Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 30, 2023 | Feb. 12, 2024 | Jul. 01, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 30, 2023 | ||
Current Fiscal Year End Date | --12-30 | ||
Document Transition Report | false | ||
Entity File Number | 001-36873 | ||
Entity Registrant Name | SUMMIT MATERIALS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-1984212 | ||
Entity Address, Address Line One | 1801 California Street | ||
Entity Address, Address Line Two | Suite 3500 | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80202 | ||
City Area Code | 303 | ||
Local Phone Number | 893-0012 | ||
Title of 12(b) Security | Class A Common Stock (par value $.01 per share) | ||
Trading Symbol | SUM | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Public Float | $ 4.5 | ||
Documents Incorporated by Reference | Certain information required by Items 10, 11, 12, 13 and 14 of Part III incorporate information by reference from Summit Materials, Inc.’s definitive proxy statement relating to its 2024 annual meeting of stockholders to be filed with the Securities and Exchange Commission within 120 days after the close of Summit Materials, Inc.’s most recent fiscal year. | ||
Entity Central Index Key | 0001621563 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Common Class A | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 174,267,964 | ||
Common Class B | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 99 | ||
Summit Materials, LLC | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 30, 2023 | ||
Current Fiscal Year End Date | --12-30 | ||
Document Transition Report | false | ||
Entity File Number | 333-187556 | ||
Entity Registrant Name | SUMMIT MATERIALS, LLC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 26-4138486 | ||
Entity Address, Address Line One | 1801 California Street | ||
Entity Address, Address Line Two | Suite 3500 | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80202 | ||
City Area Code | 303 | ||
Local Phone Number | 893-0012 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Central Index Key | 0001571371 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Dec. 30, 2023 | |
Auditor [Line Items] | |
Auditor Name | KPMG LLP |
Auditor Location | Denver, CO |
Auditor Firm ID | 185 |
Summit Materials, LLC | |
Auditor [Line Items] | |
Auditor Name | KPMG LLP |
Auditor Location | Denver, CO |
Auditor Firm ID | 185 |
Consolidated Balance Sheets - S
Consolidated Balance Sheets - Summit Materials Inc - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 374,162 | $ 520,451 |
Restricted cash | 800,000 | 0 |
Accounts receivable, net | 287,252 | 256,669 |
Costs and estimated earnings in excess of billings | 10,289 | 6,510 |
Inventories | 241,350 | 212,491 |
Other current assets | 17,937 | 20,787 |
Current assets held for sale | 1,134 | 1,468 |
Total current assets | 1,732,124 | 1,018,376 |
Property, plant and equipment, net | 1,976,820 | 1,813,702 |
Goodwill | 1,224,861 | 1,132,546 |
Intangible assets, net | 68,081 | 71,384 |
Deferred tax assets | 52,009 | 136,986 |
Operating lease right-of-use assets | 36,553 | 37,889 |
Other assets | 59,134 | 44,809 |
Total assets | 5,149,582 | 4,255,692 |
Current liabilities: | ||
Current portion of debt | 3,822 | 5,096 |
Current portion of acquisition-related liabilities | 7,007 | 13,718 |
Accounts payable | 123,621 | 104,031 |
Accrued expenses | 171,691 | 119,967 |
Current operating lease liabilities | 8,596 | 7,296 |
Billings in excess of costs and estimated earnings | 8,228 | 5,739 |
Total current liabilities | 322,965 | 255,847 |
Long-term debt | 2,283,639 | 1,488,569 |
Acquisition-related liabilities | 28,021 | 29,051 |
Tax receivable agreement liability | 41,276 | 327,812 |
Noncurrent operating lease liabilities | 33,230 | 35,737 |
Other noncurrent liabilities | 123,871 | 106,686 |
Total liabilities | 2,833,002 | 2,243,702 |
Commitments and contingencies (see note 16) | ||
Stockholders' equity / Member's interest | ||
Additional paid-in capital | 1,421,813 | 1,404,122 |
Accumulated earnings | 876,751 | 590,895 |
Accumulated other comprehensive income | 7,275 | 3,084 |
Stockholders’ equity | 2,307,035 | 1,999,286 |
Noncontrolling interest in Summit Holdings | 9,545 | 12,704 |
Total stockholders’ equity | 2,316,580 | 2,011,990 |
Total liabilities and stockholders’ equity | 5,149,582 | 4,255,692 |
Common Class A | ||
Stockholders' equity / Member's interest | ||
Common stock | 1,196 | 1,185 |
Common Class B | ||
Stockholders' equity / Member's interest | ||
Common stock | $ 0 | $ 0 |
Consolidated Balance Sheets -_2
Consolidated Balance Sheets - Summit Materials Inc (Parenthetical) - $ / shares | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Common Class A | |||
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | |
Common stock, shares issued (in shares) | 119,529,380 | 118,408,655 | 120,684,322 |
Common stock, shares outstanding (in shares) | 119,529,380 | 118,408,655 | |
Common Class B | |||
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | |
Common stock, shares issued (in shares) | 99 | 99 | |
Common stock, shares outstanding (in shares) | 99 | 99 |
Consolidated Balance Sheets -_3
Consolidated Balance Sheets - Summit Materials LLC - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 374,162 | $ 520,451 |
Accounts receivable, net | 287,252 | 256,669 |
Costs and estimated earnings in excess of billings | 10,289 | 6,510 |
Inventories | 241,350 | 212,491 |
Other current assets | 17,937 | 20,787 |
Current assets held for sale | 1,134 | 1,468 |
Total current assets | 1,732,124 | 1,018,376 |
Property, plant and equipment, net | 1,976,820 | 1,813,702 |
Goodwill | 1,224,861 | 1,132,546 |
Intangible assets, net | 68,081 | 71,384 |
Operating lease right-of-use assets | 36,553 | 37,889 |
Other assets | 59,134 | 44,809 |
Total assets | 5,149,582 | 4,255,692 |
Current liabilities: | ||
Current portion of debt | 3,822 | 5,096 |
Current portion of acquisition-related liabilities | 7,007 | 13,718 |
Accounts payable | 123,621 | 104,031 |
Accrued expenses | 171,691 | 119,967 |
Current operating lease liabilities | 8,596 | 7,296 |
Billings in excess of costs and estimated earnings | 8,228 | 5,739 |
Total current liabilities | 322,965 | 255,847 |
Long-term debt | 2,283,639 | 1,488,569 |
Acquisition-related liabilities | 28,021 | 29,051 |
Noncurrent operating lease liabilities | 33,230 | 35,737 |
Other noncurrent liabilities | 123,871 | 106,686 |
Total liabilities | 2,833,002 | 2,243,702 |
Commitments and contingencies (see note 15) | ||
Stockholders' equity / Member's interest | ||
Accumulated earnings | 876,751 | 590,895 |
Accumulated other comprehensive income | 7,275 | 3,084 |
Total liabilities and stockholders’ equity | 5,149,582 | 4,255,692 |
Summit Materials, LLC | ||
Current assets: | ||
Cash and cash equivalents | 355,669 | 520,451 |
Restricted cash | 800,000 | 0 |
Accounts receivable, net | 287,252 | 256,669 |
Costs and estimated earnings in excess of billings | 10,289 | 6,510 |
Inventories | 241,350 | 212,491 |
Other current assets | 17,937 | 20,787 |
Current assets held for sale | 1,134 | 1,468 |
Current portion of tax receivable agreement interests | 6,318 | 0 |
Total current assets | 1,719,949 | 1,018,376 |
Property, plant and equipment, net | 1,976,820 | 1,813,702 |
Goodwill | 1,225,861 | 1,133,546 |
Intangible assets, net | 68,081 | 71,384 |
Operating lease right-of-use assets | 36,553 | 37,889 |
Other assets | 59,134 | 44,809 |
Tax receivable agreement interest, net of current portion | 126,131 | 0 |
Total assets | 5,212,529 | 4,119,706 |
Current liabilities: | ||
Current portion of debt | 3,822 | 5,096 |
Current portion of acquisition-related liabilities | 7,007 | 13,718 |
Accounts payable | 123,621 | 104,430 |
Accrued expenses | 172,934 | 120,708 |
Current operating lease liabilities | 8,596 | 7,296 |
Billings in excess of costs and estimated earnings | 8,228 | 5,739 |
Total current liabilities | 324,208 | 256,987 |
Long-term debt | 2,283,639 | 1,488,569 |
Acquisition-related liabilities | 28,021 | 29,051 |
Noncurrent operating lease liabilities | 33,230 | 35,737 |
Other noncurrent liabilities | 188,426 | 166,212 |
Total liabilities | 2,857,524 | 1,976,556 |
Commitments and contingencies (see note 15) | ||
Stockholders' equity / Member's interest | ||
Members' equity | 1,421,610 | 1,425,278 |
Accumulated earnings | 949,204 | 739,248 |
Accumulated other comprehensive income | (15,809) | (21,376) |
Total members' interest | 2,355,005 | 2,143,150 |
Total liabilities and stockholders’ equity | $ 5,212,529 | $ 4,119,706 |
Consolidated Statements of Oper
Consolidated Statements of Operations - Summit Materials Inc - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Revenue: | |||
Revenue | $ 2,619,468 | $ 2,412,522 | $ 2,409,669 |
Cost of revenue (excluding items shown separately below): | |||
Cost of revenue | 1,862,408 | 1,763,177 | 1,736,410 |
General and administrative expenses | 210,357 | 186,860 | 193,476 |
Depreciation, depletion, amortization and accretion | 217,550 | 200,450 | 229,366 |
Transaction and integration costs | 26,813 | 3,358 | 3,252 |
Gain on sale of property, plant and equipment | (8,290) | (10,370) | (5,900) |
Operating income | 310,630 | 269,047 | 253,065 |
Interest expense | 114,155 | 86,969 | 92,240 |
Loss on debt financings | 493 | 1,737 | 6,016 |
Tax receivable agreement (benefit) expense | (162,182) | 1,566 | (6,779) |
(Gain) loss on sale of businesses | (14,966) | (172,389) | (20,011) |
Other income, net | (21,334) | (10,324) | (17,038) |
Income from operations before taxes | 394,464 | 361,488 | 198,637 |
Income tax expense | 104,838 | 85,545 | 44,356 |
Net income | 289,626 | 275,943 | 154,281 |
Net income attributable to noncontrolling interest in Summit Holdings | 3,770 | 3,798 | 2,097 |
Net income attributable to Summit Inc/LLC | $ 285,856 | $ 272,145 | $ 152,184 |
Common Class A | |||
Earnings per share of Class A common stock: | |||
Basic (USD per share) | $ 2.40 | $ 2.27 | $ 1.27 |
Diluted (USD per share) | $ 2.39 | $ 2.26 | $ 1.26 |
Weighted average shares of Class A common stock: | |||
Basic (in shares) | 118,952,933 | 119,747,056 | 119,415,448 |
Diluted (in shares) | 119,774,766 | 120,628,459 | 120,934,992 |
Common Class A and Restricted Stock | |||
Earnings per share of Class A common stock: | |||
Basic (USD per share) | $ 2.40 | $ 2.27 | $ 1.27 |
Weighted average shares of Class A common stock: | |||
Basic (in shares) | 119,045,393 | 119,894,444 | 119,629,294 |
Excluding delivery and subcontract revenue | |||
Revenue: | |||
Revenue | $ 2,442,736 | $ 2,222,084 | $ 2,232,696 |
Cost of revenue (excluding items shown separately below): | |||
Cost of revenue | 1,685,676 | 1,572,739 | 1,559,437 |
Product | |||
Revenue: | |||
Revenue | 2,137,664 | 1,933,530 | 1,923,285 |
Cost of revenue (excluding items shown separately below): | |||
Cost of revenue | 1,448,654 | 1,344,944 | 1,314,416 |
Service | |||
Revenue: | |||
Revenue | 305,072 | 288,554 | 309,411 |
Cost of revenue (excluding items shown separately below): | |||
Cost of revenue | 237,022 | 227,795 | 245,021 |
Delivery and subcontract revenue | |||
Revenue: | |||
Revenue | 176,732 | 190,438 | 176,973 |
Cost of revenue (excluding items shown separately below): | |||
Cost of revenue | $ 176,732 | $ 190,438 | $ 176,973 |
Consolidated Statements of Op_2
Consolidated Statements of Operations - Summit Materials LLC - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Revenue: | |||
Revenue | $ 2,619,468 | $ 2,412,522 | $ 2,409,669 |
Cost of revenue (excluding items shown separately below): | |||
Cost of revenue | 1,862,408 | 1,763,177 | 1,736,410 |
General and administrative expenses | 210,357 | 186,860 | 193,476 |
Depreciation, depletion, amortization and accretion | 217,550 | 200,450 | 229,366 |
Transaction and integration costs | 26,813 | 3,358 | 3,252 |
Gain on sale of property, plant and equipment | (8,290) | (10,370) | (5,900) |
Operating income | 310,630 | 269,047 | 253,065 |
Interest expense | 114,155 | 86,969 | 92,240 |
Loss on debt financings | 493 | 1,737 | 6,016 |
(Gain) loss on sale of businesses | (14,966) | (172,389) | (20,011) |
Other income, net | (21,334) | (10,324) | (17,038) |
Income from operations before taxes | 394,464 | 361,488 | 198,637 |
Income tax expense | 104,838 | 85,545 | 44,356 |
Net income attributable to Summit Inc/LLC | 285,856 | 272,145 | 152,184 |
Summit Materials, LLC | |||
Revenue: | |||
Revenue | 2,619,468 | 2,412,522 | 2,409,669 |
Cost of revenue (excluding items shown separately below): | |||
Cost of revenue | 1,862,408 | 1,763,177 | 1,736,410 |
General and administrative expenses | 210,357 | 186,860 | 193,476 |
Depreciation, depletion, amortization and accretion | 217,550 | 200,450 | 229,366 |
Transaction and integration costs | 26,813 | 3,358 | 3,252 |
Gain on sale of property, plant and equipment | (8,290) | (10,370) | (5,900) |
Operating income | 310,630 | 269,047 | 253,065 |
Interest expense | 114,155 | 86,969 | 92,178 |
Loss on debt financings | 493 | 1,737 | 6,016 |
(Gain) loss on sale of businesses | (14,966) | (172,389) | (20,011) |
Other income, net | (21,268) | (9,992) | (17,038) |
Income from operations before taxes | 232,216 | 362,722 | 191,920 |
Income tax expense | 22,260 | 16,585 | 20,949 |
Net income attributable to Summit Inc/LLC | 209,956 | 346,137 | 170,971 |
Excluding delivery and subcontract revenue | |||
Revenue: | |||
Revenue | 2,442,736 | 2,222,084 | 2,232,696 |
Cost of revenue (excluding items shown separately below): | |||
Cost of revenue | 1,685,676 | 1,572,739 | 1,559,437 |
Excluding delivery and subcontract revenue | Summit Materials, LLC | |||
Revenue: | |||
Revenue | 2,442,736 | 2,222,084 | 2,232,696 |
Cost of revenue (excluding items shown separately below): | |||
Cost of revenue | 1,685,676 | 1,572,739 | 1,559,437 |
Product | |||
Revenue: | |||
Revenue | 2,137,664 | 1,933,530 | 1,923,285 |
Cost of revenue (excluding items shown separately below): | |||
Cost of revenue | 1,448,654 | 1,344,944 | 1,314,416 |
Product | Summit Materials, LLC | |||
Revenue: | |||
Revenue | 2,137,664 | 1,933,530 | 1,923,285 |
Cost of revenue (excluding items shown separately below): | |||
Cost of revenue | 1,448,654 | 1,344,944 | 1,314,416 |
Service | |||
Revenue: | |||
Revenue | 305,072 | 288,554 | 309,411 |
Cost of revenue (excluding items shown separately below): | |||
Cost of revenue | 237,022 | 227,795 | 245,021 |
Service | Summit Materials, LLC | |||
Revenue: | |||
Revenue | 305,072 | 288,554 | 309,411 |
Cost of revenue (excluding items shown separately below): | |||
Cost of revenue | 237,022 | 227,795 | 245,021 |
Delivery and subcontract revenue | |||
Revenue: | |||
Revenue | 176,732 | 190,438 | 176,973 |
Cost of revenue (excluding items shown separately below): | |||
Cost of revenue | 176,732 | 190,438 | 176,973 |
Delivery and subcontract revenue | Summit Materials, LLC | |||
Revenue: | |||
Revenue | 176,732 | 190,438 | 176,973 |
Cost of revenue (excluding items shown separately below): | |||
Cost of revenue | $ 176,732 | $ 190,438 | $ 176,973 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - Summit Materials Inc - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 289,626 | $ 275,943 | $ 154,281 |
Other comprehensive income (loss): | |||
Postretirement liability adjustment | 642 | 6,481 | 1,303 |
Foreign currency translation adjustment | 4,925 | (11,831) | 1,254 |
Less tax effect of other comprehensive (loss) income items | (1,341) | 1,291 | (615) |
Other comprehensive income (loss) | 4,226 | (4,059) | 1,942 |
Comprehensive income | 293,852 | 271,884 | 156,223 |
Less comprehensive income attributable to Summit Holdings | 3,805 | 3,738 | 2,159 |
Comprehensive income attributable to Summit LLC | $ 290,047 | $ 268,146 | $ 154,064 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income - Summit Materials LLC - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Net income | $ 289,626 | $ 275,943 | $ 154,281 |
Other comprehensive income (loss): | |||
Postretirement liability adjustment | 642 | 6,481 | 1,303 |
Foreign currency translation adjustment | 4,925 | (11,831) | 1,254 |
Other comprehensive income (loss) | 4,226 | (4,059) | 1,942 |
Comprehensive income attributable to Summit LLC | 290,047 | 268,146 | 154,064 |
Summit Materials, LLC | |||
Net income | 209,956 | 346,137 | 170,971 |
Other comprehensive income (loss): | |||
Postretirement liability adjustment | 642 | 6,481 | 1,303 |
Foreign currency translation adjustment | 4,925 | (11,831) | 1,254 |
Other comprehensive income (loss) | 5,567 | (5,350) | 2,557 |
Comprehensive income attributable to Summit LLC | $ 215,523 | $ 340,787 | $ 173,528 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - Summit Materials Inc - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Cash flows from operating activities: | |||
Net income | $ 289,626 | $ 275,943 | $ 154,281 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion, amortization and accretion | 226,614 | 212,501 | 235,278 |
Share-based compensation expense | 20,326 | 18,347 | 19,705 |
Net gain on asset and business disposals | (23,259) | (182,263) | (25,559) |
Non-cash loss on debt financings | 161 | 915 | 2,116 |
Change in deferred tax asset, net | 79,142 | 69,568 | 24,685 |
Other | (482) | (1,447) | (2,249) |
Decrease (increase) in operating assets, net of acquisitions and dispositions: | |||
Accounts receivable, net | (26,224) | 10,749 | (31,292) |
Inventories | (26,351) | (63,247) | 3,815 |
Costs and estimated earnings in excess of billings | (3,746) | (4,960) | (394) |
Other current assets | 13,500 | (7,368) | (2,483) |
Other assets | (33,347) | (6,946) | 7,748 |
(Decrease) increase in operating liabilities, net of acquisitions and dispositions: | |||
Accounts payable | 5,324 | (9,218) | 4,593 |
Accrued expenses | 42,327 | (25,200) | (7,030) |
Billings in excess of costs and estimated earnings | 2,477 | (768) | (7,138) |
Tax receivable agreement (benefit) expense | (154,167) | 1,264 | 4,868 |
Other liabilities | 26,939 | (3,772) | (19,015) |
Net cash provided by operating activities | 438,860 | 284,098 | 361,929 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | (239,508) | (22,730) | (19,513) |
Purchases of property, plant and equipment | (255,619) | (266,733) | (211,982) |
Proceeds from the sale of property, plant and equipment | 14,424 | 15,374 | 11,674 |
Proceeds from sale of businesses | 65,576 | 128,337 | |
Other | (5,137) | (3,162) | 236 |
Net cash (used in) provided by investing activities | (420,264) | 95,822 | (91,248) |
Cash flows from financing activities: | |||
Proceeds from debt issuances | 800,000 | 0 | 0 |
Debt issuance costs | (5,599) | (1,557) | 0 |
Payments on debt | (10,380) | (122,536) | (329,010) |
Purchase of tax receivable agreement interests | (132,449) | 0 | 0 |
Payments on acquisition-related liabilities | (12,367) | (13,428) | (10,360) |
Distributions from partnership | (469) | (678) | 0 |
Repurchases of common stock | 0 | (100,980) | 0 |
Proceeds from stock option exercises | 247 | 213 | 32,451 |
Other | (5,199) | (27) | (1,008) |
Net cash provided by (used in) financing activities | 633,784 | (238,993) | (307,927) |
Impact of foreign currency on cash | 1,331 | (1,437) | 26 |
Net increase in cash and cash equivalents and restricted cash | 653,711 | 139,490 | (37,220) |
Cash and cash equivalents and restricted cash—beginning of period | 520,451 | 380,961 | 418,181 |
Cash and cash equivalents and restricted cash—end of period | $ 1,174,162 | $ 520,451 | $ 380,961 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - Summit Materials LLC - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Cash flows from operating activities: | |||
Net income | $ 289,626 | $ 275,943 | $ 154,281 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion, amortization and accretion | 226,614 | 212,501 | 235,278 |
Share-based compensation expense | 20,326 | 18,347 | 19,705 |
Net gain on asset and business disposals | (23,259) | (182,263) | (25,559) |
Non-cash loss on debt financings | 161 | 915 | 2,116 |
Change in deferred tax asset, net | 79,142 | 69,568 | 24,685 |
Other | (482) | (1,447) | (2,249) |
Decrease (increase) in operating assets, net of acquisitions and dispositions: | |||
Accounts receivable, net | (26,224) | 10,749 | (31,292) |
Inventories | (26,351) | (63,247) | 3,815 |
Costs and estimated earnings in excess of billings | (3,746) | (4,960) | (394) |
Other current assets | 13,500 | (7,368) | (2,483) |
Other assets | (33,347) | (6,946) | 7,748 |
(Decrease) increase in operating liabilities, net of acquisitions and dispositions: | |||
Accounts payable | 5,324 | (9,218) | 4,593 |
Accrued expenses | 42,327 | (25,200) | (7,030) |
Billings in excess of costs and estimated earnings | 2,477 | (768) | (7,138) |
Other liabilities | 26,939 | (3,772) | (19,015) |
Net cash provided by operating activities | 438,860 | 284,098 | 361,929 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | (239,508) | (22,730) | (19,513) |
Purchases of property, plant and equipment | (255,619) | (266,733) | (211,982) |
Proceeds from the sale of property, plant and equipment | 14,424 | 15,374 | 11,674 |
Proceeds from sale of businesses | 65,576 | 128,337 | |
Other | (5,137) | (3,162) | 236 |
Net cash (used in) provided by investing activities | (420,264) | 95,822 | (91,248) |
Cash flows from financing activities: | |||
Proceeds from debt issuances | 800,000 | 0 | 0 |
Debt issuance costs | (5,599) | (1,557) | 0 |
Payments on debt | (10,380) | (122,536) | (329,010) |
Purchase of tax receivable agreement interests | (132,449) | 0 | 0 |
Payments on acquisition-related liabilities | (12,367) | (13,428) | (10,360) |
Distributions | (469) | (678) | 0 |
Other | (5,199) | (27) | (1,008) |
Net cash provided by (used in) financing activities | 633,784 | (238,993) | (307,927) |
Impact of foreign currency on cash | 1,331 | (1,437) | 26 |
Net increase in cash and cash equivalents and restricted cash | 653,711 | 139,490 | (37,220) |
Cash and cash equivalents and restricted cash—beginning of period | 520,451 | 380,961 | 418,181 |
Cash and cash equivalents and restricted cash—end of period | 1,174,162 | 520,451 | 380,961 |
Summit Materials, LLC | |||
Cash flows from operating activities: | |||
Net income | 209,956 | 346,137 | 170,971 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion, amortization and accretion | 226,614 | 212,501 | 235,216 |
Share-based compensation expense | 20,326 | 18,347 | 19,705 |
Net gain on asset and business disposals | (23,259) | (182,263) | (25,559) |
Non-cash loss on debt financings | 161 | 915 | 2,116 |
Change in deferred tax asset, net | 4,702 | 224 | 12,496 |
Other | (482) | (1,447) | (2,249) |
Decrease (increase) in operating assets, net of acquisitions and dispositions: | |||
Accounts receivable, net | (26,224) | 10,749 | (31,292) |
Inventories | (26,351) | (63,247) | 3,815 |
Costs and estimated earnings in excess of billings | (3,746) | (4,960) | (394) |
Other current assets | 7,182 | (7,368) | (2,483) |
Other assets | (27,029) | (6,946) | 7,748 |
(Decrease) increase in operating liabilities, net of acquisitions and dispositions: | |||
Accounts payable | 4,926 | (9,431) | 4,593 |
Accrued expenses | 42,748 | (25,118) | (6,601) |
Billings in excess of costs and estimated earnings | 2,477 | (768) | (7,138) |
Other liabilities | 26,939 | (3,772) | (19,015) |
Net cash provided by operating activities | 438,940 | 283,553 | 361,929 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | (239,508) | (22,730) | (19,513) |
Purchases of property, plant and equipment | (255,619) | (266,733) | (211,982) |
Proceeds from the sale of property, plant and equipment | 14,424 | 15,374 | 11,674 |
Proceeds from sale of businesses | 65,576 | 373,073 | 128,337 |
Other | (5,137) | (3,162) | 236 |
Net cash (used in) provided by investing activities | (420,264) | 95,822 | (91,248) |
Cash flows from financing activities: | |||
Capital (distributions to) contributions by member | 247 | (41,508) | 32,451 |
Proceeds from debt issuances | 800,000 | 0 | 0 |
Debt issuance costs | (5,599) | (1,557) | 0 |
Payments on debt | (10,380) | (122,536) | (329,010) |
Purchase of tax receivable agreement interests | (132,449) | 0 | 0 |
Payments on acquisition-related liabilities | (12,367) | (13,428) | (7,860) |
Distributions | (19,042) | (59,392) | (2,500) |
Other | (5,199) | (27) | (1,008) |
Net cash provided by (used in) financing activities | 615,211 | (238,448) | (307,927) |
Impact of foreign currency on cash | 1,331 | (1,437) | 26 |
Net increase in cash and cash equivalents and restricted cash | 635,218 | 139,490 | (37,220) |
Cash and cash equivalents and restricted cash—beginning of period | 520,451 | 380,961 | 418,181 |
Cash and cash equivalents and restricted cash—end of period | $ 1,155,669 | $ 520,451 | $ 380,961 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - Summit Materials Inc - USD ($) $ in Thousands | Total | Common Class A | Common Class B | Accumulated Earnings | Accumulated Other Comprehensive Income | Common Stock Common Class A | Common Stock Common Class B | Additional Paid-in Capital | Noncontrolling Interest |
Beginning balance stockholders' equity at Jan. 02, 2021 | $ 1,616,268 | $ 326,772 | $ 5,203 | $ 1,145 | $ 0 | $ 1,264,681 | $ 18,467 | ||
Beginning balance stockholders' equity (in shares) at Jan. 02, 2021 | 114,390,595 | 99 | |||||||
Increase (Decrease) In Stockholders' Equity [Rollforward] | |||||||||
Net income | 154,281 | 152,184 | 2,097 | ||||||
LP Unit exchanges (in shares) | 1,559,164 | ||||||||
LP Unit exchanges | 0 | $ 16 | 10,965 | (10,981) | |||||
Other comprehensive income (loss), net of tax | 1,942 | 1,880 | 62 | ||||||
Stock option exercises (in shares) | 1,745,940 | ||||||||
Stock option exercises | 32,451 | $ 17 | 32,434 | ||||||
Share-based compensation | 19,705 | 19,705 | |||||||
Shares redeemed to settle taxes and other (in shares) | 1,009,409 | ||||||||
Shares redeemed to settle taxes and other | (1,435) | $ 10 | (1,445) | ||||||
Ending balance stockholders' equity at Jan. 01, 2022 | 1,823,212 | 478,956 | 7,083 | $ 1,188 | $ 0 | 1,326,340 | 9,645 | ||
Ending balance stockholders' equity (in shares) at Jan. 01, 2022 | 118,705,108 | 99 | |||||||
Increase (Decrease) In Stockholders' Equity [Rollforward] | |||||||||
Net income | 275,943 | 272,145 | 3,798 | ||||||
LP Unit exchanges (in shares) | 2,002 | 2,002 | |||||||
LP Unit exchanges | 0 | 34 | (34) | ||||||
Other comprehensive income (loss), net of tax | (4,059) | (3,999) | (60) | ||||||
Stock option exercises (in shares) | 10,691 | 10,691 | |||||||
Stock option exercises | 213 | 213 | |||||||
Share-based compensation | 18,347 | 18,347 | |||||||
Dividend ( /share) | (2) | (59,260) | $ 20 | 59,443 | (205) | ||||
Dividend (in shares) | 1,979,214 | ||||||||
Repurchases of common stock | (100,980) | $ (101,000) | (100,946) | $ (34) | (319) | 319 | |||
Repurchases of common stock (in shares) | (3,427,510) | (3,427,510) | |||||||
Distributions from partnership | (676) | (676) | |||||||
Shares redeemed to settle taxes and other (in shares) | 1,139,150 | 1,139,150 | |||||||
Shares redeemed to settle taxes and other | (8) | $ 11 | 64 | (83) | |||||
Ending balance stockholders' equity at Dec. 31, 2022 | 2,011,990 | 590,895 | 3,084 | $ 1,185 | $ 0 | 1,404,122 | 12,704 | ||
Ending balance stockholders' equity (in shares) at Dec. 31, 2022 | 118,408,655 | 99 | 118,408,655 | 99 | |||||
Increase (Decrease) In Stockholders' Equity [Rollforward] | |||||||||
Net income | 289,626 | 285,856 | 3,770 | ||||||
LP Unit exchanges (in shares) | 548,761 | 548,761 | |||||||
LP Unit exchanges | 0 | $ 5 | 6,428 | (6,433) | |||||
Other comprehensive income (loss), net of tax | 4,226 | 4,191 | 35 | ||||||
Stock option exercises (in shares) | 11,937 | 11,937 | |||||||
Stock option exercises | 247 | 247 | |||||||
Share-based compensation | 20,326 | 20,326 | |||||||
Distributions from partnership | (469) | (469) | |||||||
Shares redeemed to settle taxes and other (in shares) | 560,027 | 560,027 | |||||||
Shares redeemed to settle taxes and other | (9,366) | $ 6 | (9,310) | (62) | |||||
Ending balance stockholders' equity at Dec. 30, 2023 | $ 2,316,580 | $ 876,751 | $ 7,275 | $ 1,196 | $ 0 | $ 1,421,813 | $ 9,545 | ||
Ending balance stockholders' equity (in shares) at Dec. 30, 2023 | 119,529,380 | 99 | 119,529,380 | 99 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Member's Interest - Summit Materials LLC - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Increase (Decrease) In Stockholders' Equity [Rollforward] | |||
Net income | $ 289,626 | $ 275,943 | $ 154,281 |
Other comprehensive income (loss), net of tax | 4,226 | (4,059) | 1,942 |
Share-based compensation | 20,326 | 18,347 | 19,705 |
Shares redeemed to settle taxes and other | (9,366) | (8) | (1,435) |
Accumulated Deficit | |||
Increase (Decrease) In Stockholders' Equity [Rollforward] | |||
Net income | 285,856 | 272,145 | 152,184 |
Accumulated Other Comprehensive Income (Loss) | |||
Increase (Decrease) In Stockholders' Equity [Rollforward] | |||
Other comprehensive income (loss), net of tax | 4,191 | (3,999) | 1,880 |
Summit Materials, LLC | |||
Increase (Decrease) In Stockholders' Equity [Rollforward] | |||
Beginning balance members' interest | 2,143,150 | 1,884,944 | 1,662,768 |
Net contributed capital | 247 | (41,508) | 32,451 |
Net income | 209,956 | 346,137 | 170,971 |
Other comprehensive income (loss), net of tax | 5,567 | (5,350) | 2,557 |
Distributions | (19,042) | (59,392) | (2,500) |
Share-based compensation | 20,326 | 18,347 | 19,705 |
Shares redeemed to settle taxes and other | (5,199) | (28) | (1,008) |
Ending balance members' interest | 2,355,005 | 2,143,150 | 1,884,944 |
Summit Materials, LLC | Members' equity | |||
Increase (Decrease) In Stockholders' Equity [Rollforward] | |||
Beginning balance members' interest | 1,425,278 | 1,507,859 | 1,459,211 |
Net contributed capital | 247 | (41,508) | 32,451 |
Distributions | (19,042) | (59,392) | (2,500) |
Share-based compensation | 20,326 | 18,347 | 19,705 |
Shares redeemed to settle taxes and other | (5,199) | (28) | (1,008) |
Ending balance members' interest | 1,421,610 | 1,425,278 | 1,507,859 |
Summit Materials, LLC | Accumulated Deficit | |||
Increase (Decrease) In Stockholders' Equity [Rollforward] | |||
Beginning balance members' interest | 739,248 | 393,111 | 222,140 |
Net income | 209,956 | 346,137 | 170,971 |
Ending balance members' interest | 949,204 | 739,248 | 393,111 |
Summit Materials, LLC | Accumulated Other Comprehensive Income (Loss) | |||
Increase (Decrease) In Stockholders' Equity [Rollforward] | |||
Beginning balance members' interest | (21,376) | (16,026) | (18,583) |
Other comprehensive income (loss), net of tax | 5,567 | (5,350) | 2,557 |
Ending balance members' interest | $ (15,809) | $ (21,376) | $ (16,026) |
Consolidated Statements of Ch_3
Consolidated Statements of Changes in Stockholders' Equity - Summit Materials Inc (Parenthetical) | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Dividend (in dollars per share) | $ 0.017 |
Summary of Organization and Sig
Summary of Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 30, 2023 | |
Company Information | |
