for the three and nine months ended September 26, 2015 and September 27, 2014 and cash flows for the nine months ended September 26, 2015 and September 27, 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 and 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% between March 11, 2015 and August 11, 2015 and 50.7% between August 8, 2015 and September 26, 2015. Summit Inc.’s August 2015 purchase of 22,425,000 LP Units, 18,675,000 of which were previously held by certain of our pre-IPO owners, decreased the noncontrolling interest’s economic interest from 72.2% to 50.7%. 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 Business and Credit Concentrations— Earnings per Share— Fair Value Measurements— September 26, 2015 December 27, 2014 Current portion of derivatives and acquisition-related liabilities: Contingent consideration $ 4,559 $ 2,375 Cash flow hedge 114 Derivatives and acquisition- related liabilities: Contingent consideration $ 2,711 $ 5,379 Cash flow hedge 897 The fair value of contingent consideration was 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. The fair value of the derivatives are based on observable, or Level 2, inputs such as interest rates, bond yields and prices in inactive markets. There were no material valuation adjustments in the three or nine months ended September 26, 2015 or September 27, 2014. Financial Instruments September 26, 2015 December 27, 2014 Fair Value Carrying Value Fair Value Carrying Value Level 2 Long-term debt (1) $ 1,155,557 $ 1,156,193 $ 1,101,873 $ 1,064,917 Level 3 Current portion of deferred consideration and noncompete obligations (2) 15,632 15,632 16,027 16,027 Long term portion of deferred consideration and noncompete obligations (3) 39,267 39,267 37,357 37,357 (1) $8.1 million and $5.3 million included in current portion of debt as of September 26, 2015 and December 27, 2014, respectively. Excludes $60.0 million outstanding on the revolving credit facility as of September 26, 2015. (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 values 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 New Accounting Standards — Simplifying the Presentation of Debt Issuance Costs 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 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 Reclassifications |
Summit Materials, LLC [Member] | |
Summary of Organization and Significant Accounting Policies | 1. SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Summit Materials, LLC (“Summit LLC” and, together with its subsidiaries, the “Company”) is a vertically integrated, construction materials company. The Company 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, two cement plants, 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 primary owners are Summit Materials, Inc. (“Summit Inc.”) and certain investment funds affiliated with Blackstone Capital Partners V L.P. and Silverhawk Summit, L.P. (collectively, the “Sponsors”). Summit Inc. was formed as a Delaware corporation on September 23, 2014 to be a holding company. Its sole material 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, Summit Inc. became a holding corporation operating and controlling all of the business and affairs of Summit Holdings and its subsidiaries, including Summit LLC. Initial Public Offering 1 2 Follow-On Offering Basis of Presentation 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 September 26, 2015, the results of operations for the three and nine months ended September 26, 2015 and September 27, 2014 and cash flows for the nine months ended September 26, 2015 and September 27, 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 LLC and its subsidiaries, including noncontrolling interests. 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 Business and Credit Concentrations— Fair Value Measurements— September 26, 2015 December 27, 2014 Current portion of derivatives and acquisition-related liabilities: Contingent consideration $ 4,559 $ 2,375 Cash flow hedge 114 Derivatives and acquisition- related liabilities: Contingent consideration $ 2,711 $ 5,379 Cash flow hedge 897 The fair value of contingent consideration was 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. The fair value of the derivatives are based on observable, or Level 2, inputs such as interest rates, bond yields and prices in inactive markets. There were no material valuation adjustments in the three or nine months ended September 26, 2015 or September 27, 2014. Financial Instruments September 26, 2015 December 27, 2014 Fair Value Carrying Value Fair Value Carrying Value Level 2 Long-term debt (1) $ 1,155,557 $ 1,156,193 $ 1,101,873 $ 1,064,917 Level 3 Current portion of deferred consideration and noncompete obligations (2) 13,132 13,132 16,027 16,027 Long term portion of deferred consideration and noncompete obligations (3) 30,609 30,609 37,357 37,357 (1) $8.1 million and $5.3 million included in current portion of debt as of September 26, 2015 and December 27, 2014, respectively. Excludes $60.0 million outstanding on the revolving credit facility as of September 26, 2015. (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 values 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 New Accounting Standards — Simplifying the Presentation of Debt Issuance Costs 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, 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 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. In July 2015, the FASB postponed the effective date of the new revenue standard by one year to the first quarter of 2018. Early adoption is permitted, but no earlier than 2017. Management is currently assessing the effect that the adoption of this standard will have on the consolidated financial statements. Reclassifications |
Reorganization
Reorganization | 9 Months Ended |
Sep. 26, 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 was subject to unique distribution rights. 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 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”). The exercise price of the warrants and leverage restoration options is the IPO price of $18.00 per share. In conjunction with the Reclassification of the equity-based awards, the Company recognized a $14.5 million modification charge in general and administrative costs. The leverage restoration options were granted under the Summit Materials, Inc. 2015 Omnibus Incentive Plan (the “Omnibus Incentive Plan”). The leverage restoration options that correlate to time-vesting interests vest over four years, beginning on the Reclassification date and the leverage restoration options that correlate to performance-vesting interests vest only when both the relevant return multiple is achieved and a four year time-vesting condition is satisfied. The time-based vesting condition for both the time-vesting and performance-vesting interests will be satisfied with respect to 25% of the performance-vesting options on each of the first four anniversaries of the Reclassification date, subject to the employee’s continued employment through the applicable vesting date. 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 had not previously been granted equity-based interests. These stock options have an exercise price of $18.00 per share, the IPO price, 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. |
Summit Materials, LLC [Member] | |
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 was subject to unique distribution rights. 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 Summit Inc.’s Class A common stock, and options were issued to holders of Class D interests to purchase an aggregate of 4,358,842 shares of Summit Inc.’s Class A common stock (“leverage restoration options”). The exercise price of the warrants and leverage restoration options is the IPO price of $18.00 per share. In conjunction with the Reclassification of the equity-based awards, the Company recognized a $14.5 million modification charge in general and administrative costs. The leverage restoration options were granted under the Summit Materials, Inc. 2015 Omnibus Incentive Plan (the “Omnibus Incentive Plan”). The leverage restoration options that correlate to time-vesting interests vest over four years, beginning on the Reclassification date and the leverage restoration options that correlate to performance-vesting interests vest only when both the relevant return multiple is achieved and a four year time-vesting condition is satisfied. The time-based vesting condition for both the time-vesting and performance-vesting interests will be satisfied with respect to 25% of the performance-vesting options on each of the first four anniversaries of the Reclassification date, subject to the employee’s continued employment through the applicable vesting date. The Company also granted 240,000 options to purchase shares of Summit Inc.’s Class A common stock under the Omnibus Incentive Plan to certain employees some of whom had not previously been granted equity-based interests. These stock options have an exercise price of $18.00 per share, the IPO price, 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. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 26, 2015 | |
Acquisitions | 3. ACQUISITIONS On July 17, 2015, the Company acquired the Davenport Assets for a purchase price of $450.0 million in cash and a cement distribution terminal in Bettendorf, Iowa. The operating results of the acquired business have been included in the Central region’s results of operations since the date of the acquisition. Assets acquired and liabilities assumed are measured at their acquisition-date fair value. Goodwill recognized in connection with the acquisition is primarily attributable to the expected profitability, assembled workforce and operational infrastructure of the acquired business and the synergies expected to result after its integration. The Davenport Assets were immediately integrated into the Company’s existing cement operations such that it is not practicable to report revenue and net income separately for the Davenport Assets. Pro Forma Financial Information (unaudited) Three months ended Nine months ended Revenue $ 477,706 $ 1,069,305 Net income 27,649 26,764 The purchase price allocation for the Davenport Assets has not been finalized due to the recent timing of the acquisition. The following table summarizes aggregated information regarding the estimated fair values of the assets acquired and liabilities assumed in conjunction with the acquisition: September 26, 2015 Inventories $ 21,538 Property, plant and equipment 272,815 Other assets 6,537 Financial liabilities (1,509 ) Other long-term liabilities (95 ) Net assets acquired 299,286 Goodwill 150,710 Total consideration 449,996 Transfer of assets (2,182 ) Working capital true-up 896 Net cash paid for acquisitions $ 448,710 |
Summit Materials, LLC [Member] | |
Acquisitions | 3. ACQUISITIONS On July 17, 2015, the Company acquired the Davenport Assets for a purchase price of $450.0 million in cash and a cement distribution terminal in Bettendorf, Iowa. The operating results of the acquired business have been included in the Central region’s results of operations since the date of the acquisition. Assets acquired and liabilities assumed are measured at their acquisition-date fair value. Goodwill recognized in connection with the acquisition is primarily attributable to the expected profitability, assembled workforces and operational infrastructure of the acquired business and the synergies expected to result after its integration. The Davenport Assets were immediately integrated into the Company’s existing cement operations such that it is not practicable to report revenue and net income separately for the Davenport Assets. Pro Forma Financial Information (unaudited) Three months ended Nine months ended September 26, 2015 September 26, 2015 Revenue $ 477,706 $ 1,069,305 Net income 67,229 24,506 The purchase price allocation for the Davenport Assets has not been finalized due to the recent timing of the acquisition. The following table summarizes aggregated information regarding the estimated fair values of the assets acquired and liabilities assumed in conjunction with the acquisition: September 26, 2015 Inventories $ 21,538 Property, plant and equipment 272,815 Other assets 6,537 Financial liabilities (1,509 ) Other long-term liabilities (95 ) Net assets acquired 299,286 Goodwill 150,710 Total consideration 449,996 Transfer of assets (2,182 ) Working capital true-up 896 Net cash paid for acquisitions $ 448,710 |
Goodwill
Goodwill | 9 Months Ended |
Sep. 26, 2015 | |
Goodwill | 4. GOODWILL Changes in the carrying amount of goodwill, by reportable segment, from December 27, 2014 to September 26, 2015 are summarized as follows: West Central East Total Balance, December 27, 2014 $ 297,085 $ 96,025 $ 26,160 $ 419,270 Acquisitions (1) 4,579 150,929 — 155,508 Foreign currency translation adjustments (6,942 ) — — (6,942 ) Balance, September 26, 2015 $ 294,722 $ 246,954 $ 26,160 $ 567,836 (1) Includes certain working capital adjustments related to 2014 acquisitions |
Summit Materials, LLC [Member] | |
Goodwill | 4. GOODWILL Changes in the carrying amount of goodwill, by reportable segment, from December 27, 2014 to September 26, 2015 are summarized as follows: West Central East Total Balance, December 27, 2014 $ 297,085 $ 96,025 $ 26,160 $ 419,270 Acquisitions (1) 4,579 150,929 — 155,508 Foreign currency translation adjustments (6,942 ) — — (6,942 ) Balance, September 26, 2015 $ 294,722 $ 246,954 $ 26,160 $ 567,836 (1) Includes certain working capital adjustments related to 2014 acquisitions |
Accounts Receivable, Net
Accounts Receivable, Net | 9 Months Ended |
Sep. 26, 2015 | |
Accounts Receivable, Net | 5. ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following as of September 26, 2015 and December 27, 2014: September 26, December 27, Trade accounts receivable $ 194,235 $ 131,060 Retention receivables 13,396 12,053 Receivables from related parties 705 333 Accounts receivable 208,336 143,446 Less: Allowance for doubtful accounts (2,397 ) (2,144 ) Accounts receivable, net $ 205,939 $ 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 | 5. ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following as of September 26, 2015 and December 27, 2014: September 26, December 27, 2015 2014 Trade accounts receivable $ 194,235 $ 131,060 Retention receivables 13,396 12,053 Receivables from related parties 705 333 Accounts receivable 208,336 143,446 Less: Allowance for doubtful accounts (2,397 ) (2,144 ) Accounts receivable, net $ 205,939 $ 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 | 9 Months Ended |
Sep. 26, 2015 | |
Inventories | 6. INVENTORIES Inventories consisted of the following as of September 26, 2015 and December 27, 2014: September 26, December 27, 2015 2014 Aggregate stockpiles $ 90,776 $ 88,211 Finished goods 11,284 8,826 Work in process 6,511 1,801 Raw materials 29,465 12,715 Total $ 138,036 $ 111,553 |
Summit Materials, LLC [Member] | |
Inventories | 6. INVENTORIES Inventories consisted of the following as of September 26, 2015 and December 27, 2014: September 26, December 27, 2015 2014 Aggregate stockpiles $ 90,776 $ 88,211 Finished goods 11,284 8,826 Work in process 6,511 1,801 Raw materials 29,465 12,715 Total $ 138,036 $ 111,553 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 26, 2015 | |
Accrued Expenses | 7. ACCRUED EXPENSES Accrued expenses consisted of the following as of September 26, 2015 and December 27, 2014: September 26, December 27, Interest $ 12,973 $ 32,475 Payroll and benefits 22,095 20,326 Capital lease obligations 16,065 17,530 Insurance 13,710 11,402 Non-income taxes 10,221 5,520 Professional fees 1,305 3,299 Other (1) 14,511 10,944 Total $ 90,880 $ 101,496 (1) Consists primarily of subcontractor and working capital settlement accruals. |
Summit Materials, LLC [Member] | |
Accrued Expenses | 7. ACCRUED EXPENSES Accrued expenses consisted of the following as of September 26, 2015 and December 27, 2014: September 26, December 27, 2015 2014 Interest $ 12,973 $ 32,475 Payroll and benefits 22,095 20,326 Capital lease obligations 16,065 17,530 Insurance 13,710 11,402 Non-income taxes 10,221 5,520 Professional fees 1,305 3,299 Other (1) 14,511 10,944 Total $ 90,880 $ 101,496 (1) Consists primarily of subcontractor and working capital settlement accruals. |
Debt
Debt | 9 Months Ended |
Sep. 26, 2015 | |
Debt | 8. DEBT Debt consisted of the following as of September 26, 2015 and December 27, 2014: September 26, December 27, Revolving credit facility $ 60,000 $ — Long-term debt: 10 1/2% Senior Notes, due 2020: $153.8 million senior notes, including a $5.5 million net premium at September 26, 2015 and $625.0 million senior notes, including a $26.5 million net premium at December 27, 2014 159,365 651,548 6 1/8% Senior Notes, due 2023: $350.0 million senior notes, issued at par at September 26, 2015 350,000 Term Loan, due 2022: $650.0 million term loan, net of $3.1 million discount at September 26, 2015 and $415.7 million term loan, net of $2.3 million discount at December 27, 2014 646,828 413,369 Total 1,156,193 1,064,917 Current portion of long-term debt 8,125 5,275 Long-term debt $ 1,148,068 $ 1,059,642 The contractual payments of long-term debt, including current maturities, for the five years subsequent to September 26, 2015, are as follows: 2015 (three months) $ 3,250 2016 6,500 2017 6,500 2018 4,875 2019 6,500 2020 161,925 Thereafter 964,250 Total 1,153,800 Plus: Original issue net premium 2,393 Total debt $ 1,156,193 Senior Notes The Issuers issued $350.0 million in aggregate principal amount of 6.125% senior notes due July 15, 2023 (the “2023 Notes”) under an indenture dated July 28, 2015 (as amended and supplemented, the “2015 Indenture”). The net proceeds from the 2023 Notes, with proceeds from the refinancing of the term loan described below, were used to pay the $370.0 million initial purchase price for the Davenport Assets and to redeem $183.0 million aggregate principal amount of the 2020 Notes and pay related fees and expenses. The 2015 Indenture contains covenants and events of default generally consistent with the 2012 Indenture. The 2023 Notes were issued at 100% of their par value. Interest on the 2023 Notes is payable semi-annually in arrears on January 15 and July 15 of each year commencing on January 15, 2016. As of September 26, 2015 and December 27, 2014, the Company was in compliance with all covenants under both indentures, as applicable. In April and August 2015, using proceeds from the IPO and the refinancing of the term loan described below, $288.2 million and $183.0 million, respectively, aggregate principal amount of the outstanding 2020 Notes were redeemed at a price equal to par plus an applicable premium. As a result of the redemptions, net charges of $14.1 million and $45.4 million were recognized in the three and nine months ended September 26, 2015, respectively. The fees included $18.2 million and $56.4 million for the applicable prepayment premium and $2.8 million and $7.5 million for the write-off of deferred financing fees, partially offset by $6.9 million and $18.5 million of net benefit from the write-off of the original issuance net premium in the three and nine months ended September 26, 2015, respectively. Senior Secured Credit Facilities On July 17, 2015, Summit LLC refinanced its term loan under the Senior Secured Credit Facilities (the “Refinancing”). The Refinancing, among other things: (i) reduced the applicable margins used to calculate interest rates for term loans under our Senior Secured Credit Facilities to 3.25% for LIBOR rate loans and 2.25% for base rate loans, subject to a LIBOR floor of 1.00% (and one 25 basis point step down upon Summit LLC achieving a certain first lien net leverage ratio); (ii) increased term loans borrowed under our term loan facility from $422.0 million to an aggregate $650.0 million; and (iii) created additional flexibility under the financial maintenance covenants, which are tested quarterly, by increasing the applicable maximum Consolidated First Lien Net Leverage Ratio (as defined in the credit agreement governing the Senior Secured Credit Facilities). On March 11, 2015, Summit LLC entered into Amendment No. 3 to the credit agreement governing the Senior Secured Credit Facilities, 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 11, 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, a charge of $0.4 million of deferred financing was recognized in the nine months ended September 26, 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 2.0% 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 3.0% for LIBOR rate loans. The interest rate in effect at September 26, 2015 was 3.2%. There were $60.0 million of outstanding borrowings under the revolving credit facility as of September 26, 2015, leaving remaining borrowing capacity of $150.6 million, which is net of $24.4 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’s Consolidated First Lien Net Leverage Ratio, as such term is defined in the Senior Secured Credit Facilities, should be no greater than 4.75:1.0 as of each quarter-end. As of September 26, 2015 and December 27, 2014, Summit LLC was in compliance with all covenants. Summit LLC’s wholly-owned domestic subsidiary companies, subject to certain exclusions and exceptions, are named as subsidiary guarantors of the 2020 Notes, the 2023 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 debt totaled $17.8 million and $54.6 million in the three and nine months ended September 26, 2015, respectively, and $19.9 million and $56.4 million in the three and nine months ended September 27, 2014, respectively. The following table presents the activity for the deferred financing fees for the nine months ended September 26, 2015 and September 27, 2014: Deferred financing fees Balance — December 27, 2014 $ 17,215 Loan origination fees 10,911 Amortization (2,731 ) Write off of deferred financing fees (12,135 ) Balance — September 26, 2015 $ 13,260 Balance — December 28, 2013 $ 11,485 Loan origination fees 9,281 Amortization (2,875 ) Balance —September 27, 2014 $ 17,891 Other |