Summary of Organization and Significant Accounting Policies | Summary of Organization and Significant Accounting Policies Summit Materials, Inc. (“Summit Inc.” and, together with its subsidiaries, “Summit,” “we,” “us,” “our” or the “Company”) is a vertically-integrated construction materials company. The Company is engaged in the production and sale of aggregates, cement, ready-mix concrete, asphalt paving mix and concrete products and owns and operates quarries, sand and gravel pits, two cement plants, cement distribution terminals, ready-mix concrete plants, asphalt plants and landfill sites. It is also engaged in paving and related services. The Company’s three operating and reporting segments are the West, East and Cement segments. Substantially all of the Company’s construction materials, 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, weather 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 ("IPO"), Summit Inc. became a holding corporation operating and controlling all of the business and affairs of Summit Holdings and its subsidiaries. Summit Inc. owns the majority of the partnership interests of Summit Holdings (see note 11, Stockholders’ Equity). Summit Materials, LLC (“Summit LLC”) an indirect wholly owned subsidiary of Summit Holdings, conducts the majority of our operations. Continental Cement Company, L.L.C. (“Continental Cement”) is also a wholly owned subsidiary of Summit LLC. Summit Materials Finance Corp. (“Summit Finance”), an indirect wholly owned subsidiary of Summit LLC, has jointly issued our Senior Notes as described below. Principles of Consolidation —The consolidated financial statements include the accounts of Summit Inc. and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated. As a result of the Reorganization, Summit Holdings became a variable interest entity over which Summit Inc. has 100% voting power and control and for which Summit Inc. has the obligation to absorb losses and the right to receive benefits. 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 year ended January 2, 2021 was a 53-week year. For a summary of the changes in Summit Inc.’s ownership of Summit Holdings, see Note 11, Stockholders’ Equity. The Company attributes consolidated stockholders’ equity and net income separately to the controlling and noncontrolling interests. The Company accounted for investments in entities for which it has an ownership of 20% to 50% using the equity method of accounting. Use of Estimates —Preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, valuation of deferred tax assets, goodwill, intangibles and other long-lived assets, tax receivable agreement (“TRA”) liability, pension and other postretirement obligations, and asset retirement obligations. Estimates also include revenue earned on contracts and costs to complete contracts. Most of the Company’s paving and related services are performed under fixed unit-price contracts with state and local governmental entities. Management regularly evaluates its estimates and assumptions based on historical experience and other factors, including the current economic environment. As future events and their effects cannot be determined with precision, actual results can differ significantly from estimates made. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the Company’s consolidated financial statements when the change in estimate occurs. Business and Credit Concentrations— The Company’s operations are conducted primarily across 21 U.S. states and in British Columbia, Canada, with the most significant revenue generated in Texas, Utah, Missouri and Kansas. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers and management does not believe that a significant concentration of credit exists with respect to any individual customer or group of customers. No single customer accounted for more than 10% of the Company’s total revenue in 2023, 2022 or 2021. Accounts Receivable —Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the collectability of individual accounts. In establishing the allowance, management considers historical losses adjusted to take into account current market conditions and its customers’ financial condition, the amount of receivables in dispute, the current receivables aging and current payment terms. Balances that remain outstanding after reasonable collection efforts are exercised are written off through a charge to the valuation allowance. The balances billed but not paid by customers, pursuant to retainage provisions included in contracts, are generally due upon completion of the contracts. Revenue Recognition —We earn revenue from the sale of products, which primarily include aggregates, cement, ready-mix concrete and asphalt, but also include concrete products and plastics components, and from the provision of services, which are primarily paving and related services, but also include landfill operations, the receipt and disposal of waste that is converted to fuel for use in our cement plants. Products We earn revenue from the sale of products, which primarily include aggregates, cement, ready-mix concrete and asphalt, but also include concrete products, net of discounts or allowances, if any, and freight and delivery charges billed to customers. Revenue for product sales is recognized when the performance obligation is satisfied, which generally is when the product is shipped. Aggregates and cement products are sold point-of-sale through purchase orders. When the product is sold on account, collectability typically occurs 30 to 60 days after the sale. Revenue is recognized when cash is received from the customer at the point of sale or when the products are delivered or collected on site. There are no other timing implications that will create a contract asset or liability, and contract modifications are unlikely given the timing and nature of the transaction. Material sales are likely to have multiple performance obligations if the product is sold with delivery. In these instances, delivery most often occurs on the same day as the control of the product transfers to the customer. As a result, even in the case of multiple performance obligations, the performance obligations are satisfied concurrently and revenue is recognized simultaneously. Services We earn revenue from the provision of services, which are primarily paving and related services, but also include landfill operations and the receipt and disposal of waste that is converted to fuel for use in our cement plants. Revenue from the receipt of waste fuels is recognized when the waste is accepted and a corresponding liability is recognized for the costs to process the waste into fuel for the manufacturing of cement or to ship the waste offsite for disposal in accordance with applicable regulations. Collectability of service contracts is due reasonably after certain milestones in the contract are performed. Milestones vary by project, but are typically calculated using monthly progress based on a percentage of completion or a customer’s engineer review of progress. The majority of the time, collection occurs within 90 days of billing and cash is received within the same fiscal year as services performed. On most projects, the customer will withhold a portion of the invoice for retainage, which may last longer than a year depending on the job. Revenue derived from paving and related services is recognized over time based on the proportion of costs incurred to date relative to the total estimated costs at completion, which approximates progress towards completion. Under this method, we recognize paving and related services revenue as services are rendered. The majority of our construction service contracts are completed within one year, but may occasionally extend beyond this time frame. The majority of our construction service contracts, and therefore, revenue, are opened and completed within one year, with most activity during the spring, summer and fall. We generally measure progress toward completion on long-term paving and related services contracts based on the proportion of costs incurred to date relative to total estimated costs at completion. We include revisions of revenue on contracts in earnings under the cumulative catch-up method, under which the effect of revisions in estimates is recognized immediately. If a revised estimate of contract profitability reveals an anticipated loss on the contract, we recognize the loss in the period it is identified. The actual cost to total estimated cost method of accounting involves the use of various estimating techniques to project costs at completion, and in some cases includes estimates of recoveries asserted against the customer for changes in specifications or other disputes. Contract estimates involve various assumptions and projections relative to the outcome of future events over multiple periods, including future labor productivity and availability, the nature and complexity of the work to be performed, the cost and availability of materials, the effect of delayed performance, and the availability and timing of funding from the customer. These estimates are based on our best judgment. A significant change in one or more of these estimates could affect the profitability of one or more of our contracts. We review our contract estimates regularly to assess revisions in contract values and estimated costs at completion. Inherent uncertainties in estimating costs make it at least reasonably possible that the estimates used will change within the near term and over the life of the contracts. No material adjustments to a contract were recognized in the year ended December 30, 2023. We recognize claims when the amount of the claim can be estimated reliably and it is legally enforceable. In evaluating these criteria, we consider the contractual basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs and the objective evidence available to support the claim. When the contract includes variable consideration, we estimate the amount of consideration to which we will be entitled in exchange for transferring the promised goods or services to a customer. The amount of estimated variable consideration included in the transaction price is the amount for which it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Types of variable consideration include, but are not limited to, liquidated damages and other performance penalties and production and placement bonuses. The majority of contract modifications relate to the original contract and are often an extension of the original performance obligation. Predominately, modifications are not distinct from the terms in the original contract; therefore, they are considered part of a single performance obligation. We account for the modification using a cumulative catch-up adjustment. However, there are instances where goods or services in a modification are distinct from those transferred prior to the modification. In these situations, we account for the modifications as either a separate contract or prospectively depending on the facts and circumstances of the modification. Generally, construction contracts contain mobilization costs which are categorized as costs to fulfill a contract. These costs are excluded from any measure of progress toward contract fulfillment. These costs do not result in the transfer of control of a good or service to the customer and are amortized over the life of the contract. Costs and estimated earnings in excess of billings are composed principally of revenue recognized on contracts on a method similar to the percentage of completion method for which billings had not been presented to customers because the amounts were not billable under the contract terms at the balance sheet date. In accordance with the contract terms, the unbilled receivables at the balance sheet date are expected to be billed in following periods. Billings in excess of costs and estimated earnings represent billings in excess of revenue recognized. Restricted Cash - In December 2023, we issued $800 million of 7.250% senior notes due January 15, 2031 (the “2031 Notes”) related to our merger with Argos North America Corporation (see notes 8 and 20). As the proceeds from the issuance of the 2031 Notes could only be used for the Argos transaction, the balance is shown as restricted cash as of December 30, 2023. Subsequent to year end, the proceeds were released and used to consummate the Argos Transaction. Inventories —Inventories consist of stone that has been removed from quarries and processed for future sale, cement, raw materials and finished concrete blocks. Inventories are valued at the lower of cost or net realizable value and are accounted for on a first-in first-out basis or an average cost basis. If items become obsolete or otherwise unusable or if quantities exceed what is projected to be sold within a reasonable period of time, they will be charged to costs of revenue in the period that the items are designated as obsolete or excess inventory. Stripping costs are costs of removing overburden and waste material to access aggregate materials and are expensed as incurred. Property, Plant and Equipment, net —Property, plant and equipment are recorded at cost, less accumulated depreciation, depletion and amortization. Expenditures for additions and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Repair and maintenance costs that do not substantially expand productive capacity or extend the life of property, plant and equipment are expensed as incurred. Landfill airspace is included in property, plant and equipment at cost and is amortized based on the portion of the airspace used during the period compared to the gross estimated value of available airspace, which is updated periodically as circumstances dictate. Management reassesses the landfill airspace capacity with any changes in value recorded in cost of revenue. Capitalized landfill costs include expenditures for the acquisition of land and related airspace, engineering and permitting costs, cell construction costs and direct site improvement costs. Upon disposal of an asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any gain or loss is included in general and administrative expenses. The Company reviews the carrying value of property, plant and equipment for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. Such indicators may include, among others, deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows or a trend of negative or declining cash flows over multiple periods. Property, plant and equipment is tested for impairment at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. As a result, the property, plant and equipment impairment test is at a significantly lower level than the level at which goodwill is tested for impairment. In markets where the Company does not produce downstream products, such as ready-mix concrete, asphalt paving mix and paving and related services, the lowest level of largely independent identifiable cash flows is at the individual aggregates operation or a group of aggregates operations collectively serving a local market or the cement operations. Conversely, in vertically-integrated markets, the cash flows of the downstream and upstream businesses are not largely independently identifiable and the vertically-integrated operations are considered the lowest level of largely independent identifiable cash flows. Aggregates mineral bearing land and interests are included in property, plant and equipment. When leased mineral interests are acquired during a business combination, they are valued using an excess earnings approach for the life of the proven and probable reserves. Depletion expense is recorded using a units of production methodology. Accrued Mining and Landfill Reclamation —The mining reclamation reserve and financial commitments for landfill closure and post-closure activities are based on management’s estimate of future cost requirements to reclaim property at both currently operating and closed sites. Estimates of these obligations have been developed based on management’s interpretation of current requirements and proposed regulatory changes and are intended to approximate fair value. Costs are estimated in current dollars, inflated until the expected time of payment, and then discounted back to present value using a credit-adjusted risk-free rate on obligations of similar maturity, adjusted to reflect the Company’s credit rating. Changes in the credit-adjusted risk-free rate do not change recorded liabilities. However, subsequent increases in the recognized obligations are measured using a current credit-adjusted risk-free rate. Decreases in the recognized obligations are measured at the initial credit-adjusted risk-free rate. Significant changes in inflation rates, or the amount or, timing of future cost estimates typically result in both (1) a current adjustment to the recorded liability (and corresponding adjustment to the asset) and (2) a change in accretion of the liability and depreciation of the asset to be recorded prospectively over the remaining capacity of the unmined quarry or landfill. Goodwill —Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired. Goodwill recorded in connection with the Company’s acquisitions is primarily attributable to the expected profitability, assembled workforces of the acquired businesses and the synergies expected to arise after the Company’s acquisition of those businesses. Goodwill is not amortized, but is tested annually for impairment as of the first day of the fourth quarter and at any time that events or circumstances indicate that goodwill may be impaired. A qualitative approach may first be applied to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If, as a result of the qualitative assessment, it is determined that an impairment is more likely than not, a Step-1 approach is performed to quantitatively compare each reporting unit’s fair value to its carrying value. The Step-1 analysis fails when a reporting unit's carrying value is in excess of its fair value, resulting in an impairment loss. Transaction and Integration Expenses —Transaction and integration expenses typically include finders fees, legal, accounting and other professional costs. Integration expenses represent costs incurred to combine the company and its acquired businesses. Integration expenses typically include strategic consulting services, facility consolidations, one time employee related costs such as retention and severance costs, costs of integrating information system infrastructure, enterprise planning systems, processes, and other non-recurring integration related costs. Costs incurred related to the revision or issuance of new debt to finance the transactions are recorded as deferred financing costs. Transaction and integration costs are combined and presented on one line item in the consolidated statements of operations. Income Taxes —Summit Inc. is a corporation subject to income taxes in the United States. Certain subsidiaries, including Summit Holdings, or subsidiary groups of the Company are taxable separate from Summit Inc. The provision for income taxes, or Summit Inc.’s proportional share of the provision, are included in the Company’s consolidated financial statements. The Company’s deferred income tax assets and liabilities are computed for differences between the tax basis and financial statement amounts that will result in taxable or deductible amounts in the future. The computed deferred balances are based on enacted tax laws and applicable rates for the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized for deferred tax assets if it is more likely than not that some portion or all of the net deferred tax assets will not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines it would be able to realize its deferred tax assets for which a valuation allowance had been recorded then an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company evaluates the tax positions taken on income tax returns that remain open and positions expected to be taken on the current year tax returns to identify uncertain tax positions. Unrecognized tax benefits on uncertain tax positions are recorded on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is more than 50 percent likely to be realized is recognized. Interest and penalties related to unrecognized tax benefits are recorded in income tax expense (benefit). Tax Receivable Agreement —When Class A limited partnership units of Summit Holdings (“LP Units”) are exchanged for shares of Class A common stock of Summit Inc. or Summit Inc. purchases LP Units for cash, this results in increases in Summit Inc.’s share of the tax basis of the tangible and intangible assets, which increases the tax depreciation and amortization deductions that otherwise would not have been available to Summit Inc. These increases in tax basis and tax depreciation and amortization deductions are expected to reduce the amount of cash taxes that we would otherwise be required to pay in the future. Prior to our IPO, we entered into a TRA with the pre-IPO owners that requires us to pay the pre-IPO owners or their permitted assignees 85% of the amount of cash savings, if any, in U.S. federal, state, and local income tax that we actually realize as a result of these exchanges. These benefits include (1) increases in the tax basis of tangible and intangible assets of Summit Holdings and certain other tax benefits related to entering into the TRA, (2) tax benefits attributable to payments under the TRA, or (3) under certain circumstances such as an early termination of the TRA, we are deemed to realize, as a result of the increases in tax basis in connection with exchanges by the pre-IPO owners described above and certain other tax benefits attributable to payments under the TRA. As noted above, we periodically evaluate the realizability of the deferred tax assets resulting from the exchange of LP Units for Class A common stock. If the deferred tax assets are determined to be realizable, we then assess whether payment of amounts under the TRA have become probable. If so, we record a TRA liability equal to 85% of such deferred tax assets. In subsequent periods, we assess the realizability of all of our deferred tax assets subject to the TRA. Should we determine a deferred tax asset with a valuation allowance is realizable in a subsequent period, the related valuation allowance will be released and consideration of a corresponding TRA liability will be assessed. The realizability of deferred tax assets, including those subject to the TRA, is dependent upon the generation of future taxable income during the periods in which those deferred tax assets become deductible and consideration of prudent and feasible tax-planning strategies. The measurement of the TRA liability is accounted for as a contingent liability. Therefore, once we determine that a payment to a pre-IPO owner has become probable and can be estimated, the estimate of payment will be accrued. Earnings per Share— The Company computes basic earnings per share attributable to stockholders by dividing income attributable to Summit Inc. by the weighted-average shares of Class A common stock outstanding. Diluted earnings per share reflects the potential dilution beyond shares for basic earnings per share that could occur if securities or other contracts to issue common stock were exercised, converted into common stock, or resulted in the issuance of common stock that would have shared in the Company’s earnings. Since the Class B common stock has no economic value, those shares are not included in the weighted-average common share amount for basic or diluted earnings per share. In addition, as the shares of Class A common stock are issued by Summit Inc., the earnings and equity interests of noncontrolling interests are not included in basic earnings per share. Prior Year Reclassifications— We have reclassified transaction costs of $3.4 million and $3.3 million for the years ended December 31, 2022 and January 1, 2022, respectively, from general and administrative expenses to a separate line item included in operating income to conform to the current year presentation. |
Summit Materials, LLC | |
Company Information | |
Summary of Organization and Significant Accounting Policies | Summary of Organization and Significant Accounting Policies Summit Materials, LLC (“Summit LLC” and, together with its subsidiaries, “Summit,” “we,” “us,” “our” or the “Company”) is a vertically-integrated construction materials company. The Company is engaged in the production and sale of aggregates, cement, ready-mix concrete, asphalt paving mix and concrete products and owns and operates quarries, sand and gravel pits, two cement plants, cement distribution terminals, ready-mix concrete plants, asphalt plants and landfill sites. It is also engaged in paving and related services. The Company’s three operating and reporting segments are the West, East and Cement segments. Substantially all of the Company’s construction materials, 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, weather 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 owner is Summit Materials, Inc. (“Summit Inc.”). Summit Inc. was formed as a Delaware corporation on September 23, 2014. 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. Principles of Consolidation –The consolidated financial statements include the accounts of Summit LLC and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated. The Company attributes consolidated member’s interest and net income separately to the controlling and noncontrolling interests. Noncontrolling interests in consolidated subsidiaries represent a 20% ownership in Ohio Valley Asphalt, LLC and, prior to the initial public offering (“IPO”) and concurrent purchase of the noncontrolling interests Continental Cement Company, L.L.C. (“Continental Cement”), a 30% redeemable ownership in Continental Cement. The Company accounts for investments in entities for which it has an ownership of 20% to 50% using the equity method of accounting. 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 year ended January 2, 2021 was a 53-week year. Use of Estimates — Preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, valuation of deferred tax assets, goodwill, intangibles and other long-lived assets, pension and other postretirement obligations and asset retirement obligations. Estimates also include revenue earned on contracts and costs to complete contracts. Most of the Company’s paving and related services are performed under fixed unit-price contracts with state and local governmental entities. Management regularly evaluates its estimates and assumptions based on historical experience and other factors, including the current economic environment. As future events and their effects cannot be determined with precision, actual results can differ significantly from estimates made. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the Company’s consolidated financial statements when the change in estimate occurs. Business and Credit Concentrations— The Company’s operations are conducted primarily across 21 U.S. states and in British Columbia, Canada, with the most significant revenue generated in Texas, Utah, Missouri and Kansas. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers and management does not believe that a significant concentration of credit exists with respect to any individual customer or group of customers. No single customer accounted for more than 10% of the Company’s total revenue in 2023, 2022 or 2021. Accounts Receivable —Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the collectability of individual accounts. In establishing the allowance, management considers historical losses adjusted to take into account current market conditions and its customers’ financial condition, the amount of receivables in dispute, the current receivables aging and current payment terms. Balances that remain outstanding after reasonable collection efforts are exercised are written off through a charge to the valuation allowance. The balances billed but not paid by customers, pursuant to retainage provisions included in contracts, are generally due upon completion of the contracts. Revenue Recognition —We earn revenue from the sale of products, which primarily include aggregates, cement, ready-mix concrete and asphalt, but also include concrete products and plastics components, and from the provision of services, which are primarily paving and related services, but also include landfill operations, the receipt and disposal of waste that is converted to fuel for use in our cement plants. Products We earn revenue from the sale of products, which primarily include aggregates, cement, ready-mix concrete and asphalt, but also include concrete products, net of discounts or allowances, if any, and freight and delivery charges billed to customers. Revenue for product sales is recognized when the performance obligation is satisfied, which generally is when the product is shipped. Aggregates and cement products are sold point-of-sale through purchase orders. When the product is sold on account, collectability typically occurs 30 to 60 days after the sale. Revenue is recognized when cash is received from the customer at the point of sale or when the products are delivered or collected on site. There are no other timing implications that will create a contract asset or liability, and contract modifications are unlikely given the timing and nature of the transaction. Material sales are likely to have multiple performance obligations if the product is sold with delivery. In these instances, delivery most often occurs on the same day as the control of the product transfers to the customer. As a result, even in the case of multiple performance obligations, the performance obligations are satisfied concurrently and revenue is recognized simultaneously. Services We earn revenue from the provision of services, which are primarily paving and related services, but also include landfill operations and the receipt and disposal of waste that is converted to fuel for use in our cement plants. Revenue from the receipt of waste fuels is recognized when the waste is accepted and a corresponding liability is recognized for the costs to process the waste into fuel for the manufacturing of cement or to ship the waste offsite for disposal in accordance with applicable regulations. Collectability of service contracts is due reasonably after certain milestones in the contract are performed. Milestones vary by project, but are typically calculated using monthly progress based on a percentage of completion or a customer’s engineer review of progress. The majority of the time, collection occurs within 90 days of billing and cash is received within the same fiscal year as services performed. On most projects, the customer will withhold a portion of the invoice for retainage, which may last longer than a year depending on the job. Revenue derived from paving and related services is recognized over time based on the proportion of costs incurred to date relative to the total estimated costs at completion, which approximates progress towards completion. Under this method, we recognize paving and related services revenue as services are rendered. The majority of our construction service contracts are completed within one year, but may occasionally extend beyond this time frame. The majority of our construction service contracts, and therefore, revenue, are opened and completed within one year, with most activity during the spring, summer and fall. We generally measure progress toward completion on long-term paving and related services contracts based on the proportion of costs incurred to date relative to total estimated costs at completion. We include revisions of revenue on contracts in earnings under the cumulative catch-up method, under which the effect of revisions in estimates is recognized immediately. If a revised estimate of contract profitability reveals an anticipated loss on the contract, we recognize the loss in the period it is identified. The actual cost to total estimated cost method of accounting involves the use of various estimating techniques to project costs at completion, and in some cases includes estimates of recoveries asserted against the customer for changes in specifications or other disputes. Contract estimates involve various assumptions and projections relative to the outcome of future events over multiple periods, including future labor productivity and availability, the nature and complexity of the work to be performed, the cost and availability of materials, the effect of delayed performance, and the availability and timing of funding from the customer. These estimates are based on our best judgment. A significant change in one or more of these estimates could affect the profitability of one or more of our contracts. We review our contract estimates regularly to assess revisions in contract values and estimated costs at completion. Inherent uncertainties in estimating costs make it at least reasonably possible that the estimates used will change within the near term and over the life of the contracts. No material adjustments to a contract were recognized in the year ended December 30, 2023. We recognize claims when the amount of the claim can be estimated reliably and it is legally enforceable. In evaluating these criteria, we consider the contractual basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs and the objective evidence available to support the claim. When the contract includes variable consideration, we estimate the amount of consideration to which we will be entitled in exchange for transferring the promised goods or services to a customer. The amount of estimated variable consideration included in the transaction price is the amount for which it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Types of variable consideration include, but are not limited to, liquidated damages and other performance penalties and production and placement bonuses. The majority of contract modifications relate to the original contract and are often an extension of the original performance obligation. Predominately, modifications are not distinct from the terms in the original contract; therefore, they are considered part of a single performance obligation. We account for the modification using a cumulative catch-up adjustment. However, there are instances where goods or services in a modification are distinct from those transferred prior to the modification. In these situations, we account for the modifications as either a separate contract or prospectively depending on the facts and circumstances of the modification. Generally, construction contracts contain mobilization costs which are categorized as costs to fulfill a contract. These costs are excluded from any measure of progress toward contract fulfillment. These costs do not result in the transfer of control of a good or service to the customer and are amortized over the life of the contract. Costs and estimated earnings in excess of billings are composed principally of revenue recognized on contracts on a method similar to the percentage of completion method for which billings had not been presented to customers because the amounts were not billable under the contract terms at the balance sheet date. In accordance with the contract terms, the unbilled receivables at the balance sheet date are expected to be billed in following periods. Billings in excess of costs and estimated earnings represent billings in excess of revenue recognized. Restricted Cash —In December 2023, we issued $800 million of 7.250% senior notes due January 15, 2031 (the “2031 Notes”) related to our merger with Argos North America Corporation (see note 8 and 19). As the proceeds from the issuance of the 2031 Notes could only be used for the Argos transaction, the balance is shown as restricted cash as of December 30, 2023. Subsequent to year end, the proceeds were released and used to consummate the Argos Transaction. Inventories —Inventories consist of stone that has been removed from quarries and processed for future sale, cement, raw materials and finished concrete blocks. Inventories are valued at the lower of cost or net realizable value and are accounted for on a first-in first-out basis or an average cost basis. If items become obsolete or otherwise unusable or if quantities exceed what is projected to be sold within a reasonable period of time, they will be charged to costs of revenue in the period that the items are designated as obsolete or excess inventory. Stripping costs are costs of removing overburden and waste material to access aggregate materials and are expensed as incurred. Property, Plant and Equipment, net —Property, plant and equipment are recorded at cost, less accumulated depreciation, depletion and amortization. Expenditures for additions and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Repair and maintenance costs that do not substantially expand productive capacity or extend the life of property, plant and equipment are expensed as incurred. Landfill airspace is included in property, plant and equipment at cost and is amortized based on the portion of the airspace used during the period compared to the gross estimated value of available airspace, which is updated periodically as circumstances dictate. Management reassesses the landfill airspace capacity with any changes in value recorded in cost of revenue. Capitalized landfill costs include expenditures for the acquisition of land and related airspace, engineering and permitting costs, cell construction costs and direct site improvement costs. Upon disposal of an asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any gain or loss is included in general and administrative expenses. The Company reviews the carrying value of property, plant and equipment for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. Such indicators may include, among others, deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows or a trend of negative or declining cash flows over multiple periods. Property, plant and equipment is tested for impairment at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. As a result, the property, plant and equipment impairment test is at a significantly lower level than the level at which goodwill is tested for impairment. In markets where the Company does not produce downstream products, such as ready-mix concrete, asphalt paving mix and paving and related services, the lowest level of largely independent identifiable cash flows is at the individual aggregates operation or a group of aggregates operations collectively serving a local market or the cement operations. Conversely, in vertically-integrated markets, the cash flows of the downstream and upstream businesses are not largely independently identifiable and the vertically-integrated operations are considered the lowest level of largely independent identifiable cash flows. Aggregates mineral bearing land and interests are included in property, plant and equipment. When leased mineral interests are acquired during a business combination, they are valued using an excess earnings approach for the life of the proven and probable reserves. Depletion expense is recorded using a units of production methodology. Accrued Mining and Landfill Reclamation —The mining reclamation reserve and financial commitments for landfill closure and post-closure activities are based on management’s estimate of future cost requirements to reclaim property at both currently operating and closed sites. Estimates of these obligations have been developed based on management’s interpretation of current requirements and proposed regulatory changes and are intended to approximate fair value. Costs are estimated in current dollars, inflated until the expected time of payment, and then discounted back to present value using a credit-adjusted risk-free rate on obligations of similar maturity, adjusted to reflect the Company’s credit rating. Changes in the credit-adjusted risk-free rate do not change recorded liabilities. However, subsequent increases in the recognized obligations are measured using a current credit-adjusted risk-free rate. Decreases in the recognized obligations are measured at the initial credit-adjusted risk-free rate. Significant changes in inflation rates, or the amount or, timing of future cost estimates typically result in both (1) a current adjustment to the recorded liability (and corresponding adjustment to the asset) and (2) a change in accretion of the liability and depreciation of the asset to be recorded prospectively over the remaining capacity of the unmined quarry or landfill. Goodwill —Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired. Goodwill recorded in connection with the Company’s acquisitions is primarily attributable to the expected profitability, assembled workforces of the acquired businesses and the synergies expected to arise after the Company’s acquisition of those businesses. Goodwill is not amortized, but is tested annually for impairment as of the first day of the fourth quarter and at any time that events or circumstances indicate that goodwill may be impaired. A qualitative approach may first be applied to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If, as a result of the qualitative assessment, it is determined that an impairment is more likely than not, a Step-1 approach is performed to quantitatively compare each reporting unit’s fair value to its carrying value. The Step-1 analysis fails when a reporting unit's carrying value is in excess of its fair value, resulting in an impairment loss. Transaction and Integration Expenses —Transaction and integration expenses typically include finders fees, legal, accounting and other professional costs. Integration expenses represent costs incurred to combine the company and its acquired businesses. Integration expenses typically include strategic consulting services, facility consolidations, one time employee related costs such as retention and severance costs, costs of integrating information system infrastructure, enterprise planning systems, processes, and other non-recurring integration related costs. Costs incurred related to the revision or issuance of new debt to finance the transactions are recorded as deferred financing costs. Transaction and integration costs are combined and presented on one line item in the consolidated statements of operations. Income Taxes —As a limited liability company, the Company’s federal and state income tax attributes are generally passed to its member. However, certain subsidiaries, or subsidiary groups, of the Company are taxable entities subject to income taxes in the United States and Canada, the provisions for which are included in the consolidated financial statements. Significant judgments and estimates are required in the determination of the consolidated income tax expense. The Company’s deferred income tax assets and liabilities are computed for differences between the tax basis and financial statement amounts that will result in taxable or deductible amounts in the future. The computed deferred balances are based on enacted tax laws and applicable rates for the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized for deferred tax assets if it is more likely than not that some portion or all of the net deferred tax assets will not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines it would be able to realize its deferred tax assets for which a valuation allowance had been recorded then an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company evaluates the tax positions taken on income tax returns that remain open and positions expected to be taken on the current year tax returns to identify uncertain tax positions. Unrecognized tax benefits on uncertain tax positions are recorded on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is more than 50 percent likely to be realized is recognized. Interest and penalties related to unrecognized tax benefits are recorded in income tax expense (benefit). Prior Year Reclassifications— We have reclassified transaction costs of $3.4 million and $3.3 million for the years ended December 31, 2022 and January 1, 2022, respectively, from general and administrative expenses to a separate line item included in operating income to conform to the current year presentation. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 30, 2023 | |