Summit Materials, LLC [Member] | |
Debt | 8. DEBT Debt consisted of the following as of September 26, 2015 and December 27, 2014: September 26, December 27, 2015 2014 Revolving credit facility $ 60,000 $ — Long-term debt: 10 1/2% Senior Notes, due 2020: $153.8 million senior notes, including a $5.5 million net premium at September 26, 2015 and $625.0 million senior notes, including a $26.5 million net premium at December 27, 2014 159,365 651,548 6 1/8% Senior Notes, due 2023: $350.0 million senior notes, issued at par at September 26, 2015 350,000 Term Loan, due 2022: $650.0 million term loan, net of $3.1 million discount at September 26, 2015 and $415.7 million term loan, net of $2.3 million discount at December 27, 2014 646,828 413,369 Total 1,156,193 1,064,917 Current portion of long-term debt 8,125 5,275 Long-term debt $ 1,148,068 $ 1,059,642 The contractual payments of long-term debt, including current maturities, for the five years subsequent to September 26, 2015, are as follows: 2015 (three months) $ 3,250 2016 6,500 2017 6,500 2018 4,875 2019 6,500 2020 161,925 Thereafter 964,250 Total 1,153,800 Plus: Original issue net premium 2,393 Total debt $ 1,156,193 Senior Notes The Issuers issued $350.0 million in aggregate principal amount of 6.125% senior notes due July 15, 2023 (the “2023 Notes”) under an indenture dated July 28, 2015 (as amended and supplemented, the “2015 Indenture”). The net proceeds from the 2023 Notes, with proceeds from the refinancing of the term loan described below, were used to pay the $370.0 million initial purchase price for the Davenport Assets and to redeem $183.0 million aggregate principal amount of the 2020 Notes and pay related fees and expenses. The 2015 Indenture contains covenants and events of default generally consistent with the 2012 Indenture. The 2023 Notes were issued at 100% of their par value. Interest on the 2023 Notes is payable semi-annually in arrears on January 15 and July 15 of each year commencing on January 15, 2016. As of September 26, 2015 and December 27, 2014, the Company was in compliance with all covenants under both indentures, as applicable. In April and August 2015, using proceeds from the IPO and the refinancing of the term loan described below, $288.2 million and $183.0 million, respectively, aggregate principal amount of the outstanding 2020 Notes were redeemed at a price equal to par plus an applicable premium. As a result of the redemptions, net charges of $14.1 million and $45.4 million were recognized in the three and nine months ended September 26, 2015, respectively. The fees included $18.2 million and $56.4 million for the applicable prepayment premium and $2.8 million and $7.5 million for the write-off of deferred financing fees, partially offset by $6.9 million and $18.5 million of net benefit from the write-off of the original issuance net premium in the three and nine months ended September 26, 2015, respectively. Senior Secured Credit Facilities On July 17, 2015, Summit LLC refinanced its term loan under the Senior Secured Credit Facilities (the “Refinancing”). The Refinancing, among other things: (i) reduced the applicable margins used to calculate interest rates for term loans under our Senior Secured Credit Facilities to 3.25% for LIBOR rate loans and 2.25% for base rate loans, subject to a LIBOR floor of 1.00% (and one 25 basis point step down upon Summit LLC achieving a certain first lien net leverage ratio); (ii) increased term loans borrowed under our term loan facility from $422.0 million to an aggregate $650.0 million; and (iii) created additional flexibility under the financial maintenance covenants, which are tested quarterly, by increasing the applicable maximum Consolidated First Lien Net Leverage Ratio (as defined in the credit agreement governing the Senior Secured Credit Facilities). On March 11, 2015, Summit LLC entered into Amendment No. 3 to the credit agreement governing the Senior Secured Credit Facilities, 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 11, 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, a charge of $0.4 million of deferred financing was recognized in the nine months ended September 26, 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 September 26, 2015 was 3.6%. There were $60.0 million of outstanding borrowings under the revolving credit facility as of September 26, 2015, leaving remaining borrowing capacity of $150.6 million, which is net of $24.4 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’s Consolidated First Lien Net Leverage Ratio, as such term is defined in the Senior Secured Credit Facilities, should be no greater than 4.75:1.0 as of each quarter-end. As of September 26, 2015 and December 27, 2014, Summit LLC was in compliance with all covenants. Summit LLC’s wholly-owned domestic subsidiary companies, subject to certain exclusions and exceptions, are named as subsidiary guarantors of the 2020 Notes, the 2023 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 debt totaled $17.8 million and $54.6 million in the three and nine months ended September 26, 2015, respectively, and $19.9 million and $56.4 million in the three and nine months ended September 27, 2014, respectively. The following table presents the activity for the deferred financing fees for the nine months ended September 26, 2015 and September 27, 2014: Deferred financing fees Balance — December 27, 2014 $ 17,215 Loan origination fees 10,911 Amortization (2,731 ) Write off of deferred financing fees (12,135 ) Balance — September 26, 2015 $ 13,260 Balance — December 28, 2013 $ 11,485 Loan origination fees 9,281 Amortization (2,875 ) Balance —September 27, 2014 $ 17,891 Other |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 26, 2015 | |
Accumulated Other Comprehensive Loss | 9. ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in each component of accumulated other comprehensive loss consisted of the following: Foreign currency Cash flow hedge Accumulated Balance — December 27, 2014 $ — $ — $ — Foreign currency translation adjustment (2,109 ) — (2,109 ) Loss on cash flow hedges — (498 ) (498 ) Balance — September 26, 2015 $ (2,109 ) $ (498 ) $ (2,607 ) |
Summit Materials, LLC [Member] | |
Accumulated Other Comprehensive Loss | 9. ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in each component of accumulated other comprehensive loss consisted of the following: Change in Foreign currency Cash flow hedge Accumulated Balance — December 27, 2014 $ (9,730 ) $ (5,816 ) $ — $ (15,546 ) Foreign currency translation adjustment — (11,531 ) — (11,531 ) Loss on cash flow hedges — — (1,010 ) (1,010 ) Balance — September 26, 2015 $ (9,730 ) $ (17,347 ) $ (1,010 ) $ (28,087 ) Balance — December 28, 2013 $ (6,045 ) $ — $ — $ (6,045 ) Postretirement curtailment adjustment (942 ) — — (942 ) Postretirement liability adjustment 1,515 — — 1,515 Foreign currency translation adjustment — (1,764 ) — (1,764 ) Balance —September 27, 2014 $ (5,472 ) $ (1,764 ) $ — $ (7,236 ) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 26, 2015 | |
Income Taxes | 10. 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 corporation subsidiaries are fully reflected in the Company’s accounts. As of September 26, 2015 and December 27, 2014, Summit Inc. and its subsidiaries had 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 during the three and nine months ended September 26, 2015 and September 27, 2014. Summit Inc. Valuation Allowance Tax Receivable Agreement Tax Distributions C Corporation Subsidiaries |
Summit Materials, LLC [Member] | |
Income Taxes | 10. 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 September 26, 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 during the three or nine months ended September 26, 2015 and September 27, 2014. Tax Distributions – |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Sep. 26, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 11. NET INCOME 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. In connection with the follow on offering on August 11, 2015, Summit Inc. sold 22,425,000 shares of Class A common stock to the public, resulting in 49,009,738 shares of Class A common stock outstanding as of September 26, 2015. The 99,342,035 LP Units and 250,000 of outstanding stock options are excluded from the calculations as they would have an antidilutive effect. The following table reconciles basic to diluted loss per share: September 26, 2015 Three months ended Nine months ended Net income attributable to Summit Inc. $ 14,711 $ 4,355 Weighted-average common shares: Weighted average shares of Class A shares 37,920,452 31,768,406 Basic earnings per share $ 0.39 $ 0.14 Weighted average shares of Class A shares 37,920,452 31,768,406 Warrants 43,478 42,909 Weighted average dilutive shares 37,963,930 31,811,315 Diluted earnings per share $ 0.39 $ 0.14 Basic and diluted earnings per share for discontinued operations attributable to Summit Inc. were $0.00 and $0.01 in the three and nine months ended September 26, 2015. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 26, 2015 | |
Commitments and Contingencies | 12. 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 records legal fees as incurred. Litigation and Claims 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. The Company had unapproved change orders and claims of $1.2 million in accounts receivable and $3.9 million ($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) as of September 26, 2015 and December 27, 2014, respectively. Environmental Remediation Other |
Summit Materials, LLC [Member] | |
Commitments and Contingencies | 11. 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 records legal fees as incurred. Litigation and Claims 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. The Company had unapproved change orders and claims of $1.2 million in accounts receivable and $3.9 million ($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) as of September 26, 2015 and December 27, 2014, respectively. Environmental Remediation Other |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 26, 2015 | |
Supplemental Cash Flow Information | 13. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information is as follows: Nine months ended September 26, September 27, Cash payments: Interest $ 75,990 $ 59,179 Income taxes 1,516 1,345 Non cash financing activities: Purchase of noncontrolling interest in Continental Cement $ (29,102 ) $ — |
Summit Materials, LLC [Member] | |
Supplemental Cash Flow Information | 12. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information is as follows: Nine months ended September 26, September 27, 2015 2014 Cash payments: Interest $ 75,990 $ 59,179 Income taxes 1,516 1,345 Non cash financing activities: Purchase of noncontrolling interest in Continental Cement $ (64,102 ) $ — |
Segment Information
Segment Information | 9 Months Ended |
Sep. 26, 2015 | |
Segment Information | 14. 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 Nine months ended September 26, September 27, September 26, September 27, Revenue: West region $ 261,742 $ 211,302 $ 597,484 $ 478,432 Central region 164,084 126,882 338,613 283,541 East region 46,079 56,575 94,738 108,172 Total revenue $ 471,905 $ 394,759 $ 1,030,835 $ 870,145 Three months ended Nine months ended September 26, September 27, September 26, September 27, Adjusted EBITDA West region $ 59,574 $ 39,105 $ 110,940 $ 71,646 Central region 53,756 30,820 89,984 59,220 East region 13,383 11,868 15,096 10,462 Corporate and other (8,879 ) (9,381 ) (33,577 ) (28,427 ) Total reportable segments and corporate 117,834 72,412 182,443 112,901 Interest expense 20,727 22,085 62,231 62,555 Depreciation, depletion, amortization and accretion 33,306 23,255 86,818 63,950 Initial public offering costs — — 28,296 — Loss on debt financings 32,641 — 64,313 — Income (loss) from continuing operations before taxes $ 31,160 $ 27,072 $ (59,215 ) $ (13,604 ) Nine months ended September 26, September 27, Cash paid for capital expenditures: West region $ 32,192 $ 25,496 Central region 24,335 28,485 East region 9,401 6,590 Total reportable segments 65,928 60,571 Corporate and other 3,744 3,673 Total capital expenditures $ 69,672 $ 64,244 Three months ended Nine months ended September 26, September 27, September 26, September 27, Depreciation, depletion, amortization and accretion: West region $ 13,786 $ 9,155 $ 38,508 $ 23,569 Central region 15,778 9,710 37,198 28,061 East region 3,114 3,984 9,426 11,272 Total reportable segments 32,678 22,849 85,132 62,902 Corporate and other 628 406 1,686 1,048 Total depreciation, depletion, amortization and accretion $ 33,306 $ 23,255 $ 86,818 $ 63,950 September 26, December 27, Total assets: West region $ 866,516 $ 777,981 Central region 1,189,565 704,134 East region 224,720 221,598 Total reportable segments 2,280,801 1,703,713 Corporate and other 49,440 26,064 Total $ 2,330,241 $ 1,729,777 Three months ended Nine months ended September 26, September 27, September 26, September 27, Revenue by product:* Aggregates $ 86,070 $ 68,636 $ 218,336 $ 160,002 Cement 68,481 34,171 110,477 69,435 Ready-mixed concrete 95,481 75,429 254,878 189,198 Asphalt 113,249 104,862 219,492 203,944 Paving and related services 185,092 191,157 366,321 391,925 Other (76,468 ) (79,496 ) (138,669 ) (144,359 ) Total revenue $ 471,905 $ 394,759 $ 1,030,835 $ 870,145 * 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 | 13. 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 Nine months ended September 26, September 27, September 26, September 27, 2015 2014 2015 2014 Revenue: West region $ 261,742 $ 211,302 $ 597,484 $ 478,432 Central region 164,084 126,882 338,613 283,541 East region 46,079 56,575 94,738 108,172 Total revenue $ 471,905 $ 394,759 $ 1,030,835 $ 870,145 Three months ended Nine months ended September 26, September 27, September 26, September 27, 2015 2014 2015 2014 Adjusted EBITDA West region $ 59,574 $ 39,105 $ 110,940 $ 71,646 Central region 53,756 30,820 89,984 59,220 East region 13,383 11,868 15,096 10,462 Corporate and other (8,879 ) (9,381 ) (33,577 ) (28,427 ) Total reportable segments and corporate 117,834 72,412 182,443 112,901 Interest expense 20,436 22,085 61,649 62,555 Depreciation, depletion, amortization and accretion 33,306 23,255 86,818 63,950 Initial public offering costs — — 28,296 — Loss on debt financings 32,641 — 64,313 — Income (loss) from continuing operations before taxes $ 31,451 $ 27,072 $ (58,633 ) $ (13,604 ) Nine months ended September 26, September 27, 2015 2014 Cash paid for capital expenditures: West region $ 32,192 $ 25,496 Central region 24,335 28,485 East region 9,401 6,590 Total reportable segments 65,928 60,571 Corporate and other 3,744 3,673 Total capital expenditures $ 69,672 $ 64,244 Three months ended Nine months ended September 26, September 27, September 26, September 27, 2015 2014 2015 2014 Depreciation, depletion, amortization and accretion: West region $ 13,786 $ 9,155 $ 38,508 $ 23,569 Central region 15,778 9,710 37,198 28,061 East region 3,114 3,984 9,426 11,272 Total reportable segments 32,678 22,849 85,132 62,902 Corporate and other 628 406 1,686 1,048 Total depreciation, depletion, amortization and accretion $ 33,306 $ 23,255 $ 86,818 $ 63,950 September 26, December 27, 2015 2014 Total assets: West region $ 866,516 $ 777,981 Central region 1,189,565 704,134 East region 224,720 221,598 Total reportable segments 2,280,801 1,703,713 Corporate and other 35,935 26,064 Total $ 2,316,736 $ 1,729,777 Three months ended Nine months ended September 26, September 27, September 26, September 27, 2015 2014 2015 2014 Revenue by product:* Aggregates $ 86,070 $ 68,636 $ 218,336 $ 160,002 Cement 68,481 34,171 110,477 69,435 Ready-mixed concrete 95,481 75,429 254,878 189,198 Asphalt 113,249 104,862 219,492 203,944 Paving and related services 185,092 191,157 366,321 391,925 Other (76,468 ) (79,496 ) (138,669 ) (144,359 ) Total revenue $ 471,905 $ 394,759 $ 1,030,835 $ 870,145 * 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 | 9 Months Ended |
Sep. 26, 2015 | |
Related Party Transactions | 15. RELATED PARTY TRANSACTIONS Under the terms of a transaction and management fee agreement between Summit Holdings and Blackstone Management Partners L.L.C. (“BMP”), whose affiliates include controlling stockholders of the Company, BMP provided monitoring, advisory and consulting services to the Company through March 17, 2015. Under the terms of the agreement, BMP was permitted to assign, and had assigned, a portion of the fees to which it was entitled to Silverhawk Summit, L.P. and to certain other equity investors. The management fee was calculated based on the greater of $300,000 or 2.0% of the Company’s annual consolidated profit, as defined in the agreement, and is included in general and administrative expenses. The Company incurred management fees totaling $1.0 million during the period between December 28, 2014 and March 17, 2015 and $1.3 million and $2.3 million in the three and nine months ended September 27, 2014, respectively. During these periods, the Company paid immaterial amounts to Silverhawk Summit, L.P. and to other equity investors. Also under the terms of the transaction and management fee agreement, BMP 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. The Company paid BMP $0.6 million and $2.3 million during the three and nine months ended September 27, 2014, respectively. During these periods, the Company 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 connection with the IPO, the transaction and management fee agreement with BMP was terminated on March 17, 2015 for a final payment of $13.8 million; $13.4 million was paid to affiliates of BMP and the remaining $0.4 million was paid to affiliates of Silverhawk Summit, L.P. and to certain other equity investors. In addition to the transaction and management fees paid to BMP, the Company reimburses BMP for direct expenses incurred, which were not material in the three and nine months ended September 26, 2015 and September 27, 2014. On July 17, 2015, the Company purchased the Davenport Assets from Lafarge North America Inc. for $450.0 million in cash and a cement distribution terminal in Bettendorf, Iowa. At closing, $370.0 million of the purchase price was paid, and the remaining $80.0 million was paid on August 13, 2015. Summit Holdings entered into a commitment letter dated April 16, 2015, with Blackstone Capital Partners V L.P. (“BCP”) for equity financing up to $90.0 million in the form of a preferred equity interest (the “Equity Commitment Financing”), which would have been used to pay the $80.0 million deferred purchase price if other financing was not attained by December 31, 2015. For this Equity Commitment Financing, Summit Holdings paid a $1.8 million commitment fee to BCP in the nine months ended September 26, 2015. Blackstone Advisory Partners L.P., an affiliate of BMP, served as an initial purchaser of $5.75 million and $13.0 million principal amount of the 2020 Notes issued in September 2014 and January 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 during the period between December 28, 2014 and March 11, 2015 and $4.7 million and $10.9 million during the three and nine months ended September 27, 2014, respectively. Accounts receivable due from the former noncontrolling member were $0.2 million as of December 27, 2014. In the nine months ended September 27, 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 nine months ended September 27, 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 | 14. RELATED PARTY TRANSACTIONS Under the terms of a transaction and management fee agreement between Summit Holdings and Blackstone Management Partners L.L.C. (“BMP”), whose affiliates include controlling stockholders of Summit Inc., BMP provided monitoring, advisory and consulting services to the Company through March 17, 2015. Under the terms of the agreement, BMP was permitted to assign, and had assigned, a portion of the fees to which it was entitled to Silverhawk Summit, L.P. and to certain other equity investors. The management fee was calculated based on the greater of $300,000 or 2.0% of the Company’s annual consolidated profit, as defined in the agreement, and is included in general and administrative expenses. The Company incurred management fees totaling $1.0 million during the period between December 28, 2014 and March 17, 2015 and $1.3 million and $2.3 million in the three and nine months ended September 27, 2014, respectively. During these periods, the Company paid immaterial amounts to Silverhawk Summit, L.P. and to other equity investors. Also under the terms of the transaction and management fee agreement, BMP 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. The Company paid BMP $0.6 million and $2.3 million during the three and nine months ended September 27, 2014, respectively. During these periods, the Company 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 connection with the IPO, the transaction and management fee agreement with BMP was terminated on March 17, 2015 for a final payment of $13.8 million; $13.4 million was paid to affiliates of BMP and the remaining $0.4 million was paid to affiliates of Silverhawk Summit, L.P. and to certain other equity investors. In addition to the transaction and management fees paid to BMP, the Company reimburses BMP for direct expenses incurred, which were not material in the three and nine months ended September 26, 2015 and September 27, 2014. On July 17, 2015, the Company purchased the Davenport Assets from Lafarge North America Inc. for a purchase price of $450.0 million in cash and a cement distribution terminal in Bettendorf, Iowa. At closing, $370.0 million of the purchase price was paid, and the remaining $80.0 million was paid on August 13, 2015. Summit Holdings entered into a commitment letter dated April 16, 2015, with Blackstone Capital Partners V L.P. (“BCP”) for equity financing up to $90.0 million in the form of a preferred equity interest (the “Equity Commitment Financing”), which would have been used to pay the $80.0 million deferred purchase price if other financing was not attained by December 31, 2015. For the Equity Commitment Financing, the Company paid a $1.8 million commitment fee to BCP in the nine months ended September 26, 2015. Blackstone Advisory Partners L.P., an affiliate of BMP, served as an initial purchaser of $5.75 million and $13.0 million principal amount of the 2020 Notes issued in September 2014 and January 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 during the period between December 28, 2014 and March 11, 2015 and $4.7 million and $10.9 million during the three and nine months ended September 27, 2014, respectively. Accounts receivable due from the former noncontrolling member were $0.2 million as of December 27, 2014. In the nine months ended September 27, 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 nine months ended September 27, 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. |
Guarantor and Non-Guarantor Fin
Guarantor and Non-Guarantor Financial Information | 9 Months Ended |
Sep. 26, 2015 | |
Summit Materials, LLC [Member] | |
Guarantor and Non-Guarantor Financial Information | 15. GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION Summit LLC’s domestic wholly-owned subsidiary companies other than Finance Corp. are named as guarantors (collectively, the “Guarantors”) of the 2020 Notes and the 2023 Notes (collectively, 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 and nine months ended September 26, 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 September 26, 2015 Issuers Wholly- Non- Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 8,989 $ 1,025 $ 8,130 $ (12,662 ) $ 5,482 Accounts receivable, net — 195,120 11,163 (344 ) 205,939 Intercompany receivables 1,322,050 14,869 8,996 (1,345,915 ) — Cost and estimated earnings in excess of billings — 33,447 728 — 34,175 Inventories — 132,734 5,302 — 138,036 Other current assets 1,088 19,319 1,355 — 21,762 Total current assets 1,332,127 396,514 35,674 (1,358,921 ) 405,394 Property, plant and equipment, net 9,433 1,240,126 26,668 — 1,276,227 Goodwill — 519,759 48,077 — 567,836 Intangible assets, net — 14,044 1,437 — 15,481 Other assets 881,923 132,532 1,271 (963,928 ) 51,798 Total assets $ 2,223,483 $ 2,302,975 $ 113,127 $ (2,322,849 ) $ 2,316,736 Liabilities, Redeemable Noncontrolling Interest and Member’s Interest Current liabilities: Current portion of debt $ 68,125 $ — $ — $ — $ 68,125 Current portion of acquisition-related liabilities — 17,691 — — 17,691 Accounts payable 7,436 102,571 3,563 (344 ) 113,226 Accrued expenses 30,998 70,386 2,158 (12,662 ) 90,880 Intercompany payables 67,671 1,274,510 3,734 (1,345,915 ) — Billings in excess of costs and estimated earnings — 10,983 22 — 11,005 Total current liabilities 174,230 1,476,141 9,477 (1,358,921 ) 300,927 Long-term debt 1,148,068 61,377 — (61,377 ) 1,148,068 Acquisition-related liabilities — 33,320 — — 33,320 Other noncurrent liabilities 1,558 110,856 57,268 (55,107 ) 114,575 Total liabilities 1,323,856 1,681,694 66,745 (1,475,405 ) 1,596,890 Redeemable noncontrolling interest — — — — — Redeemable members’ interest — — — — — Total stockholders’ equity/partners’ interest 899,627 621,281 46,382 (847,444 ) 719,846 Total liabilities, redeemable noncontrolling interest and member’s interest $ 2,223,483 $ 2,302,975 $ 113,127 $ (2,322,849 ) $ 2,316,736 Condensed Consolidating Balance Sheets December 27, 2014 Issuers Non- Wholly- Wholly- Non- Elim- inations Consol- idated Assets Current assets: Cash and cash equivalents $ 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 September 26, 2015 Issuers Wholly- Non- Eliminations Consolidated Revenue $ — $ 454,501 $ 21,472 $ (4,068 ) $ 471,905 Cost of revenue (excluding items shown separately below) — 304,204 12,263 (4,068 ) 312,399 General and administrative expenses 8,881 32,362 1,600 — 42,843 Depreciation, depletion, amortization and accretion 628 31,374 1,304 — 33,306 Operating (loss) income (9,509 ) 86,561 6,305 — 83,357 Other (income) expense, net (58,666 ) 3,639 (17 ) 86,514 31,470 Interest expense 15,046 15,286 900 (10,796 ) 20,436 Income from continuing operations before taxes 34,111 67,636 5,422 (75,718 ) 31,451 Income tax benefit (expense) — (2,690 ) 35 — (2,655 ) Income from continuing operations 34,111 70,326 5,387 (75,718 ) 34,106 Income from discontinued operations — (57 ) — — (57 ) Net income 34,111 70,383 5,387 (75,718 ) 34,163 Net income attributable to minority interest — — — 52 52 Net income attributable to member of Summit Materials, LLC $ 34,111 $ 70,383 $ 5,387 $ (75,770 ) $ 34,111 Comprehensive income attributable to member of Summit Materials, LLC $ 26,805 $ 69,373 $ (909 ) $ (68,464 ) $ 26,805 Condensed Consolidating Statements of Operations For the three months ended September 27, 2014 Issuers Non- Wholly- Wholly- Non- Elim- Consol- Revenue $ — $ 34,171 $ 348,785 $ 22,626 $ (10,823 ) $ 394,759 Cost of revenue (excluding items shown separately below) — 25,603 253,284 17,433 (10,823 ) 285,497 General and administrative expenses 8,694 1,651 27,418 495 — 38,258 Depreciation, depletion, amortization and accretion 406 3,708 18,618 523 — 23,255 Operating (loss) income (9,100 ) 3,209 49,465 4,175 — 47,749 Other (income) expense, net (43,887 ) (945 ) (2,679 ) (16 ) 46,119 (1,408 ) Interest expense 7,913 2,931 13,416 233 (2,408 ) 22,085 Income from continuing operations before taxes 26,874 1,223 38,728 3,958 (43,711 ) 27,072 Income tax benefit (expense) — — (1,038 ) — — (1,038 ) Income from continuing operations 26,874 1,223 39,766 3,958 (43,711 ) 28,110 Income from discontinued operations — — (7 ) — — (7 ) Net income 26,874 1,223 39,773 3,958 (43,711 ) 28,117 Net income attributable to minority interest — — — — 1,243 1,243 Net income attributable to member of Summit Materials, LLC $ 26,874 $ 1,223 $ 39,773 $ 3,958 $ (44,954 ) $ 26,874 Comprehensive income attributable to member of Summit Materials, LLC $ 25,110 $ 1,223 $ 39,773 $ 2,194 $ (43,190 ) $ 25,110 Condensed Consolidating Statements of Operations For the nine months ended September 26, 2015 Issuers Wholly- Non- Eliminations Consolidated Revenue $ — $ 980,153 $ 78,821 $ (28,139 ) $ 1,030,835 Cost of revenue (excluding items shown separately below) — 696,068 51,909 (28,139 ) 719,838 General and administrative expenses 61,634 90,959 4,935 — 157,528 Depreciation, depletion, amortization and accretion 1,686 80,997 4,135 — 86,818 Operating (loss) income (63,320 ) 112,129 17,842 — 66,651 Other (income) expense, net (55,083 ) 7,140 142 111,436 63,635 Interest expense 35,196 45,332 2,689 (21,568 ) 61,649 Income from continuing operations before taxes (43,433 ) 59,657 15,011 (89,868 ) (58,633 ) Income tax benefit (expense) — (12,852 ) 384 — (12,468 ) Income from continuing operations (43,433 ) 72,509 14,627 (89,868 ) (46,165 ) Income from discontinued operations — (815 ) — — (815 ) Net income (43,433 ) 73,324 14,627 (89,868 ) (45,350 ) Net income attributable to minority interest — — — (1,917 ) (1,917 ) Net income attributable to member of Summit Materials, LLC $ (43,433 ) $ 73,324 $ 14,627 $ (87,951 ) $ (43,433 ) Comprehensive income attributable to member of Summit Materials, LLC $ (55,974 ) $ 72,314 $ 3,096 $ (75,410 ) $ (55,974 ) Condensed Consolidating Statements of Operations For the nine months ended September 27, 2014 Issuers Non- Wholly- Wholly- Non- Elim- Consol- Revenue $ — $ 69,435 $ 776,502 $ 43,900 $ (19,692 ) $ 870,145 Cost of revenue (excluding items shown separately below) — 53,229 581,602 30,795 (19,692 ) 645,934 General and administrative expenses 26,384 5,225 80,938 1,062 — 113,609 Depreciation, depletion, amortization and accretion 1,047 10,484 51,351 1,068 — 63,950 Operating (loss) income (27,431 ) 497 62,611 10,975 — 46,652 Other expense (income), net (36,161 ) (2,303 ) (4,233 ) 29 40,369 (2,299 ) Interest expense 21,581 8,788 37,831 289 (5,934 ) 62,555 (Loss) income from continuing operations before taxes (12,851 ) (5,988 ) 29,013 10,657 (34,435 ) (13,604 ) Income tax benefit (1,427 ) — (1,071 ) — — (2,498 ) (Loss) income from continuing operations (11,424 ) (5,988 ) 30,084 10,657 (34,435 ) (11,106 ) Income from discontinued operations — — (356 ) — — (356 ) Net (loss) income (11,424 ) (5,988 ) 30,440 10,657 (34,435 ) (10,750 ) Net loss attributable to noncontrolling interest — — — — 674 674 Net (loss) income attributable to member of Summit Materials, LLC $ (11,424 ) $ (5,988 ) $ 30,440 $ 10,657 $ (35,109 ) $ (11,424 ) Comprehensive (loss) income attributable to member of Summit Materials, LLC $ (12,615 ) (5,170 ) $ 30,440 $ 8,893 $ (34,163 ) $ (12,615 ) Condensed Consolidating Statements of Cash Flows For the nine months ended September 26, 2015 Issuers Wholly- Non- Elim- Consol- Net cash (used in) provided by operating activities $ (140,504 ) $ 112,541 $ 9,203 $ (167 ) $ (18,927 ) Cash flow from investing activities: Acquisitions, net of cash acquired — (505,466 ) — — (505,466 ) Purchase of property, plant and equipment (3,743 ) (65,001 ) (928 ) — (69,672 ) Proceeds from the sale of property, plant, and equipment — 8,821 62 — 8,883 Other — 610 — — 610 Net cash used for investing activities (3,743 ) (561,036 ) (866 ) — (565,645 ) Cash flow from financing activities: Proceeds from investment by member 490,916 — — — 490,916 Capital issuance costs (12,539 ) — — — (12,539 ) Net proceeds from debt issuance 1,415,750 — — — 1,415,750 Loans received from and payments made on loans from other Summit Companies (1,031,576 ) 1,047,015 (9,000 ) (6,439 ) — Payments on long-term debt (669,123 ) (583,340 ) — 1,056 (1,251,407 ) Payments on acquisition-related liabilities (166 ) (14,852 ) — — (15,018 ) Financing costs (10,911 ) — — — (10,911 ) Distributions from partnership (39,952 ) — — — (39,952 ) Other — — — — — Net cash provided by (used for) financing activities 142,399 448,823 (9,000 ) (5,383 ) 576,839 Net increase (decrease) in cash (1,848 ) 328 (663 ) (5,550 ) (7,733 ) Cash — Beginning of period 10,837 697 8,793 (7,112 ) 13,215 Cash— End of period $ 8,989 $ 1,025 $ 8,130 $ (12,662 ) $ 5,482 Condensed Consolidating Statements of Cash Flows For the nine months ended September 27, 2014 Issuers Non- Wholly- Wholly- Non- Elim- Consol- Net cash used in operating activities $ (36,504 ) $ (2,408 ) $ 28,727 $ 668 $ (1,319 ) $ (10,836 ) Cash flow from investing activities: Acquisitions, net of cash acquired (181,754 ) — (170,187 ) — — (351,941 ) Purchase of property, plant and equipment (3,674 ) (13,472 ) (46,575 ) (523 ) — (64,244 ) Proceeds from the sale of property, plant, and equipment — — 9,345 230 — 9,575 Other — — (409 ) — 1,166 757 Net cash (used for) provided by investing activities (185,428 ) (13,472 ) (207,826 ) (293 ) 1,166 (405,853 ) Cash flow from financing activities: Proceeds from investment by member 24,350 — — 1,353 (1,353 ) 24,350 Net proceeds from debt issuance 657,217 — — — — 657,217 Loans received from and payments made on loans from other Summit Companies (195,590 ) 16,383 189,243 (2,113 ) (7,923 ) — Payments on long-term debt (251,062 ) (509 ) (6,766 ) — — (258,337 ) Payments on acquisition-related liabilities (1,500 ) — (4,307 ) — — (5,807 ) Financing costs (8,834 ) — — — — (8,834 ) Other (88 ) — (1,500 ) — 1,500 (88 ) Net cash provided by (used for) financing activities 224,493 15,874 176,670 (760 ) (7,776 ) 408,501 Net increase (decrease) in cash 2,561 (6 ) (2,429 ) (385 ) (7,929 ) (8,188 ) Cash — Beginning of period 10,375 9 3,442 3,631 (2,540 ) 14,917 Cash— End of period $ 12,936 $ 3 $ 1,013 $ 3,246 $ (10,469 ) $ 6,729 |
Summary of Organization and S24
Summary of Organization and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 26, 2015 | |
Initial Public Offering | Initial Public Offering 1 2 |
Follow-On Offering | Follow-On Offering |
Basis of Presentation | Basis of Presentation 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 September 26, 2015, the results of operations for the three and nine months ended September 26, 2015 and September 27, 2014 and cash flows for the nine months ended September 26, 2015 and September 27, 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 and 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% between March 11, 2015 and August 11, 2015 and 50.7% between August 8, 2015 and September 26, 2015. Summit Inc.’s August 2015 purchase of 22,425,000 LP Units, 18,675,000 of which were previously held by certain of our pre-IPO owners, decreased the noncontrolling interest’s economic interest from 72.2% to 50.7%. 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 |
Business and Credit Concentrations | Business and Credit Concentrations— |
Earnings per Share | Earnings per Share— |
Fair Value Measurements | Fair Value Measurements— September 26, 2015 December 27, 2014 Current portion of derivatives and acquisition-related liabilities: Contingent consideration $ 4,559 $ 2,375 Cash flow hedge 114 Derivatives and acquisition- related liabilities: Contingent consideration $ 2,711 $ 5,379 Cash flow hedge 897 The fair value of contingent consideration was 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. The fair value of the derivatives are based on observable, or Level 2, inputs such as interest rates, bond yields and prices in inactive markets. There were no material valuation adjustments in the three or nine months ended September 26, 2015 or September 27, 2014. |
Financial Instruments | Financial Instruments September 26, 2015 December 27, 2014 Fair Value Carrying Value Fair Value Carrying Value Level 2 Long-term debt (1) $ 1,155,557 $ 1,156,193 $ 1,101,873 $ 1,064,917 Level 3 Current portion of deferred consideration and noncompete obligations (2) 15,632 15,632 16,027 16,027 Long term portion of deferred consideration and noncompete obligations (3) 39,267 39,267 37,357 37,357 (1) $8.1 million and $5.3 million included in current portion of debt as of September 26, 2015 and December 27, 2014, respectively. Excludes $60.0 million outstanding on the revolving credit facility as of September 26, 2015. (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 values 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 |
New Accounting Standards | New Accounting Standards — Simplifying the Presentation of Debt Issuance Costs 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 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 |
Reclassifications | Reclassifications |
Summit Materials, LLC [Member] | |
Initial Public Offering | Initial Public Offering 1 2 |
Follow-On Offering | Follow-On Offering |
Basis of Presentation | Basis of Presentation 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 September 26, 2015, the results of operations for the three and nine months ended September 26, 2015 and September 27, 2014 and cash flows for the nine months ended September 26, 2015 and September 27, 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 LLC and its subsidiaries, including noncontrolling interests. 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 |
Business and Credit Concentrations | Business and Credit Concentrations— |
Fair Value Measurements | Fair Value Measurements— September 26, 2015 December 27, 2014 Current portion of derivatives and acquisition-related liabilities: Contingent consideration $ 4,559 $ 2,375 Cash flow hedge 114 Derivatives and acquisition- related liabilities: Contingent consideration $ 2,711 $ 5,379 Cash flow hedge 897 The fair value of contingent consideration was 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. The fair value of the derivatives are based on observable, or Level 2, inputs such as interest rates, bond yields and prices in inactive markets. There were no material valuation adjustments in the three or nine months ended September 26, 2015 or September 27, 2014. |
Financial Instruments | Financial Instruments September 26, 2015 December 27, 2014 Fair Value Carrying Value Fair Value Carrying Value Level 2 Long-term debt (1) $ 1,155,557 $ 1,156,193 $ 1,101,873 $ 1,064,917 Level 3 Current portion of deferred consideration and noncompete obligations (2) 13,132 13,132 16,027 16,027 Long term portion of deferred consideration and noncompete obligations (3) 30,609 30,609 37,357 37,357 (1) $8.1 million and $5.3 million included in current portion of debt as of September 26, 2015 and December 27, 2014, respectively. Excludes $60.0 million outstanding on the revolving credit facility as of September 26, 2015. (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 values 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 |
New Accounting Standards | New Accounting Standards — Simplifying the Presentation of Debt Issuance Costs 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, 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 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. In July 2015, the FASB postponed the effective date of the new revenue standard by one year to the first quarter of 2018. Early adoption is permitted, but no earlier than 2017. Management is currently assessing the effect that the adoption of this standard will have on the consolidated financial statements. |
Reclassifications | Reclassifications |
Summary of Organization and S25
Summary of Organization and Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Schedule of Contingent Consideration Obligations Measured at Fair Value | The fair value of contingent consideration and derivatives as of September 26, 2015 and December 27, 2014 was: September 26, 2015 December 27, 2014 Current portion of derivatives and acquisition-related liabilities: Contingent consideration $ 4,559 $ 2,375 Cash flow hedge 114 Derivatives and acquisition- related liabilities: Contingent consideration $ 2,711 $ 5,379 Cash flow hedge 897 |
Schedule of Carrying Value and Fair Value of Financial Instruments | The carrying value and fair value of these financial instruments as of September 26, 2015 and December 27, 2014 was: September 26, 2015 December 27, 2014 Fair Value Carrying Value Fair Value Carrying Value Level 2 Long-term debt (1) $ 1,155,557 $ 1,156,193 $ 1,101,873 $ 1,064,917 Level 3 Current portion of deferred consideration and noncompete obligations (2) 15,632 15,632 16,027 16,027 Long term portion of deferred consideration and noncompete obligations (3) 39,267 39,267 37,357 37,357 (1) $8.1 million and $5.3 million included in current portion of debt as of September 26, 2015 and December 27, 2014, respectively. Excludes $60.0 million outstanding on the revolving credit facility as of September 26, 2015. (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 | The fair value of contingent consideration and derivatives as of September 26, 2015 and December 27, 2014 was: September 26, 2015 December 27, 2014 Current portion of derivatives and acquisition-related liabilities: Contingent consideration $ 4,559 $ 2,375 Cash flow hedge 114 Derivatives and acquisition- related liabilities: Contingent consideration $ 2,711 $ 5,379 Cash flow hedge 897 |
Schedule of Carrying Value and Fair Value of Financial Instruments | The carrying value and fair value of these financial instruments as of September 26, 2015 and December 27, 2014 was: September 26, 2015 December 27, 2014 Fair Value Carrying Value Fair Value Carrying Value Level 2 Long-term debt (1) $ 1,155,557 $ 1,156,193 $ 1,101,873 $ 1,064,917 Level 3 Current portion of deferred consideration and noncompete obligations (2) 13,132 13,132 16,027 16,027 Long term portion of deferred consideration and noncompete obligations (3) 30,609 30,609 37,357 37,357 (1) $8.1 million and $5.3 million included in current portion of debt as of September 26, 2015 and December 27, 2014, respectively. Excludes $60.0 million outstanding on the revolving credit facility as of September 26, 2015. (2) Included in current portion of acquisition-related liabilities on the balance sheet. (3) Included in acquisition-related liabilities on the balance sheet. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Summary of Proforma Information | The following unaudited supplemental pro forma information presents the financial results as if the Davenport Assets had been acquired on the first day of the 2014 fiscal year. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been made on the first day of the preceding fiscal year, nor is it indicative of any future results. The pro forma adjustments include a reduction of transaction costs of $6.5 million and additional depreciation, depletion, amortization and accretion of $7.5 million. Three months ended Nine months ended Revenue $ 477,706 $ 1,069,305 Net income 27,649 26,764 |