Acquisitions and Dispositions | Acquisitions and Dispositions The Company has completed numerous acquisitions since its formation. The operations of each acquisition have been included in the Company’s consolidated results of operations since the respective closing dates of the acquisitions. The Company measures all assets acquired and liabilities assumed at their acquisition-date fair value. Goodwill acquired during a business combination has an indefinite life and is not amortized. The following table summarizes the Company’s acquisitions by region and period: 2023 2022 2021 West 3 — — East 1 2 3 The purchase price allocation, primarily the valuation of property, plant and equipment for the acquisitions completed during the year end ended 2023 have not yet been finalized due to the recent timing of the acquisitions, status of the valuation of property, plant and equipment and finalization of related tax returns. The following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates: 2023 2022 Financial assets $ 12,747 $ 297 Inventories 6,251 161 Property, plant and equipment 125,207 30,041 Intangible assets — — Other assets 1,085 1,116 Financial liabilities (11,973) (1,120) Other long-term liabilities (802) (1,589) Net assets acquired 132,515 28,906 Goodwill 108,590 — Purchase price 241,105 28,906 Acquisition-related liabilities — (6,176) Other (1,597) — Net cash paid for acquisitions $ 239,508 $ 22,730 Acquisition-Related Liabilities —A number of acquisition-related liabilities have been recorded subject to terms in the relevant purchase agreements, including deferred consideration and noncompete payments. Noncompete payments have been accrued where certain former owners of newly acquired companies have entered into standard noncompete arrangements. Subject to terms and conditions stated in these noncompete agreements, payments are generally made over a five-year period. Deferred consideration is purchase price consideration paid in the future as agreed to in the purchase agreement and is not contingent on future events. Deferred consideration is generally scheduled to be paid in years ranging from 5 to 20 years in annual installments. The remaining payments due under these noncompete and deferred consideration agreements are as follows: 2024 $ 6,870 2025 7,317 2026 6,068 2027 4,569 2028 4,571 Thereafter 1,245 Total scheduled payments 30,640 Present value adjustments (5,005) Total noncompete obligations and deferred consideration $ 25,635 Accretion on the deferred consideration and noncompete obligations is recorded in interest expense. During 2023, as part of the Company's Elevate Summit strategy to rationalize assets, the Company sold two businesses in the West segment, resulting in total cash proceeds of $65.6 million and a net gain on disposition of business of $15.0 million. During 2022, as part of the Company's Elevate Summit strategy to rationalize assets, the Company sold three businesses in the East segment, resulting in total cash proceeds of $373.1 million and a net gain on disposition of business of $172.4 million. |
Summit Materials, LLC | |
Acquisitions and Dispositions | Acquisitions and Dispositions The Company has completed numerous acquisitions since its formation. The operations of each acquisition have been included in the Company’s consolidated results of operations since the respective closing dates of the acquisitions. The Company measures all assets acquired and liabilities assumed at their acquisition-date fair value. Goodwill acquired during a business combination has an indefinite life and is not amortized. The following table summarizes the Company’s acquisitions by region and period: 2023 2022 2021 West 3 — — East 1 2 3 The purchase price allocation, primarily the valuation of property, plant and equipment for the acquisitions completed during the year end ended 2023 have not yet been finalized due to the recent timing of the acquisitions, status of the valuation of property, plant and equipment and finalization of related tax returns. The following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates: 2023 2022 Financial assets $ 12,747 $ 297 Inventories 6,251 161 Property, plant and equipment 125,207 30,041 Intangible assets — — Other assets 1,085 1,116 Financial liabilities (11,973) (1,120) Other long-term liabilities (802) (1,589) Net assets acquired 132,515 28,906 Goodwill 108,590 — Purchase price 241,105 28,906 Acquisition-related liabilities — (6,176) Other (1,597) — Net cash paid for acquisitions $ 239,508 $ 22,730 Acquisition-Related Liabilities —A number of acquisition-related liabilities have been recorded subject to terms in the relevant purchase agreements, including deferred consideration and noncompete payments. Noncompete payments have been accrued where certain former owners of newly acquired companies have entered into standard noncompete arrangements. Subject to terms and conditions stated in these noncompete agreements, payments are generally made over a five-year period. Deferred consideration is purchase price consideration paid in the future as agreed to in the purchase agreement and is not contingent on future events. Deferred consideration is generally scheduled to be paid in years ranging from 5 to 20 years in annual installments. The remaining payments due under these noncompete and deferred consideration agreements are as follows: 2024 $ 6,870 2025 7,317 2026 6,068 2027 4,569 2028 4,571 Thereafter 1,245 Total scheduled payments 30,640 Present value adjustments (5,005) Total noncompete obligations and deferred consideration $ 25,635 Accretion on the deferred consideration and noncompete obligations is recorded in interest expense. During 2023, as part of the Company's Elevate Summit strategy to rationalize assets, the Company sold two businesses in the West segment, resulting in total cash proceeds of $65.6 million and a net gain on disposition of business of $15.0 million. During 2022, as part of the Company's Elevate Summit strategy to rationalize assets, the Company sold three businesses in the East segment, resulting in total cash proceeds of $373.1 million and a net gain on disposition of business of $172.4 million. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 30, 2023 | |
Goodwill | Goodwill As of December 30, 2023, the Company had nine reporting units with goodwill for which the annual goodwill impairment test was completed. We perform the annual impairment test on the first day of the fourth quarter each year. In 2023, we performed a Step-1 analysis on four of our reporting units and a Step 0 qualitative assessment on five of our reporting units. Based on this analysis, it was determined that the reporting units’ fair values were greater than their carrying values and no impairment charges were recognized in 2023. These estimates of a reporting unit’s fair value involve significant management estimates and assumptions, including but not limited to sales prices of similar assets, assumptions related to future profitability, cash flows, and discount rates. These estimates are based upon historical trends, management’s knowledge and experience and overall economic factors, including projections of future earnings potential. Developing discounted future cash flow estimates in applying the income approach required management to evaluate its intermediate to longer-term strategies, including, but not limited to, estimates about revenue growth, operating margins, capital requirements, inflation and working capital management. The development of appropriate rates to discount the estimated future cash flows required the selection of risk premiums, which can materially affect the present value of estimated future cash flows. The following table presents goodwill by reportable segments and in total: West East Cement Total Balance—January 1, 2022 $ 570,509 $ 388,585 $ 204,656 $ 1,163,750 Dispositions (1) — (27,084) — (27,084) Foreign currency translation adjustments (4,120) — — (4,120) Balance—December 31, 2022 $ 566,389 $ 361,501 $ 204,656 $ 1,132,546 Acquisitions (2) 108,590 — — 108,590 Dispositions (1) (17,840) — — (17,840) Foreign currency translation adjustments 1,565 — — 1,565 Balance—December 30, 2023 $ 658,704 $ 361,501 $ 204,656 $ 1,224,861 ______________________ (1) Reflects goodwill derecognition from dispositions completed during 2022 and 2023, respectively. (2) Reflects goodwill from 2023 acquisitions. |
Summit Materials, LLC | |
Goodwill | Goodwill As of December 30, 2023, the Company had nine reporting units with goodwill for which the annual goodwill impairment test was completed. We perform the annual impairment test on the first day of the fourth quarter each year. In 2023, we performed a Step-1 analysis on four of our reporting units and a Step 0 qualitative assessment on five of our reporting units. Based on this analysis, it was determined that the reporting units’ fair values were greater than their carrying values and no impairment charges were recognized in 2023. These estimates of a reporting unit’s fair value involve significant management estimates and assumptions, including but not limited to sales prices of similar assets, assumptions related to future profitability, cash flows, and discount rates. These estimates are based upon historical trends, management’s knowledge and experience and overall economic factors, including projections of future earnings potential. Developing discounted future cash flow estimates in applying the income approach required management to evaluate its intermediate to longer-term strategies, including, but not limited to, estimates about revenue growth, operating margins, capital requirements, inflation and working capital management. The development of appropriate rates to discount the estimated future cash flows required the selection of risk premiums, which can materially affect the present value of estimated future cash flows. The following table presents goodwill by reportable segments and in total: West East Cement Total Balance—January 1, 2022 $ 571,509 $ 388,585 $ 204,656 $ 1,164,750 Dispositions (1) — (27,084) — (27,084) Foreign currency translation adjustments (4,120) — — (4,120) Balance—December 31, 2022 $ 567,389 $ 361,501 $ 204,656 $ 1,133,546 Acquisitions (2) 108,590 — — 108,590 Dispositions (1) (17,840) — — (17,840) Foreign currency translation adjustments 1,565 — — 1,565 Balance—December 30, 2023 $ 659,704 $ 361,501 $ 204,656 $ 1,225,861 ______________________ (1) Reflects goodwill derecognition from dispositions completed during 2022 and 2023, respectively. (2) Reflects goodwill from 2023 acquisitions. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 30, 2023 | |
Revenue from External Customer [Line Items] | |
Revenue Recognition | Revenue Recognition We derive our revenue predominantly by selling construction materials, products and providing paving and related services. Construction materials consist of aggregates and cement. Products consist of related downstream products, including ready-mix concrete, asphalt paving mix and concrete products. Paving and related service revenue is generated primarily from the asphalt paving services that we provide, and is recognized based on the proportion of costs incurred to date relative to the total estimated costs at completion. The majority of our construction service contracts, and therefore revenue, are opened and completed within one year, with the most activity during the spring, summer and fall. Revenue by product for the years ended December 30, 2023, December 31, 2022 and January 1, 2022 consisted of the following: 2023 2022 2021 Revenue by product*: Aggregates $ 663,551 $ 583,993 $ 573,157 Cement 355,786 332,518 282,081 Ready-mix concrete 744,151 687,950 702,062 Asphalt 312,383 270,444 311,046 Paving and related services 318,721 315,065 337,311 Other 224,876 222,552 204,012 Total revenue $ 2,619,468 $ 2,412,522 $ 2,409,669 ______________________ * Revenue from liquid asphalt terminals is included in asphalt revenue. The following table outlines the significant changes in contract assets and contract liability balances from December 31, 2022 to December 30, 2023. Also included in the table is the net change in the estimate as a percentage of aggregate revenue for such contracts: Costs and estimated Billings in excess earnings in of costs and excess of billings estimated earnings Balance—December 31, 2022 $ 6,510 $ 5,739 Changes in revenue billed, contract price or cost estimates 3,746 2,475 Other 33 14 Balance—December 30, 2023 $ 10,289 $ 8,228 Accounts receivable, net consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Trade accounts receivable $ 228,697 $ 215,766 Construction contract receivables 51,567 37,067 Retention receivables 13,541 11,048 Accounts receivable 293,805 263,881 Less: Allowance for doubtful accounts (6,553) (7,212) Accounts receivable, net $ 287,252 $ 256,669 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 generally billed and collected within one year. |
Summit Materials, LLC | |
Revenue from External Customer [Line Items] | |
Revenue Recognition | Revenue Recognition We derive our revenue predominantly by selling construction materials, products and providing paving and related services. Construction materials consist of aggregates and cement. Products consist of related downstream products, including ready-mix concrete, asphalt paving mix and concrete products. Paving and related service revenue is generated primarily from the asphalt paving services that we provide, and is recognized based on the proportion of costs incurred to date relative to the total estimated costs at completion. The majority of our construction service contracts, and therefore revenue, are opened and completed within one year, with the most activity during the spring, summer and fall. Revenue by product for the years ended December 30, 2023, December 31, 2022 and January 1, 2022 consisted of the following: 2023 2022 2021 Revenue by product*: Aggregates $ 663,551 $ 583,993 $ 573,157 Cement 355,786 332,518 282,081 Ready-mix concrete 744,151 687,950 702,062 Asphalt 312,383 270,444 311,046 Paving and related services 318,721 315,065 337,311 Other 224,876 222,552 204,012 Total revenue $ 2,619,468 $ 2,412,522 $ 2,409,669 ______________________ *Revenue from liquid asphalt terminals is included in asphalt revenue. The following table outlines the significant changes in contract assets and contract liability balances from December 31, 2022 to December 30, 2023. Also included in the table is the net change in the estimate as a percentage of aggregate revenue for such contracts: Costs and estimated Billings in excess earnings in of costs and excess of billings estimated earnings Balance—December 31, 2022 $ 6,510 $ 5,739 Changes in revenue billed, contract price or cost estimates 3,746 2,475 Other 33 14 Balance—December 30, 2023 $ 10,289 $ 8,228 Accounts receivable, net consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Trade accounts receivable $ 228,697 $ 215,766 Construction contract receivables 51,567 37,067 Retention receivables 13,541 11,048 Accounts receivable 293,805 263,881 Less: Allowance for doubtful accounts (6,553) (7,212) Accounts receivable, net $ 287,252 $ 256,669 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 generally billed and collected within one year. |
Inventories
Inventories | 12 Months Ended |
Dec. 30, 2023 | |
Inventory [Line Items] | |
Inventories | Inventories Inventories consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Aggregate stockpiles $ 165,272 $ 148,347 Finished goods 43,122 33,622 Work in process 10,702 8,191 Raw materials 22,254 22,331 Total $ 241,350 $ 212,491 |
Summit Materials, LLC | |
Inventory [Line Items] | |
Inventories | Inventories Inventories consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Aggregate stockpiles $ 165,272 $ 148,347 Finished goods 43,122 33,622 Work in process 10,702 8,191 Raw materials 22,254 22,331 Total $ 241,350 $ 212,491 |
Property, Plant and Equipment,
Property, Plant and Equipment, net and Intangibles, net | 12 Months Ended |
Dec. 30, 2023 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, net and Intangibles, net | Property, Plant and Equipment, net and Intangibles, net Property, plant and equipment, net consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Mineral bearing land and leased interests $ 557,696 $ 515,153 Land (non-mineral bearing) 210,048 183,926 Buildings and improvements 233,412 213,056 Plants, machinery and equipment 1,484,515 1,380,886 Mobile equipment and barges 623,424 555,119 Truck and auto fleet 41,181 38,717 Landfill airspace and improvements 55,036 55,027 Office equipment 61,825 49,336 Construction in progress 109,151 90,039 Property, plant and equipment 3,376,288 3,081,259 Less accumulated depreciation, depletion and amortization (1,399,468) (1,267,557) Property, plant and equipment, net $ 1,976,820 $ 1,813,702 Depreciation on property, plant and equipment, including assets subject to capital leases, is generally computed on a straight-line basis. Depletion of mineral reserves and leased mineral interests are computed based on the portion of the reserves used during the period compared to the gross estimated value of proven and probable reserves, which is updated periodically as circumstances dictate. Leasehold improvements are amortized on a straight-line basis over the lesser of the asset’s useful life or the remaining lease term. The estimated useful lives are generally as follows: Buildings and improvements 10 - 30 years Plant, machinery and equipment 7 - 20 years Office equipment 3 - 7 years Truck and auto fleet 5 - 8 years Mobile equipment and barges 6 - 8 years Landfill airspace and improvements 10 - 30 years Other 4 - 20 years Depreciation, depletion and amortization expense of property, plant and equipment was $201.3 million, $184.3 million and $195.1 million in the years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively. Property, plant and equipment at December 30, 2023 and December 31, 2022 included $30.1 million and $32.1 million, respectively, of finance leases for certain equipment and a building with accumulated amortization of $12.1 million and $15.0 million, respectively. The equipment leases generally have terms of less than five years and the building lease had an original term of 30 years. Approximately $4.0 million and $7.0 million of the future obligations associated with the finance leases are included in accrued expenses as of December 30, 2023 and December 31, 2022, respectively, and the present value of the remaining finance lease payments, $14.4 million and $7.2 million, respectively, is included in other noncurrent liabilities on the consolidated balance sheets. Future minimum rental commitments under long-term finance leases are $5.2 million, $4.2 million, $2.8 million, $2.6 million, and $2.4 million for the years ended 2024, 2025, 2026, 2027 and 2028, respectively. Assets are assessed for impairment charges when identified for disposition. No material impairment charges have been recognized on assets held for use in fiscal 2023, 2022 or 2021. Intangible Assets —The Company’s intangible assets subject to amortization are primarily composed of operating permits, mineral lease agreements and reserve rights. Operating permits relate to permitting and zoning rights acquired outside of a business combination. The assets related to mineral lease agreements reflect the submarket royalty rates paid under agreements, primarily for extracting aggregates. The values were determined as of the respective acquisition dates by a comparison of market-royalty rates. The reserve rights relate to aggregate reserves to which the Company has the rights of ownership, but does not own the reserves. The intangible assets are amortized on a straight-line basis over the lives of the leases or permits, or computed based on the portion of the reserves used during the period compared to the gross estimated value of proven and probable reserves. The following table shows intangible assets by type and in total: December 30, 2023 December 31, 2022 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Operating permits $ 38,677 $ (5,691) $ 32,986 $ 38,677 $ (4,109) $ 34,568 Mineral leases 17,778 (7,676) 10,102 18,091 (7,056) 11,035 Reserve rights 25,586 (5,020) 20,566 25,242 (3,872) 21,370 Other 5,012 (585) 4,427 4,877 (466) 4,411 Total intangible assets $ 87,053 $ (18,972) $ 68,081 $ 86,887 $ (15,503) $ 71,384 Amortization expense in fiscal 2023, 2022 and 2021 was $3.5 million, $3.5 million and $3.7 million, respectively. The estimated amortization expense for intangible assets for each of the next five years and thereafter is as follows: 2024 $ 3,365 2025 3,763 2026 3,935 2027 3,922 2028 3,925 Thereafter 49,171 Total $ 68,081 |
Summit Materials, LLC | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, net and Intangibles, net | Property, Plant and Equipment, net and Intangibles, net Property, plant and equipment, net consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Mineral bearing land and leased interests $ 557,696 $ 515,153 Land (non-mineral bearing) 210,048 183,926 Buildings and improvements 233,412 213,056 Plants, machinery and equipment 1,484,515 1,380,886 Mobile equipment and barges 623,424 555,119 Truck and auto fleet 41,181 38,717 Landfill airspace and improvements 55,036 55,027 Office equipment 61,825 49,336 Construction in progress 109,151 90,039 Property, plant and equipment 3,376,288 3,081,259 Less accumulated depreciation, depletion and amortization (1,399,468) (1,267,557) Property, plant and equipment, net $ 1,976,820 $ 1,813,702 Depreciation on property, plant and equipment, including assets subject to capital leases, is generally computed on a straight-line basis. Depletion of mineral reserves and leased mineral interests are computed based on the portion of the reserves used during the period compared to the gross estimated value of proven and probable reserves, which is updated periodically as circumstances dictate. Leasehold improvements are amortized on a straight-line basis over the lesser of the asset’s useful life or the remaining lease term. The estimated useful lives are generally as follows: Buildings and improvements 10 - 30 years Plant, machinery and equipment 7 - 20 years Office equipment 3 - 7 years Truck and auto fleet 5 - 8 years Mobile equipment and barges 6 - 8 years Landfill airspace and improvements 10 - 30 years Other 4 - 20 years Depreciation, depletion and amortization expense of property, plant and equipment was $201.3 million, $184.3 million and $195.1 million in the years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively. Property, plant and equipment at December 30, 2023 and December 31, 2022 included $30.1 million and $32.1 million, respectively, of finance leases for certain equipment and a building with accumulated amortization of $12.1 million and $15.0 million, respectively. The equipment leases generally have terms of less than five years and the building lease had an original term of 30 years. Approximately $4.0 million and $7.0 million of the future obligations associated with the finance leases are included in accrued expenses as of December 30, 2023 and December 31, 2022, respectively, and the present value of the remaining finance lease payments, $14.4 million and $7.2 million, respectively, is included in other noncurrent liabilities on the consolidated balance sheets. Future minimum rental commitments under long-term finance leases are $5.2 million, $4.2 million, $2.8 million, $2.6 million, and $2.4 million for the years ended 2024, 2025, 2026, 2027 and 2028, respectively. Assets are assessed for impairment charges when identified for disposition. No material impairment charges have been recognized on assets held for use in fiscal 2023, 2022 or 2021. Intangible Assets —The Company’s intangible assets subject to amortization are primarily composed of operating permits, mineral lease agreements and reserve rights. Operating permits relate to permitting and zoning rights acquired outside of a business combination. The assets related to mineral lease agreements reflect the submarket royalty rates paid under agreements, primarily for extracting aggregates. The values were determined as of the respective acquisition dates by a comparison of market-royalty rates. The reserve rights relate to aggregate reserves to which the Company has the rights of ownership, but does not own the reserves. The intangible assets are amortized on a straight-line basis over the lives of the leases or permits, or computed based on the portion of the reserves used during the period compared to the gross estimated value of proven and probable reserves. The following table shows intangible assets by type and in total: December 30, 2023 December 31, 2022 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Operating permits $ 38,677 $ (5,691) $ 32,986 $ 38,677 $ (4,109) $ 34,568 Mineral leases 17,778 (7,676) 10,102 18,091 (7,056) 11,035 Reserve rights 25,586 (5,020) 20,566 25,242 (3,872) 21,370 Other 5,012 (585) 4,427 4,877 (466) 4,411 Total intangible assets $ 87,053 $ (18,972) $ 68,081 $ 86,887 $ (15,503) $ 71,384 Amortization expense in fiscal 2023, 2022 and 2021 was $3.5 million, $3.5 million and $3.7 million, respectively. The estimated amortization expense for intangible assets for each of the next five years and thereafter is as follows: 2024 $ 3,365 2025 3,763 2026 3,935 2027 3,922 2028 3,925 Thereafter 49,171 Total $ 68,081 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 30, 2023 | |
Schedule Of Accrued Expenses [Line Items] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Interest $ 27,593 $ 24,625 Payroll and benefits 63,888 34,485 Finance lease obligations 4,020 6,959 Insurance 25,277 18,127 Current portion of TRA liability and accrued taxes 11,042 4,360 Deferred asset purchase payments 5,903 5,131 Professional fees 2,036 924 Other (1) 31,932 25,356 Total $ 171,691 $ 119,967 ______________________ (1) Consists primarily of current portion of asset retirement obligations and miscellaneous accruals. |
Summit Materials, LLC | |
Schedule Of Accrued Expenses [Line Items] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Interest $ 27,593 $ 24,625 Payroll and benefits 63,888 34,485 Finance lease obligations 4,020 6,959 Insurance 25,277 18,127 Accrued taxes 12,285 5,101 Deferred asset purchase payments 5,903 5,131 Professional fees 2,036 924 Other (1) 31,932 25,356 Total $ 172,934 $ 120,708 ______________________ (1) Consists primarily of current portion of asset retirement obligations and miscellaneous accruals. |
Debt
Debt | 12 Months Ended |
Dec. 30, 2023 | |
Debt | Debt Debt consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Term Loan, due 2027: $504.5 million and $509.6 million, net of $4.0 million and $5.0 million discount at December 30, 2023 and December 31, 2022, respectively $ 500,473 $ 504,549 6 1⁄2% Senior Notes, due 2027 300,000 300,000 5 1⁄4% Senior Notes, due 2029 700,000 700,000 7 1⁄4% Senior Notes, due 2031 800,000 — Total 2,300,473 1,504,549 Current portion of long-term debt 3,822 5,096 Long-term debt $ 2,296,651 $ 1,499,453 The contractual payments of long-term debt, including current maturities, for the five years subsequent to December 30, 2023, are as follows: 2024 $ 3,822 2025 6,369 2026 5,096 2027 789,177 2028 — Thereafter 1,500,000 Total 2,304,464 Less: Original issue net discount (3,991) Less: Deferred financing costs (13,012) Total debt $ 2,287,461 Senior Notes —On December 14, 2023, Summit LLC and Summit Finance (together, the “Issuers”) issued $800.0 million in aggregate principal amount of 7.250% senior notes due January 15, 2031 (the “2031 Notes”). The 2031 Notes were issued at 100.0% of their par value. The 2031 Notes were issued under an indenture dated as of December 14, 2023 (the "2031 Notes Indenture"). The 2031 Notes Indenture contains covenants limiting, among other things, Summit LLC and its restricted subsidiaries’ ability to incur additional indebtedness or issue certain preferred shares, pay dividends, redeem stock or make other distributions, make certain investments, sell or transfer certain assets, create liens, consolidate, merge, sell or otherwise dispose of all or substantially all of its assets, enter into certain transactions with affiliates, and designate subsidiaries as unrestricted subsidiaries. The 2031 Notes Indenture also contains customary events of default. The gross proceeds of the 2031 Notes were held in escrow as of December 30, 2023 as the proceeds were restricted to use for the Argos USA cash consideration. The proceeds were released upon closing of the Argos USA Transaction on January 12, 2024 (see note 20). Interest on the 2031 Notes is payable semi-annually on January 15 and July 15 of each year commencing on July 15, 2024. On September 27, 2021, the Issuers redeemed all $300.0 million in aggregate principal amount of their 5.125% senior notes due June 1, 2025 (the "2025 Notes") using existing cash on hand at a price equal to par plus an applicable premium and the indenture under which the 2025 Notes were issued was satisfied and discharged. As a result of the redemption, charges of $6.0 million were recognized in the quarter ended October 2, 2021, which included charges of $3.9 million for the applicable redemption premium and $2.1 million for the write-off of the deferred financing fees. On August 11, 2020, the Issuers issued $700.0 million in aggregate principal amount of 5.250% senior notes due January 15, 2029 (the “2029 Notes”). The 2029 Notes were issued at 100.0% of their par value with proceeds of $690.4 million, net of related fees and expenses. The 2029 Notes were issued under an indenture dated August 11, 2020, the terms of which are generally consistent with the 2031 Notes Indenture. Interest on the 2029 Notes is payable semi-annually on January 15 and July 15 of each year commencing on January 15, 2021. In August 2020, using the proceeds from the 2029 Notes, all of the outstanding $650.0 million 6.125% senior notes due 2023 (the “2023 Notes”) were redeemed at a price equal to par and the indenture under which the 2023 Notes were issued was satisfied and discharged. As a result of the extinguishment, charges of $4.1 million were recognized in the quarter ended September 26, 2020, which included charges of $0.8 million for the write-off of original issue discount and $3.3 million for the write-off of deferred financing fees. On March 15, 2019, the Issuers issued $300.0 million in aggregate principal amount of 6.500% senior notes due March 15, 2027 (the “2027 Notes”). The 2027 Notes were issued at 100.0% of their par value with proceeds of $296.3 million, net of related fees and expenses. The 2027 Notes were issued under an indenture dated March 25, 2019, the terms of which are generally consistent with the 2031 Notes Indenture. Interest on the 2027 Notes is payable semi-annually on March 15 and September 15 of each year commencing on September 15, 2019. As of December 30, 2023 and December 31, 2022, the Company was in compliance with all covenants under the applicable indentures. Senior Secured Credit Facilities —As of December 30, 2023, Summit LLC had credit facilities that provide for term loans in an aggregate amount of $504.5 million and revolving credit commitments in an aggregate amount of $395.0 million (the “Senior Secured Credit Facilities”). Under the Senior Secured Credit Facilities, required quarterly amortization payments of 0.25% of the refinanced aggregate amount of term debt are due on the last business day of each March, June, September and December, commencing with the March 2023 payment. The interest rate on the term loan is variable based on either the base rate or Term SOFR rate and an applicable margin of (i) 2.00% per annum with respect to base rate borrowings and a floor of 1.00% per annum or (ii) 3.00% per annum with respect to Term SOFR borrowings, with a SOFR adjustment of 0.10% per annum and a floor of zero. The interest rate on the term loan was 8.57% as of December 30, 2023. In 2022, the Company repaid $95.6 million of its term loan under provisions related to divestitures of businesses. The unpaid principal balance is due in full on the maturity date, which is December 14, 2027. On January 12, 2024, Summit Materials, LLC entered into Amendment No. 7 to the credit agreement governing the Senior Secured Credit Facilities (the “Credit Agreement”), which among other things: (1) establish new term loans in an aggregate principal amount of $1.010 billion (the "Term Loan Facility") bearing interest, at Summit LLC’s option, based on either the base rate or Term SOFR rate and an applicable margin of (i) 1.50% per annum with respect to base rate borrowings and a floor of 1.00% per annum or (ii) 2.50% per annum with respect to Term SOFR borrowings and a floor of zero, resulting in a current interest rate at the date of closing of 7.83%. Amendment No. 7 also extended the maturity date for the Term Loan Facility to January 12, 2029. In addition, the new term loan is subject to a 1.00% prepayment premium in respect of any principal amount repaid in connection with certain repricing transactions occurring within six months following the Amendment No. 7 Effective Date and requires quarterly amortization payments of 0.25% of the principal amount of the Term Loan Facility on the Amendment No. 7 effective date and due on the last business day or each March, June, September and December, commencing with the June 2024 payment. The proceeds of the new term loans were used to (i) fund a portion of the cash consideration in connection with the Argos USA closing (see note 20), (ii) refinance the $504.5 million of existing term loans outstanding and (iii) pay fees, commissions and expenses in connection with the foregoing; (2) in respect of the revolving credit facility thereunder (the “Revolving Credit Facility”), (a) increase the total aggregate commitments under the Revolving Credit Facility from $395.0 million to $625.0 million and (b) reduce the applicable margin (with no leverage-based step downs) to (i) 1.50% per annum with respect to base rate borrowings and a floor of 1.00% per annum or (ii) 2.50% per annum with respect to Term SOFR borrowings and a floor of zero; and (3) modify certain covenants to provide greater flexibility for Summit LLC under the Credit Agreement. On January 10, 2023, Summit Materials, LLC entered into Amendment No. 6 to the Credit Agreement, which among other things, increased the maximum amount available under the Revolving Credit Facility to $395.0 million and extended the maturity date to January 10, 2028. On December 14, 2022, Summit Materials, LLC entered into Amendment No. 5 to the Credit Agreement, which among other things, (a) refinanced the existing $509.6 million of existing term loans with new term loans under the Term Loan Facility and extended the maturity date to December 14, 2027. As of December 30, 2023, the Term Loan 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) Term SOFR plus 1.00%, plus an applicable margin of 2.00% per annum for base rate loans or (ii) Term SOFR plus an applicable margin of 3.00% per annum for Term SOFR rate loans. The revolving credit facility matures on January 10, 2028, provided that if more than $125 million of the 2027 Notes are outstanding as of December 14, 2026, then the maturity date of the revolving credit facility will be December 14, 2026. There were no outstanding borrowings under the Revolving Credit Facility as of December 30, 2023 or December 31, 2022. As of December 30, 2023, we had remaining borrowing capacity of $374.1 million under the revolving credit facility, which is net of $20.9 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 Credit Agreement, should be no greater than 4.75:1.0 as of each quarter-end. As of December 30, 2023 and December 31, 2022, Summit LLC was in compliance with all financial covenants under the Credit Agreement. Summit LLC’s wholly-owned domestic subsidiary companies, subject to certain exclusions and exceptions, are named as subsidiary guarantors of the Senior Notes and the Senior Secured Credit Facilities. In addition, Summit LLC has pledged substantially all of its assets as collateral, except for real property and subject to certain exclusions and exceptions, for the Senior Secured Credit Facilities. The following table presents the activity for the deferred financing fees for the years ended December 30, 2023 and December 31, 2022: Deferred financing fees Balance—January 1, 2022 $ 13,049 Loan origination fees 1,557 Amortization (2,655) Write off of deferred financing fees (462) Balance—December 31, 2022 $ 11,489 Loan origination fees 5,599 Amortization (2,464) Write off of deferred financing fees (161) Balance—December 30, 2023 $ 14,463 Other —On January 15, 2015, the Company’s wholly-owned subsidiary in British Columbia, Canada entered into an agreement with HSBC Bank Canada, which was amended on November 30, 2020, for a (i) $6.0 million Canadian dollar (“CAD”) revolving credit commitment to be used for operating activities that bears interest per annum equal to the bank’s prime rate plus 0.20%, (ii) $0.5 million CAD revolving credit commitment to be used for capital equipment that bears interest per annum at the bank’s prime rate plus 0.20%, (iii) $1.5 million CAD revolving credit commitment to provide guarantees on behalf of that subsidiary and (iv) $10.0 million CAD revolving foreign exchange facility available to purchase foreign exchange forward contracts. There were no amounts outstanding under this agreement as of December 30, 2023 or December 31, 2022. |