Summary of Assets Acquired and Liabilities Assumed | The purchase price allocation for the Davenport Assets has not been finalized due to the recent timing of the acquisition. The following table summarizes aggregated information regarding the estimated fair values of the assets acquired and liabilities assumed in conjunction with the acquisition: September 26, 2015 Inventories $ 21,538 Property, plant and equipment 272,815 Other assets 6,537 Financial liabilities (1,509 ) Other long-term liabilities (95 ) Net assets acquired 299,286 Goodwill 150,710 Total consideration 449,996 Transfer of assets (2,182 ) Working capital true-up 896 Net cash paid for acquisitions $ 448,710 |
Summit Materials, LLC [Member] | |
Summary of Proforma Information | The following unaudited supplemental pro forma information presents the financial results as if the Davenport Assets had been acquired on the first day of the 2014 fiscal year. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been made on the first day of the preceding fiscal year, nor is it indicative of any future results. The pro forma adjustments include a reduction of transaction costs of $6.5 million and additional depreciation, depletion, amortization and accretion of $7.5 million. Three months ended Nine months ended September 26, 2015 September 26, 2015 Revenue $ 477,706 $ 1,069,305 Net income 67,229 24,506 |
Summary of Assets Acquired and Liabilities Assumed | The following table summarizes aggregated information regarding the estimated fair values of the assets acquired and liabilities assumed in conjunction with the acquisition: September 26, 2015 Inventories $ 21,538 Property, plant and equipment 272,815 Other assets 6,537 Financial liabilities (1,509 ) Other long-term liabilities (95 ) Net assets acquired 299,286 Goodwill 150,710 Total consideration 449,996 Transfer of assets (2,182 ) Working capital true-up 896 Net cash paid for acquisitions $ 448,710 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Summary of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill, by reportable segment, from December 27, 2014 to September 26, 2015 are summarized as follows: West Central East Total Balance, December 27, 2014 $ 297,085 $ 96,025 $ 26,160 $ 419,270 Acquisitions (1) 4,579 150,929 — 155,508 Foreign currency translation adjustments (6,942 ) — — (6,942 ) Balance, September 26, 2015 $ 294,722 $ 246,954 $ 26,160 $ 567,836 (1) Includes certain working capital adjustments related to 2014 acquisitions |
Summit Materials, LLC [Member] | |
Summary of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill, by reportable segment, from December 27, 2014 to September 26, 2015 are summarized as follows: West Central East Total Balance, December 27, 2014 $ 297,085 $ 96,025 $ 26,160 $ 419,270 Acquisitions (1) 4,579 150,929 — 155,508 Foreign currency translation adjustments (6,942 ) — — (6,942 ) Balance, September 26, 2015 $ 294,722 $ 246,954 $ 26,160 $ 567,836 (1) Includes certain working capital adjustments related to 2014 acquisitions |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Summary of Accounts Receivable, Net | Accounts receivable, net consisted of the following as of September 26, 2015 and December 27, 2014: September 26, December 27, Trade accounts receivable $ 194,235 $ 131,060 Retention receivables 13,396 12,053 Receivables from related parties 705 333 Accounts receivable 208,336 143,446 Less: Allowance for doubtful accounts (2,397 ) (2,144 ) Accounts receivable, net $ 205,939 $ 141,302 |
Summit Materials, LLC [Member] | |
Summary of Accounts Receivable, Net | Accounts receivable, net consisted of the following as of September 26, 2015 and December 27, 2014: September 26, December 27, 2015 2014 Trade accounts receivable $ 194,235 $ 131,060 Retention receivables 13,396 12,053 Receivables from related parties 705 333 Accounts receivable 208,336 143,446 Less: Allowance for doubtful accounts (2,397 ) (2,144 ) Accounts receivable, net $ 205,939 $ 141,302 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Components of Inventories | Inventories consisted of the following as of September 26, 2015 and December 27, 2014: September 26, December 27, 2015 2014 Aggregate stockpiles $ 90,776 $ 88,211 Finished goods 11,284 8,826 Work in process 6,511 1,801 Raw materials 29,465 12,715 Total $ 138,036 $ 111,553 |
Summit Materials, LLC [Member] | |
Components of Inventories | Inventories consisted of the following as of September 26, 2015 and December 27, 2014: September 26, December 27, 2015 2014 Aggregate stockpiles $ 90,776 $ 88,211 Finished goods 11,284 8,826 Work in process 6,511 1,801 Raw materials 29,465 12,715 Total $ 138,036 $ 111,553 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Components of Accrued Expenses | Accrued expenses consisted of the following as of September 26, 2015 and December 27, 2014: September 26, December 27, Interest $ 12,973 $ 32,475 Payroll and benefits 22,095 20,326 Capital lease obligations 16,065 17,530 Insurance 13,710 11,402 Non-income taxes 10,221 5,520 Professional fees 1,305 3,299 Other (1) 14,511 10,944 Total $ 90,880 $ 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 September 26, 2015 and December 27, 2014: September 26, December 27, 2015 2014 Interest $ 12,973 $ 32,475 Payroll and benefits 22,095 20,326 Capital lease obligations 16,065 17,530 Insurance 13,710 11,402 Non-income taxes 10,221 5,520 Professional fees 1,305 3,299 Other (1) 14,511 10,944 Total $ 90,880 $ 101,496 (1) Consists primarily of subcontractor and working capital settlement accruals. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Schedule of Debt | Debt consisted of the following as of September 26, 2015 and December 27, 2014: September 26, December 27, Revolving credit facility $ 60,000 $ — Long-term debt: 10 1/2% Senior Notes, due 2020: $153.8 million senior notes, including a $5.5 million net premium at September 26, 2015 and $625.0 million senior notes, including a $26.5 million net premium at December 27, 2014 159,365 651,548 6 1/8% Senior Notes, due 2023: $350.0 million senior notes, issued at par at September 26, 2015 350,000 Term Loan, due 2022: $650.0 million term loan, net of $3.1 million discount at September 26, 2015 and $415.7 million term loan, net of $2.3 million discount at December 27, 2014 646,828 413,369 Total 1,156,193 1,064,917 Current portion of long-term debt 8,125 5,275 Long-term debt $ 1,148,068 $ 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 September 26, 2015, are as follows: 2015 (three months) $ 3,250 2016 6,500 2017 6,500 2018 4,875 2019 6,500 2020 161,925 Thereafter 964,250 Total 1,153,800 Plus: Original issue net premium 2,393 Total debt $ 1,156,193 |
Summary of Activity for Deferred Financing Fees | The following table presents the activity for the deferred financing fees for the nine months ended September 26, 2015 and September 27, 2014: Deferred financing fees Balance — December 27, 2014 $ 17,215 Loan origination fees 10,911 Amortization (2,731 ) Write off of deferred financing fees (12,135 ) Balance — September 26, 2015 $ 13,260 Balance — December 28, 2013 $ 11,485 Loan origination fees 9,281 Amortization (2,875 ) Balance —September 27, 2014 $ 17,891 |
Summit Materials, LLC [Member] | |
Schedule of Debt | Debt consisted of the following as of September 26, 2015 and December 27, 2014: September 26, December 27, 2015 2014 Revolving credit facility $ 60,000 $ — Long-term debt: 10 1/2% Senior Notes, due 2020: $153.8 million senior notes, including a $5.5 million net premium at September 26, 2015 and $625.0 million senior notes, including a $26.5 million net premium at December 27, 2014 159,365 651,548 6 1/8% Senior Notes, due 2023: $350.0 million senior notes, issued at par at September 26, 2015 350,000 Term Loan, due 2022: $650.0 million term loan, net of $3.1 million discount at September 26, 2015 and $415.7 million term loan, net of $2.3 million discount at December 27, 2014 646,828 413,369 Total 1,156,193 1,064,917 Current portion of long-term debt 8,125 5,275 Long-term debt $ 1,148,068 $ 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 September 26, 2015, are as follows: 2015 (three months) $ 3,250 2016 6,500 2017 6,500 2018 4,875 2019 6,500 2020 161,925 Thereafter 964,250 Total 1,153,800 Plus: Original issue net premium 2,393 Total debt $ 1,156,193 |
Summary of Activity for Deferred Financing Fees | The following table presents the activity for the deferred financing fees for the nine months ended September 26, 2015 and September 27, 2014: Deferred financing fees Balance — December 27, 2014 $ 17,215 Loan origination fees 10,911 Amortization (2,731 ) Write off of deferred financing fees (12,135 ) Balance — September 26, 2015 $ 13,260 Balance — December 28, 2013 $ 11,485 Loan origination fees 9,281 Amortization (2,875 ) Balance —September 27, 2014 $ 17,891 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Accumulated Other Comprehensive Loss | The changes in each component of accumulated other comprehensive loss consisted of the following: Foreign currency Cash flow hedge Accumulated Balance — December 27, 2014 $ — $ — $ — Foreign currency translation adjustment (2,109 ) — (2,109 ) Loss on cash flow hedges — (498 ) (498 ) Balance — September 26, 2015 $ (2,109 ) $ (498 ) $ (2,607 ) |
Summit Materials, LLC [Member] | |
Accumulated Other Comprehensive Loss | The changes in each component of accumulated other comprehensive loss consisted of the following: Change in Foreign currency Cash flow hedge Accumulated Balance — December 27, 2014 $ (9,730 ) $ (5,816 ) $ — $ (15,546 ) Foreign currency translation adjustment — (11,531 ) — (11,531 ) Loss on cash flow hedges — — (1,010 ) (1,010 ) Balance — September 26, 2015 $ (9,730 ) $ (17,347 ) $ (1,010 ) $ (28,087 ) Balance — December 28, 2013 $ (6,045 ) $ — $ — $ (6,045 ) Postretirement curtailment adjustment (942 ) — — (942 ) Postretirement liability adjustment 1,515 — — 1,515 Foreign currency translation adjustment — (1,764 ) — (1,764 ) Balance —September 27, 2014 $ (5,472 ) $ (1,764 ) $ — $ (7,236 ) |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Basic to Diluted Loss Per Share | The following table reconciles basic to diluted loss per share: September 26, 2015 Three months ended Nine months ended Net income attributable to Summit Inc. $ 14,711 $ 4,355 Weighted-average common shares: Weighted average shares of Class A shares 37,920,452 31,768,406 Basic earnings per share $ 0.39 $ 0.14 Weighted average shares of Class A shares 37,920,452 31,768,406 Warrants 43,478 42,909 Weighted average dilutive shares 37,963,930 31,811,315 Diluted earnings per share $ 0.39 $ 0.14 |
Supplemental Cash Flow Inform34
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information is as follows: Nine months ended September 26, September 27, Cash payments: Interest $ 75,990 $ 59,179 Income taxes 1,516 1,345 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: Nine months ended September 26, September 27, 2015 2014 Cash payments: Interest $ 75,990 $ 59,179 Income taxes 1,516 1,345 Non cash financing activities: Purchase of noncontrolling interest in Continental Cement $ (64,102 ) $ — |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 26, 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 Nine months ended September 26, September 27, September 26, September 27, Revenue: West region $ 261,742 $ 211,302 $ 597,484 $ 478,432 Central region 164,084 126,882 338,613 283,541 East region 46,079 56,575 94,738 108,172 Total revenue $ 471,905 $ 394,759 $ 1,030,835 $ 870,145 Three months ended Nine months ended September 26, September 27, September 26, September 27, Adjusted EBITDA West region $ 59,574 $ 39,105 $ 110,940 $ 71,646 Central region 53,756 30,820 89,984 59,220 East region 13,383 11,868 15,096 10,462 Corporate and other (8,879 ) (9,381 ) (33,577 ) (28,427 ) Total reportable segments and corporate 117,834 72,412 182,443 112,901 Interest expense 20,727 22,085 62,231 62,555 Depreciation, depletion, amortization and accretion 33,306 23,255 86,818 63,950 Initial public offering costs — — 28,296 — Loss on debt financings 32,641 — 64,313 — Income (loss) from continuing operations before taxes $ 31,160 $ 27,072 $ (59,215 ) $ (13,604 ) Nine months ended September 26, September 27, Cash paid for capital expenditures: West region $ 32,192 $ 25,496 Central region 24,335 28,485 East region 9,401 6,590 Total reportable segments 65,928 60,571 Corporate and other 3,744 3,673 Total capital expenditures $ 69,672 $ 64,244 Three months ended Nine months ended September 26, September 27, September 26, September 27, Depreciation, depletion, amortization and accretion: West region $ 13,786 $ 9,155 $ 38,508 $ 23,569 Central region 15,778 9,710 37,198 28,061 East region 3,114 3,984 9,426 11,272 Total reportable segments 32,678 22,849 85,132 62,902 Corporate and other 628 406 1,686 1,048 Total depreciation, depletion, amortization and accretion $ 33,306 $ 23,255 $ 86,818 $ 63,950 September 26, December 27, Total assets: West region $ 866,516 $ 777,981 Central region 1,189,565 704,134 East region 224,720 221,598 Total reportable segments 2,280,801 1,703,713 Corporate and other 49,440 26,064 Total $ 2,330,241 $ 1,729,777 Three months ended Nine months ended September 26, September 27, September 26, September 27, Revenue by product:* Aggregates $ 86,070 $ 68,636 $ 218,336 $ 160,002 Cement 68,481 34,171 110,477 69,435 Ready-mixed concrete 95,481 75,429 254,878 189,198 Asphalt 113,249 104,862 219,492 203,944 Paving and related services 185,092 191,157 366,321 391,925 Other (76,468 ) (79,496 ) (138,669 ) (144,359 ) Total revenue $ 471,905 $ 394,759 $ 1,030,835 $ 870,145 * 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 Nine months ended September 26, September 27, September 26, September 27, 2015 2014 2015 2014 Revenue: West region $ 261,742 $ 211,302 $ 597,484 $ 478,432 Central region 164,084 126,882 338,613 283,541 East region 46,079 56,575 94,738 108,172 Total revenue $ 471,905 $ 394,759 $ 1,030,835 $ 870,145 Three months ended Nine months ended September 26, September 27, September 26, September 27, 2015 2014 2015 2014 Adjusted EBITDA West region $ 59,574 $ 39,105 $ 110,940 $ 71,646 Central region 53,756 30,820 89,984 59,220 East region 13,383 11,868 15,096 10,462 Corporate and other (8,879 ) (9,381 ) (33,577 ) (28,427 ) Total reportable segments and corporate 117,834 72,412 182,443 112,901 Interest expense 20,436 22,085 61,649 62,555 Depreciation, depletion, amortization and accretion 33,306 23,255 86,818 63,950 Initial public offering costs — — 28,296 — Loss on debt financings 32,641 — 64,313 — Income (loss) from continuing operations before taxes $ 31,451 $ 27,072 $ (58,633 ) $ (13,604 ) Nine months ended September 26, September 27, 2015 2014 Cash paid for capital expenditures: West region $ 32,192 $ 25,496 Central region 24,335 28,485 East region 9,401 6,590 Total reportable segments 65,928 60,571 Corporate and other 3,744 3,673 Total capital expenditures $ 69,672 $ 64,244 Three months ended Nine months ended September 26, September 27, September 26, September 27, 2015 2014 2015 2014 Depreciation, depletion, amortization and accretion: West region $ 13,786 $ 9,155 $ 38,508 $ 23,569 Central region 15,778 9,710 37,198 28,061 East region 3,114 3,984 9,426 11,272 Total reportable segments 32,678 22,849 85,132 62,902 Corporate and other 628 406 1,686 1,048 Total depreciation, depletion, amortization and accretion $ 33,306 $ 23,255 $ 86,818 $ 63,950 September 26, December 27, 2015 2014 Total assets: West region $ 866,516 $ 777,981 Central region 1,189,565 704,134 East region 224,720 221,598 Total reportable segments 2,280,801 1,703,713 Corporate and other 35,935 26,064 Total $ 2,316,736 $ 1,729,777 Three months ended Nine months ended September 26, September 27, September 26, September 27, 2015 2014 2015 2014 Revenue by product:* Aggregates $ 86,070 $ 68,636 $ 218,336 $ 160,002 Cement 68,481 34,171 110,477 69,435 Ready-mixed concrete 95,481 75,429 254,878 189,198 Asphalt 113,249 104,862 219,492 203,944 Paving and related services 185,092 191,157 366,321 391,925 Other (76,468 ) (79,496 ) (138,669 ) (144,359 ) Total revenue $ 471,905 $ 394,759 $ 1,030,835 $ 870,145 * 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. |
Guarantor and Non-Guarantor F36
Guarantor and Non-Guarantor Financial Information (Tables) - Summit Materials, LLC [Member] | 9 Months Ended |
Sep. 26, 2015 | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets September 26, 2015 Issuers Wholly- Non- Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 8,989 $ 1,025 $ 8,130 $ (12,662 ) $ 5,482 Accounts receivable, net — 195,120 11,163 (344 ) 205,939 Intercompany receivables 1,322,050 14,869 8,996 (1,345,915 ) — Cost and estimated earnings in excess of billings — 33,447 728 — 34,175 Inventories — 132,734 5,302 — 138,036 Other current assets 1,088 19,319 1,355 — 21,762 Total current assets 1,332,127 396,514 35,674 (1,358,921 ) 405,394 Property, plant and equipment, net 9,433 1,240,126 26,668 — 1,276,227 Goodwill — 519,759 48,077 — 567,836 Intangible assets, net — 14,044 1,437 — 15,481 Other assets 881,923 132,532 1,271 (963,928 ) 51,798 Total assets $ 2,223,483 $ 2,302,975 $ 113,127 $ (2,322,849 ) $ 2,316,736 Liabilities, Redeemable Noncontrolling Interest and Member’s Interest Current liabilities: Current portion of debt $ 68,125 $ — $ — $ — $ 68,125 Current portion of acquisition-related liabilities — 17,691 — — 17,691 Accounts payable 7,436 102,571 3,563 (344 ) 113,226 Accrued expenses 30,998 70,386 2,158 (12,662 ) 90,880 Intercompany payables 67,671 1,274,510 3,734 (1,345,915 ) — Billings in excess of costs and estimated earnings — 10,983 22 — 11,005 Total current liabilities 174,230 1,476,141 9,477 (1,358,921 ) 300,927 Long-term debt 1,148,068 61,377 — (61,377 ) 1,148,068 Acquisition-related liabilities — 33,320 — — 33,320 Other noncurrent liabilities 1,558 110,856 57,268 (55,107 ) 114,575 Total liabilities 1,323,856 1,681,694 66,745 (1,475,405 ) 1,596,890 Redeemable noncontrolling interest — — — — — Redeemable members’ interest — — — — — Total stockholders’ equity/partners’ interest 899,627 621,281 46,382 (847,444 ) 719,846 Total liabilities, redeemable noncontrolling interest and member’s interest $ 2,223,483 $ 2,302,975 $ 113,127 $ (2,322,849 ) $ 2,316,736 Condensed Consolidating Balance Sheets December 27, 2014 Issuers Non- Wholly- Wholly- Non- Elim- inations Consol- idated Assets Current assets: Cash and cash equivalents $ 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 September 26, 2015 Issuers Wholly- Non- Eliminations Consolidated Revenue $ — $ 454,501 $ 21,472 $ (4,068 ) $ 471,905 Cost of revenue (excluding items shown separately below) — 304,204 12,263 (4,068 ) 312,399 General and administrative expenses 8,881 32,362 1,600 — 42,843 Depreciation, depletion, amortization and accretion 628 31,374 1,304 — 33,306 Operating (loss) income (9,509 ) 86,561 6,305 — 83,357 Other (income) expense, net (58,666 ) 3,639 (17 ) 86,514 31,470 Interest expense 15,046 15,286 900 (10,796 ) 20,436 Income from continuing operations before taxes 34,111 67,636 5,422 (75,718 ) 31,451 Income tax benefit (expense) — (2,690 ) 35 — (2,655 ) Income from continuing operations 34,111 70,326 5,387 (75,718 ) 34,106 Income from discontinued operations — (57 ) — — (57 ) Net income 34,111 70,383 5,387 (75,718 ) 34,163 Net income attributable to minority interest — — — 52 52 Net income attributable to member of Summit Materials, LLC $ 34,111 $ 70,383 $ 5,387 $ (75,770 ) $ 34,111 Comprehensive income attributable to member of Summit Materials, LLC $ 26,805 $ 69,373 $ (909 ) $ (68,464 ) $ 26,805 Condensed Consolidating Statements of Operations For the three months ended September 27, 2014 Issuers Non- Wholly- Wholly- Non- Elim- Consol- Revenue $ — $ 34,171 $ 348,785 $ 22,626 $ (10,823 ) $ 394,759 Cost of revenue (excluding items shown separately below) — 25,603 253,284 17,433 (10,823 ) 285,497 General and administrative expenses 8,694 1,651 27,418 495 — 38,258 Depreciation, depletion, amortization and accretion 406 3,708 18,618 523 — 23,255 Operating (loss) income (9,100 ) 3,209 49,465 4,175 — 47,749 Other (income) expense, net (43,887 ) (945 ) (2,679 ) (16 ) 46,119 (1,408 ) Interest expense 7,913 2,931 13,416 233 (2,408 ) 22,085 Income from continuing operations before taxes 26,874 1,223 38,728 3,958 (43,711 ) 27,072 Income tax benefit (expense) — — (1,038 ) — — (1,038 ) Income from continuing operations 26,874 1,223 39,766 3,958 (43,711 ) 28,110 Income from discontinued operations — — (7 ) — — (7 ) Net income 26,874 1,223 39,773 3,958 (43,711 ) 28,117 Net income attributable to minority interest — — — — 1,243 1,243 Net income attributable to member of Summit