Summit Materials, LLC | |
Debt | Debt Debt consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Term Loan, due 2027: $504.5 million and $509.6 million, net of $4.0 million and $5.0 million discount at December 30, 2023 and December 31, 2022, respectively $ 500,473 $ 504,549 6 1⁄2% Senior Notes, due 2027 300,000 300,000 5 1⁄4% Senior Notes, due 2029 700,000 700,000 7 1⁄4% Senior Notes, due 2031 800,000 — Total 2,300,473 1,504,549 Current portion of long-term debt 3,822 5,096 Long-term debt $ 2,296,651 $ 1,499,453 The contractual payments of long-term debt, including current maturities, for the five years subsequent to December 30, 2023, are as follows: 2024 $ 3,822 2025 6,369 2026 5,096 2027 789,177 2028 — Thereafter 1,500,000 Total 2,304,464 Less: Original issue net discount (3,991) Less: Deferred financing costs (13,012) Total debt $ 2,287,461 Senior Notes —On December 14, 2023, Summit LLC and Summit Finance (together, the “Issuers”) issued $800.0 million in aggregate principal amount of 7.250% senior notes due January 15, 2031 (the “2031 Notes”). The 2031 Notes were issued at 100.0% of their par value. The 2031 Notes were issued under an indenture dated as of December 14, 2023 (the "2031 Notes Indenture"). The 2031 Notes Indenture contains covenants limiting, among other things, Summit LLC and its restricted subsidiaries’ ability to incur additional indebtedness or issue certain preferred shares, pay dividends, redeem stock or make other distributions, make certain investments, sell or transfer certain assets, create liens, consolidate, merge, sell or otherwise dispose of all or substantially all of its assets, enter into certain transactions with affiliates, and designate subsidiaries as unrestricted subsidiaries. The 2031 Notes Indenture also contains customary events of default. The gross proceeds of the 2031 Notes were held in escrow as of December 30, 2023 as the proceeds were restricted to use for the Argos USA cash consideration. The proceeds were released upon closing of the Argos USA Transaction on January 12, 2024 (see note 20). Interest on the 2031 Notes is payable semi-annually on January 15 and July 15 of each year commencing on July 15, 2024. On September 27, 2021, the Issuers redeemed all $300.0 million in aggregate principal amount of their 5.125% senior notes due June 1, 2025 (the "2025 Notes") using existing cash on hand at a price equal to par plus an applicable premium and the indenture under which the 2025 Notes were issued was satisfied and discharged. As a result of the redemption, charges of $6.0 million were recognized in the quarter ended October 2, 2021, which included charges of $3.9 million for the applicable redemption premium and $2.1 million for the write-off of the deferred financing fees. On August 11, 2020, the Issuers issued $700.0 million in aggregate principal amount of 5.250% senior notes due January 15, 2029 (the “2029 Notes”). The 2029 Notes were issued at 100.0% of their par value with proceeds of $690.4 million, net of related fees and expenses. The 2029 Notes were issued under an indenture dated August 11, 2020, the terms of which are generally consistent with the 2031 Notes Indenture. Interest on the 2029 Notes is payable semi-annually on January 15 and July 15 of each year commencing on January 15, 2021. In August 2020, using the proceeds from the 2029 Notes, all of the outstanding $650.0 million 6.125% senior notes due 2023 (the “2023 Notes”) were redeemed at a price equal to par and the indenture under which the 2023 Notes were issued was satisfied and discharged. As a result of the extinguishment, charges of $4.1 million were recognized in the quarter ended September 26, 2020, which included charges of $0.8 million for the write-off of original issue discount and $3.3 million for the write-off of deferred financing fees. On March 15, 2019, the Issuers issued $300.0 million in aggregate principal amount of 6.500% senior notes due March 15, 2027 (the “2027 Notes”). The 2027 Notes were issued at 100.0% of their par value with proceeds of $296.3 million, net of related fees and expenses. The 2027 Notes were issued under an indenture dated March 25, 2019, the terms of which are generally consistent with the 2031 Notes Indenture. Interest on the 2027 Notes is payable semi-annually on March 15 and September 15 of each year commencing on September 15, 2019. As of December 30, 2023 and December 31, 2022, the Company was in compliance with all covenants under the applicable indentures. Senior Secured Credit Facilities —As of December 30, 2023, Summit LLC had credit facilities that provide for term loans in an aggregate amount of $504.5 million and revolving credit commitments in an aggregate amount of $395.0 million (the “Senior Secured Credit Facilities”). Under the Senior Secured Credit Facilities, required quarterly amortization payments of 0.25% of the refinanced aggregate amount of term debt are due on the last business day of each March, June, September and December, commencing with the March 2023 payment. The interest rate on the term loan is variable based on either the base rate or Term SOFR rate and an applicable margin of (i) 2.00% per annum with respect to base rate borrowings and a floor of 1.00% per annum or (ii) 3.00% per annum with respect to Term SOFR borrowings, with a SOFR adjustment of 0.10% per annum and a floor of zero. The interest rate on the term loan was 8.57% as of December 30, 2023. In 2022, the Company repaid $95.6 million of its term loan under provisions related to divestitures of businesses. The unpaid principal balance is due in full on the maturity date, which is December 14, 2027. On January 12, 2024, Summit Materials, LLC entered into Amendment No. 7 to the credit agreement governing the Senior Secured Credit Facilities (the “Credit Agreement”), which among other things: (1) establish new term loans in an aggregate principal amount of $1.010 billion (the "Term Loan Facility") bearing interest, at Summit LLC’s option, based on either the base rate or Term SOFR rate and an applicable margin of (i) 1.50% per annum with respect to base rate borrowings and a floor of 1.00% per annum or (ii) 2.50% per annum with respect to Term SOFR borrowings and a floor of zero, resulting in a current interest rate at the date of closing of 7.83%. Amendment No. 7 also extended the maturity date for the Term Loan Facility to January 12, 2029. In addition, the new term loan is subject to a 1.00% prepayment premium in respect of any principal amount repaid in connection with certain repricing transactions occurring within six months following the Amendment No. 7 Effective Date and requires quarterly amortization payments of 0.25% of the principal amount of the Term Loan Facility on the Amendment No. 7 effective date and due on the last business day or each March, June, September and December, commencing with the June 2024 payment. The proceeds of the new term loans were used to (i) fund a portion of the cash consideration in connection with the Argos USA closing (see note 20), (ii) refinance the $504.5 million of existing term loans outstanding and (iii) pay fees, commissions and expenses in connection with the foregoing; (2) in respect of the revolving credit facility thereunder (the “Revolving Credit Facility”), (a) increase the total aggregate commitments under the Revolving Credit Facility from $395.0 million to $625.0 million and (b) reduce the applicable margin (with no leverage-based step downs) to (i) 1.50% per annum with respect to base rate borrowings and a floor of 1.00% per annum or (ii) 2.50% per annum with respect to Term SOFR borrowings and a floor of zero; and (3) modify certain covenants to provide greater flexibility for Summit LLC under the Credit Agreement. On January 10, 2023, Summit Materials, LLC entered into Amendment No. 6 to the Credit Agreement, which among other things, increased the maximum amount available under the Revolving Credit Facility to $395.0 million and extended the maturity date to January 10, 2028. On December 14, 2022, Summit Materials, LLC entered into Amendment No. 5 to the Credit Agreement, which among other things, (a) refinanced the existing $509.6 million of existing term loans with new term loans under the Term Loan Facility and extended the maturity date to December 14, 2027. As of December 30, 2023, the Term Loan 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) Term SOFR plus 1.00%, plus an applicable margin of 2.00% per annum for base rate loans or (ii) Term SOFR plus an applicable margin of 3.00% per annum for Term SOFR rate loans. The revolving credit facility matures on January 10, 2028, provided that if more than $125 million of the 2027 Notes are outstanding as of December 14, 2026, then the maturity date of the revolving credit facility will be December 14, 2026. There were no outstanding borrowings under the Revolving Credit Facility as of December 30, 2023 or December 31, 2022. As of December 30, 2023, we had remaining borrowing capacity of $374.1 million under the revolving credit facility, which is net of $20.9 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 Credit Agreement, should be no greater than 4.75:1.0 as of each quarter-end. As of December 30, 2023 and December 31, 2022, Summit LLC was in compliance with all financial covenants under the Credit Agreement. Summit LLC’s wholly-owned domestic subsidiary companies, subject to certain exclusions and exceptions, are named as subsidiary guarantors of the Senior Notes and the Senior Secured Credit Facilities. In addition, Summit LLC has pledged substantially all of its assets as collateral, except for real property and subject to certain exclusions and exceptions, for the Senior Secured Credit Facilities. The following table presents the activity for the deferred financing fees for the years ended December 30, 2023 and December 31, 2022: Deferred financing fees Balance—January 1, 2022 $ 13,049 Loan origination fees 1,557 Amortization (2,655) Write off of deferred financing fees (462) Balance—December 31, 2022 $ 11,489 Loan origination fees 5,599 Amortization (2,464) Write off of deferred financing fees (161) Balance—December 30, 2023 $ 14,463 Other —On January 15, 2015, the Company’s wholly-owned subsidiary in British Columbia, Canada entered into an agreement with HSBC Bank Canada, which was amended on November 30, 2020, for a (i) $6.0 million Canadian dollar (“CAD”) revolving credit commitment to be used for operating activities that bears interest per annum equal to the bank’s prime rate plus 0.20%, (ii) $0.5 million CAD revolving credit commitment to be used for capital equipment that bears interest per annum at the bank’s prime rate plus 0.20%, (iii) $1.5 million CAD revolving credit commitment to provide guarantees on behalf of that subsidiary and (iv) $10.0 million CAD revolving foreign exchange facility available to purchase foreign exchange forward contracts. There were no amounts outstanding under this agreement as of December 30, 2023 or December 31, 2022. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 30, 2023 | |
Income Taxes [Line Items] | |
Income Taxes | 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 and a Canadian subsidiary. 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 and Canadian subsidiaries are fully reflected in the Company’s consolidated financial statements. For the years ended December 30, 2023, December 31, 2022 and January 1, 2022, income taxes consisted of the following: 2023 2022 2021 Provision for income taxes: Current $ 17,284 $ 15,654 $ 8,030 Deferred 87,554 69,891 36,326 Income tax expense (benefit) $ 104,838 $ 85,545 $ 44,356 The effective tax rate on pre-tax income differs from the U.S. statutory rate of 21% for 2023, 2022 and 2021, respectively, due to the following: 2023 2022 2021 Income tax expense (benefit) at federal statutory tax rate $ 82,837 $ 75,862 $ 41,273 Less: Income tax benefit at federal statutory tax rate for LLC entities (867) (754) (459) State and local income taxes 15,580 12,703 7,287 Permanent differences (3,016) (7,039) (5,493) Effective tax rate change 18 (710) 2,317 Basis differences from divestitures — 3,314 3,766 Unrecognized tax benefits — — — Tax receivable agreement (benefit) expense 7,222 218 28 Change in valuation allowance — (562) — Other 3,064 2,513 (4,363) Income tax expense (benefit) $ 104,838 $ 85,545 $ 44,356 The following table summarizes the components of the net deferred income tax asset (liability) as December 30, 2023 and December 31, 2022: 2023 2022 Deferred tax assets (liabilities): Net intangible assets $ 58,051 $ 138,511 Accelerated depreciation (202,683) (196,936) Net operating loss 195,443 195,669 Investment in limited partnership (56,717) (44,690) Mining reclamation reserve 3,847 3,213 Working capital (e.g., accrued compensation, prepaid assets) 45,849 39,231 Interest expense limitation carryforward 9,332 3,101 Less valuation allowance (1,113) (1,113) Deferred tax assets 52,009 136,986 Less foreign deferred tax liability (included in other noncurrent liabilities) (15,854) (15,752) Net deferred tax asset $ 36,155 $ 121,234 As of December 30, 2023, $318.1 million of our deferred tax assets subject to our TRA are included in the net intangible assets and the net operating loss line items above. Our income tax expense (benefit) was $104.8 million, $85.5 million and $44.4 million in the fiscal years ended 2023, 2022 and 2021, respectively. Our effective income tax rate in 2021 was impacted by the IRS interpretative guidance of the Tax Cuts and Jobs Act (the “TCJA”), a change in state tax rates and a change in the amount of our TRA liability. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible, as well as consideration of tax-planning strategies we may seek to utilize net operating loss carryforwards that begin to expire in 2030. The Company updates the analysis, and adjusted the valuation allowance for interest expense carryforwards limited under the TCJA based on updated forecast models each year. We had no unrecognized tax benefits as of December 30, 2023 and December 31, 2022, respectively. We did not recognize interest or penalties related to this amount as it is offset by other attributes. Our net operating loss carryforward deferred tax assets begin to expire in 2030 and are expected to reverse before expiration. Therefore, we have not given consideration to any potential tax planning strategies as a source of future taxable income to monetize those net operating loss carryforwards. The Company will continue to monitor facts and circumstances, including our analysis of other sources of taxable income, in the reassessment of the likelihood that the tax benefit of our deferred tax assets will be realized. As of December 30, 2023, Summit Inc. had federal net operating loss carryforwards of $818.0 million, a portion of which expire between 2030 and 2038. As of December 30, 2023, $761.0 million of our federal net operating losses were under the terms of our TRA. As of December 30, 2023 and December 31, 2022, Summit Inc. had a valuation allowance on net deferred tax assets of $1.1 million and $1.1 million, respectively, where realization of our net operating losses are not more likely than not. 2023 2022 Valuation Allowance: Beginning balance $ (1,113) $ (1,675) Release of valuation allowance and other — 562 Ending balance $ (1,113) $ (1,113) Tax Receivable Agreement — During 2015, the Company entered into a TRA with the holders of LP Units and certain other pre-initial public offering owners that provides for the payment by Summit Inc. to exchanging holders of LP Units of 85% of the benefits, if any, that Summit Inc. actually realizes (or, under certain circumstances such as an early termination of the TRA, is deemed to realize) as a result of increases in the tax basis of tangible and intangible assets of Summit Holdings and certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA. When LP Units are exchanged for an equal number of newly-issued shares of Summit Inc.’s Class A common stock, these exchanges result in new deferred tax assets. Using tax rates in effect as of each year end, $5.4 million and $0.3 million of deferred tax assets were created during the years ended December 30, 2023 and December 31, 2022, respectively, when LP Units were exchanged for shares of Class A common stock. In the year ended December 30, 2023, 548,761 LP Units were acquired by Summit Inc. in exchange for an equal number of newly-issued shares of Summit Inc.’s Class A common stock. Additionally, Summit LLC reached an agreement to acquire all of the rights and interests in the TRA from affiliates of Blackstone Inc. and certain other TRA holders for aggregate cash consideration of $132.5 million. In connection with these transactions, Summit LLC and Summit Inc. reached an agreement whereby the maximum amount Summit Inc. is obligated to pay Summit LLC for the TRA interests acquired is limited to the amount Summit LLC paid for the TRA interests. As the cash paid for TRA interests acquired was less than their carrying value, Summit Inc. recognized a tax receivable agreement benefit of $157.5 million in the accompanying consolidated statement of operations. Each year, we update our estimate as to when TRA payments will be made. The timing and cash tax savings of those payments can cause variations in the future value of TRA tax attributes. As noted above, when payments are made under the TRA, a portion of the payment made will be characterized as imputed interest under IRS regulations. We also updated our estimate of the state income tax rate that will be in effect at the date the TRA payments are made. As a result of our updated state income tax rate, and the variance in TRA tax attributes noted above, we have decreased our TRA liability by $4.7 million and increased by $1.3 million as of December 30, 2023 and December 31, 2022, respectively. Our TRA liability as of December 30, 2023 and December 31, 2022 was $41.7 million and $327.8 million, respectively. Changes in the balance of the TRA liability, from December 31, 2022 to December 30, 2023 are summarized as follows: TRA Liability Balance — December 31, 2022 $ 328,356 LP unit exchanges during period 8,559 Purchase of TRA interests (132,449) TRA liability reduction (157,477) TRA liability payments (544) TRA liability adjustment (4,705) Total 41,740 Less current portion 464 Balance — December 30, 2023 $ 41,276 Tax Distributions – The holders of Summit Holdings’ LP Units, including Summit Inc., incur U.S. federal, state and local income taxes on their share of any taxable income of Summit Holdings. The limited partnership agreement of Summit Holdings provides for pro rata cash distributions (“tax distributions”) to the holders of the LP Units in an amount generally calculated to provide each holder of LP Units with sufficient cash to cover its tax liability in respect of the LP Units. In general, these tax distributions are computed based on Summit Holdings’ estimated taxable income allocated to Summit Inc. multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate applicable to a corporate resident in New York, New York. For the years ended December 30, 2023 and December 31, 2022, Summit Holdings paid tax distributions totaling $0.5 million and $0.7 million, respectively, to holders of its LP Units, other than Summit Inc. C Corporation Subsidiaries — The effective income tax rate for the C corporations differ from the statutory federal rate primarily due to (1) tax depletion expense (benefit) in excess of the expense recorded under U.S. GAAP, (2) state income taxes and the effect of graduated tax rates, (3) differences between book and tax basis for divested businesses, (4) various other items such as limitations on meals and entertainment and other costs and (5) unrecognized tax benefits. The effective income tax rate for the Canadian subsidiary is not significantly different from its historical effective tax rate. No material interest or penalties were recognized in income tax expense during the years ended December 30, 2023, December 31, 2022 or January 1, 2022. Tax years from 2015 to 2019 remain open and subject to audit by federal, Canadian, and state tax authorities. |
Summit Materials, LLC | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes Summit LLC is a limited liability company and passes its tax attributes for federal and state tax purposes to its member and is generally not subject to federal or state income tax. However, certain subsidiaries, or subsidiary groups, file federal, state, and Canadian income tax returns due to their status as C corporations or laws within that jurisdiction. The provision for income taxes is primarily composed of federal, state and local income taxes for the subsidiary entities that have C corporation status. For the years ended December 30, 2023, December 31, 2022 and January 1, 2022, income taxes consisted of the following: 2023 2022 2021 Provision for income taxes: Current $ 17,705 $ 16,280 $ 8,459 Deferred 4,555 305 12,490 Income tax expense (benefit) $ 22,260 $ 16,585 $ 20,949 The effective tax rate on pre-tax income differs from the U.S. statutory rate of 21% for 2023, 2022 and 2021, respectively, due to the following: 2023 2022 2021 Income tax expense (benefit) at federal statutory tax rate $ 48,765 $ 76,172 $ 40,303 Less: Income tax benefit at federal statutory tax rate for LLC entities (39,936) (63,498) (27,821) State and local income taxes 6,020 4,170 3,604 Permanent differences 5,787 787 427 Effective tax rate change — (491) 201 Basis differences from divestitures — 3,314 3,766 Valuation allowance — (562) — Other 1,624 (3,307) 469 Income tax benefit $ 22,260 $ 16,585 $ 20,949 The following table summarizes the components of the net deferred income tax asset (liability) as December 30, 2023 and December 31, 2022: 2023 2022 Deferred tax (liabilities) assets: Accelerated depreciation $ (57,334) $ (54,590) Net operating loss 5,889 6,147 Investment in limited partnership (30,049) (24,630) Net intangible assets (4,023) (3,236) Mining reclamation reserve 1,188 1,010 Working capital (e.g., accrued compensation, prepaid assets) 1,831 651 Interest expense limitation carryforward 3,202 482 Net deferred tax liabilities (79,296) (74,166) Less valuation allowance (1,113) (1,113) Net deferred tax liability $ (80,409) $ (75,279) The net deferred income tax liability as of December 30, 2023 and December 31, 2022, are included in other noncurrent liabilities on the consolidated balance sheets. As of December 30, 2023, Summit LLC had federal net operating loss carryforwards of $5.2 million, which expire between 2032 and 2034. Valuation Allowance —The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible (including the effect of available carryback and carryforward periods) and tax-planning strategies. The deferred income tax asset related to net operating losses resides with two separate tax paying subsidiaries (or subsidiary groups) of Summit LLC. These tax payers have historically generated taxable income and forecast to continue generating taxable income; however, the use of a portion of the net operating may be limited. 2023 2022 Valuation Allowance: Beginning balance $ (1,113) $ (1,675) Release of valuation allowance and other — 562 Ending balance $ (1,113) $ (1,113) As of December 30, 2023 and December 31, 2022, a $1.1 million and $1.1 million, respectively, valuation allowance has been recorded on net deferred tax assets where realization of our net operating losses are not more likely than not. The Company does not have any unrecognized tax benefits as of December 30, 2023 or December 31, 2022. 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 years ended December 30, 2023 and December 31, 2022. Tax years from 2016 to 2022 remain open and subject to audit by federal, Canadian and state tax authorities. No income tax expense or benefit was recognized in other comprehensive loss in 2022, 2021 or 2020. Tax Distributions – The holders of Summit Holdings’ LP Units, including Summit Inc., incur U.S. federal, state and local income taxes on their share of any taxable income of Summit Holdings. The limited partnership agreement of Summit Holdings provides for pro rata cash distributions (“tax distributions”) to the holders of the LP Units in an amount generally calculated to provide each holder of LP Units with sufficient cash to cover its tax liability in respect of the LP Units. In general, these tax distributions are computed based on Summit Holdings’ estimated taxable income allocated to Summit Inc. multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate applicable to a corporate resident in New York, New York. No material distributions were made in the years ended December 30, 2023 and December 31, 2022. Tax Receivable Agreement Interests - In the year ended December 30, 2023, Summit Materials, LLC purchased certain Tax Receivable Agreement ("TRA") interests from various former Summit Inc. equity holders for $132.4 million. The amount of future TRA payments that Summit Materials, LLC will receive from Summit Materials, Inc. is equal to the $132.4 million of consideration paid to the former holders to acquire the TRA interests. Summit Materials, LLC will receive $6.3 million in 2024 with the remaining $126.1 million to be received in the future. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net earnings by the weighted average common shares outstanding and diluted net earnings is computed by dividing net earnings, adjusted for changes in the earnings allocated to Summit Inc. as a result of the assumed conversion of LP Units, by the weighted-average common shares outstanding assuming dilution. The following table shows the calculation of basic and diluted per share: 2023 2022 2021 Net income attributable to Summit Inc. $ 285,856 $ 272,145 $ 152,184 Weighted average shares of Class A stock outstanding 118,952,933 119,747,056 119,415,448 Add: Nonvested restricted stock awards of retirement eligible shares 92,460 147,388 213,846 Weighted average shares outstanding 119,045,393 119,894,444 119,629,294 Basic earnings per share $ 2.40 $ 2.27 $ 1.27 Diluted net income attributable to Summit Inc. $ 285,856 $ 272,145 $ 152,184 Weighted average shares outstanding 119,045,393 119,894,444 119,629,294 Add: stock options 110,546 87,976 282,677 Add: warrants 14,264 11,647 17,674 Add: restricted stock units 407,494 460,700 816,966 Add: performance stock units 197,069 173,692 188,381 Weighted average dilutive shares outstanding 119,774,766 120,628,459 120,934,992 Diluted earnings per share $ 2.39 $ 2.26 $ 1.26 Excluded from the above calculations were the shares noted below as they were antidilutive: 2023 2022 2021 Antidilutive shares: LP Units 1,180,354 1,313,204 1,867,853 |
Stockholder's Equity_Members' I
Stockholder's Equity/Members' Interest | 12 Months Ended |
Dec. 30, 2023 | |
Schedule of Capitalization, Equity [Line Items] | |
Stockholder's Equity | Stockholders’ Equity Our capital stock consists of 1.0 billion shares of $0.01 par value Class A common stock authorized, of which 119,529,380 shares were issued and outstanding as of December 30, 2023. We also have authorized 250 million shares of $0.01 par value Class B common stock, of which 99 shares were issued and outstanding as of December 30, 2023. The Class B common stock entitles holders thereof, who are also holders of LP Units, with a number of votes that is equal to the number of LP Units they hold. The Class B common stock does not participate in dividends and does not have any liquidation rights. Our certificate of incorporation also authorizes our board of directors to establish one or more series of preferred stock. In March 2022, our Board of Directors authorized a share repurchase program, whereby we can repurchase up to $250 million of our Class A common stock. In 2022, we repurchased 3.4 million shares of Class A common stock for $101 million. These shares were retired upon purchase. From time to time, limited partners of Summit Holdings exchange their LP Units for shares of Class A common stock of Summit Inc. The following table summarizes the changes in our ownership of Summit Holdings: Summit Inc. Shares (Class A) LP Units Total Summit Inc. Ownership Percentage Balance — January 1, 2022 120,684,322 1,314,006 121,998,328 98.9 % Exchanges during period 2,002 (2,002) — Stock option exercises 10,691 — 10,691 Repurchases of common stock (3,427,510) — (3,427,510) Other equity transactions 1,139,150 — 1,139,150 Balance — December 31, 2022 118,408,655 1,312,004 119,720,659 98.9 % Exchanges during period 548,761 (548,761) — Stock option exercises 11,937 — 11,937 Other equity transactions 560,027 — 560,027 Balance — December 30, 2023 119,529,380 763,243 120,292,623 99.4 % Accumulated other comprehensive income (loss) - The changes in each component of accumulated other comprehensive income (loss) consisted of the following: Accumulated Foreign currency other Change in translation comprehensive retirement plans adjustments income (loss) Balance — January 1, 2022 $ 1,508 $ 5,575 $ 7,083 Postretirement liability adjustment, net of tax 4,848 — 4,848 Foreign currency translation adjustment, net of tax — (8,847) (8,847) Balance — December 31, 2022 $ 6,356 $ (3,272) $ 3,084 Postretirement liability adjustment, net of tax 484 — 484 Foreign currency translation adjustment, net of tax — 3,707 3,707 Balance — December 30, 2023 $ 6,840 $ 435 $ 7,275 |
Summit Materials, LLC | |
Schedule of Capitalization, Equity [Line Items] | |
Members' Interest | Members’ Interest Summit LLC is a wholly owned indirect subsidiary of Summit Holdings, whose primary owner is Summit Inc. Summit Inc. was formed as a Delaware corporation on September 23, 2014. 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. Accumulated other comprehensive income (loss) - The changes in each component of accumulated other comprehensive income (loss) consisted of the following: Accumulated Foreign currency other Change in translation comprehensive retirement plans adjustments income (loss) Balance — January 1, 2022 $ (7,243) $ (8,783) $ (16,026) Postretirement liability adjustment 6,481 — 6,481 Foreign currency translation adjustment — (11,831) (11,831) Balance — December 31, 2022 $ (762) $ (20,614) $ (21,376) Postretirement liability adjustment 642 — 642 Foreign currency translation adjustment — 4,925 4,925 Balance — December 30, 2023 $ (120) $ (15,689) $ (15,809) |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 30, 2023 | |