Materials, LLC $ 26,874 $ 1,223 $ 39,773 $ 3,958 $ (44,954 ) $ 26,874 Comprehensive income attributable to member of Summit Materials, LLC $ 25,110 $ 1,223 $ 39,773 $ 2,194 $ (43,190 ) $ 25,110 Condensed Consolidating Statements of Operations For the nine months ended September 26, 2015 Issuers Wholly- Non- Eliminations Consolidated Revenue $ — $ 980,153 $ 78,821 $ (28,139 ) $ 1,030,835 Cost of revenue (excluding items shown separately below) — 696,068 51,909 (28,139 ) 719,838 General and administrative expenses 61,634 90,959 4,935 — 157,528 Depreciation, depletion, amortization and accretion 1,686 80,997 4,135 — 86,818 Operating (loss) income (63,320 ) 112,129 17,842 — 66,651 Other (income) expense, net (55,083 ) 7,140 142 111,436 63,635 Interest expense 35,196 45,332 2,689 (21,568 ) 61,649 Income from continuing operations before taxes (43,433 ) 59,657 15,011 (89,868 ) (58,633 ) Income tax benefit (expense) — (12,852 ) 384 — (12,468 ) Income from continuing operations (43,433 ) 72,509 14,627 (89,868 ) (46,165 ) Income from discontinued operations — (815 ) — — (815 ) Net income (43,433 ) 73,324 14,627 (89,868 ) (45,350 ) Net income attributable to minority interest — — — (1,917 ) (1,917 ) Net income attributable to member of Summit Materials, LLC $ (43,433 ) $ 73,324 $ 14,627 $ (87,951 ) $ (43,433 ) Comprehensive income attributable to member of Summit Materials, LLC $ (55,974 ) $ 72,314 $ 3,096 $ (75,410 ) $ (55,974 ) Condensed Consolidating Statements of Operations For the nine months ended September 27, 2014 Issuers Non- Wholly- Wholly- Non- Elim- Consol- Revenue $ — $ 69,435 $ 776,502 $ 43,900 $ (19,692 ) $ 870,145 Cost of revenue (excluding items shown separately below) — 53,229 581,602 30,795 (19,692 ) 645,934 General and administrative expenses 26,384 5,225 80,938 1,062 — 113,609 Depreciation, depletion, amortization and accretion 1,047 10,484 51,351 1,068 — 63,950 Operating (loss) income (27,431 ) 497 62,611 10,975 — 46,652 Other expense (income), net (36,161 ) (2,303 ) (4,233 ) 29 40,369 (2,299 ) Interest expense 21,581 8,788 37,831 289 (5,934 ) 62,555 (Loss) income from continuing operations before taxes (12,851 ) (5,988 ) 29,013 10,657 (34,435 ) (13,604 ) Income tax benefit (1,427 ) — (1,071 ) — — (2,498 ) (Loss) income from continuing operations (11,424 ) (5,988 ) 30,084 10,657 (34,435 ) (11,106 ) Income from discontinued operations — — (356 ) — — (356 ) Net (loss) income (11,424 ) (5,988 ) 30,440 10,657 (34,435 ) (10,750 ) Net loss attributable to noncontrolling interest — — — — 674 674 Net (loss) income attributable to member of Summit Materials, LLC $ (11,424 ) $ (5,988 ) $ 30,440 $ 10,657 $ (35,109 ) $ (11,424 ) Comprehensive (loss) income attributable to member of Summit Materials, LLC $ (12,615 ) (5,170 ) $ 30,440 $ 8,893 $ (34,163 ) $ (12,615 ) |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows For the nine months ended September 26, 2015 Issuers Wholly- Non- Elim- Consol- Net cash (used in) provided by operating activities $ (140,504 ) $ 112,541 $ 9,203 $ (167 ) $ (18,927 ) Cash flow from investing activities: Acquisitions, net of cash acquired — (505,466 ) — — (505,466 ) Purchase of property, plant and equipment (3,743 ) (65,001 ) (928 ) — (69,672 ) Proceeds from the sale of property, plant, and equipment — 8,821 62 — 8,883 Other — 610 — — 610 Net cash used for investing activities (3,743 ) (561,036 ) (866 ) — (565,645 ) Cash flow from financing activities: Proceeds from investment by member 490,916 — — — 490,916 Capital issuance costs (12,539 ) — — — (12,539 ) Net proceeds from debt issuance 1,415,750 — — — 1,415,750 Loans received from and payments made on loans from other Summit Companies (1,031,576 ) 1,047,015 (9,000 ) (6,439 ) — Payments on long-term debt (669,123 ) (583,340 ) — 1,056 (1,251,407 ) Payments on acquisition-related liabilities (166 ) (14,852 ) — — (15,018 ) Financing costs (10,911 ) — — — (10,911 ) Distributions from partnership (39,952 ) — — — (39,952 ) Other — — — — — Net cash provided by (used for) financing activities 142,399 448,823 (9,000 ) (5,383 ) 576,839 Net increase (decrease) in cash (1,848 ) 328 (663 ) (5,550 ) (7,733 ) Cash — Beginning of period 10,837 697 8,793 (7,112 ) 13,215 Cash— End of period $ 8,989 $ 1,025 $ 8,130 $ (12,662 ) $ 5,482 Condensed Consolidating Statements of Cash Flows For the nine months ended September 27, 2014 Issuers Non- Wholly- Wholly- Non- Elim- Consol- Net cash used in operating activities $ (36,504 ) $ (2,408 ) $ 28,727 $ 668 $ (1,319 ) $ (10,836 ) Cash flow from investing activities: Acquisitions, net of cash acquired (181,754 ) — (170,187 ) — — (351,941 ) Purchase of property, plant and equipment (3,674 ) (13,472 ) (46,575 ) (523 ) — (64,244 ) Proceeds from the sale of property, plant, and equipment — — 9,345 230 — 9,575 Other — — (409 ) — 1,166 757 Net cash (used for) provided by investing activities (185,428 ) (13,472 ) (207,826 ) (293 ) 1,166 (405,853 ) Cash flow from financing activities: Proceeds from investment by member 24,350 — — 1,353 (1,353 ) 24,350 Net proceeds from debt issuance 657,217 — — — — 657,217 Loans received from and payments made on loans from other Summit Companies (195,590 ) 16,383 189,243 (2,113 ) (7,923 ) — Payments on long-term debt (251,062 ) (509 ) (6,766 ) — — (258,337 ) Payments on acquisition-related liabilities (1,500 ) — (4,307 ) — — (5,807 ) Financing costs (8,834 ) — — — — (8,834 ) Other (88 ) — (1,500 ) — 1,500 (88 ) Net cash provided by (used for) financing activities 224,493 15,874 176,670 (760 ) (7,776 ) 408,501 Net increase (decrease) in cash 2,561 (6 ) (2,429 ) (385 ) (7,929 ) (8,188 ) Cash — Beginning of period 10,375 9 3,442 3,631 (2,540 ) 14,917 Cash— End of period $ 12,936 $ 3 $ 1,013 $ 3,246 $ (10,469 ) $ 6,729 |
Summary of Organization and S37
Summary of Organization and Significant Accounting Policies - Additional Information (Detail) | Aug. 11, 2015USD ($)$ / sharesshares | Sep. 26, 2015USD ($)$ / sharesshares | Sep. 26, 2015USD ($)Customer$ / sharesshares | Sep. 27, 2014USD ($)Customer | Aug. 11, 2015USD ($)$ / shares | Sep. 26, 2015USD ($)CustomerSegmentState$ / sharesshares | Sep. 27, 2014USD ($)Customer | Dec. 27, 2014USD ($) |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Number of operating segments | Segment | 3 | |||||||
Date of incorporation | Sep. 23, 2014 | |||||||
Number of customers accounted for more than 10% of total revenue | Customer | 0 | 0 | 0 | 0 | ||||
Number of operating states | State | 18 | |||||||
Reductions recognized in contingent consideration | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Interest rate derivatives | $ 200,000,000 | $ 200,000,000 | 200,000,000 | |||||
Aggregate consideration for acquiring noncontrolling interests | 497,848,000 | |||||||
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) | $ 524,000 | $ 675,000 | ||||||
Summit Materials, LLC [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Number of operating segments | Segment | 3 | |||||||
Date of incorporation | Sep. 23, 2014 | |||||||
Number of customers accounted for more than 10% of total revenue | Customer | 0 | 0 | 0 | 0 | ||||
Number of operating states | State | 18 | |||||||
Reductions recognized in contingent consideration | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Interest rate derivatives | $ 200,000,000 | $ 200,000,000 | 200,000,000 | |||||
Aggregate consideration for acquiring noncontrolling interests | 64,100,000 | |||||||
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) | 524,000 | $ 675,000 | ||||||
Cash consideration | 35,000,000 | |||||||
Accounting Standards Update (ASU) 2015-03 [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Decrease in other assets (noncurrent) | 8,800,000 | |||||||
Decrease in long-term debt | $ 16,800,000 | |||||||
Accounting Standards Update (ASU) 2015-03 [Member] | Summit Materials, LLC [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Decrease in other assets (noncurrent) | $ (8,800,000) | |||||||
Decrease in long-term debt | $ (16,800,000) | |||||||
Level 3 [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Discount rate | 11.00% | |||||||
Level 3 [Member] | Summit Materials, LLC [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 | 50.70% | 72.20% | ||||||
Continental Cement Company, L.L.C. [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Redeemable noncontrolling interest percentage | 30.00% | 30.00% | 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% | 30.00% | 30.00% | |||||
Ohio Valley Asphalt, LLC [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Redeemable noncontrolling interest percentage | 20.00% | 20.00% | 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% | 20.00% | 20.00% | |||||
Common Class A [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Class A common shares | 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 | shares | 1,029,183 | |||||||
10 1/2% Senior Notes, due 2020 [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Senior notes, interest rate | 10.50% | 10.50% | 10.50% | 10.50% | ||||
Debt instrument, face amount | $ 153,800,000 | $ 153,800,000 | $ 153,800,000 | $ 625,000,000 | ||||
10 1/2% Senior Notes, due 2020 [Member] | Summit Materials, LLC [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Senior notes, interest rate | 10.50% | 10.50% | 10.50% | 10.50% | ||||
Debt instrument, face amount | $ 153,800,000 | $ 153,800,000 | $ 153,800,000 | $ 625,000,000 | ||||
Initial Public Offering [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Operations commenced date | Mar. 11, 2015 | |||||||
Net proceeds from IPO | $ 433,000,000 | |||||||
Initial Public Offering [Member] | Summit Materials, LLC [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Operations commenced date | Mar. 11, 2015 | |||||||
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] | Blackstone Management Partners L.L.C. [Member] | Summit Materials, LLC [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] | Common Class A [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Class A common shares | shares | 25,555,555 | |||||||
Class A Common stock offering price per share | $ / shares | $ 18 | $ 18 | $ 18 | |||||
Initial Public Offering [Member] | Common Class A [Member] | Summit Materials, LLC [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Class A common shares | shares | 25,555,555 | |||||||
Class A Common stock offering price per share | $ / shares | $ 18 | $ 18 | $ 18 | |||||
Initial Public Offering [Member] | 10 1/2% Senior Notes, due 2020 [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Senior notes, aggregate principal amount redeemed | $ 288,200,000 | $ 288,200,000 | $ 288,200,000 | |||||
Senior notes, interest rate | 10.50% | 10.50% | 10.50% | |||||
Senior notes, redemption date | Jan. 31, 2020 | |||||||
Debt instrument, face amount | $ 288,200,000 | $ 288,200,000 | $ 288,200,000 | |||||
Debt Instrument, redemption premium | 38,200,000 | |||||||
Accrued and unpaid interest | 5,200,000 | 5,200,000 | 5,200,000 | |||||
Initial Public Offering [Member] | 10 1/2% Senior Notes, due 2020 [Member] | Summit Materials, LLC [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Senior notes, aggregate principal amount redeemed | $ 288,200,000 | $ 288,200,000 | $ 288,200,000 | |||||
Senior notes, interest rate | 10.50% | 10.50% | 10.50% | |||||
Senior notes, redemption date | Jan. 31, 2020 | |||||||
Debt instrument, face amount | $ 288,200,000 | $ 288,200,000 | $ 288,200,000 | |||||
Debt Instrument, redemption premium | 38,200,000 | |||||||
Accrued and unpaid interest | $ 5,200,000 | $ 5,200,000 | $ 5,200,000 | |||||
Follow on Public Offering [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Class A common shares | shares | 22,425,000 | |||||||
Class A Common stock offering price per share | $ / shares | $ 25.75 | $ 25.75 | ||||||
Net proceeds from IPO | $ 555,800,000 | |||||||
Number of newly-issued shares purchased from Summit Holdings | shares | 3,750,000 | |||||||
Number of shares purchased from outstanding shares of Summit Holding | shares | 18,675,000 | |||||||
Amount of purchase price due | $ 80,000,000 | $ 80,000,000 | ||||||
Follow on Public Offering [Member] | Summit Materials, LLC [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Class A common shares | shares | 22,425,000 | |||||||
Class A Common stock offering price per share | $ / shares | $ 25.75 | $ 25.75 | ||||||
Net proceeds from IPO | $ 555,800,000 | |||||||
Number of newly-issued shares purchased from Summit Holdings | shares | 3,750,000 | |||||||
Number of shares purchased from outstanding shares of Summit Holding | shares | 18,675,000 | |||||||
Amount of purchase price due | $ 80,000,000 | $ 80,000,000 | ||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Customer accounted revenue | 10.00% | 10.00% | 10.00% | 10.00% | ||||
Sales Revenue, Net [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% | 10.00% | 10.00% | ||||
Class B Units [Member] | Initial Public Offering [Member] | Continental Cement Company, L.L.C. [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Class B capital units purchased | shares | 71,428,571 | 71,428,571 | 71,428,571 | |||||
Class B Units [Member] | Initial Public Offering [Member] | Continental Cement Company, L.L.C. [Member] | Summit Materials, LLC [Member] | ||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||||||
Class B capital units purchased | shares | 71,428,571 | 71,428,571 | 71,428,571 |
Summary of Organization and S38
Summary of Organization and Significant Accounting Policies - Schedule of Contingent Consideration Obligations Measured at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Business Acquisition, Contingent Consideration [Line Items] | ||
Contingent consideration | $ 4,559 | $ 2,375 |
Cash flow hedge | 114 | |
Contingent consideration | 2,711 | 5,379 |
Cash flow hedge | 897 | |
Summit Materials, LLC [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Contingent consideration | 4,559 | 2,375 |
Cash flow hedge | 114 | |
Contingent consideration | 2,711 | $ 5,379 |
Cash flow hedge | $ 897 |
Summary of Organization and S39
Summary of Organization and Significant Accounting Policies - Schedule of Carrying Value and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt, Carrying Value | $ 1,156,193 | $ 1,064,917 |
Summit Materials, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Carrying Value | 1,156,193 | 1,064,917 |
Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Fair Value | 1,155,557 | 1,101,873 |
Long-term debt, Carrying Value | 1,156,193 | 1,064,917 |
Level 2 [Member] | Summit Materials, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Fair Value | 1,155,557 | 1,101,873 |
Long-term debt, Carrying Value | 1,156,193 | 1,064,917 |
Level 3 [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of deferred consideration and noncompete obligations, Fair Value | 15,632 | 16,027 |
Long term portion of deferred consideration and noncompete obligations, Fair Value | 39,267 | 37,357 |
Current portion of deferred consideration and noncompete obligations, Carrying Value | 15,632 | 16,027 |
Long term portion of deferred consideration and noncompete obligations, Carrying Value | 39,267 | 37,357 |
Level 3 [Member] | Summit Materials, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of deferred consideration and noncompete obligations, Fair Value | 13,132 | 16,027 |
Long term portion of deferred consideration and noncompete obligations, Fair Value | 30,609 | 37,357 |
Current portion of deferred consideration and noncompete obligations, Carrying Value | 13,132 | 16,027 |
Long term portion of deferred consideration and noncompete obligations, Carrying Value | $ 30,609 | $ 37,357 |
Summary of Organization and S40
Summary of Organization and Significant Accounting Policies - Schedule of Carrying Value and Fair Value of Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Debt Instrument [Line Items] | ||
Current portion of debt | $ 8,100 | $ 5,300 |
Remaining borrowing capacity | 60,000 | |
Summit Materials, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of debt | 8,100 | $ 5,300 |
Remaining borrowing capacity | 60,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Remaining borrowing capacity | 60,000 | |
Revolving Credit Facility [Member] | Summit Materials, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Remaining borrowing capacity | $ 60,000 |
Reorganization - Additional Inf
Reorganization - Additional Information (Detail) $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 26, 2015USD ($)$ / sharesshares | |
Reorganization Items [Line Items] | |
Number of LP Units outstanding | 69,007,297 |
Vesting period of leverage restoration options | 4 years |
Summit Materials, LLC [Member] | |
Reorganization Items [Line Items] | |
Number of LP Units outstanding | 69,007,297 |
Vesting period of leverage restoration options | 4 years |
General and Administrative Expense Costs [Member] | |
Reorganization Items [Line Items] | |
Modification charge recognized in general and administrative costs | $ | $ 14.5 |
General and Administrative Expense Costs [Member] | Summit Materials, LLC [Member] | |
Reorganization Items [Line Items] | |
Modification charge recognized in general and administrative costs | $ | $ 14.5 |
Common Class A-2 [Member] | |
Reorganization Items [Line Items] | |
Number of LP Units outstanding | 0 |
Common Class A [Member] | |
Reorganization Items [Line Items] | |
Class A common shares | 1,029,183 |
Common Class A [Member] | Summit Materials, LLC [Member] | |
Reorganization Items [Line Items] | |
Class A common shares | 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 | $ / shares | $ 18 |
Common Class A [Member] | 2015 Omnibus Equity Incentive Plan [Member] | Summit Materials, LLC [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 | $ / shares | $ 18 |
Share-based Compensation Award, Tranche One [Member] | 2015 Omnibus Equity Incentive Plan [Member] | |
Reorganization Items [Line Items] | |
Percentage of performance-vesting options | 25.00% |
Share-based Compensation Award, Tranche One [Member] | 2015 Omnibus Equity Incentive Plan [Member] | Summit Materials, LLC [Member] | |
Reorganization Items [Line Items] | |
Percentage of performance-vesting options | 25.00% |
Initial Public Offering [Member] | Common Class A [Member] | |
Reorganization Items [Line Items] | |
Class A common shares | 25,555,555 |
Class A Common stock offering price per share | $ / shares | $ 18 |
Initial Public Offering [Member] | Common Class A [Member] | Summit Materials, LLC [Member] | |
Reorganization Items [Line Items] | |
Class A common shares | 25,555,555 |
Class A Common stock offering price per share | $ / shares | $ 18 |
Class C Units [Member] | Common Class A [Member] | |
Reorganization Items [Line Items] | |
Class A common shares | 160,333 |
Class C Units [Member] | Common Class A [Member] | Summit Materials, LLC [Member] | |
Reorganization Items [Line Items] | |
Class A common shares | 160,333 |
Class D Units [Member] | Common Class A [Member] | |
Reorganization Items [Line Items] | |
Class A common shares | 4,358,842 |
Class D Units [Member] | Common Class A [Member] | Summit Materials, LLC [Member] | |
Reorganization Items [Line Items] | |
Class A common shares | 4,358,842 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Davenport Acquisition [Member] - USD ($) $ in Thousands | Sep. 26, 2015 | Jul. 17, 2015 | Sep. 26, 2015 |
Business Acquisition [Line Items] | |||
Net cash paid for acquisitions | $ 448,710 | $ 448,710 | |
Pro forma adjustment, reduction of transaction costs | $ 4,500 | ||
Pro forma adjustment, additional depreciation, depletion, amortization and accretion | 7,500 | ||
Summit Materials, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Net cash paid for acquisitions | $ 448,710 | $ 448,710 | |
Pro forma adjustment, reduction of transaction costs | 4,500 | ||
Pro forma adjustment, additional depreciation, depletion, amortization and accretion | $ 7,500 |
Acquisitions - Summary of Profo
Acquisitions - Summary of Proforma Information (Detail) - Davenport Acquisition [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 26, 2015 | Sep. 26, 2015 | |
Business Acquisition [Line Items] | ||
Revenue | $ 477,706 | $ 1,069,305 |
Net income | 27,649 | 26,764 |
Summit Materials, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 477,706 | 1,069,305 |
Net income | $ 67,229 | $ 24,506 |
Acquisitions - Summary of Asset
Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Jul. 17, 2015 | Dec. 27, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 567,836 | $ 419,270 | |
Summit Materials, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | 567,836 | $ 419,270 | |
Davenport Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Inventories | 21,538 | ||
Property, plant and equipment | 272,815 | ||
Other assets | 6,537 | ||
Financial liabilities | (1,509) | ||
Other long-term liabilities | (95) | ||
Net assets acquired | 299,286 | ||
Goodwill | 150,710 | ||
Total consideration | 449,996 | ||
Transfer of assets | (2,182) | ||
Working capital true-up | 896 | ||
Net cash paid for acquisitions | 448,710 | $ 448,710 | |
Davenport Acquisition [Member] | Summit Materials, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Inventories | 21,538 | ||
Property, plant and equipment | 272,815 | ||
Other assets | 6,537 | ||
Financial liabilities | (1,509) | ||
Other long-term liabilities | (95) | ||
Net assets acquired | 299,286 | ||
Goodwill | 150,710 | ||
Total consideration | 449,996 | ||
Transfer of assets | (2,182) | ||
Working capital true-up | 896 | ||
Net cash paid for acquisitions | $ 448,710 | $ 448,710 |
Goodwill - Summary of Changes i
Goodwill - Summary of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands | 9 Months Ended |
Sep. 26, 2015USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 419,270 |
Acquisitions | 155,508 |
Foreign currency translation adjustments | (6,942) |
Ending balance | 567,836 |
Summit Materials, LLC [Member] | |
Goodwill [Line Items] | |
Beginning balance | 419,270 |
Acquisitions | 155,508 |
Foreign currency translation adjustments | (6,942) |
Ending balance | 567,836 |
West Region [Member] | |
Goodwill [Line Items] | |
Beginning balance | 297,085 |
Acquisitions | 4,579 |
Foreign currency translation adjustments | (6,942) |
Ending balance | 294,722 |
West Region [Member] | Summit Materials, LLC [Member] | |
Goodwill [Line Items] | |
Beginning balance | 297,085 |
Acquisitions | 4,579 |
Foreign currency translation adjustments | (6,942) |
Ending balance | 294,722 |
Central Region [Member] | |
Goodwill [Line Items] | |
Beginning balance | 96,025 |
Acquisitions | 150,929 |
Ending balance | 246,954 |
Central Region [Member] | Summit Materials, LLC [Member] | |
Goodwill [Line Items] | |
Beginning balance | 96,025 |
Acquisitions | 150,929 |
Ending balance | 246,954 |
East Region [Member] | |
Goodwill [Line Items] | |
Beginning balance | 26,160 |
Ending balance | 26,160 |
East Region [Member] | Summit Materials, LLC [Member] | |
Goodwill [Line Items] | |
Beginning balance | 26,160 |
Ending balance | $ 26,160 |
Accounts Receivable, Net - Summ
Accounts Receivable, Net - Summary of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade accounts receivable | $ 194,235 | $ 131,060 |
Retention receivables | 13,396 | 12,053 |
Receivables from related parties | 705 | 333 |
Accounts receivable | 208,336 | 143,446 |
Less: Allowance for doubtful accounts | (2,397) | (2,144) |
Accounts receivable, net | 205,939 | 141,302 |
Summit Materials, LLC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade accounts receivable | 194,235 | 131,060 |
Retention receivables | 13,396 | 12,053 |
Receivables from related parties | 705 | 333 |
Accounts receivable | 208,336 | 143,446 |
Less: Allowance for doubtful accounts | (2,397) | (2,144) |
Accounts receivable, net | $ 205,939 | $ 141,302 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Inventory [Line Items] | ||
Aggregate stockpiles | $ 90,776 | $ 88,211 |
Finished goods | 11,284 | 8,826 |
Work in process | 6,511 | 1,801 |
Raw materials | 29,465 | 12,715 |
Total | 138,036 | 111,553 |
Summit Materials, LLC [Member] | ||
Inventory [Line Items] | ||
Aggregate stockpiles | 90,776 | 88,211 |
Finished goods | 11,284 | 8,826 |
Work in process | 6,511 | 1,801 |
Raw materials | 29,465 | 12,715 |
Total | $ 138,036 | $ 111,553 |
Accrued Expenses - Components o
Accrued Expenses - Components of Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Schedule Of Accrued Expenses [Line Items] | ||
Interest | $ 12,973 | $ 32,475 |
Payroll and benefits | 22,095 | 20,326 |
Capital lease obligations | 16,065 | 17,530 |
Insurance | 13,710 | 11,402 |
Non-income taxes | 10,221 | 5,520 |
Professional fees | 1,305 | 3,299 |
Other | 14,511 | 10,944 |
Total | 90,880 | 101,496 |
Summit Materials, LLC [Member] | ||
Schedule Of Accrued Expenses [Line Items] | ||
Interest | 12,973 | 32,475 |
Payroll and benefits | 22,095 | 20,326 |
Capital lease obligations | 16,065 | 17,530 |
Insurance | 13,710 | 11,402 |
Non-income taxes | 10,221 | 5,520 |
Professional fees | 1,305 | 3,299 |
Other | 14,511 | 10,944 |
Total | $ 90,880 | $ 101,496 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 60,000 | |
Long-term debt: | ||
Long-term debt, total | 1,156,193 | $ 1,064,917 |
Long-term debt, total | 1,156,193 | 1,064,917 |
Current portion of long-term debt | 8,125 | 5,275 |
Long-term debt | 1,148,068 | 1,059,642 |
Summit Materials, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | 60,000 | |
Long-term debt: | ||
Long-term debt, total | 1,156,193 | 1,064,917 |
Long-term debt, total | 1,156,193 | 1,064,917 |
Current portion of long-term debt | 8,125 | 5,275 |
Long-term debt | 1,148,068 | 1,059,642 |
10 1/2% Senior Notes, due 2020 [Member] | ||
Long-term debt: | ||
Long-term debt, total | 159,365 | 651,548 |
Long-term debt, total | 159,365 | 651,548 |
10 1/2% Senior Notes, due 2020 [Member] | Summit Materials, LLC [Member] | ||
Long-term debt: | ||
Long-term debt, total | 159,365 | 651,548 |
Long-term debt, total | 159,365 | 651,548 |
6 1/8% Senior Notes, due 2023 [Member] | ||
Long-term debt: | ||
Long-term debt, total | 350,000 | |
Long-term debt, total | 350,000 | |
6 1/8% Senior Notes, due 2023 [Member] | Summit Materials, LLC [Member] | ||
Long-term debt: | ||
Long-term debt, total | 350,000 | |
Long-term debt, total | 350,000 | |
Term Loan, due 2022 [Member] | Credit Facility [Member] | ||
Long-term debt: | ||
Long-term debt, total | 646,828 | 413,369 |
Long-term debt, total | 646,828 | 413,369 |
Term Loan, due 2022 [Member] | Summit Materials, LLC [Member] | Credit Facility [Member] | ||
Long-term debt: | ||
Long-term debt, total | 646,828 | 413,369 |
Long-term debt, total | $ 646,828 | $ 413,369 |
Debt - Schedule of Debt (Parent
Debt - Schedule of Debt (Parenthetical) (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 26, 2015 | Dec. 27, 2014 | |
10 1/2% Senior Notes, due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, face value | $ 153.8 | $ 625 |
Original issuance discount | $ 5.5 | $ 26.5 |
Debt instrument interest rate | 10.50% | 10.50% |
Debt instrument maturity year | Dec. 1, 2020 | Dec. 1, 2020 |
10 1/2% Senior Notes, due 2020 [Member] | Summit Materials, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, face value | $ 153.8 | $ 625 |
Original issuance discount | $ 5.5 | $ 26.5 |
Debt instrument interest rate | 10.50% | 10.50% |
Debt instrument maturity year | Dec. 1, 2020 | Dec. 1, 2020 |
6 1/8% Senior Notes, due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.125% | |
Debt instrument maturity year | Jul. 15, 2023 | |
6 1/8% Senior Notes, due 2023 [Member] | Summit Materials, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.125% | |
Debt instrument maturity year | Jul. 15, 2023 | |
Term Loan, due 2022 [Member] | Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, face value | $ 650 | $ 415.7 |
Original issuance discount | $ 3.1 | $ 2.3 |
Debt instrument maturity year | Dec. 1, 2022 | Dec. 1, 2022 |
Term Loan, due 2022 [Member] | Credit Facility [Member] | Summit Materials, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, face value | $ 650 | $ 415.7 |
Original issuance discount | $ 3.1 | $ 2.3 |
Debt instrument maturity year | Dec. 1, 2022 | Dec. 1, 2022 |
Debt - Schedule of Contractual
Debt - Schedule of Contractual Payments of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
2015 (three months) | $ 3,250 | |
2,016 | 6,500 | |
2,017 | 6,500 | |
2,018 | 4,875 | |
2,019 | 6,500 | |
2,020 | 161,925 | |
Thereafter | 964,250 | |
Total | 1,153,800 | |
Plus: Original issue net premium | 2,393 | |
Long-term debt, total | 1,156,193 | $ 1,064,917 |
Summit Materials, LLC [Member] | ||
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
2015 (three months) | 3,250 | |
2,016 | 6,500 | |
2,017 | 6,500 | |
2,018 | 4,875 | |
2,019 | 6,500 | |
2,020 | 161,925 | |
Thereafter | 964,250 | |
Total | 1,153,800 | |
Plus: Original issue net premium | 2,393 | |
Long-term debt, total | $ 1,156,193 | $ 1,064,917 |
Debt - Senior Notes - Additiona
Debt - Senior Notes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 26, 2015 | Sep. 26, 2015 | Sep. 27, 2014 | Dec. 27, 2014 | Aug. 31, 2015 | Apr. 30, 2015 | Sep. 08, 2014 | Jan. 17, 2014 | |
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of debt | $ 1,415,750,000 | $ 657,217,000 | ||||||
Premium of debt instrument | $ 2,393,000 | 2,393,000 | ||||||
Write off of deferred financing fees | $ 12,135,000 | |||||||
6 1/8% Senior Notes, due 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior notes, interest rate | 6.125% | 6.125% | ||||||
Debt instrument maturity year | Jul. 15, 2023 | |||||||
10 1/2% Senior Notes, due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 153,800,000 | $ 153,800,000 | $ 625,000,000 | |||||
Senior notes, interest rate | 10.50% | 10.50% | 10.50% | |||||
Debt instrument maturity year | Dec. 1, 2020 | Dec. 1, 2020 | ||||||
10 1/2% Senior Notes, due 2020 [Member] | Initial Public Offering [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 288,200,000 | $ 288,200,000 | ||||||
Senior notes, interest rate | 10.50% | 10.50% | ||||||
Debt Instrument, redemption premium | $ 38,200,000 | |||||||
Summit Materials, LLC [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of debt | 1,415,750,000 | $ 657,217,000 | ||||||
Premium of debt instrument | $ 2,393,000 | 2,393,000 | ||||||
Write off of deferred financing fees | $ 12,135,000 | |||||||
Summit Materials, LLC [Member] | 6 1/8% Senior Notes, due 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior notes, interest rate | 6.125% | 6.125% | ||||||
Debt instrument maturity year | Jul. 15, 2023 | |||||||
Summit Materials, LLC [Member] | 10 1/2% Senior Notes, due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 153,800,000 | $ 153,800,000 | $ 625,000,000 | |||||
Senior notes, interest rate | 10.50% | 10.50% | 10.50% | |||||
Debt instrument maturity year | Dec. 1, 2020 | Dec. 1, 2020 | ||||||
Summit Materials, LLC [Member] | 10 1/2% Senior Notes, due 2020 [Member] | Initial Public Offering [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 288,200,000 | $ 288,200,000 | ||||||
Senior notes, interest rate | 10.50% | 10.50% | ||||||
Debt Instrument, redemption premium | $ 38,200,000 | |||||||
Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Refinance of existing senior secured term loan facility | $ 183,000,000 | |||||||
Senior Notes [Member] | Davenport Acquisition [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Initial purchase price | 370,000,000 | |||||||
Senior Notes [Member] | 6 1/8% Senior Notes, due 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 350,000,000 | $ 350,000,000 | ||||||
Senior notes, interest rate | 6.125% | 6.125% | ||||||
Percentage of par value of senior notes | 100.00% | |||||||
Debt instrument maturity year | Jul. 15, 2023 | |||||||
Notes payable commencing date | Jan. 15, 2016 | |||||||
Senior Notes [Member] | 10 1/2% Senior Notes, due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, amount redeemed | $ 183,000,000 | |||||||
Charges on redemption | $ 14,100,000 | 45,400,000 | ||||||
Debt Instrument, redemption premium | 18,200,000 | 56,400,000 | ||||||
Write off of deferred financing fees | 2,800,000 | 7,500,000 | ||||||
Net benefit from the write-off the original issuance premium and discount | 6,900,000 | 18,500,000 | ||||||
Senior Notes [Member] | 10 1/2% Senior Notes, due 2020 [Member] | Initial Public Offering [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 288,200,000 | |||||||
Senior Notes [Member] | Summit Materials And Summit Materials Finance Corp [Member] | 2020 Notes Additional [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 115,000,000 | $ 260,000,000 | ||||||
Proceeds from issuance of debt | 409,300,000 | |||||||
Premium of debt instrument | 34,300,000 | 34,300,000 | ||||||
Senior Notes [Member] | Summit Materials And Summit Materials Finance Corp [Member] | Existing Secured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | 250,000,000 | 250,000,000 | ||||||
Senior Notes [Member] | Summit Materials, LLC [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Refinance of existing senior secured term loan facility | $ 183,000,000 | |||||||
Senior Notes [Member] | Summit Materials, LLC [Member] | Davenport Acquisition [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Initial purchase price | 370,000,000 | |||||||
Senior Notes [Member] | Summit Materials, LLC [Member] | 6 1/8% Senior Notes, due 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 350,000,000 | $ 350,000,000 | ||||||
Senior notes, interest rate | 6.125% | 6.125% | ||||||
Percentage of par value of senior notes | 100.00% | |||||||
Debt instrument maturity year | Jul. 15, 2023 | |||||||
Notes payable commencing date | Jan. 15, 2016 | |||||||
Senior Notes [Member] | Summit Materials, LLC [Member] | 10 1/2% Senior Notes, due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, amount redeemed | $ 183,000,000 | |||||||
Charges on redemption | $ 14,100,000 | 45,400,000 | ||||||
Debt Instrument, redemption premium | 18,200,000 | 56,400,000 | ||||||
Write off of deferred financing fees | 2,800,000 | 7,500,000 | ||||||
Net benefit from the write-off the original issuance premium and discount | $ 6,900,000 | $ 18,500,000 | ||||||
Senior Notes [Member] | Summit Materials, LLC [Member] | 10 1/2% Senior Notes, due 2020 [Member] | Initial Public Offering [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 288,200,000 |
Debt - Senior Secured Credit Fa
Debt - Senior Secured Credit Facilities - Additional Information (Detail) - USD ($) | Jul. 17, 2015 | Mar. 17, 2015 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Jul. 16, 2015 | Mar. 16, 2015 | Mar. 11, 2015 |
Debt Instrument [Line Items] | |||||||||
Financing fees | $ (32,641,000) | $ (64,313,000) | |||||||
Outstanding letters of credit | 60,000,000 | 60,000,000 | |||||||
Interest expense | $ 17,800,000 | $ 19,900,000 | $ 54,600,000 | $ 56,400,000 | |||||
Senior Secured Credit Facilities [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First lien leverage ratio | 4.751 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 235,000,000 | $ 150,000,000 | |||||||
Revolving credit facility, maturity date | Mar. 11, 2020 | ||||||||
Effective interest rate | 3.20% | 3.20% | |||||||
Outstanding letters of credit | $ 60,000,000 | $ 60,000,000 | |||||||
Revolving Credit Facility [Member] | Federal Funds Effective Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.50% | ||||||||
Revolving Credit Facility [Member] | Libor Plus Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.00% | ||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate - Revolving credit commitments, minimum interest rate | 2.00% | ||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 3.00% | ||||||||
Letter of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | 150,600,000 | $ 150,600,000 | |||||||
Outstanding letters of credit | 24,400,000 | 24,400,000 | |||||||
Summit Materials, LLC [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Financing fees | (32,641,000) | (64,313,000) | |||||||
Outstanding letters of credit | 60,000,000 | 60,000,000 | |||||||
Interest expense | 17,800,000 | $ 19,900,000 | 54,600,000 | $ 56,400,000 | |||||
Summit Materials, LLC [Member] | Senior Secured Credit Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 650,000,000 | $ 650,000,000 | |||||||
Quarterly principal repayments percentage | 0.25% | ||||||||
Frequency of periodic payment | Term debt are due on the last business day of each March, June, September and December | ||||||||
Maturity date | Jul. 17, 2022 | ||||||||
Basis spread description | 25 basis point | ||||||||
Summit Materials, LLC [Member] | Senior Secured Credit Facilities [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First lien leverage ratio | 4.751 | ||||||||
Summit Materials, LLC [Member] | Senior Secured Credit Facilities [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument interest rate | 2.25% | ||||||||
Summit Materials, LLC [Member] | Senior Secured Credit Facilities [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 3.25% | ||||||||
Summit Materials, LLC [Member] | Senior Secured Credit Facilities [Member] | Libor Floor Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.00% | ||||||||
Summit Materials, LLC [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 235,000,000 | $ 235,000,000 | |||||||
Line of credit facility, maximum borrowing capacity | $ 235,000,000 | $ 150,000,000 | |||||||
Revolving credit facility, maturity date | Mar. 11, 2020 | ||||||||
Outstanding letters of credit | $ 60,000,000 | $ 60,000,000 | |||||||
Summit Materials, LLC [Member] | Revolving Credit Facility [Member] | Federal Funds Effective Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.50% | ||||||||
Summit Materials, LLC [Member] | Revolving Credit Facility [Member] | Libor Plus Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.00% | ||||||||
Effective interest rate | 3.60% | 3.60% | |||||||
Summit Materials, LLC [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate - Revolving credit commitments, minimum interest rate | 2.50% | ||||||||
Summit Materials, LLC [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 3.50% | ||||||||
Summit Materials, LLC [Member] | Letter of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 150,600,000 | $ 150,600,000 | |||||||
Outstanding letters of credit | 24,400,000 | 24,400,000 | |||||||
Summit Materials, LLC [Member] | Term Loan Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 650,000,000 | $ 650,000,000 | |||||||
Summit Materials, LLC [Member] | Term Loan Facility [Member] | Senior Secured Credit Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 422,000,000 | ||||||||
Line of credit facility, maximum borrowing capacity | $ 650,000,000 | $ 422,000,000 |
Debt - Summary of Activity for
Debt - Summary of Activity for Deferred Financing Fees (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Deferred Financing Cost [Line Items] | ||
Beginning balance | $ 17,215 | $ 11,485 |
Loan origination fees | 10,911 | 9,281 |
Amortization | (2,731) | (2,875) |
Write off of deferred financing fees | (12,135) | |
Ending balance | 13,260 | 17,891 |
Summit Materials, LLC [Member] | ||
Deferred Financing Cost [Line Items] | ||
Beginning balance | 17,215 | 11,485 |
Loan origination fees | 10,911 | 9,281 |
Amortization | (2,731) | (2,875) |
Write off of deferred financing fees | (12,135) | |
Ending balance | $ 13,260 | $ 17,891 |
Debt - Other - Additional Infor
Debt - Other - Additional Information (Detail) - Other [Member] CAD in Millions | Jan. 15, 2015CAD |
Columbia [Member] | Prime Rate [Member] | |
Debt Instrument [Line Items] | |
Prime rate | 0.20% |
Columbia [Member] | Prime Rate [Member] | Summit Materials, LLC [Member] | |
Debt Instrument [Line Items] | |
Prime rate | 0.20% |
Canada [Member] | Prime Rate [Member] | |
Debt Instrument [Line Items] | |
Prime rate | 0.90% |
Canada [Member] | Prime Rate [Member] | Summit Materials, LLC [Member] | |
Debt Instrument [Line Items] | |
Prime rate | 0.90% |
Revolving Credit Facility [Member] | Summit Materials, LLC [Member] | |
Debt Instrument [Line Items] | |
Revolving credit commitment | CAD 0.4 |
Revolving Credit Facility [Member] | Columbia [Member] | |
Debt Instrument [Line Items] | |
Revolving credit commitment | 6 |
Revolving Credit Facility [Member] | Columbia [Member] | Summit Materials, LLC [Member] | |
Debt Instrument [Line Items] | |
Revolving credit commitment | 6 |
Revolving Credit Facility [Member] | Canada [Member] | |
Debt Instrument [Line Items] | |
Revolving credit commitment | 0.5 |
Revolving Credit Facility [Member] | Canada [Member] | Summit Materials, LLC [Member] | |
Debt Instrument [Line Items] | |
Revolving credit commitment | 0.5 |
Revolving Credit Facility [Member] | Mainland [Member] | |
Debt Instrument [Line Items] | |
Revolving credit commitment | CAD 0.4 |
Accumulated Other Comprehensi56
Accumulated Other Comprehensive Loss - Summary of Changes in Each Component of Accumulated Comprehensive Income Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Postretirement adjustment | $ 2,164 | |||
Foreign currency translation adjustment | $ (6,296) | $ (1,764) | $ (11,531) | (1,764) |
Loss on cash flow hedges | (1,010) | (1,010) | ||
Ending balance | (2,607) | (2,607) | ||
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustment | (2,109) | |||
Ending balance | (2,109) | (2,109) | ||
Cash Flow Hedge Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Loss on cash flow hedges | (498) | |||
Ending balance | (498) | (498) | ||
Accumulated Other Comprehensive Loss (AOCI) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustment | (2,109) | |||
Loss on cash flow hedges | (498) | |||
Ending balance | (2,607) | (2,607) | ||
Summit Materials, LLC [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (15,546) | |||
Postretirement adjustment | 2,164 | |||
Foreign currency translation adjustment | (6,296) | (1,764) | (11,531) | (1,764) |
Loss on cash flow hedges | (1,010) | (1,010) | ||
Ending balance | (28,087) | (28,087) | ||
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) | (5,472) |
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] | Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (5,816) | |||
Foreign currency translation adjustment | (11,531) | (1,764) | ||
Ending balance | (17,347) | (1,764) | (17,347) | (1,764) |
Summit Materials, LLC [Member] | Cash Flow Hedge Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Loss on cash flow hedges | (1,010) | |||
Ending balance | (1,010) | (1,010) | ||
Summit Materials, LLC [Member] | Accumulated Other Comprehensive Loss (AOCI) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (15,546) | (6,045) | ||
Foreign currency translation adjustment | (11,531) | (1,764) | ||