Schedule Of Cash Flow Supplemental [Line Items] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Supplemental cash flow information for the years ended December 30, 2023, December 31, 2022 and January 1, 2022 was as follows: 2023 2022 2021 Cash payments: Interest $ 99,035 $ 76,279 $ 81,592 Payments for income taxes, net 11,135 23,352 7,580 Operating cash payments on operating leases 10,361 9,483 10,955 Operating cash payments on finance leases 583 1,081 2,162 Finance cash payments on finance leases 7,204 16,245 17,278 Non cash investing and financing activities: Accrued liabilities for purchases of property, plant and equipment $ 15,030 $ 8,558 $ 13,730 Stock Dividend — 59,258 — Right of use assets obtained in exchange for operating lease obligations 6,976 17,300 11,528 Right of use assets obtained in exchange for finance leases obligations 10,971 (635) 1,125 Exchange of LP Units to shares of Class A common stock 17,335 62 48,425 |
Summit Materials, LLC | |
Schedule Of Cash Flow Supplemental [Line Items] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Supplemental cash flow information for the years ended December 30, 2023, December 31, 2022 and January 1, 2022 was as follows: 2023 2022 2021 Cash payments: Interest $ 99,035 $ 76,279 $ 81,592 Payments for income taxes, net 11,135 23,352 7,580 Operating cash payments on operating leases 10,361 9,483 10,955 Operating cash payments on finance leases 583 1,081 2,162 Finance cash payments on finance leases 7,204 16,245 17,278 Non cash investing and financing activities: Accrued liabilities for purchases of property, plant and equipment $ 15,030 $ 8,558 $ 13,730 Right of use assets obtained in exchange for operating lease obligations 6,976 17,300 11,528 Right of use assets obtained in exchange for finance leases obligations 10,971 (635) 1,125 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-Based Compensation | Stock-Based Compensation Prior to the IPO and related Reorganization, the capital structure of Summit Holdings consisted of six different classes of limited partnership units, each of which was subject to unique distribution rights. In connection with the IPO and the related Reorganization, the limited partnership agreement of Summit Holdings was amended and restated to, among other things, modify its capital structure by creating LP Units. Holders of the LP Units periodically exchange their LP Units for shares of Class A common Stock of Summit Inc. Omnibus Incentive Plan Our 2015 Omnibus Incentive Plan (the "Plan") allows for grants of equity-based awards in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and other stock-based awards. The Plan authorizes the issuance of up to 17,500,000 shares of Class A common stock in the form of restricted stock units and stock options, of which 6.4 million shares of Class A common stock were available for future grants as of December 30, 2023. Employee Stock Purchase Plan At the May 2021 Annual Meeting, stockholders approved the Summit Materials, Inc. 2021 Employee Stock Purchase Plan (the “ESPP”), which authorized 5,500,000 shares of Class A common stock for issuance under the ESPP. All eligible employees may voluntarily enroll to purchase the Company’s Class A common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. Compensation expense is measured as the discount the employee is entitled to upon purchase and is recognized over the offering period. As of December 30, 2023, 5.5 million shares of Class A common stock were reserved for future issuance through the ESPP, with 5.3 million shares available for issuance. Restricted Stock Restricted Stock with Service-Based Vesting —Under the Plan, the Compensation Committee of the Board of Directors (the “Compensation Committee”) has granted restricted stock to members of the Board of Directors, executive officers and other key employees. These awards contain service conditions associated with continued employment or service. The terms of the restricted stock provide voting and regular dividend rights to holders of the awards. Upon vesting, the restrictions on the restricted stock lapse and the shares are considered issued and outstanding for accounting purposes. In each of 2023, 2022 and 2021, the Compensation Committee granted restricted stock to executives and key employees under the Plan as part of our annual equity award program, which vest over a one three Further, in each of 2023, 2022 and 2021, the Compensation Committee granted 32,304, 30,520 and 34,672 shares, respectively, to non-employee members of the Board of Directors for their annual service as directors. These restricted stock grants vest over a one year period. In measuring compensation expense associated with the grant of restricted stock, we use the fair value of the award, determined as the closing stock price for our Class A common stock on the date of grant. Compensation expense is recorded monthly over the vesting period of the award. Restricted stock with Service, Market-Condition-Based and Performance Based Vesting —In 2023, 2022 and 2021, the Compensation Committee granted restricted stock to certain members of our executive team as part of their annual compensation package. The restricted stock vests at the end of a three Compensation expense is recorded monthly over the vesting period of the awards. The following table summarizes information for the equity awards granted in 2023: Options Restricted Stock Units Performance Stock Units Warrants Weighted Weighted Weighted Weighted average grant- Number of average grant- Number of average grant- average grant- Number of date fair value restricted date fair value performance date fair value Number of date fair value options per unit stock units per unit stock units per unit warrants per unit Beginning balance—December 31, 2022 280,582 $ 9.27 1,100,330 $ 26.12 412,612 $ 29.66 31,519 $ 18.00 Granted — — 607,354 31.28 170,486 33.86 — — Forfeited/ Canceled — — (39,618) 28.99 (27,476) 27.79 — — Exercised (11,937) 11.30 — — — — — — Vested — — (597,113) 24.71 (122,075) 20.95 — — Balance—December 30, 2023 268,645 $ 9.35 1,070,953 $ 29.72 433,547 $ 33.88 31,519 $ 18.00 The fair value of the time-vesting options granted was estimated as of the grant date using the Black-Scholes-Merton model, which requires the input of subjective assumptions, including the expected volatility and the expected term. No options to purchase common stock were granted in 2023, 2022 and 2021. The fair value of the performance stock units granted was estimated as of the grant date using Monte Carlo simulations, which requires the input of subjective assumptions, including the expected volatility and the expected term. Performance Stock Units 2023 2022 2021 Risk-free interest rate 4.41% 1.44% 0.29% Dividend yield N/A N/A N/A Volatility 50% 67% 70% Expected term 3 years 3 years 3 years The risk-free rate is based on the yield at the date of grant of a U.S. Treasury security with a maturity period approximating the expected term. As Summit Holdings has not historically and does not plan to issue regular dividends, a dividend yield of zero was used. The volatility assumption is based on reported data of a peer group of publicly traded companies for which historical information was available adjusted for the Company’s capital structure. The expected term is based on expectations about future exercises and represents the period of time that the units granted are expected to be outstanding. Compensation expense for time-vesting interests granted is based on the grant date fair value. The Company recognizes compensation costs on a straight-line basis over the service period, which is generally the vesting period of the award. Forfeitures are recognized as they occur. Share-based compensation expense, which is recognized in general and administrative expenses, totaled $20.3 million, $18.3 million and $19.7 million in the years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively. As of December 30, 2023, unrecognized compensation cost totaled $23.0 million. The weighted average remaining contractual term over which the unrecognized compensation cost is to be recognized is 1.8 years as of year-end 2023. |
Summit Materials, LLC | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-Based Compensation | Stock-Based Compensation Prior to the IPO and related Reorganization, the capital structure of Summit Holdings consisted of six different classes of limited partnership units, each of which was subject to unique distribution rights. In connection with the IPO and the related Reorganization, the limited partnership agreement of Summit Holdings was amended and restated to, among other things, modify its capital structure by creating LP Units. Holders of the LP Units periodically exchange their LP Units for shares of Class A common Stock of Summit Inc. Omnibus Incentive Plan Our 2015 Omnibus Incentive Plan (the "Plan") allows for grants of equity-based awards in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and other stock-based awards. The Plan authorizes the issuance of up to 17,500,000 shares of Class A common stock in the form of restricted stock units and stock options, of which 6.4 million shares of Class A common stock were available for future grants as of December 30, 2023. Employee Stock Purchase Plan At the May 2021 Annual Meeting, Summit Inc.'s stockholders approved the Summit Materials, Inc. 2021 Employee Stock Purchase Plan (the “ESPP”), which authorized 5,500,000 shares of Class A common stock for issuance under the ESPP. All eligible employees may voluntarily enroll to purchase the Class A common stock of Summit Inc. through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. Compensation expense is measured as the discount the employee is entitled to upon purchase and is recognized over the offering period. As of December 30, 2023, 5.5 million shares of Class A common stock were reserved for future issuance through the ESPP, with 5.3 million shares available for issuance. Restricted Stock Restricted Stock with Service-Based Vesting —Under the Plan, the Compensation Committee of the Board of Directors (the “Compensation Committee”) has granted restricted stock to members of the Board of Directors, executive officers and other key employees. These awards contain service conditions associated with continued employment or service. The terms of the restricted stock provide voting and regular dividend rights to holders of the awards. Upon vesting, the restrictions on the restricted stock lapse and the shares are considered issued and outstanding for accounting purposes. In each of 2023, 2022 and 2021, the Compensation Committee granted restricted stock to executives and key employees under the Plan as part of our annual equity award program, which vest over a one Further, in each of 2023, 2022 and 2021, the Compensation Committee granted 32,304, 30,520 and 34,672 shares, respectively, to non-employee members of the Board of Directors for their annual service as directors. These restricted stock grants vest over a one year period. In measuring compensation expense associated with the grant of restricted stock, we use the fair value of the award, determined as the closing stock price for our Class A common stock on the date of grant. Compensation expense is recorded monthly over the vesting period of the award. Restricted stock with Service, Market-Condition-Based and Performance Based Vesting —In 2023, 2022 and 2021, the Compensation Committee granted restricted stock to certain members of our executive team as part of their annual compensation package. The restricted stock vests at the end of a three year performance period, based on our total stock return (“TSR”) ranking relative to companies in the S&P Building & Construction Select Industry Index, as well as increases in our return on invested capital, subject to continued employment. Compensation expense is recorded monthly over the vesting period of the awards. The following table summarizes information for the equity awards granted in 2023: Options Restricted Stock Units Performance Stock Units Warrants Weighted Weighted Weighted Weighted average grant- Number of average grant- Number of average grant- average grant- Number of date fair value restricted date fair value performance date fair value Number of date fair value options per unit stock units per unit stock units per unit warrants per unit Beginning balance—December 31, 2022 280,582 $ 9.27 1,100,330 $ 26.12 412,612 $ 29.66 31,519 $ 18.00 Granted — — 607,354 31.28 170,486 33.86 — — Forfeited/ Canceled — — (39,618) 28.99 (27,476) 27.79 — — Exercised (11,937) 11.30 — — — — — — Vested — — (597,113) 24.71 (122,075) 20.95 — — Balance—December 30, 2023 268,645 $ 9.35 1,070,953 $ 29.72 433,547 $ 33.88 31,519 $ 18.00 The fair value of the time-vesting options granted was estimated as of the grant date using the Black-Scholes-Merton model, which requires the input of subjective assumptions, including the expected volatility and the expected term. No options to purchase common stock were granted in 2023, 2022 and 2021. The fair value of the performance stock units granted was estimated as of the grant date using Monte Carlo simulations, which requires the input of subjective assumptions, including the expected volatility and the expected term. Performance Stock Units 2023 2022 2021 Risk-free interest rate 4.41% 1.44% 0.29% Dividend yield N/A N/A N/A Volatility 50% 67% 70% Expected term 3 years 3 years 3 years The risk-free rate is based on the yield at the date of grant of a U.S. Treasury security with a maturity period approximating the expected term. As Summit Holdings has not historically and does not plan to issue regular dividends, a dividend yield of zero was used. The volatility assumption is based on reported data of a peer group of publicly traded companies for which historical information was available adjusted for the Company’s capital structure. The expected term is based on expectations about future exercises and represents the period of time that the units granted are expected to be outstanding. Compensation expense for time-vesting interests granted is based on the grant date fair value. The Company recognizes compensation costs on a straight-line basis over the service period, which is generally the vesting period of the award. Forfeitures are recognized as they occur. Share-based compensation expense, which is recognized in general and administrative expenses, totaled $20.3 million, $18.3 million and $19.7 million in the years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively. As of December 30, 2023, unrecognized compensation cost totaled $23.0 million. The weighted average remaining contractual term over which the unrecognized compensation cost is to be recognized is 1.8 years as of year-end 2023. As of December 30, 2023, the intrinsic value of outstanding options, restricted stock units and performance stock units was $5.0 million, $41.2 million and $16.7 million, respectively, and the remaining contractual term was 1.8 years, 0.9 years and 1.3 years, respectively. The weighted average strike price of 0.3 million exercisable stock options outstanding as of December 30, 2023 was $19.70 per share. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 30, 2023 | |
Discount rate | |
Employee Benefit Plans | Employee Benefit Plans Defined Contribution Plan —The Company sponsors employee 401(k) savings plans for its employees, including certain union employees. The plans provide for various required and discretionary Company matches of employees’ eligible compensation contributed to the plans. The expense for the defined contribution plans was $15.3 million, $12.1 million and $10.9 million for the years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively. Defined Benefit and Other Postretirement Benefits Plans —The Company’s subsidiary, Continental Cement, sponsors two noncontributory defined benefit pension plans for hourly and salaried employees. The plans are closed to new participants and benefits are frozen. Pension benefits for eligible hourly employees are based on a monthly pension factor for each year of credited service. Pension benefits for eligible salaried employees are generally based on years of service and average eligible compensation. Continental Cement also sponsors two unfunded healthcare and life insurance benefits plans for certain eligible retired employees. The funded status of the pension and other postretirement benefit plans is recognized in the consolidated balance sheets as the difference between the fair value of plan assets and the benefit obligations. For defined benefit pension plans, the benefit obligation is the projected benefit obligation (“PBO”) and for the healthcare and life insurance benefits plans, the benefit obligation is the accumulated postretirement benefit obligation (“APBO”). The PBO represents the actuarial present value of benefits expected to be paid upon retirement based on estimated future compensation levels. However, since the plans’ participants are not subject to future compensation increases, the plans’ PBO equals the accumulated benefit obligation (“ABO”). The APBO represents the actuarial present value of postretirement benefits attributed to employee services already rendered. The fair value of plan assets represents the current market value of assets held by an irrevocable trust fund for the sole benefit of participants. The measurement of the benefit obligations is based on the Company’s estimates and actuarial valuations. These valuations reflect the terms of the plan and use participant-specific information, such as compensation, age and years of service, as well as certain assumptions that require significant judgment, including estimates of discount rates, expected return on plan assets and mortality rates. The Company uses December 31 as the measurement date for its defined benefit pension and other postretirement benefit plans. Obligations and Funded Status —The following information is as of December 30, 2023 and December 31, 2022 and for the years ended December 30, 2023, December 31, 2022 and January 1, 2022: 2023 2022 Pension Healthcare Pension Healthcare benefits & Life Ins. benefits & Life Ins. Change in benefit obligations: Beginning of period $ 19,037 $ 5,571 $ 25,266 $ 9,790 Service cost 53 28 68 35 Interest cost 938 262 640 239 Actuarial (gain) loss 158 (419) (5,360) (1,454) Change in plan provision — — — (2,014) Benefits paid (1,540) (416) (1,577) (1,025) End of period $ 18,646 $ 5,026 $ 19,037 $ 5,571 Change in fair value of plan assets: Beginning of period $ 17,043 $ — $ 20,004 $ — Actual return on plan assets 1,473 — (1,606) — Employer contributions — 416 222 1,025 Benefits paid (1,540) (416) (1,577) (1,025) End of period $ 16,976 $ — $ 17,043 $ — Funded status of plans $ (1,670) $ (5,026) $ (1,994) $ (5,571) Current liabilities $ — $ (449) $ — $ (484) Noncurrent liabilities (1,670) (4,577) (1,994) (5,087) Liability recognized $ (1,670) $ (5,026) $ (1,994) $ (5,571) Amounts recognized in accumulated other comprehensive income: Net actuarial loss $ 4,642 $ 1,389 $ 5,170 $ 1,919 Prior service cost — (2,752) — (3,167) Total amount recognized $ 4,642 $ (1,363) $ 5,170 $ (1,248) The amount recognized in accumulated other comprehensive income (“AOCI”) is the actuarial loss (gain) and prior service cost, which has not yet been recognized in periodic benefit cost. 2023 2022 2021 Pension Healthcare Pension Healthcare Pension Healthcare benefits & Life Ins. benefits & Life Ins. benefits & Life Ins. Amounts recognized in other comprehensive (income) loss: Net actuarial (gain) loss $ (426) $ (419) $ (2,785) $ (1,454) $ (2,000) $ 1,143 Prior service credit — — — (2,013) — — Amortization of prior year service credit — 415 — 296 — 241 Amortization of loss (101) (111) (307) (218) (428) (259) Total amount recognized $ (527) $ (115) $ (3,092) $ (3,389) $ (2,428) $ 1,125 The pension and postretirement healthcare and life programs experienced losses during the year ended December 30, 2023 due to the change in discount rate. This change was offset by higher than expected investment returns and demographic gains. 2023 2022 2021 Pension Healthcare Pension Healthcare Pension Healthcare benefits & Life Ins. benefits & Life Ins. benefits & Life Ins. Components of net periodic benefit cost: Service cost $ 53 $ 28 $ 68 $ 35 $ 58 $ 194 Interest cost 938 262 640 239 550 189 Amortization of loss 101 111 307 218 428 259 Expected return on plan assets (888) — (970) — (898) — Amortization of prior service credit — (415) — (296) — (241) Net periodic benefit (expense) cost $ 204 $ (14) $ 45 $ 196 $ 138 $ 401 Assumptions— Weighted-average assumptions used to determine the benefit obligations as of year-end 2023 and 2022 are: 2023 2022 Healthcare Healthcare Pension benefits & Life Ins. Pension benefits & Life Ins. Discount rate 4.95% 4.88% 5.16% 5.09% Expected long-term rate of return on plan assets 5.00% N/A 5.00% N/A Weighted-average assumptions used to determine net periodic benefit cost for years ended December 30, 2023, December 31, 2022 and January 1, 2022: 2023 2022 2021 Healthcare Healthcare Healthcare Pension benefits & Life Ins. Pension benefits & Life Ins. Pension benefits & Life Ins. Discount rate 5.16% 5.09% 2.63% 2.31% 2.04% 1.82% Expected long-term rate of return on plan assets 5.00% N/A 5.00% N/A 5.00% N/A The expected long-term return on plan assets is based upon the Plans’ consideration of historical and forward-looking returns and the Company’s estimation of what a portfolio, with the target allocation described below, will earn over a long-term horizon. The discount rate is derived using the FTSE Above Median Pension Discount Curve. The assumed health care cost trend rate for year end 2023 was 6.75% grading to 4.46% in 2042. As of year end 2022, the assumed trend rate was 7.00% grading to 4.46% in 2032. Assumed health care cost trend rates have a significant effect on the amounts reported for the Company’s healthcare and life insurance benefits plans. Plan Assets —The defined benefit pension plans’ (the “Plans”) investment strategy is to minimize investment risk while generating acceptable returns. The Plans currently invest a relatively high proportion of the plan assets in fixed income securities, while the remainder is invested in equity securities, cash reserves and precious metals. The equity securities are diversified into funds with growth and value investment strategies. The target allocation for plan assets is as follows: equity securities—35%; fixed income securities—55%; cash reserves—5%; alternatives—4%; and precious metals—1%. The Plans’ current investment allocations are within the tolerance of the target allocation. The Company had no Level 3 investments as of or for the years ended December 30, 2023 and December 31, 2022. At year-end 2023 and 2022, the Plans’ assets were invested predominantly in fixed-income securities and publicly traded equities, but may be invested in other asset classes in the future subject to the parameters of the investment policy. The Plans’ investments in fixed-income assets include U.S. Treasury and U.S. agency securities and corporate bonds. The Plans’ investments in equity assets include U.S. and international securities and equity funds. The Company estimates the fair value of the Plans’ assets using various valuation techniques and, to the extent available, quoted market prices in active markets or observable market inputs. The descriptions and fair value methodologies for the Plans’ assets are as follows: Fixed Income Securities —Corporate and government bonds are classified as Level 2 assets, as they are either valued at quoted market prices from observable pricing sources at the reporting date or valued based upon comparable securities with similar yields and credit ratings. Equity Securities —Equity securities are valued at the closing market price reported on a U.S. exchange where the security is actively traded and are therefore classified as Level 1 assets. Cash —The carrying amounts of cash approximate fair value due to the short-term maturity. Precious Metals— Precious metals are valued at the closing market price reported on a U.S. exchange where the security is actively traded and are therefore classified as Level 1 assets. The fair value of the Plans’ assets by asset class and fair value hierarchy level as of December 30, 2023 and December 31, 2022 are as follows: 2023 Quoted prices in active Total fair markets for identical Observable value assets (Level 1) inputs (Level 2) Fixed income securities: Intermediate—government $ 4,060 $ 4,060 $ — Intermediate—corporate 1,386 — 1,386 Short-term—government 1,424 1,424 — Short-term—corporate 460 — 460 International 1,113 — 1,113 Equity securities: U.S. Large cap value 1,611 1,611 — U.S. Large cap growth 1,082 1,082 — U.S. Mid cap value 648 648 — U.S. Mid cap growth 466 466 — U.S. Small cap value 662 662 — U.S. Small cap growth 467 467 — International 1,082 359 723 Emerging Markets 344 344 — Commodities Broad Basket 844 183 661 Cash 1,327 1,327 — Total $ 16,976 $ 12,633 $ 4,343 2022 Quoted prices in active Total fair markets for identical Observable value assets (Level 1) inputs (Level 2) Fixed income securities: Intermediate—government $ 4,849 $ 4,849 $ — Intermediate—corporate 2,754 — 2,754 Short-term—government 531 531 — Short-term—corporate 538 — 538 International 836 — 836 Equity securities: U.S. Large cap value 1,635 1,635 — U.S. Large cap growth 997 997 — U.S. Mid cap value 630 630 — U.S. Mid cap growth 439 439 — U.S. Small cap value 607 607 — U.S. Small cap growth 422 422 — International 745 — 745 Emerging Markets 740 740 — Commodities Broad Basket 185 185 — Cash 1,135 1,135 — Total $ 17,043 $ 12,170 $ 4,873 Cash Flows —The Company does not expect to contribute to its pension plans during 2024 and expects to contribute $0.4 million to its postretirement healthcare and life insurance benefits plans. The estimated benefit payments for each of the next five years and the five-year period thereafter are as follows: Pension Healthcare and Life benefits Insurance Benefits 2024 $ 1,665 $ 449 2025 1,626 467 2026 1,593 483 2027 1,568 506 2028 1,529 517 2029 - 2033 6,973 2,226 Multiemployer Pension Plans — In 2018, through an acquisition, the Company assumed an obligation to contribute to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. The risks of participating in multiemployer pension plans are different from single-employer plans. Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. If a participating employer ceases contributing to the plan, the unfunded obligations of the plan are the responsibility of the remaining participating employers. The Company's participation in these plans for the annual period ended December 31, 2023, is outlined in the table below. The ''EIN/Pension Plan Number" column provides the Employer Identification Number (EIN) and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2023 and 2022 is for the plan 's year end at December 31, 2023, and December 31, 2022, respectively. The zone status is based on information the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The "Surcharge Imposed" column indicates whether a surcharge has been imposed on contributions to the plan. The last column lists the expiration date(s) of the collective- bargaining agreement(s) to which the plans are subject. There have been no significant changes that affect the comparability of 2023 and 2022 contributions. Expiration Date of Pension Protection Act FIP/RP Status Contributions of Company Collective- Pension EIN/ Pension Zone Status Pending/ ($ in thousands) Surcharge Bargaining Trust Fund Plan Number 2023 2022 Implemented 2023 2022 Imposed Agreement Construction Industry Laborers Pension Fund 43-6060737/001 Green - as of December 31, 2022 Green - as of December 31, 2021 None $ 109 $ 108 No 3/31/2026 Operating Engineers Local 101 Pension Plan 43-6059213/001 Green - as of December 31, 2022 Green - as of December 31, 2021 None 21 21 No 3/31/2026 Total Contributions $ 130 $ 129 The Company was not listed as providing more than 5% of the total contributions for the Operating Engineers Local 101 Pension Plan or the Construction Industry Laborers Pension Fund for the plan years 2023 and 2022 per the plans' Forms 5500. As of the date of the filing of this annual report on Form 10-K, Forms 5500 were not available for the plan year ending December 31, 2023. |
Summit Materials, LLC | |
Discount rate | |
Employee Benefit Plans | Employee Benefit Plans Defined Contribution Plan —The Company sponsors employee 401(k) savings plans for its employees, including certain union employees. The plans provide for various required and discretionary Company matches of employees’ eligible compensation contributed to the plans. The expense for the defined contribution plans was $15.3 million, $12.1 million and $10.9 million for the years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively. Defined Benefit and Other Postretirement Benefits Plans —The Company’s subsidiary, Continental Cement, sponsors two noncontributory defined benefit pension plans for hourly and salaried employees. The plans are closed to new participants and benefits are frozen. Pension benefits for eligible hourly employees are based on a monthly pension factor for each year of credited service. Pension benefits for eligible salaried employees are generally based on years of service and average eligible compensation. Continental Cement also sponsors two unfunded healthcare and life insurance benefits plans for certain eligible retired employees. The funded status of the pension and other postretirement benefit plans is recognized in the consolidated balance sheets as the difference between the fair value of plan assets and the benefit obligations. For defined benefit pension plans, the benefit obligation is the projected benefit obligation (“PBO”) and for the healthcare and life insurance benefits plans, the benefit obligation is the accumulated postretirement benefit obligation (“APBO”). The PBO represents the actuarial present value of benefits expected to be paid upon retirement based on estimated future compensation levels. However, since the plans’ participants are not subject to future compensation increases, the plans’ PBO equals the accumulated benefit obligation (“ABO”). The APBO represents the actuarial present value of postretirement benefits attributed to employee services already rendered. The fair value of plan assets represents the current market value of assets held by an irrevocable trust fund for the sole benefit of participants. The measurement of the benefit obligations is based on the Company’s estimates and actuarial valuations. These valuations reflect the terms of the plan and use participant-specific information, such as compensation, age and years of service, as well as certain assumptions that require significant judgment, including estimates of discount rates, expected return on plan assets and mortality rates. The Company uses December 31 as the measurement date for its defined benefit pension and other postretirement benefit plans. Obligations and Funded Status —The following information is as of December 30, 2023 and December 31, 2022 and for the years ended December 30, 2023, December 31, 2022 and January 1, 2022: 2023 2022 Pension Healthcare Pension Healthcare benefits & Life Ins. benefits & Life Ins. Change in benefit obligations: Beginning of period $ 19,037 $ 5,571 $ 25,266 $ 9,790 Service cost 53 28 68 35 Interest cost 938 262 640 239 Actuarial (gain) loss 158 (419) (5,360) (1,454) Change in plan provision — — — (2,014) Benefits paid (1,540) (416) (1,577) (1,025) End of period $ 18,646 $ 5,026 $ 19,037 $ 5,571 Change in fair value of plan assets: Beginning of period $ 17,043 $ — $ 20,004 $ — Actual return on plan assets 1,473 — (1,606) — Employer contributions — 416 222 1,025 Benefits paid (1,540) (416) (1,577) (1,025) End of period $ 16,976 $ — $ 17,043 $ — Funded status of plans $ (1,670) $ (5,026) $ (1,994) $ (5,571) Current liabilities $ — $ (449) $ — $ (484) Noncurrent liabilities (1,670) (4,577) (1,994) (5,087) Liability recognized $ (1,670) $ (5,026) $ (1,994) $ (5,571) Amounts recognized in accumulated other comprehensive income: Net actuarial loss $ 4,642 $ 1,389 $ 5,170 $ 1,919 Prior service cost — (2,752) — (3,167) Total amount recognized $ 4,642 $ (1,363) $ 5,170 $ (1,248) The amount recognized in accumulated other comprehensive income ("AOCI") is the actuarial loss (gain) and prior service cost, which has not yet been recognized in periodic benefit cost. 2023 2022 2021 Pension Healthcare Pension Healthcare Pension Healthcare benefits & Life Ins. benefits & Life Ins. benefits & Life Ins. Amounts recognized in other comprehensive (income) loss: Net actuarial (gain) loss $ (426) $ (419) $ (2,785) $ (1,454) $ (2,000) $ 1,143 Prior service credit — — — (2,013) — — Amortization of prior year service credit — 415 — 296 — 241 Amortization of loss (101) (111) (307) (218) (428) (259) Total amount recognized $ (527) $ (115) $ (3,092) $ (3,389) $ (2,428) $ 1,125 Components of net periodic benefit cost: Service cost $ 53 $ 28 $ 68 $ 35 $ 58 $ 194 Interest cost 938 262 640 239 550 189 Amortization of loss 101 111 307 218 428 259 Expected return on plan assets (888) — (970) — (898) — Amortization of prior service credit — (415) — (296) — (241) Net periodic benefit (expense) cost $ 204 $ (14) $ 45 $ 196 $ 138 $ 401 The pension and postretirement healthcare and life programs experienced losses during the year ended December 30, 2023 due to the change in discount rate. This change was offset by higher than expected investment returns and demographic gains . Assumptions— Weighted-average assumptions used to determine the benefit obligations as of year-end 2023 and 2022 are: 2023 2022 Healthcare Healthcare Pension benefits & Life Ins. Pension benefits & Life Ins. Discount rate 4.95% 4.88% 5.16% 5.09% Expected long-term rate of return on plan assets 5.00% N/A 5.00% N/A Weighted-average assumptions used to determine net periodic benefit cost for years ended December 30, 2023, December 31, 2022 and January 1, 2022: 2023 2022 2021 Healthcare Healthcare Healthcare Pension benefits & Life Ins. Pension benefits & Life Ins. Pension benefits & Life Ins. Discount rate 5.16% 5.09% 2.63% 2.31% 2.04% 1.82% Expected long-term rate of return on plan assets 5.00% N/A 5.00% N/A 5.00% N/A The expected long-term return on plan assets is based upon the Plans’ consideration of historical and forward-looking returns and the Company’s estimation of what a portfolio, with the target allocation described below, will earn over a long-term horizon. The discount rate is derived using the FTSE Above Median Pension Discount Curve. The assumed health care cost trend rate for year end 2023 was 6.75% grading to 4.46% in 2042. As of year-end 2022, the assumed trend rate was 7.00% grading to 4.46% in 2032. Assumed health care cost trend rates have a significant effect on the amounts reported for the Company’s healthcare and life insurance benefits plans. Plan Assets —The defined benefit pension plans’ (the “Plans”) investment strategy is to minimize investment risk while generating acceptable returns. The Plans currently invest a relatively high proportion of the plan assets in fixed income securities, while the remainder is invested in equity securities, cash reserves and precious metals. The equity securities are diversified into funds with growth and value investment strategies. The target allocation for plan assets is as follows: equity securities—35%; fixed income securities—55%; cash reserves—5%; alternatives—4%; and precious metals—1%. The Plans’ current investment allocations are within the tolerance of the target allocation. The Company had no Level 3 investments as of or for the years ended December 30, 2023 and December 31, 2022. At year-end 2023 and 2022, the Plans’ assets were invested predominantly in fixed-income securities and publicly traded equities, but may be invested in other asset classes in the future subject to the parameters of the investment policy. The Plans’ investments in fixed-income assets include U.S. Treasury and U.S. agency securities and corporate bonds. The Plans’ investments in equity assets include U.S. and international securities and equity funds. The Company estimates the fair value of the Plans’ assets using various valuation techniques and, to the extent available, quoted market prices in active markets or observable market inputs. The descriptions and fair value methodologies for the Plans’ assets are as follows: Fixed Income Securities —Corporate and government bonds are classified as Level 2 assets, as they are either valued at quoted market prices from observable pricing sources at the reporting date or valued based upon comparable securities with similar yields and credit ratings. Equity Securities —Equity securities are valued at the closing market price reported on a U.S. exchange where the security is actively traded and are therefore classified as Level 1 assets. Cash —The carrying amounts of cash approximate fair value due to the short-term maturity. Precious Metals— Precious metals are valued at the closing market price reported on a U.S. exchange where the security is actively traded and are therefore classified as Level 1 assets. The fair value of the Plans’ assets by asset class and fair value hierarchy level as of December 30, 2023 and December 31, 2022 are as follows: 2023 Quoted prices in active Total fair markets for identical Observable value assets (Level 1) inputs (Level 2) Fixed income securities: Intermediate—government $ 4,060 $ 4,060 $ — Intermediate—corporate 1,386 — 1,386 Short-term—government 1,424 1,424 — Short-term—corporate 460 — 460 International 1,113 — 1,113 Equity securities: U.S. Large cap value 1,611 1,611 — U.S. Large cap growth 1,082 1,082 — U.S. Mid cap value 648 648 — U.S. Mid cap growth 466 466 — U.S. Small cap value 662 662 — U.S. Small cap growth 467 467 — International 1,082 359 723 Emerging Markets 344 344 — Commodities Broad Basket 844 183 661 Cash 1,327 1,327 — Total $ 16,976 $ 12,633 $ 4,343 2022 Quoted prices in active Total fair markets for identical Observable value assets (Level 1) inputs (Level 2) Fixed income securities: Intermediate—government $ 4,849 $ 4,849 $ — Intermediate—corporate 2,754 — 2,754 Short-term—government 531 531 — Short-term—corporate 538 — 538 International 836 — 836 Equity securities: U.S. Large cap value 1,635 1,635 — U.S. Large cap growth 997 997 — U.S. Mid cap value 630 630 — U.S. Mid cap growth 439 439 — U.S. Small cap value 607 607 — U.S. Small cap growth 422 422 — International 745 — 745 Emerging Markets 740 740 — Commodities Broad Basket 185 185 — Cash 1,135 1,135 — Total $ 17,043 $ 12,170 $ 4,873 Cash Flows —The Company does not expect to contribute to its pension plans during 2024 and expects to contribute $0.4 million to its postretirement healthcare and life insurance benefits plans. The estimated benefit payments for each of the next five years and the five-year period thereafter are as follows: Pension Healthcare and Life benefits Insurance Benefits 2024 $ 1,665 $ 449 2025 1,626 467 2026 1,593 483 2027 1,568 506 2028 1,529 517 2029 - 2033 6,973 2,226 Multiemployer Pension Plans — In 2018, through an acquisition, the Company assumed an obligation to contribute to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. The risks of participating in multiemployer pension plans are different from single-employer plans. Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. If a participating employer ceases contributing to the plan, the unfunded obligations of the plan are the responsibility of the remaining participating employers. The Company's participation in these plans for the annual period ended December 31, 2023, is outlined in the table below. The ''EIN/Pension Plan Number" column provides the Employer Identification Number (EIN) and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2023 and 2022 is for the plan 's year end at December 31, 2023, and December 31, 2022, respectively. The zone status is based on information the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The "Surcharge Imposed" column indicates whether a surcharge has been imposed on contributions to the plan. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. There have been no significant changes that affect the comparability of 2023 and 2022 contributions. Expiration Date of Pension Protection Act FIP/RP Status Contributions of Company Collective- Pension EIN/ Pension Zone Status Pending/ ($ in thousands) Surcharge Bargaining Trust Fund Plan Number 2023 2022 Implemented 2023 2022 Imposed Agreement Construction Industry Laborers Pension Fund 43-6060737/001 Green - as of December 31, 2022 Green - as of December 31, 2021 None $ 109 $ 108 No 3/31/2026 Operating Engineers Local 101 Pension Plan 43-6059213/001 Green - as of December 31, 2022 Green - as of December 31, 2021 None 21 21 No 3/31/2026 Total Contributions $ 130 $ 129 The Company was not listed as providing more than 5% of the total contributions for the Operating Engineers Local 101 Pension Plan or the Construction Industry Laborers Pension Fund for the plan years 2023 and 2022 per the plans' Forms 5500. As of the date of the filing of this annual report on Form 10-K, Forms 5500 were not available for the plan year ending December 31, 2023. |
Accrued Mining and Landfill Rec
Accrued Mining and Landfill Reclamation | 12 Months Ended |
Dec. 30, 2023 | |
Asset Retirement Obligations [Line Items] | |
Accrued Mining and Landfill Reclamation | Accrued Mining and Landfill Reclamation The Company has asset retirement obligations arising from regulatory or contractual requirements to perform certain reclamation activities at the time that certain quarries and landfills are closed, which are primarily included in other noncurrent liabilities on the consolidated balance sheets. The current portion of the liabilities, $5.1 million and $4.0 million as of December 30, 2023 and December 31, 2022, respectively, is included in accrued expenses on the consolidated balance sheets. The total undiscounted anticipated costs for site reclamation as of December 30, 2023 and December 31, 2022 were $141.8 million and $124.9 million, respectively. The liabilities were initially measured at fair value and are subsequently adjusted for accretion expense, payments and changes in the amount or timing of the estimated cash flows. The corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s remaining useful life. The following table presents the activity for the asset retirement obligations for the years ended December 30, 2023 and December 31, 2022: 2023 2022 Beginning balance $ 40,259 $ 45,051 Acquired obligations 802 739 Change in cost estimate 8,316 (1,238) Settlement of reclamation obligations (2,295) (2,756) Dispositions (309) (4,150) Accretion expense 3,132 2,613 Ending balance $ 49,905 $ 40,259 |
Summit Materials, LLC | |
Asset Retirement Obligations [Line Items] | |
Accrued Mining and Landfill Reclamation | Accrued Mining and Landfill Reclamation The Company has asset retirement obligations arising from regulatory or contractual requirements to perform certain reclamation activities at the time that certain quarries and landfills are closed, which are primarily included in other noncurrent liabilities on the consolidated balance sheets. The current portion of the liabilities, $5.1 million and $4.0 million as of December 30, 2023 and December 31, 2022, respectively, is included in accrued expenses on the consolidated balance sheets. The total undiscounted anticipated costs for site reclamation as of December 30, 2023 and December 31, 2022 were $141.8 million and $124.9 million, respectively. The liabilities were initially measured at fair value and are subsequently adjusted for accretion expense, payments and changes in the amount or timing of the estimated cash flows. The corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s remaining useful life. The following table presents the activity for the asset retirement obligations for the years ended December 30, 2023 and December 31, 2022: 2023 2022 Beginning balance $ 40,259 $ 45,051 Acquired obligations 802 739 Change in cost estimate 8,316 (1,238) Settlement of reclamation obligations (2,295) (2,756) Dispositions (309) (4,150) Accretion expense 3,132 2,613 Ending balance $ 49,905 $ 40,259 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 30, 2023 | |
Loss Contingencies [Line Items] | |
Commitments and Contingencies | 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 current pending or threatened claims and litigation will not have a material effect on the Company’s consolidated financial position, results of operations or liquidity. The Company records legal fees as incurred. In March 2018, we were notified of an investigation by the Canadian Competition Bureau (the “CCB”) into pricing practices by certain asphalt paving contractors in British Columbia, including Winvan Paving, Ltd. (“Winvan”). The investigation is focused on time periods prior to our April 2017 acquisition of Winvan and we are cooperating with the CCB. Although we currently do not believe this matter will have a material adverse effect on our business, financial condition or results of operations, we are currently not able to predict the ultimate outcome or cost of the investigation. Environmental Remediation and Site Restoration— The Company’s operations are subject to and affected by federal, state, provincial and local laws and regulations relating to the environment, health and safety and other regulatory matters. These operations require environmental operating permits, which are subject to modification, renewal and revocation. The Company regularly monitors and reviews its operations, procedures and policies for compliance with these laws and regulations. Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Company’s business, as it is with other companies engaged in similar businesses and there can be no assurance that environmental liabilities or noncompliance will not have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity. Other— The Company is obligated under various firm purchase commitments for certain raw materials and services that are in the ordinary course of business. Management does not expect any significant changes in the market value of these goods and services during the commitment period that would have a material adverse effect on the financial condition, results of operations and cash flows of the Company. The terms of the purchase commitments generally approximate one year. |
Summit Materials, LLC | |
Loss Contingencies [Line Items] | |
Commitments and Contingencies | 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 current pending or threatened claims and litigation will not have a material effect on the Company’s consolidated financial position, results of operations or liquidity. The Company records legal fees as incurred. In March 2018, we were notified of an investigation by the Canadian Competition Bureau (the “CCB”) into pricing practices by certain asphalt paving contractors in British Columbia, including Winvan Paving, Ltd. (“Winvan”). We believe the investigation is focused on time periods prior to our April 2017 acquisition of Winvan and we are cooperating with the CCB. Although we currently do not believe this matter will have a material adverse effect on our business, financial condition or results of operations, we are currently not able to predict the ultimate outcome or cost of the investigation. Environmental Remediation and Site Restoration— The Company’s operations are subject to and affected by federal, state, provincial and local laws and regulations relating to the environment, health and safety and other regulatory matters. These operations require environmental operating permits, which are subject to modification, renewal and revocation. The Company regularly monitors and reviews its operations, procedures and policies for compliance with these laws and regulations. Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Company’s business, as it is with other companies engaged in similar businesses and there can be no assurance that environmental liabilities or noncompliance will not have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity. Other— |
Leases
Leases | 12 Months Ended |
Dec. 30, 2023 | |
Lessee, Lease, Description [Line Items] | |
Leases | Leases We lease construction and office equipment, distribution facilities and office space. Leases with an initial term of 12 months or less, including month to month leases, are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight line basis over the lease term. For lease agreements we have entered into or reassessed, we combine lease and nonlease components. While we also own mineral leases for mining operations, those leases are outside the scope of ASU No. 2016-2, Leases (Topic 842). Assets acquired under finance leases are included in property, plant and equipment. Many of our leases include options to purchase the leased equipment. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows: 2023 2022 2021 Operating lease cost $ 11,347 $ 9,543 $ 10,650 Variable lease cost 183 243 382 Short-term lease cost 43,052 42,320 42,764 Financing lease cost: Amortization of right-of-use assets 2,692 5,659 9,902 Interest on lease liabilities 584 1,081 2,097 Total lease cost $ 57,858 $ 58,846 $ 65,795 2023 2022 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 36,553 $ 37,889 Current operating lease liabilities $ 8,596 $ 7,296 Noncurrent operating lease liabilities 33,230 35,737 Total operating lease liabilities $ 41,826 $ 43,033 Finance leases: Property and equipment, gross $ 30,136 $ 32,119 Less accumulated depreciation (12,088) (14,992) Property and equipment, net $ 18,048 $ 17,127 Current finance lease liabilities $ 4,020 $ 6,959 Long-term finance lease liabilities 14,357 7,167 Total finance lease liabilities $ 18,377 $ 14,126 2023 2022 Weighted average remaining lease term (years): Operating leases 8.4 9.1 Finance lease 6.0 2.8 Weighted average discount rate: Operating leases 5.1 % 4.7 % Finance leases 7.7 % 5.3 % Maturities of lease liabilities, as of December 30, 2023, were as follows: Operating Leases Finance Leases 2024 $ 10,454 $ 5,221 2025 8,287 4,169 2026 6,522 2,769 2027 4,822 2,585 2028 3,457 2,384 Thereafter 17,674 6,288 Total lease payments 51,216 23,416 Less imputed interest (9,390) (5,039) Present value of lease payments $ 41,826 $ 18,377 The Company has lease agreements associated with quarry facilities under which royalty payments are made. The payments are generally based on tons sold in a particular period; however, certain agreements have minimum annual payments. Royalty expense recorded in cost of revenue during the years ended December 30, 2023, December 31, 2022 and January 1, 2022 was $35.8 million, $33.5 million and $34.8 million, respectively. Minimum contractual commitments for the subsequent five years under royalty agreements are as follows: Royalty Agreements 2024 $ 12,517 2025 12,235 2026 11,151 2027 10,749 2028 10,243 |
Leases | Leases We lease construction and office equipment, distribution facilities and office space. Leases with an initial term of 12 months or less, including month to month leases, are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight line basis over the lease term. For lease agreements we have entered into or reassessed, we combine lease and nonlease components. While we also own mineral leases for mining operations, those leases are outside the scope of ASU No. 2016-2, Leases (Topic 842). Assets acquired under finance leases are included in property, plant and equipment. Many of our leases include options to purchase the leased equipment. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows: 2023 2022 2021 Operating lease cost $ 11,347 $ 9,543 $ 10,650 Variable lease cost 183 243 382 Short-term lease cost 43,052 42,320 42,764 Financing lease cost: Amortization of right-of-use assets 2,692 5,659 9,902 Interest on lease liabilities 584 1,081 2,097 Total lease cost $ 57,858 $ 58,846 $ 65,795 2023 2022 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 36,553 $ 37,889 Current operating lease liabilities $ 8,596 $ 7,296 Noncurrent operating lease liabilities 33,230 35,737 Total operating lease liabilities $ 41,826 $ 43,033 Finance leases: Property and equipment, gross $ 30,136 $ 32,119 Less accumulated depreciation (12,088) (14,992) Property and equipment, net $ 18,048 $ 17,127 Current finance lease liabilities $ 4,020 $ 6,959 Long-term finance lease liabilities 14,357 7,167 Total finance lease liabilities $ 18,377 $ 14,126 2023 2022 Weighted average remaining lease term (years): Operating leases 8.4 9.1 Finance lease 6.0 2.8 Weighted average discount rate: Operating leases 5.1 % 4.7 % Finance leases 7.7 % 5.3 % Maturities of lease liabilities, as of December 30, 2023, were as follows: Operating Leases Finance Leases 2024 $ 10,454 $ 5,221 2025 8,287 4,169 2026 6,522 2,769 2027 4,822 2,585 2028 3,457 2,384 Thereafter 17,674 6,288 Total lease payments 51,216 23,416 Less imputed interest (9,390) (5,039) Present value of lease payments $ 41,826 $ 18,377 The Company has lease agreements associated with quarry facilities under which royalty payments are made. The payments are generally based on tons sold in a particular period; however, certain agreements have minimum annual payments. Royalty expense recorded in cost of revenue during the years ended December 30, 2023, December 31, 2022 and January 1, 2022 was $35.8 million, $33.5 million and $34.8 million, respectively. Minimum contractual commitments for the subsequent five years under royalty agreements are as follows: Royalty Agreements 2024 $ 12,517 2025 12,235 2026 11,151 2027 10,749 2028 10,243 |
Summit Materials, LLC | |
Lessee, Lease, Description [Line Items] | |
Leases | Leases We lease construction and office equipment, distribution facilities and office space. Leases with an initial term of 12 months or less, including month to month leases, are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight line basis over the lease term. For lease agreements we have entered into or reassessed, we combine lease and nonlease components. While we also own mineral leases for mining operations, those leases are outside the scope of ASU No. 2016-2, Leases (Topic 842). Assets acquired under finance leases are included in property, plant and equipment. Many of our leases include options to purchase the leased equipment. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows: 2023 2022 2021 Operating lease cost $ 11,347 $ 9,543 $ 10,650 Variable lease cost 183 243 382 Short-term lease cost 43,052 42,320 42,764 Financing lease cost: Amortization of right-of-use assets 2,692 5,659 9,902 Interest on lease liabilities 584 1,081 2,097 Total lease cost $ 57,858 $ 58,846 $ 65,795 2023 2022 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 36,553 $ 37,889 Current operating lease liabilities $ 8,596 $ 7,296 Noncurrent operating lease liabilities 33,230 35,737 Total operating lease liabilities $ 41,826 $ 43,033 Finance leases: Property and equipment, gross $ 30,136 $ 32,119 Less accumulated depreciation (12,088) (14,992) Property and equipment, net $ 18,048 $ 17,127 Current finance lease liabilities $ 4,020 $ 6,959 Long-term finance lease liabilities 14,357 7,167 Total finance lease liabilities $ 18,377 $ 14,126 2023 2022 Weighted average remaining lease term (years): Operating leases 8.4 9.1 Finance lease 6.0 2.8 Weighted average discount rate: Operating leases 5.1 % 4.7 % Finance leases 7.7 % 5.3 % Maturities of lease liabilities, as of December 30, 2023, were as follows: Operating Leases Finance Leases 2024 $ 10,454 $ 5,221 2025 8,287 4,169 2026 6,522 2,769 2027 4,822 2,585 2028 3,457 2,384 Thereafter 17,674 6,288 Total lease payments 51,216 23,416 Less imputed interest (9,390) (5,039) Present value of lease payments $ 41,826 $ 18,377 The Company has lease agreements associated with quarry facilities under which royalty payments are made. The payments are generally based on tons sold in a particular period; however, certain agreements have minimum annual payments. Royalty expense recorded in cost of revenue during the years ended December 30, 2023, December 31, 2022 and January 1, 2022 was $35.8 million, $33.5 million and $34.8 million, respectively. Minimum contractual commitments for the subsequent five years under royalty agreements are as follows: Royalty Agreements 2024 $ 12,517 2025 12,235 2026 11,151 2027 10,749 2028 10,243 |
Leases | Leases We lease construction and office equipment, distribution facilities and office space. Leases with an initial term of 12 months or less, including month to month leases, are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight line basis over the lease term. For lease agreements we have entered into or reassessed, we combine lease and nonlease components. While we also own mineral leases for mining operations, those leases are outside the scope of ASU No. 2016-2, Leases (Topic 842). Assets acquired under finance leases are included in property, plant and equipment. Many of our leases include options to purchase the leased equipment. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows: 2023 2022 2021 Operating lease cost $ 11,347 $ 9,543 $ 10,650 Variable lease cost 183 243 382 Short-term lease cost 43,052 42,320 42,764 Financing lease cost: Amortization of right-of-use assets 2,692 5,659 9,902 Interest on lease liabilities 584 1,081 2,097 Total lease cost $ 57,858 $ 58,846 $ 65,795 2023 2022 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 36,553 $ 37,889 Current operating lease liabilities $ 8,596 $ 7,296 Noncurrent operating lease liabilities 33,230 35,737 Total operating lease liabilities $ 41,826 $ 43,033 Finance leases: Property and equipment, gross $ 30,136 $ 32,119 Less accumulated depreciation (12,088) (14,992) Property and equipment, net $ 18,048 $ 17,127 Current finance lease liabilities $ 4,020 $ 6,959 Long-term finance lease liabilities 14,357 7,167 Total finance lease liabilities $ 18,377 $ 14,126 2023 2022 Weighted average remaining lease term (years): Operating leases 8.4 9.1 Finance lease 6.0 2.8 Weighted average discount rate: Operating leases 5.1 % 4.7 % Finance leases 7.7 % 5.3 % Maturities of lease liabilities, as of December 30, 2023, were as follows: Operating Leases Finance Leases 2024 $ 10,454 $ 5,221 2025 8,287 4,169 2026 6,522 2,769 2027 4,822 2,585 2028 3,457 2,384 Thereafter 17,674 6,288 Total lease payments 51,216 23,416 Less imputed interest (9,390) (5,039) Present value of lease payments $ 41,826 $ 18,377 The Company has lease agreements associated with quarry facilities under which royalty payments are made. The payments are generally based on tons sold in a particular period; however, certain agreements have minimum annual payments. Royalty expense recorded in cost of revenue during the years ended December 30, 2023, December 31, 2022 and January 1, 2022 was $35.8 million, $33.5 million and $34.8 million, respectively. Minimum contractual commitments for the subsequent five years under royalty agreements are as follows: Royalty Agreements 2024 $ 12,517 2025 12,235 2026 11,151 2027 10,749 2028 10,243 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair Value Measurements— Certain acquisitions made by the Company require the payment of contingent amounts of purchase consideration. These payments are contingent on specified operating results being achieved in periods subsequent to the acquisition and will only be made if earn-out thresholds are achieved. Contingent consideration obligations are measured at fair value each reporting period. Any adjustments to fair value are recognized in earnings in the period identified. The fair value of contingent consideration as of December 30, 2023 and December 31, 2022 was: 2023 2022 Current portion of acquisition-related liabilities and Accrued expenses: Contingent consideration $ 139 $ 336 Acquisition-related liabilities and Other noncurrent liabilities: Contingent consideration $ 9,254 $ 4,981 The fair value accounting guidance establishes the following fair value hierarchy that prioritizes the inputs used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities. Level 2 — Observable inputs, other than quoted prices, for similar assets or liabilities in active markets. Level 3 — Unobservable inputs, which includes the use of valuation models. Financial Instruments —The Company’s financial instruments include debt and certain acquisition-related liabilities (deferred consideration and noncompete obligations). The carrying value and fair value of these financial instruments as of December 30, 2023 and December 31, 2022 were: December 30, 2023 December 31, 2022 Fair Value Carrying Value Fair Value Carrying Value Level 1 Long-term debt(1) $ 2,329,606 $ 2,300,473 $ 1,447,673 $ 1,504,549 Level 3 Current portion of deferred consideration and noncompete obligations(2) 6,868 6,868 13,382 13,382 Long term portion of deferred consideration and noncompete obligations(3) 18,767 18,767 24,070 24,070 _____________________ (1) $3.8 million and $5.1 million was included in current portion of debt as of December 30, 2023 and December 31, 2022, respectively. (2) Included in current portion of acquisition-related liabilities on the consolidated balance sheets. (3) Included in acquisition-related liabilities on the consolidated balance sheets. Level 1 fair values are used to value investments in publicly-traded entities and assumed obligations for publicly-traded long-term debt. Level 2 fair values are typically used to value acquired receivables, inventories, machinery and equipment, land, buildings, deferred income tax assets and liabilities, liabilities for asset retirement obligations, environmental remediation and compliance obligations. Additionally, Level 2 fair values are typically used to value assumed contracts at other-than-market rates. Level 3 fair values are used to value acquired mineral reserves and leased mineral interests and other identifiable intangible assets. The fair values of mineral reserves and leased mineral interests are determined using an excess earnings approach, which requires management to estimate future cash flows. The estimate of future cash flows is based on available historical information and forecasts determined by management, but is inherently uncertain. Key assumptions in estimating future cash flows include sales price, volumes and expected profit margins, net of capital requirements. The present value of the projected net cash flows represents the fair value assigned to mineral reserves and mineral interests. The discount rate is a significant assumption used in the valuation model and is based on the required rate of return that a hypothetical market participant would assume if purchasing the acquired business. The Level 3 fair values of contingent consideration were based on projected probability-weighted cash payments and a 10.0% discount rate, which reflects a market discount rate. Changes in fair value may occur as a result of a change in actual or projected cash payments, the probability weightings applied by the Company to projected payments or a change in the discount rate. Significant increases or decreases in any of these inputs in isolation could result in a lower, or higher, fair value measurement. There were no material adjustments to the fair value of contingent consideration in 2023 or 2022. The fair values of the deferred consideration and noncompete obligations were determined based on the cash payment terms in the purchase agreements and a discount rate reflecting the Company’s credit risk. The discount rate used is generally consistent with that used when the obligations were initially recorded. Securities with a maturity of three months or less are considered cash equivalents and the fair value of these assets approximates their carrying value. |
Summit Materials, LLC | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair Value Measurements— Certain acquisitions made by the Company require the payment of contingent amounts of purchase consideration. These payments are contingent on specified operating results being achieved in periods subsequent to the acquisition and will only be made if earn-out thresholds are achieved. Contingent consideration obligations are measured at fair value each reporting period. Any adjustments to fair value are recognized in earnings in the period identified. The fair value of contingent consideration as of December 30, 2023 and December 31, 2022 was: 2023 2022 Current portion of acquisition-related liabilities and Accrued expenses: Contingent consideration $ 139 $ 336 Acquisition-related liabilities and Other noncurrent liabilities: Contingent consideration $ 9,254 $ 4,981 The fair value accounting guidance establishes the following fair value hierarchy that prioritizes the inputs used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities. Level 2 — Observable inputs, other than quoted prices, for similar assets or liabilities in active markets. Level 3 — Unobservable inputs, which includes the use of valuation models. Financial Instruments —The Company’s financial instruments include debt and certain acquisition-related liabilities (deferred consideration and noncompete obligations). The carrying value and fair value of these financial instruments as of December 30, 2023 and December 31, 2022 were: December 30, 2023 December 31, 2022 Fair Value Carrying Value Fair Value Carrying Value Level 1 Long-term debt(1) $ 2,329,606 $ 2,300,473 $ 1,447,673 $ 1,504,549 Level 3 Current portion of deferred consideration and noncompete obligations(2) 6,868 6,868 13,382 13,382 Long term portion of deferred consideration and noncompete obligations(3) 18,767 18,767 24,070 24,070 ______________________ (1) $3.8 million and $5.1 million was included in current portion of debt as of December 30, 2023 and December 31, 2022, respectively. (2) Included in current portion of acquisition-related liabilities on the consolidated balance sheets. (3) Included in acquisition-related liabilities on the consolidated balance sheets. Level 1 fair values are used to value investments in publicly-traded entities and assumed obligations for publicly-traded long-term debt. Level 2 fair values are typically used to value acquired receivables, inventories, machinery and equipment, land, buildings, deferred income tax assets and liabilities, liabilities for asset retirement obligations, environmental remediation and compliance obligations. Additionally, Level 2 fair values are typically used to value assumed contracts at other-than-market rates. Level 3 fair values are used to value acquired mineral reserves and leased mineral interests and other identifiable intangible assets. The fair values of mineral reserves and leased mineral interests are determined using an excess earnings approach, which requires management to estimate future cash flows. The estimate of future cash flows is based on available historical information and forecasts determined by management, but is inherently uncertain. Key assumptions in estimating future cash flows include sales price, volumes and expected profit margins, net of capital requirements. The present value of the projected net cash flows represents the fair value assigned to mineral reserves and mineral interests. The discount rate is a significant assumption used in the valuation model and is based on the required rate of return that a hypothetical market participant would assume if purchasing the acquired business. The Level 3 fair values of contingent consideration were based on projected probability-weighted cash payments and a 10.0% discount rate, which reflects a market discount rate. Changes in fair value may occur as a result of a change in actual or projected cash payments, the probability weightings applied by the Company to projected payments or a change in the discount rate. Significant increases or decreases in any of these inputs in isolation could result in a lower, or higher, fair value measurement. There were no material adjustments to the fair value of contingent consideration in 2023 or 2022. The fair values of the deferred consideration and noncompete obligations were determined based on the cash payment terms in the purchase agreements and a discount rate reflecting the Company’s credit risk. The discount rate used is generally consistent with that used when the obligations were initially recorded. Securities with a maturity of three months or less are considered cash equivalents and the fair value of these assets approximates their carrying value. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 30, 2023 | |
Segment Reporting Information [Line Items] | |
Segment Information | Segment Information The Company has three operating segments: West, East and Cement, which are its reporting segments. These segments are consistent with the Company’s management reporting structure. The operating results of each segment are regularly reviewed and evaluated by the Chief Executive Officer, the Company’s Chief Operating Decision Maker (“CODM”). The CODM primarily evaluates the performance of the Company's segments and allocates resources to them based on a segment profit metric that we call Adjusted EBITDA, which is computed as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, accretion, share-based compensation, and transaction costs, as well as various other non-recurring, non-cash amounts. The West and East segments have several acquired subsidiaries that are engaged in various activities including quarry mining, aggregate production and contracting. The Cement segment is engaged in the production of Portland cement. Assets employed by each 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 the consolidated financial statements. The following tables display selected financial data for the Company’s reportable business segments as of and for the years ended December 30, 2023, December 31, 2022 and January 1, 2022: 2023 2022 2021 Revenue*: West $ 1,586,611 $ 1,390,307 $ 1,262,061 East 650,207 664,479 849,374 Cement 382,650 357,736 298,234 Total revenue $ 2,619,468 $ 2,412,522 $ 2,409,669 ______________________ * Intercompany sales are immaterial and the presentation above only reflects sales to external customers. 2023 2022 2021 Income from operations before taxes $ 394,464 $ 361,488 $ 198,637 Interest expense 114,155 86,969 92,240 Depreciation, depletion and amortization 214,418 197,837 226,442 Accretion 3,132 2,613 2,924 Loss on debt financings 493 1,737 6,016 Tax receivable agreement (benefit) expense (162,182) 1,566 (6,779) (Gain) loss on sale of businesses (14,966) (172,389) (20,011) Non-cash compensation 20,326 18,347 19,705 Argos USA acquisition and integration costs 25,591 — — Other (17,421) (6,692) 908 Total Adjusted EBITDA $ 578,010 $ 491,476 $ 520,082 Total Adjusted EBITDA by Segment: West $ 331,136 $ 280,557 $ 271,560 East 150,609 129,203 181,483 Cement 144,040 125,582 117,159 Corporate and other (47,775) (43,866) (50,120) Total Adjusted EBITDA $ 578,010 $ 491,476 $ 520,082 2023 2022 2021 Purchases of property, plant and equipment West $ 136,922 $ 123,085 $ 94,056 East 59,505 84,323 89,727 Cement 41,338 44,950 26,962 Total reportable segments 237,765 252,358 210,745 Corporate and other 17,854 14,375 1,237 Total purchases of property, plant and equipment $ 255,619 $ 266,733 $ 211,982 2023 2022 2021 Depreciation, depletion, amortization and accretion: West $ 111,300 $ 97,892 $ 99,470 East 62,656 63,297 86,623 Cement 39,307 36,028 39,024 Total reportable segments 213,263 197,217 225,117 Corporate and other 4,287 3,233 4,249 Total depreciation, depletion, amortization and accretion $ 217,550 $ 200,450 $ 229,366 2023 2022 2021 Total assets: West $ 1,837,214 $ 1,565,776 $ 1,512,298 East 1,171,944 1,151,223 1,292,638 Cement 904,508 873,604 844,086 Total reportable segments 3,913,666 3,590,603 3,649,022 Corporate and other 1,235,916 665,089 590,103 Total $ 5,149,582 $ 4,255,692 $ 4,239,125 |
Summit Materials, LLC | |
Segment Reporting Information [Line Items] | |