Loss on cash flow hedges | (1,010) | |||
Ending balance | $ (28,087) | $ (7,236) | $ (28,087) | (7,236) |
Summit Materials, LLC [Member] | Accumulated Other Comprehensive Loss (AOCI) [Member] | Postretirement Curtailment Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Postretirement adjustment | (942) | |||
Summit Materials, LLC [Member] | Accumulated Other Comprehensive Loss (AOCI) [Member] | Postretirement Liability Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Postretirement adjustment | $ 1,515 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Aug. 31, 2015 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Dec. 27, 2014 | |
Income Taxes [Line Items] | ||||||||
Liabilities for uncertain tax positions | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Interest and penalties recognized in income tax expense | 0 | $ 0 | 0 | $ 0 | ||||
Deferred tax assets, net | $ 249,400,000 | 50,500,000 | 50,500,000 | 50,500,000 | ||||
Deferred tax liability, intangible assets | 69,000,000 | 69,000,000 | 69,000,000 | |||||
Deferred tax liability, book aggregate reserves | 6,900,000 | 6,900,000 | 6,900,000 | |||||
Deferred tax liability, fixed assets | 10,900,000 | 10,900,000 | 10,900,000 | |||||
Valuation allowance | $ 249,400,000 | 299,900,000 | 299,900,000 | 299,900,000 | ||||
Provision for income taxes | (2,655,000) | (1,038,000) | $ (12,468,000) | (2,498,000) | ||||
Percentage of benefits to be paid on tax receivable agreement | 85.00% | |||||||
Purchase of LP units | 18,675,000 | |||||||
Liability percentage to holders | 85.00% | |||||||
Total dividend distribution | 23,500,000 | $ 39,900,000 | ||||||
Distributions paid in cash to Summit Holdings' partners | 14,600,000 | 26,448,000 | ||||||
Distributions paid in cash to Summit Inc. | 8,900,000 | 13,500,000 | ||||||
Limited Liability Company [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Provision for income taxes | 0 | 0 | ||||||
Summit Materials, LLC [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Liabilities for uncertain tax positions | 0 | 0 | 0 | $ 0 | ||||
Interest and penalties recognized in income tax expense | 0 | 0 | $ 0 | $ 0 | ||||
Provision for income taxes | (2,655,000) | $ (1,038,000) | (12,468,000) | $ (2,498,000) | ||||
Total dividend distribution | 23,500,000 | 39,900,000 | ||||||
Distributions paid in cash to Summit Holdings' partners | 14,600,000 | 39,952,000 | ||||||
Distributions paid in cash to Summit Inc. | $ 8,900,000 | $ 13,500,000 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - $ / shares | Aug. 11, 2015 | Sep. 26, 2015 | Sep. 26, 2015 | Sep. 26, 2015 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Basic and diluted earnings per share for discontinued operations | $ 0 | $ 0.01 | ||
Limited Partnership Units [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Anti dilutive shares excluded from calcualtion of earnings per share | 99,342,035 | |||
Stock Option [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Anti dilutive shares excluded from calcualtion of earnings per share | 250,000 | |||
Common Class A [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Issuance of common stock, Shares | 22,425,000 | 47,980,555 | 25,555,555 | |
Class A common shares | 1,029,183 | |||
Common stock, shares outstanding | 49,009,738 | 49,009,738 | 49,009,738 |
Net Income Per Share - Schedule
Net Income Per Share - Schedule of Basic to Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 26, 2015 | Sep. 26, 2015 | |
Schedule Of Earnings Per Share [Line Items] | ||
Net income attributable to Summit Inc. | $ 14,711 | $ 4,355 |
Basic earnings per share | $ 0.39 | $ 0.14 |
Add: Warrants | 43,478 | 42,909 |
Weighted average dilutive shares | 37,963,930 | 31,811,315 |
Diluted earnings per share | $ 0.39 | $ 0.14 |
Common Class A [Member] | ||
Schedule Of Earnings Per Share [Line Items] | ||
Weighted average shares of Class A shares | 37,920,452 | 31,768,406 |
Basic earnings per share | $ 0.39 | $ 0.14 |
Weighted average shares of Class A shares | 37,920,452 | 31,768,406 |
Weighted average dilutive shares | 37,963,930 | 31,811,315 |
Diluted earnings per share | $ 0.39 | $ 0.14 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Apr. 02, 2015 | Sep. 26, 2015 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 27, 2014 |
Loss Contingencies [Line Items] | |||||
Percentage of ownership interest in joint venture | 40.00% | ||||
Amount funded for loss incurred by joint venture | $ 8.8 | $ 4 | $ 4.8 | ||
Accrual recorded in other noncurrent liabilities | 4.3 | $ 4.3 | |||
Value of damages sought | $ 29.4 | ||||
Unapproved change orders and claims | 3.9 | ||||
Unapproved change orders within accounts receivable | $ 1.2 | 1.2 | |||
Unapproved change orders within costs in excess of billings | 0.5 | ||||
Unapproved change orders within other current assets | 2.2 | ||||
Summit Materials, LLC [Member] | |||||
Loss Contingencies [Line Items] | |||||
Percentage of ownership interest in joint venture | 40.00% | ||||
Amount funded for loss incurred by joint venture | $ 8.8 | $ 4 | $ 4.8 | ||
Accrual recorded in other noncurrent liabilities | 4.3 | 4.3 | |||
Value of damages sought | $ 29.4 | ||||
Unapproved change orders and claims | 3.9 | ||||
Unapproved change orders within accounts receivable | $ 1.2 | 1.2 | |||
Unapproved change orders within costs in excess of billings | 0.5 | ||||
Unapproved change orders within other current assets | $ 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 |
Supplemental Cash Flow Inform61
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Cash payments: | ||
Interest | $ 75,990 | $ 59,179 |
Income taxes | 1,516 | 1,345 |
Non cash financing activities: | ||
Purchase of noncontrolling interest in Continental Cement | (29,102) | |
Summit Materials, LLC [Member] | ||
Cash payments: | ||
Interest | 75,990 | 59,179 |
Income taxes | 1,516 | $ 1,345 |
Non cash financing activities: | ||
Purchase of noncontrolling interest in Continental Cement | $ (64,102) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 26, 2015Segment | |
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 o
Segment Information - Summary of Financial Data for Company's Reportable Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Dec. 27, 2014 | |
Segment Reporting Information [Line Items] | |||||
Total revenue | $ 471,905 | $ 394,759 | $ 1,030,835 | $ 870,145 | |
Adjusted EBITDA | 117,834 | 72,412 | 182,443 | 112,901 | |
Total assets | 2,330,241 | 2,330,241 | $ 1,729,777 | ||
Interest expense | 20,727 | 22,085 | 62,231 | 62,555 | |
Total revenue | 471,905 | 394,759 | 1,030,835 | 870,145 | |
Depreciation, depletion, amortization and accretion | 33,306 | 23,255 | 86,818 | 63,950 | |
Initial public offering costs | 28,296 | ||||
Loss on debt financings | 32,641 | 64,313 | |||
Income (loss) from continuing operations before taxes | 31,160 | 27,072 | (59,215) | (13,604) | |
Total capital expenditures | 69,672 | 64,244 | |||
Total depreciation, depletion, amortization and accretion | 33,306 | 23,255 | 86,818 | 63,950 | |
Summit Materials, LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 471,905 | 394,759 | 1,030,835 | 870,145 | |
Adjusted EBITDA | 117,834 | 72,412 | 182,443 | 112,901 | |
Total assets | 2,316,736 | 2,316,736 | 1,729,777 | ||
Interest expense | 20,436 | 22,085 | 61,649 | 62,555 | |
Total revenue | 471,905 | 394,759 | 1,030,835 | 870,145 | |
Depreciation, depletion, amortization and accretion | 33,306 | 23,255 | 86,818 | 63,950 | |
Initial public offering costs | 28,296 | ||||
Loss on debt financings | 32,641 | 64,313 | |||
Income (loss) from continuing operations before taxes | 31,451 | 27,072 | (58,633) | (13,604) | |
Total capital expenditures | 69,672 | 64,244 | |||
Total depreciation, depletion, amortization and accretion | 33,306 | 23,255 | 86,818 | 63,950 | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 2,280,801 | 2,280,801 | 1,703,713 | ||
Depreciation, depletion, amortization and accretion | 32,678 | 22,849 | 85,132 | 62,902 | |
Total capital expenditures | 65,928 | 60,571 | |||
Total depreciation, depletion, amortization and accretion | 32,678 | 22,849 | 85,132 | 62,902 | |
Operating Segments [Member] | Summit Materials, LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 2,280,801 | 2,280,801 | 1,703,713 | ||
Depreciation, depletion, amortization and accretion | 32,678 | 22,849 | 85,132 | 62,902 | |
Total capital expenditures | 65,928 | 60,571 | |||
Total depreciation, depletion, amortization and accretion | 32,678 | 22,849 | 85,132 | 62,902 | |
Operating Segments [Member] | Aggregates [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 86,070 | 68,636 | 218,336 | 160,002 | |
Total revenue | 86,070 | 68,636 | 218,336 | 160,002 | |
Operating Segments [Member] | Aggregates [Member] | Summit Materials, LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 86,070 | 68,636 | 218,336 | 160,002 | |
Total revenue | 86,070 | 68,636 | 218,336 | 160,002 | |
Operating Segments [Member] | Cement [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 68,481 | 34,171 | 110,477 | 69,435 | |
Total revenue | 68,481 | 34,171 | 110,477 | 69,435 | |
Operating Segments [Member] | Cement [Member] | Summit Materials, LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 68,481 | 34,171 | 110,477 | 69,435 | |
Total revenue | 68,481 | 34,171 | 110,477 | 69,435 | |
Operating Segments [Member] | Ready Mixed Concrete [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 95,481 | 75,429 | 254,878 | 189,198 | |
Total revenue | 95,481 | 75,429 | 254,878 | 189,198 | |
Operating Segments [Member] | Ready Mixed Concrete [Member] | Summit Materials, LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 95,481 | 75,429 | 254,878 | 189,198 | |
Total revenue | 95,481 | 75,429 | 254,878 | 189,198 | |
Operating Segments [Member] | Asphalt [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 113,249 | 104,862 | 219,492 | 203,944 | |
Total revenue | 113,249 | 104,862 | 219,492 | 203,944 | |
Operating Segments [Member] | Asphalt [Member] | Summit Materials, LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 113,249 | 104,862 | 219,492 | 203,944 | |
Total revenue | 113,249 | 104,862 | 219,492 | 203,944 | |
Operating Segments [Member] | Paving And Related Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 185,092 | 191,157 | 366,321 | 391,925 | |
Total revenue | 185,092 | 191,157 | 366,321 | 391,925 | |
Operating Segments [Member] | Paving And Related Services [Member] | Summit Materials, LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 185,092 | 191,157 | 366,321 | 391,925 | |
Total revenue | 185,092 | 191,157 | 366,321 | 391,925 | |
Operating Segments [Member] | West Region [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 261,742 | 211,302 | 597,484 | 478,432 | |
Adjusted EBITDA | 59,574 | 39,105 | 110,940 | 71,646 | |
Total assets | 866,516 | 866,516 | 777,981 | ||
Total revenue | 261,742 | 211,302 | 597,484 | 478,432 | |
Depreciation, depletion, amortization and accretion | 13,786 | 9,155 | 38,508 | 23,569 | |
Total capital expenditures | 32,192 | 25,496 | |||
Total depreciation, depletion, amortization and accretion | 13,786 | 9,155 | 38,508 | 23,569 | |
Operating Segments [Member] | West Region [Member] | Summit Materials, LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 261,742 | 211,302 | 597,484 | 478,432 | |
Adjusted EBITDA | 59,574 | 39,105 | 110,940 | 71,646 | |
Total assets | 866,516 | 866,516 | 777,981 | ||
Total revenue | 261,742 | 211,302 | 597,484 | 478,432 | |
Depreciation, depletion, amortization and accretion | 13,786 | 9,155 | 38,508 | 23,569 | |
Total capital expenditures | 32,192 | 25,496 | |||
Total depreciation, depletion, amortization and accretion | 13,786 | 9,155 | 38,508 | 23,569 | |
Operating Segments [Member] | Central Region [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 164,084 | 126,882 | 338,613 | 283,541 | |
Adjusted EBITDA | 53,756 | 30,820 | 89,984 | 59,220 | |
Total assets | 1,189,565 | 1,189,565 | 704,134 | ||
Total revenue | 164,084 | 126,882 | 338,613 | 283,541 | |
Depreciation, depletion, amortization and accretion | 15,778 | 9,710 | 37,198 | 28,061 | |
Total capital expenditures | 24,335 | 28,485 | |||
Total depreciation, depletion, amortization and accretion | 15,778 | 9,710 | 37,198 | 28,061 | |
Operating Segments [Member] | Central Region [Member] | Summit Materials, LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 164,084 | 126,882 | 338,613 | 283,541 | |
Adjusted EBITDA | 53,756 | 30,820 | 89,984 | 59,220 | |
Total assets | 1,189,565 | 1,189,565 | 704,134 | ||
Total revenue | 164,084 | 126,882 | 338,613 | 283,541 | |
Depreciation, depletion, amortization and accretion | 15,778 | 9,710 | 37,198 | 28,061 | |
Total capital expenditures | 24,335 | 28,485 | |||
Total depreciation, depletion, amortization and accretion | 15,778 | 9,710 | 37,198 | 28,061 | |
Operating Segments [Member] | East Region [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 46,079 | 56,575 | 94,738 | 108,172 | |
Adjusted EBITDA | 13,383 | 11,868 | 15,096 | 10,462 | |
Total assets | 224,720 | 224,720 | 221,598 | ||
Total revenue | 46,079 | 56,575 | 94,738 | 108,172 | |
Depreciation, depletion, amortization and accretion | 3,114 | 3,984 | 9,426 | 11,272 | |
Total capital expenditures | 9,401 | 6,590 | |||
Total depreciation, depletion, amortization and accretion | 3,114 | 3,984 | 9,426 | 11,272 | |
Operating Segments [Member] | East Region [Member] | Summit Materials, LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 46,079 | 56,575 | 94,738 | 108,172 | |
Adjusted EBITDA | 13,383 | 11,868 | 15,096 | 10,462 | |
Total assets | 224,720 | 224,720 | 221,598 | ||
Total revenue | 46,079 | 56,575 | 94,738 | 108,172 | |
Depreciation, depletion, amortization and accretion | 3,114 | 3,984 | 9,426 | 11,272 | |
Total capital expenditures | 9,401 | 6,590 | |||
Total depreciation, depletion, amortization and accretion | 3,114 | 3,984 | 9,426 | 11,272 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | (76,468) | (79,496) | (138,669) | (144,359) | |
Total revenue | (76,468) | (79,496) | (138,669) | (144,359) | |
Intersegment Eliminations [Member] | Summit Materials, LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | (76,468) | (79,496) | (138,669) | (144,359) | |
Total revenue | (76,468) | (79,496) | (138,669) | (144,359) | |
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted EBITDA | (8,879) | (9,381) | (33,577) | (28,427) | |
Total assets | 49,440 | 49,440 | 26,064 | ||
Depreciation, depletion, amortization and accretion | 628 | 406 | 1,686 | 1,048 | |
Total capital expenditures | 3,744 | 3,673 | |||
Total depreciation, depletion, amortization and accretion | 628 | 406 | 1,686 | 1,048 | |
Corporate and Other [Member] | Summit Materials, LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted EBITDA | (8,879) | (9,381) | (33,577) | (28,427) | |
Total assets | 35,935 | 35,935 | $ 26,064 | ||
Depreciation, depletion, amortization and accretion | 628 | 406 | 1,686 | 1,048 | |
Total capital expenditures | 3,744 | 3,673 | |||
Total depreciation, depletion, amortization and accretion | $ 628 | $ 406 | $ 1,686 | $ 1,048 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Sep. 26, 2015USD ($) | Aug. 13, 2015USD ($) | Jul. 17, 2015USD ($)Business | Sep. 30, 2014USD ($) | Jan. 31, 2014USD ($) | Mar. 11, 2015USD ($) | Mar. 17, 2015USD ($) | Sep. 27, 2014USD ($) | Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | Dec. 28, 2014USD ($) | Dec. 27, 2014USD ($) |
Related Party Transaction [Line Items] | ||||||||||||
Assets sold to related party | $ 2,300,000 | |||||||||||
Davenport Acquisition [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Net cash paid for acquisitions | $ 448,710,000 | $ 448,710,000 | ||||||||||
Summit Materials, LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Assets sold to related party | 2,300,000 | |||||||||||
Summit Materials, LLC [Member] | Davenport Acquisition [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Net cash paid for acquisitions | $ 448,710,000 | 448,710,000 | ||||||||||
Blackstone Management Partners L.L.C. [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Consideration of Consolidated profit | Greater of $300,000 or 2.0% | |||||||||||
Payment for services | $ 300,000 | |||||||||||
Threshold of annual consolidated profits | 2.00% | |||||||||||
Management fees incurred | $ 1,000,000 | $ 1,300,000 | 2,300,000 | |||||||||
Percentage transaction fee on value of entity acquired | 1.00% | |||||||||||
Consideration paid / received on assets acquired / disposed | 1.00% | 1.00% | ||||||||||
Transaction fees paid | 600,000 | 2,300,000 | ||||||||||
Management fee agreement termination date | Mar. 17, 2015 | |||||||||||
Management fee paid as of termination | $ 13,800,000 | |||||||||||
Related party transactions | $ 5,750,000 | $ 13,000,000 | ||||||||||
Blackstone Management Partners L.L.C. [Member] | Summit Materials, LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Consideration of Consolidated profit | Greater of $300,000 or 2.0% | |||||||||||
Payment for services | $ 300,000 | |||||||||||
Threshold of annual consolidated profits | 2.00% | |||||||||||
Management fees incurred | $ 1,000,000 | 1,300,000 | 2,300,000 | |||||||||
Percentage transaction fee on value of entity acquired | 1.00% | |||||||||||
Consideration paid / received on assets acquired / disposed | 1.00% | 1.00% | ||||||||||
Transaction fees paid | 600,000 | 2,300,000 | ||||||||||
Management fee agreement termination date | Mar. 17, 2015 | |||||||||||
Management fee paid as of termination | $ 13,800,000 | |||||||||||
Related party transactions | $ 5,750,000 | $ 13,000,000 | ||||||||||
Blackstone and Affiliates [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Management fee paid as of termination | 13,400,000 | |||||||||||
Blackstone and Affiliates [Member] | Summit Materials, LLC [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 | |||||||||||
Lafarge North America Inc [Member] | Davenport Acquisition [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Net cash paid for acquisitions | $ 448,710,000 | |||||||||||
Purchase agreement date for assets acquired | Apr. 16, 2015 | |||||||||||
Purchase price paid | $ 370,000,000 | $ 80,000,000 | ||||||||||
Lafarge North America Inc [Member] | Bettendorf Iowa [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of cement distribution terminals acquired | Business | 1 | |||||||||||
Lafarge North America Inc [Member] | Summit Materials, LLC [Member] | Davenport Acquisition [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Net cash paid for acquisitions | $ 448,710,000 | |||||||||||
Purchase agreement date for assets acquired | Apr. 16, 2015 | |||||||||||
Purchase price paid | $ 370,000,000 | $ 80,000,000 | ||||||||||
Lafarge North America Inc [Member] | Summit Materials, LLC [Member] | Bettendorf Iowa [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of cement distribution terminals acquired | Business | 1 | |||||||||||
Blackstone Capital Partners VI Limited Partnership [Member] | Davenport Acquisition [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Equity commitment financing | $ 90,000,000 | |||||||||||
Deferred purchase price associated with acquisition | 80,000,000 | |||||||||||
Commitment fee paid | 1,800,000 | |||||||||||
Blackstone Capital Partners VI Limited Partnership [Member] | Summit Materials, LLC [Member] | Davenport Acquisition [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Equity commitment financing | 90,000,000 | |||||||||||
Deferred purchase price associated with acquisition | $ 80,000,000 | |||||||||||
Commitment fee paid | $ 1,800,000 | |||||||||||
Continental Cement Company, L.L.C. [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Sales to related parties | $ 1,400,000 | 4,700,000 | 10,900,000 | |||||||||
Accounts receivables due from related parties | $ 200,000 | |||||||||||
Non controlling interest owned | 700,000 | |||||||||||
Continental Cement Company, L.L.C. [Member] | Summit Materials, LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Sales to related parties | $ 1,400,000 | $ 4,700,000 | 10,900,000 | |||||||||
Accounts receivables due from related parties | $ 200,000 | |||||||||||
Non controlling interest owned | $ 700,000 |
Guarantor and Non-Guarantor F65
Guarantor and Non-Guarantor Financial Information - Schedule of Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 |
Current assets: | |||
Cash and cash equivalents | $ 18,987 | $ 13,215 | |
Accounts receivable, net | 205,939 | 141,302 | |
Cost and estimated earnings in excess of billings | 34,175 | 10,174 | |
Inventories | 138,036 | 111,553 | |
Other current assets | 21,762 | 17,172 | |
Total current assets | 418,899 | 293,416 | |
Property, plant and equipment, net | 1,276,227 | 950,601 | |
Goodwill | 567,836 | 419,270 | |
Intangible assets, net | 15,481 | 17,647 | |
Other assets | 51,798 | 48,843 | |
Total assets | 2,330,241 | 1,729,777 | |
Current liabilities: | |||
Current portion of debt | 68,125 | 5,275 | |
Current portion of acquisition-related liabilities | 20,191 | 18,402 | |
Accounts payable | 113,226 | 78,854 | |
Accrued expenses | 90,880 | 101,496 | |
Billings in excess of costs and estimated earnings | 11,005 | 8,958 | |
Total current liabilities | 303,427 | 212,985 | |
Long-term debt | 1,148,068 | 1,059,642 | |
Acquisition-related liabilities | 41,978 | 42,736 | |
Other noncurrent liabilities | 114,575 | 93,691 | |