Segment Information | Segment Information The Company has three operating segments: West, East and Cement, which are its reporting segments. These segments are consistent with the Company’s management reporting structure. The operating results of each segment are regularly reviewed and evaluated by the Chief Executive Officer, the Company’s Chief Operating Decision Maker (“CODM”). The CODM primarily evaluates the performance of the Company's segments and allocates resources to them based on a segment profit metric that we call Adjusted EBITDA, which is computed as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, accretion, share-based compensation, and transaction costs, as well as various other non-recurring, non-cash amounts. The West and East segments have several acquired subsidiaries that are engaged in various activities including quarry mining, aggregate production and contracting. The Cement segment is engaged in the production of Portland cement. Assets employed by each 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 the consolidated financial statements. The following tables display selected financial data for the Company’s reportable business segments as of and for the years ended December 30, 2023, December 31, 2022 and January 1, 2022: 2023 2022 2021 Revenue*: West $ 1,586,611 $ 1,390,307 $ 1,262,061 East 650,207 664,479 849,374 Cement 382,650 357,736 298,234 Total revenue $ 2,619,468 $ 2,412,522 $ 2,409,669 ______________________ * Intercompany sales are immaterial and the presentation above only reflects sales to external customers. 2023 2022 2021 Income from operations before taxes $ 232,216 $ 362,722 $ 191,920 Interest expense 114,155 86,969 92,178 Depreciation, depletion and amortization 214,418 197,837 226,442 Accretion 3,132 2,613 2,924 Loss on debt financings 493 1,737 6,016 (Gain) loss on sale of businesses (14,966) (172,389) (20,011) Non-cash compensation 20,326 18,347 19,705 Argos USA acquisition and integration costs 25,591 — — Other (17,355) (6,360) 908 Total Adjusted EBITDA $ 578,010 $ 491,476 $ 520,082 Total Adjusted EBITDA by Segment: West $ 331,136 $ 280,557 $ 271,560 East 150,609 129,203 181,483 Cement 144,040 125,582 117,159 Corporate and other (47,775) (43,866) (50,120) Total Adjusted EBITDA $ 578,010 $ 491,476 $ 520,082 2023 2022 2021 Purchases of property, plant and equipment West $ 136,922 $ 123,085 $ 94,056 East 59,505 84,323 89,727 Cement 41,338 44,950 26,962 Total reportable segments 237,765 252,358 210,745 Corporate and other 17,854 14,375 1,237 Total purchases of property, plant and equipment $ 255,619 $ 266,733 $ 211,982 2023 2022 2021 Depreciation, depletion, amortization and accretion: West $ 111,300 $ 97,892 $ 99,470 East 62,656 63,297 86,623 Cement 39,307 36,028 39,024 Total reportable segments 213,263 197,217 225,117 Corporate and other 4,287 3,233 4,249 Total depreciation, depletion, amortization and accretion $ 217,550 $ 200,450 $ 229,366 2023 2022 2021 Total assets: West $ 1,837,214 $ 1,565,776 $ 1,512,298 East 1,171,944 1,151,223 1,292,638 Cement 904,508 873,604 844,086 Total reportable segments 3,913,666 3,590,603 3,649,022 Corporate and other 1,298,863 529,103 386,537 Total $ 5,212,529 $ 4,119,706 $ 4,035,559 |
Subsequent Event - Acquisition
Subsequent Event - Acquisition of Argos North America Corp | 12 Months Ended |
Dec. 30, 2023 | |
Subsequent Event [Line Items] | |
Subsequent Event - Acquisition of Argos North America Corp. | Subsequent Event - Acquisition of Argos North America Corp. In January 2024, Summit completed a merger with Argos North America Corporation ("Argos USA"), Cementos Argos S.A., Argos SEM LLC and Valle Cement Investments, Inc., pursuant to which Summit acquired all of the outstanding equity interests (the "Transaction") of Argos USA from the Argos SEM LLC and Valle Cement Investments, Inc. in exchange for $1.2 billion of cash, the issuance of 54,720,000 shares of the Company's Class A common stock and one preferred share in a transaction valued at approximately $3.2 billion. The cash consideration was funded from the net proceeds of an $800 million offering of Senior Notes due 2031 and new term loan borrowings under our current credit facility. The purchase price is subject to customary adjustments, with any upward or downward adjustments made against the cash consideration. The Transaction Agreement, dated as of September 7, 2023, contains customary representations and warranties, covenants and agreements, including a Stockholder Agreement. The Argos USA assets include four integrated cement plants, two grinding facilities, 140 ready-mix concrete plants, eight ports and 10 inland terminals across the East and Gulf Coast regions, with a total installed cement grinding capacity of 9.6 million tons per annum and a total import capacity of 5.4 million tons of cement per annum. The import facilities allow the importing of cement from other countries, including a minimum quantity from a cement plant in Cartagena, Colombia, owned by Cementos Argos S.A., as stipulated under a cement supply agreement entered into upon the closing of the Transaction. The Argos USA assets included 1.2 billion tons of reserves and resources in four quarries. The following unaudited pro forma financial information summarizes the results of operations for the Company and Argos USA as though the companies merged as of January 1, 2022. Financial information for 2023 does not reflect any cost savings or associated costs to achieve such savings from operating efficiencies or synergies that may result from the merger. However, we have reflected elimination of royalties expenses paid to the parent of Argos USA which will not be incurred post merger. We have also adjusted for expenses incurred by Argos USA as they pursed an initial public offering and the merger with the Company, as well as interest expense adjustments to reflect the payoff of Argos USA debt obligations and new debt issued by the Company described above. 2023 2022 ($ in thousands) Total Revenues $ 4,328,054 $ 3,977,955 Net income attributable to Summit Inc. $ 392,335 $ 286,479 The pro forma financial information is provided for informational purposes only and do not purport to represent what the actual consolidated results of operations of the combined company would have been had the transaction occurred on the dates assumed, nor are they necessarily indicative of future consolidated results of operations. |
Summit Materials, LLC | |
Subsequent Event [Line Items] | |
Subsequent Event - Acquisition of Argos North America Corp. | Subsequent Event - Acquisition of Argos North America Corp. In January 2024, Summit completed a merger with Argos North America Corporation ("Argos USA"), Cementos Argos S.A., Argos SEM LLC and Valle Cement Investments, Inc., pursuant to which Summit acquired all of the outstanding equity interests (the "Transaction") of Argos USA from the Argos SEM LLC and Valle Cement Investments, Inc. in exchange for $1.2 billion of cash, the issuance of 54,720,000 shares of the Company's Class A common stock and one preferred share in a transaction valued at approximately $3.2 billion. The cash consideration was funded from the net proceeds of an $800 million offering of Senior Notes due 2031 and new term loan borrowings under our current credit facility. The purchase price is subject to customary adjustments, with any upward or downward adjustments made against the cash consideration. The Transaction Agreement, dated as of September 7, 2023, contains customary representations and warranties, covenants and agreements, including a Stockholder Agreement. The Argos USA assets include four integrated cement plants, two grinding facilities, 140 ready-mix concrete plants, eight ports and 10 inland terminals across the East and Gulf Coast regions, with a total installed cement grinding capacity of 9.6 million tons per annum and a total import capacity of 5.4 million tons of cement per annum. The import facilities allow the importing of cement from other countries, including a minimum quantity from a cement plant in Cartagena, Colombia, owned by Cementos Argos S.A., as stipulated under a cement supply agreement entered into upon the closing of the Transaction. The Argos USA assets included 1.1 billion tons of reserves and resources in four quarries. The following unaudited pro forma financial information summarizes the results of operations for the Company and Argos USA as though the companies merged as of January 1, 2022. Financial information for 2023 does not reflect any cost savings or associated costs to achieve such savings from operating efficiencies or synergies that may result from the merger. However, we have reflected elimination of royalties expenses paid to the parent of Argos USA which will not be incurred post merger. We have also adjusted for expenses incurred by Argos USA as they pursed an initial public offering and the merger with the Company, as well as interest expense adjustments to reflect the payoff of Argos USA debt obligations and new debt issued by the Company described above. 2023 2022 ($ in thousands) Total Revenues $ 4,328,054 $ 3,977,955 Net income attributable to Summit Inc. $ 392,335 $ 286,479 The pro forma financial information is provided for informational purposes only and do not purport to represent what the actual consolidated results of operations of the combined company would have been had the transaction occurred on the dates assumed, nor are they necessarily indicative of future consolidated results of operations. |
Senior Notes' Guarantor and Non
Senior Notes' Guarantor and Non-Guarantor Financial Information | 12 Months Ended |
Dec. 30, 2023 | |
Summit Materials, LLC | |
Condensed Financial Statements, Captions [Line Items] | |
Senior Notes' Guarantor and Non-Guarantor Financial Information | Senior Notes’ 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 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. 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 December 30, 2023 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 310,410 $ 3,115 $ 44,899 $ (2,755) $ 355,669 Restricted cash 800,000 — — — 800,000 Accounts receivable, net 6,441 255,836 24,998 (23) 287,252 Intercompany receivables 1,087,570 2,331,879 — (3,419,449) — Cost and estimated earnings in excess of billings — 9,228 1,061 — 10,289 Inventories — 234,738 6,612 — 241,350 Other current assets 11,480 13,264 645 — 25,389 Total current assets 2,215,901 2,848,060 78,215 (3,422,227) 1,719,949 Property, plant and equipment, net 35,812 1,858,020 82,988 — 1,976,820 Goodwill — 1,167,685 58,176 — 1,225,861 Intangible assets, net — 63,655 4,426 — 68,081 Operating lease right-of-use assets 3,749 28,511 4,293 — 36,553 Other assets 5,384,259 235,719 933 (5,435,646) 185,265 Total assets $ 7,639,721 $ 6,201,650 $ 229,031 $ (8,857,873) $ 5,212,529 Liabilities and Members' Interest Current liabilities: Current portion of debt $ 3,822 $ — $ — $ — $ 3,822 Current portion of acquisition-related liabilities — 7,007 — — 7,007 Accounts payable 4,290 111,061 8,293 (23) 123,621 Accrued expenses 88,318 82,065 5,306 (2,755) 172,934 Current operating lease liabilities 804 7,230 562 — 8,596 Intercompany payables 2,890,124 525,230 4,095 (3,419,449) — Billings in excess of costs and estimated earnings — 7,280 948 — 8,228 Total current liabilities 2,987,358 739,873 19,204 (3,422,227) 324,208 Long-term debt 2,283,639 — — — 2,283,639 Acquisition-related liabilities — 28,021 — — 28,021 Noncurrent operating lease liabilities 7,951 21,587 3,692 — 33,230 Other noncurrent liabilities 5,768 196,759 119,820 (133,921) 188,426 Total liabilities 5,284,716 986,240 142,716 (3,556,148) 2,857,524 Total members' interest 2,355,005 5,215,410 86,315 (5,301,725) 2,355,005 Total liabilities and members' interest $ 7,639,721 $ 6,201,650 $ 229,031 $ (8,857,873) $ 5,212,529 Condensed Consolidating Balance Sheets December 31, 2022 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 498,307 $ 2,864 $ 26,298 $ (7,018) $ 520,451 Accounts receivable, net 1,528 233,039 22,127 (25) 256,669 Intercompany receivables 329,744 1,937,390 — (2,267,134) — Cost and estimated earnings in excess of billings — 5,861 649 — 6,510 Inventories — 206,418 6,073 — 212,491 Other current assets 4,755 16,341 1,159 — 22,255 Total current assets 834,334 2,401,913 56,306 (2,274,177) 1,018,376 Property, plant and equipment, net 21,306 1,710,972 81,424 — 1,813,702 Goodwill — 1,076,935 56,611 — 1,133,546 Intangible assets, net — 66,972 4,412 — 71,384 Operating lease right-of-use assets 4,665 28,310 4,914 — 37,889 Other assets 4,599,488 204,644 1,220 (4,760,543) 44,809 Total assets $ 5,459,793 $ 5,489,746 $ 204,887 $ (7,034,720) $ 4,119,706 Liabilities and Members' Interest Current liabilities: Current portion of debt $ 5,096 $ — $ — $ — $ 5,096 Current portion of acquisition-related liabilities — 13,718 — — 13,718 Accounts payable 3,553 93,096 7,806 (25) 104,430 Accrued expenses 54,417 70,433 2,876 (7,018) 120,708 Current operating lease liabilities 921 5,637 738 — 7,296 Intercompany payables 1,750,352 513,494 3,288 (2,267,134) — Billings in excess of costs and estimated earnings — 4,956 783 — 5,739 Total current liabilities 1,814,339 701,334 15,491 (2,274,177) 256,987 Long-term debt 1,488,569 — — — 1,488,569 Acquisition-related liabilities — 29,051 — — 29,051 Noncurrent operating lease liabilities 8,726 22,871 4,140 — 35,737 Other noncurrent liabilities 5,009 208,185 117,439 (164,421) 166,212 Total liabilities 3,316,643 961,441 137,070 (2,438,598) 1,976,556 Total members' interest 2,143,150 4,528,305 67,817 (4,596,122) 2,143,150 Total liabilities and members' interest $ 5,459,793 $ 5,489,746 $ 204,887 $ (7,034,720) $ 4,119,706 Condensed Consolidating Statements of Operations and Comprehensive Income Year Ended December 30, 2023 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Revenue $ — $ 2,494,870 $ 129,751 $ (5,153) $ 2,619,468 Cost of revenue (excluding items shown separately below) — 1,777,594 89,967 (5,153) 1,862,408 General and administrative expenses 69,681 152,212 6,987 — 228,880 Depreciation, depletion, amortization and accretion 4,287 202,235 11,028 — 217,550 Operating (loss) income (73,968) 362,829 21,769 — 310,630 Other income, net (456,649) (2,108) (2,451) 440,433 (20,775) Interest expense (income) 167,796 (59,123) 5,482 — 114,155 Gain on sale of business — (14,966) — — (14,966) Income from operation before taxes 214,885 439,026 18,738 (440,433) 232,216 Income tax expense 4,929 12,167 5,164 — 22,260 Net income attributable to Summit LLC $ 209,956 $ 426,859 $ 13,574 $ (440,433) $ 209,956 Comprehensive income attributable to member of Summit Materials, LLC $ 215,523 $ 426,217 $ 8,649 $ (434,866) $ 215,523 Condensed Consolidating Statements of Operations and Comprehensive Income Year ended December 31, 2022 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Revenue $ — $ 2,297,761 $ 124,314 $ (9,553) $ 2,412,522 Cost of revenue (excluding items shown separately below) — 1,683,024 89,706 (9,553) 1,763,177 General and administrative expenses 63,279 110,141 6,428 — 179,848 Depreciation, depletion, amortization and accretion 3,232 185,883 11,335 — 200,450 Operating (loss) income (66,511) 318,713 16,845 — 269,047 Other income, net (425,356) (1,850) (354) 419,305 (8,255) Interest expense (income) 141,892 (60,403) 5,480 — 86,969 Gain on sale of business (131,437) (40,952) — — (172,389) Income from operation before taxes 348,390 421,918 11,719 (419,305) 362,722 Income tax expense 2,253 11,307 3,025 — 16,585 Net income attributable to Summit LLC $ 346,137 $ 410,611 $ 8,694 $ (419,305) $ 346,137 Comprehensive income attributable to member of Summit Materials, LLC $ 340,787 $ 404,130 $ 20,525 $ (424,655) $ 340,787 Condensed Consolidating Statements of Operations and Comprehensive Income Year ended January 1, 2022 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Revenue $ — $ 2,307,127 $ 116,408 $ (13,866) $ 2,409,669 Cost of revenue (excluding items shown separately below) — 1,665,196 85,080 (13,866) 1,736,410 General and administrative expenses 70,384 116,374 4,070 — 190,828 Depreciation, depletion, amortization and accretion 4,249 213,900 11,217 — 229,366 Operating (loss) income (74,633) 311,657 16,041 — 253,065 Other (income) loss, net (382,983) (15,891) (588) 388,440 (11,022) Interest expense (income) 135,206 (48,529) 5,501 — 92,178 Gain on sale of business — (20,011) — — (20,011) Income from continuing operations before taxes 173,144 396,088 11,128 (388,440) 191,920 Income tax (benefit) expense 2,173 16,079 2,697 — 20,949 Net income attributable to member of Summit Materials, LLC $ 170,971 $ 380,009 $ 8,431 $ (388,440) $ 170,971 Comprehensive income (loss) attributable to member of Summit Materials, LLC $ 173,528 $ 378,706 $ 7,177 $ (385,883) $ 173,528 Condensed Consolidating Statements of Cash Flows For the year ended December 30, 2023 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities $ (114,700) $ 525,582 $ 28,058 $ — $ 438,940 Cash flow from investing activities: Acquisitions, net of cash acquired — (239,508) — — (239,508) Purchase of property, plant and equipment (17,854) (231,190) (6,575) — (255,619) Proceeds from the sale of property, plant, and equipment — 13,919 505 — 14,424 Proceeds from the sale of a business — 65,576 — — 65,576 Other — (5,137) — — (5,137) Net cash used in investing activities (17,854) (396,340) (6,070) — (420,264) Cash flow from financing activities: Capital distributions to member (240,857) 241,104 — — 247 Net proceeds from debt issuance 800,000 — — — 800,000 Loans received from and payments made on loans from other Summit Companies 349,610 (349,370) (4,503) 4,263 — Payments on long-term debt (5,096) (5,284) — — (10,380) Cash paid for tax receivable agreement interests (132,449) — — — (132,449) Payments on acquisition-related liabilities — (12,367) — — (12,367) Debt issuance costs (5,599) — — — (5,599) Distributions from partnership (19,042) — — — (19,042) Other (1,910) (3,074) (215) — (5,199) Net cash provided by (used in) financing activities 744,657 (128,991) (4,718) 4,263 615,211 Impact of cash on foreign currency — — 1,331 — 1,331 Net increase (decrease) in cash and cash equivalents and restricted cash 612,103 251 18,601 4,263 635,218 Cash and cash equivalents and restricted cash—beginning of period 498,307 2,864 26,298 (7,018) 520,451 Cash and cash equivalents and restricted cash—end of period $ 1,110,410 $ 3,115 $ 44,899 $ (2,755) $ 1,155,669 Condensed Consolidating Statements of Cash Flows For the year ended December 31, 2022 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities $ (126,319) $ 386,579 $ 23,293 $ — $ 283,553 Cash flow from investing activities: Acquisitions, net of cash acquired — (22,730) — — (22,730) Purchase of property, plant and equipment (14,374) (243,522) (8,837) — (266,733) Proceeds from the sale of property, plant, and equipment — 14,864 510 — 15,374 Proceeds from the sale of a business 5,924 367,149 — — 373,073 Other — (3,162) — — (3,162) Net cash (used in) provided by investing activities (8,450) 112,599 (8,327) — 95,822 Cash flow from financing activities: Capital distributions to member (64,238) 22,730 — — (41,508) Loans received from and payments made on loans from other Summit Companies 498,688 (490,786) (5,568) (2,334) — Payments on long-term debt (105,496) (17,040) — — (122,536) Payments on acquisition-related liabilities — (13,428) — — (13,428) Debt issuance costs (1,557) — — — (1,557) Distributions from partnership (59,392) — — — (59,392) Other 27 (54) — — (27) Net cash provided by (used in) financing activities 268,032 (498,578) (5,568) (2,334) (238,448) Impact of cash on foreign currency — — (1,437) — (1,437) Net increase (decrease) in cash and cash equivalents 133,263 600 7,961 (2,334) 139,490 Cash and cash equivalents—beginning of period 365,044 2,264 18,337 (4,684) 380,961 Cash and cash equivalents—end of period $ 498,307 $ 2,864 $ 26,298 $ (7,018) $ 520,451 Condensed Consolidating Statements of Cash Flows For the year ended January 1, 2022 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities $ (136,008) $ 471,106 $ 26,831 $ — $ 361,929 Cash flow from investing activities: Acquisitions, net of cash acquired — (19,513) — — (19,513) Purchase of property, plant and equipment (1,237) (201,038) (9,707) — (211,982) Proceeds from the sale of property, plant, and equipment — 10,894 780 — 11,674 Proceeds from the sale of a business — 128,337 — — 128,337 Other — 236 — — 236 Net cash used for investing activities (1,237) (81,084) (8,927) — (91,248) Cash flow from financing activities: Proceeds from investment by member 29,685 2,766 — — 32,451 Loans received from and payments made on loans from other Summit Companies 381,393 (370,940) (9,410) (1,043) — Payments on long-term debt (306,355) (22,011) (644) — (329,010) Payments on acquisition-related liabilities — (7,860) — — (7,860) Distributions from partnership (2,500) — — — (2,500) Other (1,008) — — — (1,008) Net cash provided by financing activities 101,215 (398,045) (10,054) (1,043) (307,927) Impact of cash on foreign currency — — 26 — 26 Net (decrease) increase in cash and cash equivalents (36,030) (8,023) 7,876 (1,043) (37,220) Cash and cash equivalents—beginning of period 401,074 10,287 10,461 (3,641) 418,181 Cash and cash equivalents—end of period $ 365,044 $ 2,264 $ 18,337 $ (4,684) $ 380,961 |
Summary of Organization and S_2
Summary of Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2023 | |
Company Information | |
Principles of Consolidation | Principles of Consolidation —The consolidated financial statements include the accounts of Summit Inc. and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated. As a result of the Reorganization, Summit Holdings became a variable interest entity over which Summit Inc. has 100% voting power and control and for which Summit Inc. has the obligation to absorb losses and the right to receive benefits. 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 year ended January 2, 2021 was a 53-week year. For a summary of the changes in Summit Inc.’s ownership of Summit Holdings, see Note 11, Stockholders’ Equity. The Company attributes consolidated stockholders’ equity and net income separately to the controlling and noncontrolling interests. The Company accounted for investments in entities for which it has an ownership of 20% to 50% using the equity method of accounting. |
Use of Estimates | Use of Estimates |
Business and Credit Concentrations | Business and Credit Concentrations— |
Accounts Receivable | Accounts Receivable —Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the collectability of individual accounts. In establishing the allowance, management considers historical losses adjusted to take into account current market conditions and its customers’ financial condition, the amount of receivables in dispute, the current receivables aging and current payment terms. Balances that remain outstanding after reasonable collection efforts are exercised are written off through a charge to the valuation allowance. The balances billed but not paid by customers, pursuant to retainage provisions included in contracts, are generally due upon completion of the contracts. |
Revenue Recognition | Revenue Recognition —We earn revenue from the sale of products, which primarily include aggregates, cement, ready-mix concrete and asphalt, but also include concrete products and plastics components, and from the provision of services, which are primarily paving and related services, but also include landfill operations, the receipt and disposal of waste that is converted to fuel for use in our cement plants. Products We earn revenue from the sale of products, which primarily include aggregates, cement, ready-mix concrete and asphalt, but also include concrete products, net of discounts or allowances, if any, and freight and delivery charges billed to customers. Revenue for product sales is recognized when the performance obligation is satisfied, which generally is when the product is shipped. Aggregates and cement products are sold point-of-sale through purchase orders. When the product is sold on account, collectability typically occurs 30 to 60 days after the sale. Revenue is recognized when cash is received from the customer at the point of sale or when the products are delivered or collected on site. There are no other timing implications that will create a contract asset or liability, and contract modifications are unlikely given the timing and nature of the transaction. Material sales are likely to have multiple performance obligations if the product is sold with delivery. In these instances, delivery most often occurs on the same day as the control of the product transfers to the customer. As a result, even in the case of multiple performance obligations, the performance obligations are satisfied concurrently and revenue is recognized simultaneously. Services We earn revenue from the provision of services, which are primarily paving and related services, but also include landfill operations and the receipt and disposal of waste that is converted to fuel for use in our cement plants. Revenue from the receipt of waste fuels is recognized when the waste is accepted and a corresponding liability is recognized for the costs to process the waste into fuel for the manufacturing of cement or to ship the waste offsite for disposal in accordance with applicable regulations. Collectability of service contracts is due reasonably after certain milestones in the contract are performed. Milestones vary by project, but are typically calculated using monthly progress based on a percentage of completion or a customer’s engineer review of progress. The majority of the time, collection occurs within 90 days of billing and cash is received within the same fiscal year as services performed. On most projects, the customer will withhold a portion of the invoice for retainage, which may last longer than a year depending on the job. Revenue derived from paving and related services is recognized over time based on the proportion of costs incurred to date relative to the total estimated costs at completion, which approximates progress towards completion. Under this method, we recognize paving and related services revenue as services are rendered. The majority of our construction service contracts are completed within one year, but may occasionally extend beyond this time frame. The majority of our construction service contracts, and therefore, revenue, are opened and completed within one year, with most activity during the spring, summer and fall. We generally measure progress toward completion on long-term paving and related services contracts based on the proportion of costs incurred to date relative to total estimated costs at completion. We include revisions of revenue on contracts in earnings under the cumulative catch-up method, under which the effect of revisions in estimates is recognized immediately. If a revised estimate of contract profitability reveals an anticipated loss on the contract, we recognize the loss in the period it is identified. The actual cost to total estimated cost method of accounting involves the use of various estimating techniques to project costs at completion, and in some cases includes estimates of recoveries asserted against the customer for changes in specifications or other disputes. Contract estimates involve various assumptions and projections relative to the outcome of future events over multiple periods, including future labor productivity and availability, the nature and complexity of the work to be performed, the cost and availability of materials, the effect of delayed performance, and the availability and timing of funding from the customer. These estimates are based on our best judgment. A significant change in one or more of these estimates could affect the profitability of one or more of our contracts. We review our contract estimates regularly to assess revisions in contract values and estimated costs at completion. Inherent uncertainties in estimating costs make it at least reasonably possible that the estimates used will change within the near term and over the life of the contracts. No material adjustments to a contract were recognized in the year ended December 30, 2023. We recognize claims when the amount of the claim can be estimated reliably and it is legally enforceable. In evaluating these criteria, we consider the contractual basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs and the objective evidence available to support the claim. When the contract includes variable consideration, we estimate the amount of consideration to which we will be entitled in exchange for transferring the promised goods or services to a customer. The amount of estimated variable consideration included in the transaction price is the amount for which it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Types of variable consideration include, but are not limited to, liquidated damages and other performance penalties and production and placement bonuses. The majority of contract modifications relate to the original contract and are often an extension of the original performance obligation. Predominately, modifications are not distinct from the terms in the original contract; therefore, they are considered part of a single performance obligation. We account for the modification using a cumulative catch-up adjustment. However, there are instances where goods or services in a modification are distinct from those transferred prior to the modification. In these situations, we account for the modifications as either a separate contract or prospectively depending on the facts and circumstances of the modification. Generally, construction contracts contain mobilization costs which are categorized as costs to fulfill a contract. These costs are excluded from any measure of progress toward contract fulfillment. These costs do not result in the transfer of control of a good or service to the customer and are amortized over the life of the contract. Costs and estimated earnings in excess of billings are composed principally of revenue recognized on contracts on a method similar to the percentage of completion method for which billings had not been presented to customers because the amounts were not billable under the contract terms at the balance sheet date. In accordance with the contract terms, the unbilled receivables at the balance sheet date are expected to be billed in following periods. Billings in excess of costs and estimated earnings represent billings in excess of revenue recognized. |
Restricted Cash | Restricted Cash - In December 2023, we issued $800 million of 7.250% senior notes due January 15, 2031 (the “2031 Notes”) related to our merger with Argos North America Corporation (see notes 8 and 20). As the proceeds from the issuance of the 2031 Notes could only be used for the Argos transaction, the balance is shown as restricted cash as of December 30, 2023. Subsequent to year end, the proceeds were released and used to consummate the Argos Transaction. |
Inventories | Inventories —Inventories consist of stone that has been removed from quarries and processed for future sale, cement, raw materials and finished concrete blocks. Inventories are valued at the lower of cost or net realizable value and are accounted for on a first-in first-out basis or an average cost basis. If items become obsolete or otherwise unusable or if quantities exceed what is projected to be sold within a reasonable period of time, they will be charged to costs of revenue in the period that the items are designated as obsolete or excess inventory. Stripping costs are costs of removing overburden and waste material to access aggregate materials and are expensed as incurred. |
Property, Plant and Equipment, net | Property, Plant and Equipment, net —Property, plant and equipment are recorded at cost, less accumulated depreciation, depletion and amortization. Expenditures for additions and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Repair and maintenance costs that do not substantially expand productive capacity or extend the life of property, plant and equipment are expensed as incurred. Landfill airspace is included in property, plant and equipment at cost and is amortized based on the portion of the airspace used during the period compared to the gross estimated value of available airspace, which is updated periodically as circumstances dictate. Management reassesses the landfill airspace capacity with any changes in value recorded in cost of revenue. Capitalized landfill costs include expenditures for the acquisition of land and related airspace, engineering and permitting costs, cell construction costs and direct site improvement costs. Upon disposal of an asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any gain or loss is included in general and administrative expenses. The Company reviews the carrying value of property, plant and equipment for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. Such indicators may include, among others, deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows or a trend of negative or declining cash flows over multiple periods. Property, plant and equipment is tested for impairment at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. As a result, the property, plant and equipment impairment test is at a significantly lower level than the level at which goodwill is tested for impairment. In markets where the Company does not produce downstream products, such as ready-mix concrete, asphalt paving mix and paving and related services, the lowest level of largely independent identifiable cash flows is at the individual aggregates operation or a group of aggregates operations collectively serving a local market or the cement operations. Conversely, in vertically-integrated markets, the cash flows of the downstream and upstream businesses are not largely independently identifiable and the vertically-integrated operations are considered the lowest level of largely independent identifiable cash flows. Aggregates mineral bearing land and interests are included in property, plant and equipment. When leased mineral interests are acquired during a business combination, they are valued using an excess earnings approach for the life of the proven and probable reserves. Depletion expense is recorded using a units of production methodology. |
Accrued Mining and Landfill Reclamation | Accrued Mining and Landfill Reclamation —The mining reclamation reserve and financial commitments for landfill closure and post-closure activities are based on management’s estimate of future cost requirements to reclaim property at both currently operating and closed sites. Estimates of these obligations have been developed based on management’s interpretation of current requirements and proposed regulatory changes and are intended to approximate fair value. Costs are estimated in current dollars, inflated until the expected time of payment, and then discounted back to present value using a credit-adjusted risk-free rate on obligations of similar maturity, adjusted to reflect the Company’s credit rating. Changes in the credit-adjusted risk-free rate do not change recorded liabilities. However, subsequent increases in the recognized obligations are measured using a current credit-adjusted risk-free rate. Decreases in the recognized obligations are measured at the initial credit-adjusted risk-free rate. Significant changes in inflation rates, or the amount or, timing of future cost estimates typically result in both (1) a current adjustment to the recorded liability (and corresponding adjustment to the asset) and (2) a change in accretion of the liability and depreciation of the asset to be recorded prospectively over the remaining capacity of the unmined quarry or landfill. |