Total liabilities | 1,608,048 | 1,409,054 | |
Redeemable noncontrolling interest | 33,740 | $ 286,817 | |
Total liabilities, redeemable noncontrolling interest and member's interest | 2,330,241 | 1,729,777 | |
Summit Materials, LLC [Member] | |||
Current assets: | |||
Cash and cash equivalents | 5,482 | 13,215 | |
Accounts receivable, net | 205,939 | 141,302 | |
Cost and estimated earnings in excess of billings | 34,175 | 10,174 | |
Inventories | 138,036 | 111,553 | |
Other current assets | 21,762 | 17,172 | |
Total current assets | 405,394 | 293,416 | |
Property, plant and equipment, net | 1,276,227 | 950,601 | |
Goodwill | 567,836 | 419,270 | |
Intangible assets, net | 15,481 | 17,647 | |
Other assets | 51,798 | 48,843 | |
Total assets | 2,316,736 | 1,729,777 | |
Current liabilities: | |||
Current portion of debt | 68,125 | 5,275 | |
Current portion of acquisition-related liabilities | 17,691 | 18,402 | |
Accounts payable | 113,226 | 78,854 | |
Accrued expenses | 90,880 | 101,496 | |
Billings in excess of costs and estimated earnings | 11,005 | 8,958 | |
Total current liabilities | 300,927 | 212,985 | |
Long-term debt | 1,148,068 | 1,059,642 | |
Acquisition-related liabilities | 33,320 | 42,736 | |
Other noncurrent liabilities | 114,575 | 93,691 | |
Total liabilities | 1,596,890 | 1,409,054 | |
Redeemable noncontrolling interest | 33,740 | ||
Total stockholders' equity/partners' interest | 719,846 | 286,983 | |
Total liabilities, redeemable noncontrolling interest and member's interest | 2,316,736 | 1,729,777 | |
Summit Materials, LLC [Member] | Consolidation, Eliminations [Member] | |||
Current assets: | |||
Cash and cash equivalents | (12,662) | (7,112) | |
Accounts receivable, net | (344) | (1,233) | |
Intercompany receivables | (1,345,915) | (415,030) | |
Other current assets | (1,853) | ||
Total current assets | (1,358,921) | (425,228) | |
Other assets | (963,928) | (1,256,418) | |
Total assets | (2,322,849) | (1,681,646) | |
Current liabilities: | |||
Current portion of debt | (5,263) | ||
Accounts payable | (344) | (1,233) | |
Accrued expenses | (12,662) | (8,965) | |
Intercompany payables | (1,345,915) | (415,030) | |
Total current liabilities | (1,358,921) | (430,491) | |
Long-term debt | (61,377) | (633,917) | |
Other noncurrent liabilities | (55,107) | (55,107) | |
Total liabilities | (1,475,405) | (1,119,515) | |
Redeemable noncontrolling interest | 33,740 | ||
Redeemable members' interest | (34,543) | ||
Total stockholders' equity/partners' interest | (847,444) | (561,328) | |
Total liabilities, redeemable noncontrolling interest and member's interest | (2,322,849) | (1,681,646) | |
Summit Materials, LLC [Member] | Issuers [Member] | |||
Current assets: | |||
Cash and cash equivalents | 8,989 | 10,837 | |
Accounts receivable, net | 1 | ||
Intercompany receivables | 1,322,050 | 376,344 | |
Other current assets | 1,088 | 7,148 | |
Total current assets | 1,332,127 | 394,330 | |
Property, plant and equipment, net | 9,433 | 7,035 | |
Other assets | 881,923 | 1,153,204 | |
Total assets | 2,223,483 | 1,554,569 | |
Current liabilities: | |||
Current portion of debt | 68,125 | 5,275 | |
Current portion of acquisition-related liabilities | 166 | ||
Accounts payable | 7,436 | 3,655 | |
Accrued expenses | 30,998 | 37,101 | |
Intercompany payables | 67,671 | 162,728 | |
Total current liabilities | 174,230 | 208,925 | |
Long-term debt | 1,148,068 | 1,059,642 | |
Other noncurrent liabilities | 1,558 | 796 | |
Total liabilities | 1,323,856 | 1,269,363 | |
Total stockholders' equity/partners' interest | 899,627 | 285,206 | |
Total liabilities, redeemable noncontrolling interest and member's interest | 2,223,483 | 1,554,569 | |
Summit Materials, LLC [Member] | Wholly Owned Guarantors [Member] | |||
Current assets: | |||
Cash and cash equivalents | 1,025 | 695 | |
Accounts receivable, net | 195,120 | 124,380 | |
Intercompany receivables | 14,869 | 30,539 | |
Cost and estimated earnings in excess of billings | 33,447 | 9,819 | |
Inventories | 132,734 | 98,188 | |
Other current assets | 19,319 | 9,638 | |
Total current assets | 396,514 | 273,259 | |
Property, plant and equipment, net | 1,240,126 | 610,717 | |
Goodwill | 519,759 | 340,969 | |
Intangible assets, net | 14,044 | 14,245 | |
Other assets | 132,532 | 125,462 | |
Total assets | 2,302,975 | 1,364,652 | |
Current liabilities: | |||
Current portion of debt | 3,990 | ||
Current portion of acquisition-related liabilities | 17,691 | 18,236 | |
Accounts payable | 102,571 | 65,018 | |
Accrued expenses | 70,386 | 59,477 | |
Intercompany payables | 1,274,510 | 245,416 | |
Billings in excess of costs and estimated earnings | 10,983 | 8,931 | |
Total current liabilities | 1,476,141 | 401,068 | |
Long-term debt | 61,377 | 480,599 | |
Acquisition-related liabilities | 33,320 | 42,736 | |
Other noncurrent liabilities | 110,856 | 65,479 | |
Total liabilities | 1,681,694 | 989,882 | |
Total stockholders' equity/partners' interest | 621,281 | 374,770 | |
Total liabilities, redeemable noncontrolling interest and member's interest | 2,302,975 | 1,364,652 | |
Summit Materials, LLC [Member] | Non Guarantor [Member] | |||
Current assets: | |||
Cash and cash equivalents | 8,130 | 8,793 | |
Accounts receivable, net | 11,163 | 11,525 | |
Intercompany receivables | 8,996 | 4,052 | |
Cost and estimated earnings in excess of billings | 728 | 355 | |
Inventories | 5,302 | 4,669 | |
Other current assets | 1,355 | 1,775 | |
Total current assets | 35,674 | 31,169 | |
Property, plant and equipment, net | 26,668 | 30,325 | |
Goodwill | 48,077 | 55,177 | |
Intangible assets, net | 1,437 | 2,860 | |
Other assets | 1,271 | 1,362 | |
Total assets | 113,127 | 120,893 | |
Current liabilities: | |||
Accounts payable | 3,563 | 4,569 | |
Accrued expenses | 2,158 | 3,705 | |
Intercompany payables | 3,734 | 2,834 | |
Billings in excess of costs and estimated earnings | 22 | 27 | |
Total current liabilities | 9,477 | 11,135 | |
Other noncurrent liabilities | 57,268 | 57,736 | |
Total liabilities | 66,745 | 68,871 | |
Total stockholders' equity/partners' interest | 46,382 | 52,022 | |
Total liabilities, redeemable noncontrolling interest and member's interest | $ 113,127 | 120,893 | |
Summit Materials, LLC [Member] | Non Wholly Owned Guarantor [Member] | |||
Current assets: | |||
Cash and cash equivalents | 2 | ||
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 |
Guarantor and Non-Guarantor F66
Guarantor and Non-Guarantor Financial Information - Schedule of Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | ||
Mar. 11, 2015 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 26, 2015 | Sep. 27, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenue | $ 471,905 | $ 394,759 | $ 1,030,835 | $ 870,145 | ||
Cost of revenue (excluding items shown separately below) | 312,399 | 285,497 | 719,838 | 645,934 | ||
Depreciation, depletion, amortization and accretion | 33,306 | 23,255 | 86,818 | 63,950 | ||
Operating income (loss) | 83,357 | 47,749 | 66,651 | 46,652 | ||
Interest expense | 20,727 | 22,085 | 62,231 | 62,555 | ||
Income (loss) from continuing operations before taxes | 31,160 | 27,072 | (59,215) | (13,604) | ||
Income tax benefit (expense) | (2,655) | (1,038) | (12,468) | (2,498) | ||
(Loss) income from continuing operations | 33,815 | 28,110 | (46,747) | (11,106) | ||
Income from discontinued operations | (57) | (7) | (815) | (356) | ||
Net income (loss) | $ (41,415) | 33,872 | 28,117 | $ (2,627) | (45,932) | (10,750) |
Net income (loss) attributable to member of Summit Materials, LLC | 14,711 | 4,355 | ||||
Comprehensive income (loss) attributable to Summit Materials, Inc. and Summit Materials, LLC | 12,090 | 1,748 | ||||
Summit Materials, LLC [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenue | 471,905 | 394,759 | 1,030,835 | 870,145 | ||
Cost of revenue (excluding items shown separately below) | 312,399 | 285,497 | 719,838 | 645,934 | ||
General and administrative expenses | 42,843 | 38,258 | 157,528 | 113,609 | ||
Depreciation, depletion, amortization and accretion | 33,306 | 23,255 | 86,818 | 63,950 | ||
Operating income (loss) | 83,357 | 47,749 | 66,651 | 46,652 | ||
Other (income) expense, net | 31,470 | (1,408) | 63,635 | (2,299) | ||
Interest expense | 20,436 | 22,085 | 61,649 | 62,555 | ||
Income (loss) from continuing operations before taxes | 31,451 | 27,072 | (58,633) | (13,604) | ||
Income tax benefit (expense) | (2,655) | (1,038) | (12,468) | (2,498) | ||
(Loss) income from continuing operations | 34,106 | 28,110 | (46,165) | (11,106) | ||
Income from discontinued operations | (57) | (7) | (815) | (356) | ||
Net income (loss) | 34,163 | 28,117 | (45,350) | (10,750) | ||
Net income (loss) attributable to minority interest | 52 | 1,243 | (1,917) | 674 | ||
Net income (loss) attributable to member of Summit Materials, LLC | 34,111 | 26,874 | (43,433) | (11,424) | ||
Comprehensive income (loss) attributable to Summit Materials, Inc. and Summit Materials, LLC | 26,805 | 25,110 | (55,974) | (12,615) | ||
Summit Materials, LLC [Member] | Consolidation, Eliminations [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenue | (4,068) | (10,823) | (28,139) | (19,692) | ||
Cost of revenue (excluding items shown separately below) | (4,068) | (10,823) | (28,139) | (19,692) | ||
Other (income) expense, net | 86,514 | 46,119 | 111,436 | 40,369 | ||
Interest expense | (10,796) | (2,408) | (21,568) | (5,934) | ||
Income (loss) from continuing operations before taxes | (75,718) | (43,711) | (89,868) | (34,435) | ||
(Loss) income from continuing operations | (75,718) | (43,711) | (89,868) | (34,435) | ||
Net income (loss) | (75,718) | (43,711) | (89,868) | (34,435) | ||
Net income (loss) attributable to minority interest | 52 | 1,243 | (1,917) | 674 | ||
Net income (loss) attributable to member of Summit Materials, LLC | (75,770) | (44,954) | (87,951) | (35,109) | ||
Comprehensive income (loss) attributable to Summit Materials, Inc. and Summit Materials, LLC | (68,464) | (43,190) | (75,410) | (34,163) | ||
Summit Materials, LLC [Member] | Issuers [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
General and administrative expenses | 8,881 | 8,694 | 61,634 | 26,384 | ||
Depreciation, depletion, amortization and accretion | 628 | 406 | 1,686 | 1,047 | ||
Operating income (loss) | (9,509) | (9,100) | (63,320) | (27,431) | ||
Other (income) expense, net | (58,666) | (43,887) | (55,083) | (36,161) | ||
Interest expense | 15,046 | 7,913 | 35,196 | 21,581 | ||
Income (loss) from continuing operations before taxes | 34,111 | 26,874 | (43,433) | (12,851) | ||
Income tax benefit (expense) | (1,427) | |||||
(Loss) income from continuing operations | 34,111 | 26,874 | (43,433) | (11,424) | ||
Net income (loss) | 34,111 | 26,874 | (43,433) | (11,424) | ||
Net income (loss) attributable to member of Summit Materials, LLC | 34,111 | 26,874 | (43,433) | (11,424) | ||
Comprehensive income (loss) attributable to Summit Materials, Inc. and Summit Materials, LLC | 26,805 | 25,110 | (55,974) | (12,615) | ||
Summit Materials, LLC [Member] | Wholly Owned Guarantors [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenue | 454,501 | 348,785 | 980,153 | 776,502 | ||
Cost of revenue (excluding items shown separately below) | 304,204 | 253,284 | 696,068 | 581,602 | ||
General and administrative expenses | 32,362 | 27,418 | 90,959 | 80,938 | ||
Depreciation, depletion, amortization and accretion | 31,374 | 18,618 | 80,997 | 51,351 | ||
Operating income (loss) | 86,561 | 49,465 | 112,129 | 62,611 | ||
Other (income) expense, net | 3,639 | (2,679) | 7,140 | (4,233) | ||
Interest expense | 15,286 | 13,416 | 45,332 | 37,831 | ||
Income (loss) from continuing operations before taxes | 67,636 | 38,728 | 59,657 | 29,013 | ||
Income tax benefit (expense) | (2,690) | (1,038) | (12,852) | (1,071) | ||
(Loss) income from continuing operations | 70,326 | 39,766 | 72,509 | 30,084 | ||
Income from discontinued operations | (57) | (7) | (815) | (356) | ||
Net income (loss) | 70,383 | 39,773 | 73,324 | 30,440 | ||
Net income (loss) attributable to member of Summit Materials, LLC | 70,383 | 39,773 | 73,324 | 30,440 | ||
Comprehensive income (loss) attributable to Summit Materials, Inc. and Summit Materials, LLC | 69,373 | 39,773 | 72,314 | 30,440 | ||
Summit Materials, LLC [Member] | Non Guarantor [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenue | 21,472 | 22,626 | 78,821 | 43,900 | ||
Cost of revenue (excluding items shown separately below) | 12,263 | 17,433 | 51,909 | 30,795 | ||
General and administrative expenses | 1,600 | 495 | 4,935 | 1,062 | ||
Depreciation, depletion, amortization and accretion | 1,304 | 523 | 4,135 | 1,068 | ||
Operating income (loss) | 6,305 | 4,175 | 17,842 | 10,975 | ||
Other (income) expense, net | (17) | (16) | 142 | 29 | ||
Interest expense | 900 | 233 | 2,689 | 289 | ||
Income (loss) from continuing operations before taxes | 5,422 | 3,958 | 15,011 | 10,657 | ||
Income tax benefit (expense) | 35 | 384 | ||||
(Loss) income from continuing operations | 5,387 | 3,958 | 14,627 | 10,657 | ||
Net income (loss) | 5,387 | 3,958 | 14,627 | 10,657 | ||
Net income (loss) attributable to member of Summit Materials, LLC | 5,387 | 3,958 | 14,627 | 10,657 | ||
Comprehensive income (loss) attributable to Summit Materials, Inc. and Summit Materials, LLC | $ (909) | 2,194 | $ 3,096 | 8,893 | ||
Summit Materials, LLC [Member] | Non Wholly Owned Guarantor [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenue | 34,171 | 69,435 | ||||
Cost of revenue (excluding items shown separately below) | 25,603 | 53,229 | ||||
General and administrative expenses | 1,651 | 5,225 | ||||
Depreciation, depletion, amortization and accretion | 3,708 | 10,484 | ||||
Operating income (loss) | 3,209 | 497 | ||||
Other (income) expense, net | (945) | (2,303) | ||||
Interest expense | 2,931 | 8,788 | ||||
Income (loss) from continuing operations before taxes | 1,223 | (5,988) | ||||
(Loss) income from continuing operations | 1,223 | (5,988) | ||||
Net income (loss) | 1,223 | (5,988) | ||||
Net income (loss) attributable to member of Summit Materials, LLC | 1,223 | (5,988) | ||||
Comprehensive income (loss) attributable to Summit Materials, Inc. and Summit Materials, LLC | $ 1,223 | $ (5,170) |
Guarantor and Non-Guarantor F67
Guarantor and Non-Guarantor Financial Information - Schedule of Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 26, 2015 | Sep. 26, 2015 | Sep. 27, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used in) provided by operating activities | $ (18,927) | $ (10,836) | |
Cash flow from investing activities: | |||
Acquisitions, net of cash acquired | (505,466) | (351,941) | |
Purchase of property, plant and equipment | (69,672) | (64,244) | |
Proceeds from the sale of property, plant, and equipment | 8,883 | 9,575 | |
Other | 610 | 757 | |
Net cash (used for) provided by investing activities | (565,645) | (405,853) | |
Cash flow from financing activities: | |||
Capital issuance costs | (61,218) | ||
Net proceeds from debt issuance | 1,415,750 | 657,217 | |
Payments on long-term debt | (1,251,407) | (258,337) | |
Payments on acquisition-related liabilities | (15,018) | (5,807) | |
Financing costs | (10,911) | (8,834) | |
Distributions from partnership | $ (14,600) | (26,448) | |
Other | (88) | ||
Net cash provided by (used for) financing activities | 590,344 | 408,501 | |
Net increase (decrease) in cash | 5,772 | (8,188) | |
Cash - beginning of period | 13,215 | 18,184 | |
Cash - end of period | 18,987 | 18,987 | 9,996 |
Summit Materials, LLC [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used in) provided by operating activities | (18,927) | (10,836) | |
Cash flow from investing activities: | |||
Acquisitions, net of cash acquired | (505,466) | (351,941) | |
Purchase of property, plant and equipment | (69,672) | (64,244) | |
Proceeds from the sale of property, plant, and equipment | 8,883 | 9,575 | |
Other | 610 | 757 | |
Net cash (used for) provided by investing activities | (565,645) | (405,853) | |
Cash flow from financing activities: | |||
Proceeds from investment by member | 490,916 | 24,350 | |
Capital issuance costs | (12,539) | ||
Net proceeds from debt issuance | 1,415,750 | 657,217 | |
Payments on long-term debt | (1,251,407) | (258,337) | |
Payments on acquisition-related liabilities | (15,018) | (5,807) | |
Financing costs | (10,911) | (8,834) | |
Distributions from partnership | (14,600) | (39,952) | |
Other | (88) | ||
Net cash provided by (used for) financing activities | 576,839 | 408,501 | |
Net increase (decrease) in cash | (7,733) | (8,188) | |
Cash - beginning of period | 13,215 | 14,917 | |
Cash - end of period | 5,482 | 5,482 | 6,729 |
Summit Materials, LLC [Member] | Consolidation, Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used in) provided by operating activities | (167) | (1,319) | |
Cash flow from investing activities: | |||
Other | 1,166 | ||
Net cash (used for) provided by investing activities | 1,166 | ||
Cash flow from financing activities: | |||
Proceeds from investment by member | (1,353) | ||
Loans received from and payments made on loans from other Summit Companies | (6,439) | (7,923) | |
Payments on long-term debt | 1,056 | ||
Other | 1,500 | ||
Net cash provided by (used for) financing activities | (5,383) | (7,776) | |
Net increase (decrease) in cash | (5,550) | (7,929) | |
Cash - beginning of period | (7,112) | (2,540) | |
Cash - end of period | (12,662) | (12,662) | (10,469) |
Summit Materials, LLC [Member] | Issuers [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used in) provided by operating activities | (140,504) | (36,504) | |
Cash flow from investing activities: | |||
Acquisitions, net of cash acquired | (181,754) | ||
Purchase of property, plant and equipment | (3,743) | (3,674) | |
Net cash (used for) provided by investing activities | (3,743) | (185,428) | |
Cash flow from financing activities: | |||
Proceeds from investment by member | 490,916 | 24,350 | |
Capital issuance costs | (12,539) | ||
Net proceeds from debt issuance | 1,415,750 | 657,217 | |
Loans received from and payments made on loans from other Summit Companies | (1,031,576) | (195,590) | |
Payments on long-term debt | (669,123) | (251,062) | |
Payments on acquisition-related liabilities | (166) | (1,500) | |
Financing costs | (10,911) | (8,834) | |
Distributions from partnership | (39,952) | ||
Other | (88) | ||
Net cash provided by (used for) financing activities | 142,399 | 224,493 | |
Net increase (decrease) in cash | (1,848) | 2,561 | |
Cash - beginning of period | 10,837 | 10,375 | |
Cash - end of period | 8,989 | 8,989 | 12,936 |
Summit Materials, LLC [Member] | Non Wholly Owned Guarantor [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used in) provided by operating activities | (2,408) | ||
Cash flow from investing activities: | |||
Purchase of property, plant and equipment | (13,472) | ||
Net cash (used for) provided by investing activities | (13,472) | ||
Cash flow from financing activities: | |||
Loans received from and payments made on loans from other Summit Companies | 16,383 | ||
Payments on long-term debt | (509) | ||
Net cash provided by (used for) financing activities | 15,874 | ||
Net increase (decrease) in cash | (6) | ||
Cash - beginning of period | 9 | ||
Cash - end of period | 3 | ||
Summit Materials, LLC [Member] | Wholly Owned Guarantors [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used in) provided by operating activities | 112,541 | 28,727 | |
Cash flow from investing activities: | |||
Acquisitions, net of cash acquired | (505,466) | (170,187) | |
Purchase of property, plant and equipment | (65,001) | (46,575) | |
Proceeds from the sale of property, plant, and equipment | 8,821 | 9,345 | |
Other | 610 | (409) | |
Net cash (used for) provided by investing activities | (561,036) | (207,826) | |
Cash flow from financing activities: | |||
Loans received from and payments made on loans from other Summit Companies | 1,047,015 | 189,243 | |
Payments on long-term debt | (583,340) | (6,766) | |
Payments on acquisition-related liabilities | (14,852) | (4,307) | |
Other | (1,500) | ||
Net cash provided by (used for) financing activities | 448,823 | 176,670 | |
Net increase (decrease) in cash | 328 | (2,429) | |
Cash - beginning of period | 697 | 3,442 | |
Cash - end of period | 1,025 | 1,025 | 1,013 |
Summit Materials, LLC [Member] | Non Guarantor [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used in) provided by operating activities | 9,203 | 668 | |
Cash flow from investing activities: | |||
Purchase of property, plant and equipment | (928) | (523) | |
Proceeds from the sale of property, plant, and equipment | 62 | 230 | |
Net cash (used for) provided by investing activities | (866) | (293) | |
Cash flow from financing activities: | |||
Proceeds from investment by member | 1,353 | ||
Loans received from and payments made on loans from other Summit Companies | (9,000) | (2,113) | |
Net cash provided by (used for) financing activities | (9,000) | (760) | |
Net increase (decrease) in cash | (663) | (385) | |
Cash - beginning of period | 8,793 | 3,631 | |
Cash - end of period | 8,130 | 8,130 | $ 3,246 |
Summit Materials, LLC [Member] | Wholly and Non Wholly Owned Guarantor [Member] | |||
Cash flow from financing activities: | |||
Net increase (decrease) in cash | 328 | ||
Cash - beginning of period | 697 | ||
Cash - end of period | $ 1,025 | $ 1,025 |