Goodwill | Goodwill —Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired. Goodwill recorded in connection with the Company’s acquisitions is primarily attributable to the expected profitability, assembled workforces of the acquired businesses and the synergies expected to arise after the Company’s acquisition of those businesses. Goodwill is not amortized, but is tested annually for impairment as of the first day of the fourth quarter and at any time that events or circumstances indicate that goodwill may be impaired. A qualitative approach may first be applied to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If, as a result of the qualitative assessment, it is determined that an impairment is more likely than not, a Step-1 approach is performed to quantitatively compare each reporting unit’s fair value to its carrying value. The Step-1 analysis fails when a reporting unit's carrying value is in excess of its fair value, resulting in an impairment loss. |
Transaction and Integration Expenses | Transaction and Integration Expenses —Transaction and integration expenses typically include finders fees, legal, accounting and other professional costs. Integration expenses represent costs incurred to combine the company and its acquired businesses. Integration expenses typically include strategic consulting services, facility consolidations, one time employee related costs such as retention and severance costs, costs of integrating information system infrastructure, enterprise planning systems, processes, and other non-recurring integration related costs. Costs incurred related to the revision or issuance of new debt to finance the transactions are recorded as deferred financing costs. Transaction and integration costs are combined and presented on one line item in the consolidated statements of operations. |
Income Taxes | Income Taxes —Summit Inc. is a corporation subject to income taxes in the United States. Certain subsidiaries, including Summit Holdings, or subsidiary groups of the Company are taxable separate from Summit Inc. The provision for income taxes, or Summit Inc.’s proportional share of the provision, are included in the Company’s consolidated financial statements. The Company’s deferred income tax assets and liabilities are computed for differences between the tax basis and financial statement amounts that will result in taxable or deductible amounts in the future. The computed deferred balances are based on enacted tax laws and applicable rates for the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized for deferred tax assets if it is more likely than not that some portion or all of the net deferred tax assets will not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines it would be able to realize its deferred tax assets for which a valuation allowance had been recorded then an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company evaluates the tax positions taken on income tax returns that remain open and positions expected to be taken on the current year tax returns to identify uncertain tax positions. Unrecognized tax benefits on uncertain tax positions are recorded on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is more than 50 percent likely to be realized is recognized. Interest and penalties related to unrecognized tax benefits are recorded in income tax expense (benefit). |
Tax Receivable Agreement | Tax Receivable Agreement —When Class A limited partnership units of Summit Holdings (“LP Units”) are exchanged for shares of Class A common stock of Summit Inc. or Summit Inc. purchases LP Units for cash, this results in increases in Summit Inc.’s share of the tax basis of the tangible and intangible assets, which increases the tax depreciation and amortization deductions that otherwise would not have been available to Summit Inc. These increases in tax basis and tax depreciation and amortization deductions are expected to reduce the amount of cash taxes that we would otherwise be required to pay in the future. Prior to our IPO, we entered into a TRA with the pre-IPO owners that requires us to pay the pre-IPO owners or their permitted assignees 85% of the amount of cash savings, if any, in U.S. federal, state, and local income tax that we actually realize as a result of these exchanges. These benefits include (1) increases in the tax basis of tangible and intangible assets of Summit Holdings and certain other tax benefits related to entering into the TRA, (2) tax benefits attributable to payments under the TRA, or (3) under certain circumstances such as an early termination of the TRA, we are deemed to realize, as a result of the increases in tax basis in connection with exchanges by the pre-IPO owners described above and certain other tax benefits attributable to payments under the TRA. As noted above, we periodically evaluate the realizability of the deferred tax assets resulting from the exchange of LP Units for Class A common stock. If the deferred tax assets are determined to be realizable, we then assess whether payment of amounts under the TRA have become probable. If so, we record a TRA liability equal to 85% of such deferred tax assets. In subsequent periods, we assess the realizability of all of our deferred tax assets subject to the TRA. Should we determine a deferred tax asset with a valuation allowance is realizable in a subsequent period, the related valuation allowance will be released and consideration of a corresponding TRA liability will be assessed. The realizability of deferred tax assets, including those subject to the TRA, is dependent upon the generation of future taxable income during the periods in which those deferred tax assets become deductible and consideration of prudent and feasible tax-planning strategies. The measurement of the TRA liability is accounted for as a contingent liability. Therefore, once we determine that a payment to a pre-IPO owner has become probable and can be estimated, the estimate of payment will be accrued. |
Earnings per Share | Earnings per Share— The Company computes basic earnings per share attributable to stockholders by dividing income attributable to Summit Inc. by the weighted-average shares of Class A common stock outstanding. Diluted earnings per share reflects the potential dilution beyond shares for basic earnings per share that could occur if securities or other contracts to issue common stock were exercised, converted into common stock, or resulted in the issuance of common stock that would have shared in the Company’s earnings. Since the Class B common stock has no economic value, those shares are not included in the weighted-average common share amount for basic or diluted earnings per share. In addition, as the shares of Class A common stock are issued by Summit Inc., the earnings and equity interests of noncontrolling interests are not included in basic earnings per share. |
Summit Materials, LLC | |
Company Information | |
Principles of Consolidation | Principles of Consolidation –The consolidated financial statements include the accounts of Summit LLC and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated. The Company attributes consolidated member’s interest and net income separately to the controlling and noncontrolling interests. Noncontrolling interests in consolidated subsidiaries represent a 20% ownership in Ohio Valley Asphalt, LLC and, prior to the initial public offering (“IPO”) and concurrent purchase of the noncontrolling interests Continental Cement Company, L.L.C. (“Continental Cement”), a 30% redeemable ownership in Continental Cement. The Company accounts for investments in entities for which it has an ownership of 20% to 50% using the equity method of accounting. 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 year ended January 2, 2021 was a 53-week year. |
Use of Estimates | Use of Estimates — Preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, valuation of deferred tax assets, goodwill, intangibles and other long-lived assets, pension and other postretirement obligations and asset retirement obligations. Estimates also include revenue earned on contracts and costs to complete contracts. Most of the Company’s paving and related services are performed under fixed unit-price contracts with state and local governmental entities. Management regularly evaluates its estimates and assumptions based on historical experience and other factors, including the current economic environment. As future events and their effects cannot be determined with precision, actual results can differ significantly from estimates made. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the Company’s consolidated financial statements when the change in estimate occurs. |
Business and Credit Concentrations | Business and Credit Concentrations— The Company’s operations are conducted primarily across 21 U.S. states and in British Columbia, Canada, with the most significant revenue generated in Texas, Utah, Missouri and Kansas. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers and management does not |
Accounts Receivable | Accounts Receivable —Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the collectability of individual accounts. In establishing the allowance, management considers historical losses adjusted to take into account current market conditions and its customers’ financial condition, the amount of receivables in dispute, the current receivables aging and current payment terms. Balances that remain outstanding after reasonable collection efforts are exercised are written off through a charge to the valuation allowance. The balances billed but not paid by customers, pursuant to retainage provisions included in contracts, are generally due upon completion of the contracts. |
Revenue Recognition | Revenue Recognition —We earn revenue from the sale of products, which primarily include aggregates, cement, ready-mix concrete and asphalt, but also include concrete products and plastics components, and from the provision of services, which are primarily paving and related services, but also include landfill operations, the receipt and disposal of waste that is converted to fuel for use in our cement plants. Products We earn revenue from the sale of products, which primarily include aggregates, cement, ready-mix concrete and asphalt, but also include concrete products, net of discounts or allowances, if any, and freight and delivery charges billed to customers. Revenue for product sales is recognized when the performance obligation is satisfied, which generally is when the product is shipped. Aggregates and cement products are sold point-of-sale through purchase orders. When the product is sold on account, collectability typically occurs 30 to 60 days after the sale. Revenue is recognized when cash is received from the customer at the point of sale or when the products are delivered or collected on site. There are no other timing implications that will create a contract asset or liability, and contract modifications are unlikely given the timing and nature of the transaction. Material sales are likely to have multiple performance obligations if the product is sold with delivery. In these instances, delivery most often occurs on the same day as the control of the product transfers to the customer. As a result, even in the case of multiple performance obligations, the performance obligations are satisfied concurrently and revenue is recognized simultaneously. Services We earn revenue from the provision of services, which are primarily paving and related services, but also include landfill operations and the receipt and disposal of waste that is converted to fuel for use in our cement plants. Revenue from the receipt of waste fuels is recognized when the waste is accepted and a corresponding liability is recognized for the costs to process the waste into fuel for the manufacturing of cement or to ship the waste offsite for disposal in accordance with applicable regulations. Collectability of service contracts is due reasonably after certain milestones in the contract are performed. Milestones vary by project, but are typically calculated using monthly progress based on a percentage of completion or a customer’s engineer review of progress. The majority of the time, collection occurs within 90 days of billing and cash is received within the same fiscal year as services performed. On most projects, the customer will withhold a portion of the invoice for retainage, which may last longer than a year depending on the job. Revenue derived from paving and related services is recognized over time based on the proportion of costs incurred to date relative to the total estimated costs at completion, which approximates progress towards completion. Under this method, we recognize paving and related services revenue as services are rendered. The majority of our construction service contracts are completed within one year, but may occasionally extend beyond this time frame. The majority of our construction service contracts, and therefore, revenue, are opened and completed within one year, with most activity during the spring, summer and fall. We generally measure progress toward completion on long-term paving and related services contracts based on the proportion of costs incurred to date relative to total estimated costs at completion. We include revisions of revenue on contracts in earnings under the cumulative catch-up method, under which the effect of revisions in estimates is recognized immediately. If a revised estimate of contract profitability reveals an anticipated loss on the contract, we recognize the loss in the period it is identified. The actual cost to total estimated cost method of accounting involves the use of various estimating techniques to project costs at completion, and in some cases includes estimates of recoveries asserted against the customer for changes in specifications or other disputes. Contract estimates involve various assumptions and projections relative to the outcome of future events over multiple periods, including future labor productivity and availability, the nature and complexity of the work to be performed, the cost and availability of materials, the effect of delayed performance, and the availability and timing of funding from the customer. These estimates are based on our best judgment. A significant change in one or more of these estimates could affect the profitability of one or more of our contracts. We review our contract estimates regularly to assess revisions in contract values and estimated costs at completion. Inherent uncertainties in estimating costs make it at least reasonably possible that the estimates used will change within the near term and over the life of the contracts. No material adjustments to a contract were recognized in the year ended December 30, 2023. We recognize claims when the amount of the claim can be estimated reliably and it is legally enforceable. In evaluating these criteria, we consider the contractual basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs and the objective evidence available to support the claim. When the contract includes variable consideration, we estimate the amount of consideration to which we will be entitled in exchange for transferring the promised goods or services to a customer. The amount of estimated variable consideration included in the transaction price is the amount for which it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Types of variable consideration include, but are not limited to, liquidated damages and other performance penalties and production and placement bonuses. The majority of contract modifications relate to the original contract and are often an extension of the original performance obligation. Predominately, modifications are not distinct from the terms in the original contract; therefore, they are considered part of a single performance obligation. We account for the modification using a cumulative catch-up adjustment. However, there are instances where goods or services in a modification are distinct from those transferred prior to the modification. In these situations, we account for the modifications as either a separate contract or prospectively depending on the facts and circumstances of the modification. Generally, construction contracts contain mobilization costs which are categorized as costs to fulfill a contract. These costs are excluded from any measure of progress toward contract fulfillment. These costs do not result in the transfer of control of a good or service to the customer and are amortized over the life of the contract. Costs and estimated earnings in excess of billings are composed principally of revenue recognized on contracts on a method similar to the percentage of completion method for which billings had not been presented to customers because the amounts were not billable under the contract terms at the balance sheet date. In accordance with the contract terms, the unbilled receivables at the balance sheet date are expected to be billed in following periods. Billings in excess of costs and estimated earnings represent billings in excess of revenue recognized. |
Restricted Cash | Restricted Cash —In December 2023, we issued $800 million of 7.250% senior notes due January 15, 2031 (the “2031 Notes”) related to our merger with Argos North America Corporation (see note 8 and 19). As the proceeds from the issuance of the 2031 Notes could only be used for the Argos transaction, the balance is shown as restricted cash as of December 30, 2023. Subsequent to year end, the proceeds were released and used to consummate the Argos Transaction. |
Inventories | Inventories —Inventories consist of stone that has been removed from quarries and processed for future sale, cement, raw materials and finished concrete blocks. Inventories are valued at the lower of cost or net realizable value and are accounted for on a first-in first-out basis or an average cost basis. If items become obsolete or otherwise unusable or if quantities exceed what is projected to be sold within a reasonable period of time, they will be charged to costs of revenue in the period that the items are designated as obsolete or excess inventory. Stripping costs are costs of removing overburden and waste material to access aggregate materials and are expensed as incurred. |
Property, Plant and Equipment, net | Property, Plant and Equipment, net —Property, plant and equipment are recorded at cost, less accumulated depreciation, depletion and amortization. Expenditures for additions and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Repair and maintenance costs that do not substantially expand productive capacity or extend the life of property, plant and equipment are expensed as incurred. Landfill airspace is included in property, plant and equipment at cost and is amortized based on the portion of the airspace used during the period compared to the gross estimated value of available airspace, which is updated periodically as circumstances dictate. Management reassesses the landfill airspace capacity with any changes in value recorded in cost of revenue. Capitalized landfill costs include expenditures for the acquisition of land and related airspace, engineering and permitting costs, cell construction costs and direct site improvement costs. Upon disposal of an asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any gain or loss is included in general and administrative expenses. The Company reviews the carrying value of property, plant and equipment for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. Such indicators may include, among others, deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows or a trend of negative or declining cash flows over multiple periods. Property, plant and equipment is tested for impairment at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. As a result, the property, plant and equipment impairment test is at a significantly lower level than the level at which goodwill is tested for impairment. In markets where the Company does not produce downstream products, such as ready-mix concrete, asphalt paving mix and paving and related services, the lowest level of largely independent identifiable cash flows is at the individual aggregates operation or a group of aggregates operations collectively serving a local market or the cement operations. Conversely, in vertically-integrated markets, the cash flows of the downstream and upstream businesses are not largely independently identifiable and the vertically-integrated operations are considered the lowest level of largely independent identifiable cash flows. Aggregates mineral bearing land and interests are included in property, plant and equipment. When leased mineral interests are acquired during a business combination, they are valued using an excess earnings approach for the life of the proven and probable reserves. Depletion expense is recorded using a units of production methodology. |
Accrued Mining and Landfill Reclamation | Accrued Mining and Landfill Reclamation —The mining reclamation reserve and financial commitments for landfill closure and post-closure activities are based on management’s estimate of future cost requirements to reclaim property at both currently operating and closed sites. Estimates of these obligations have been developed based on management’s interpretation of current requirements and proposed regulatory changes and are intended to approximate fair value. Costs are estimated in current dollars, inflated until the expected time of payment, and then discounted back to present value using a credit-adjusted risk-free rate on obligations of similar maturity, adjusted to reflect the Company’s credit rating. Changes in the credit-adjusted risk-free rate do not change recorded liabilities. However, subsequent increases in the recognized obligations are measured using a current credit-adjusted risk-free rate. Decreases in the recognized obligations are measured at the initial credit-adjusted risk-free rate. Significant changes in inflation rates, or the amount or, timing of future cost estimates typically result in both (1) a current adjustment to the recorded liability (and corresponding adjustment to the asset) and (2) a change in accretion of the liability and depreciation of the asset to be recorded prospectively over the remaining capacity of the unmined quarry or landfill. |
Goodwill | Goodwill —Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired. Goodwill recorded in connection with the Company’s acquisitions is primarily attributable to the expected profitability, assembled workforces of the acquired businesses and the synergies expected to arise after the Company’s acquisition of those businesses. Goodwill is not amortized, but is tested annually for impairment as of the first day of the fourth quarter and at any time that events or circumstances indicate that goodwill may be impaired. A qualitative approach may first be applied to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If, as a result of the qualitative assessment, it is determined that an impairment is more likely than not, a Step-1 approach is performed to quantitatively compare each reporting unit’s fair value to its carrying value. The Step-1 analysis fails when a reporting unit's carrying value is in excess of its fair value, resulting in an impairment loss. |
Transaction and Integration Expenses | Transaction and Integration Expenses —Transaction and integration expenses typically include finders fees, legal, accounting and other professional costs. Integration expenses represent costs incurred to combine the company and its acquired businesses. Integration expenses typically include strategic consulting services, facility consolidations, one time employee related costs such as retention and severance costs, costs of integrating information system infrastructure, enterprise planning systems, processes, and other non-recurring integration related costs. Costs incurred related to the revision or issuance of new debt to finance the transactions are recorded as deferred financing costs. Transaction and integration costs are combined and presented on one line item in the consolidated statements of operations. |
Income Taxes | Income Taxes —As a limited liability company, the Company’s federal and state income tax attributes are generally passed to its member. However, certain subsidiaries, or subsidiary groups, of the Company are taxable entities subject to income taxes in the United States and Canada, the provisions for which are included in the consolidated financial statements. Significant judgments and estimates are required in the determination of the consolidated income tax expense. The Company’s deferred income tax assets and liabilities are computed for differences between the tax basis and financial statement amounts that will result in taxable or deductible amounts in the future. The computed deferred balances are based on enacted tax laws and applicable rates for the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized for deferred tax assets if it is more likely than not that some portion or all of the net deferred tax assets will not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines it would be able to realize its deferred tax assets for which a valuation allowance had been recorded then an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company evaluates the tax positions taken on income tax returns that remain open and positions expected to be taken on the current year tax returns to identify uncertain tax positions. Unrecognized tax benefits on uncertain tax positions are recorded on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is more than 50 percent likely to be realized is recognized. Interest and penalties related to unrecognized tax benefits are recorded in income tax expense (benefit). |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Summary of Acquisitions by Region | The following table summarizes the Company’s acquisitions by region and period: 2023 2022 2021 West 3 — — East 1 2 3 |
Summary of Assets Acquired and Liabilities Assumed | The purchase price allocation, primarily the valuation of property, plant and equipment for the acquisitions completed during the year end ended 2023 have not yet been finalized due to the recent timing of the acquisitions, status of the valuation of property, plant and equipment and finalization of related tax returns. The following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates: 2023 2022 Financial assets $ 12,747 $ 297 Inventories 6,251 161 Property, plant and equipment 125,207 30,041 Intangible assets — — Other assets 1,085 1,116 Financial liabilities (11,973) (1,120) Other long-term liabilities (802) (1,589) Net assets acquired 132,515 28,906 Goodwill 108,590 — Purchase price 241,105 28,906 Acquisition-related liabilities — (6,176) Other (1,597) — Net cash paid for acquisitions $ 239,508 $ 22,730 |
Schedule of Remaining Payments Under Noncompete and Deferred Consideration Agreements | The remaining payments due under these noncompete and deferred consideration agreements are as follows: 2024 $ 6,870 2025 7,317 2026 6,068 2027 4,569 2028 4,571 Thereafter 1,245 Total scheduled payments 30,640 Present value adjustments (5,005) Total noncompete obligations and deferred consideration $ 25,635 |
Summit Materials, LLC | |
Summary of Acquisitions by Region | The following table summarizes the Company’s acquisitions by region and period: 2023 2022 2021 West 3 — — East 1 2 3 |
Summary of Assets Acquired and Liabilities Assumed | The following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates: 2023 2022 Financial assets $ 12,747 $ 297 Inventories 6,251 161 Property, plant and equipment 125,207 30,041 Intangible assets — — Other assets 1,085 1,116 Financial liabilities (11,973) (1,120) Other long-term liabilities (802) (1,589) Net assets acquired 132,515 28,906 Goodwill 108,590 — Purchase price 241,105 28,906 Acquisition-related liabilities — (6,176) Other (1,597) — Net cash paid for acquisitions $ 239,508 $ 22,730 |
Schedule of Remaining Payments Under Noncompete and Deferred Consideration Agreements | The remaining payments due under these noncompete and deferred consideration agreements are as follows: 2024 $ 6,870 2025 7,317 2026 6,068 2027 4,569 2028 4,571 Thereafter 1,245 Total scheduled payments 30,640 Present value adjustments (5,005) Total noncompete obligations and deferred consideration $ 25,635 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Goodwill by Reportable Segment and in Total | The following table presents goodwill by reportable segments and in total: West East Cement Total Balance—January 1, 2022 $ 570,509 $ 388,585 $ 204,656 $ 1,163,750 Dispositions (1) — (27,084) — (27,084) Foreign currency translation adjustments (4,120) — — (4,120) Balance—December 31, 2022 $ 566,389 $ 361,501 $ 204,656 $ 1,132,546 Acquisitions (2) 108,590 — — 108,590 Dispositions (1) (17,840) — — (17,840) Foreign currency translation adjustments 1,565 — — 1,565 Balance—December 30, 2023 $ 658,704 $ 361,501 $ 204,656 $ 1,224,861 ______________________ (1) Reflects goodwill derecognition from dispositions completed during 2022 and 2023, respectively. (2) Reflects goodwill from 2023 acquisitions. |
Summit Materials, LLC | |
Goodwill by Reportable Segment and in Total | The following table presents goodwill by reportable segments and in total: West East Cement Total Balance—January 1, 2022 $ 571,509 $ 388,585 $ 204,656 $ 1,164,750 Dispositions (1) — (27,084) — (27,084) Foreign currency translation adjustments (4,120) — — (4,120) Balance—December 31, 2022 $ 567,389 $ 361,501 $ 204,656 $ 1,133,546 Acquisitions (2) 108,590 — — 108,590 Dispositions (1) (17,840) — — (17,840) Foreign currency translation adjustments 1,565 — — 1,565 Balance—December 30, 2023 $ 659,704 $ 361,501 $ 204,656 $ 1,225,861 ______________________ (1) Reflects goodwill derecognition from dispositions completed during 2022 and 2023, respectively. (2) Reflects goodwill from 2023 acquisitions. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Revenue from External Customer [Line Items] | |
Summary of Revenue by Products | Revenue by product for the years ended December 30, 2023, December 31, 2022 and January 1, 2022 consisted of the following: 2023 2022 2021 Revenue by product*: Aggregates $ 663,551 $ 583,993 $ 573,157 Cement 355,786 332,518 282,081 Ready-mix concrete 744,151 687,950 702,062 Asphalt 312,383 270,444 311,046 Paving and related services 318,721 315,065 337,311 Other 224,876 222,552 204,012 Total revenue $ 2,619,468 $ 2,412,522 $ 2,409,669 ______________________ * Revenue from liquid asphalt terminals is included in asphalt revenue. |
Summary of Contract Assets and Liabilities | The following table outlines the significant changes in contract assets and contract liability balances from December 31, 2022 to December 30, 2023. Also included in the table is the net change in the estimate as a percentage of aggregate revenue for such contracts: Costs and estimated Billings in excess earnings in of costs and excess of billings estimated earnings Balance—December 31, 2022 $ 6,510 $ 5,739 Changes in revenue billed, contract price or cost estimates 3,746 2,475 Other 33 14 Balance—December 30, 2023 $ 10,289 $ 8,228 |
Summary of Accounts Receivable, Net | Accounts receivable, net consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Trade accounts receivable $ 228,697 $ 215,766 Construction contract receivables 51,567 37,067 Retention receivables 13,541 11,048 Accounts receivable 293,805 263,881 Less: Allowance for doubtful accounts (6,553) (7,212) Accounts receivable, net $ 287,252 $ 256,669 |
Summit Materials, LLC | |
Revenue from External Customer [Line Items] | |
Summary of Revenue by Products | Revenue by product for the years ended December 30, 2023, December 31, 2022 and January 1, 2022 consisted of the following: 2023 2022 2021 Revenue by product*: Aggregates $ 663,551 $ 583,993 $ 573,157 Cement 355,786 332,518 282,081 Ready-mix concrete 744,151 687,950 702,062 Asphalt 312,383 270,444 311,046 Paving and related services 318,721 315,065 337,311 Other 224,876 222,552 204,012 Total revenue $ 2,619,468 $ 2,412,522 $ 2,409,669 ______________________ *Revenue from liquid asphalt terminals is included in asphalt revenue. |
Summary of Contract Assets and Liabilities | The following table outlines the significant changes in contract assets and contract liability balances from December 31, 2022 to December 30, 2023. Also included in the table is the net change in the estimate as a percentage of aggregate revenue for such contracts: Costs and estimated Billings in excess earnings in of costs and excess of billings estimated earnings Balance—December 31, 2022 $ 6,510 $ 5,739 Changes in revenue billed, contract price or cost estimates 3,746 2,475 Other 33 14 Balance—December 30, 2023 $ 10,289 $ 8,228 |
Summary of Accounts Receivable, Net | Accounts receivable, net consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Trade accounts receivable $ 228,697 $ 215,766 Construction contract receivables 51,567 37,067 Retention receivables 13,541 11,048 Accounts receivable 293,805 263,881 Less: Allowance for doubtful accounts (6,553) (7,212) Accounts receivable, net $ 287,252 $ 256,669 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Inventory [Line Items] | |
Components of Inventories | Inventories consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Aggregate stockpiles $ 165,272 $ 148,347 Finished goods 43,122 33,622 Work in process 10,702 8,191 Raw materials 22,254 22,331 Total $ 241,350 $ 212,491 |
Summit Materials, LLC | |
Inventory [Line Items] | |
Components of Inventories | Inventories consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Aggregate stockpiles $ 165,272 $ 148,347 Finished goods 43,122 33,622 Work in process 10,702 8,191 Raw materials 22,254 22,331 Total $ 241,350 $ 212,491 |
Property, Plant and Equipment_2
Property, Plant and Equipment, net and Intangibles, net (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Property, Plant and Equipment [Line Items] | |
Summary of Property, Plant and Equipment | Property, plant and equipment, net consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Mineral bearing land and leased interests $ 557,696 $ 515,153 Land (non-mineral bearing) 210,048 183,926 Buildings and improvements 233,412 213,056 Plants, machinery and equipment 1,484,515 1,380,886 Mobile equipment and barges 623,424 555,119 Truck and auto fleet 41,181 38,717 Landfill airspace and improvements 55,036 55,027 Office equipment 61,825 49,336 Construction in progress 109,151 90,039 Property, plant and equipment 3,376,288 3,081,259 Less accumulated depreciation, depletion and amortization (1,399,468) (1,267,557) Property, plant and equipment, net $ 1,976,820 $ 1,813,702 Buildings and improvements 10 - 30 years Plant, machinery and equipment 7 - 20 years Office equipment 3 - 7 years Truck and auto fleet 5 - 8 years Mobile equipment and barges 6 - 8 years Landfill airspace and improvements 10 - 30 years Other 4 - 20 years |
Intangible Assets by Type and in Total | The following table shows intangible assets by type and in total: December 30, 2023 December 31, 2022 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Operating permits $ 38,677 $ (5,691) $ 32,986 $ 38,677 $ (4,109) $ 34,568 Mineral leases 17,778 (7,676) 10,102 18,091 (7,056) 11,035 Reserve rights 25,586 (5,020) 20,566 25,242 (3,872) 21,370 Other 5,012 (585) 4,427 4,877 (466) 4,411 Total intangible assets $ 87,053 $ (18,972) $ 68,081 $ 86,887 $ (15,503) $ 71,384 |
Estimated Amortization Expense for Intangible Assets | The estimated amortization expense for intangible assets for each of the next five years and thereafter is as follows: 2024 $ 3,365 2025 3,763 2026 3,935 2027 3,922 2028 3,925 Thereafter 49,171 Total $ 68,081 |
Summit Materials, LLC | |
Property, Plant and Equipment [Line Items] | |
Summary of Property, Plant and Equipment | Property, plant and equipment, net consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Mineral bearing land and leased interests $ 557,696 $ 515,153 Land (non-mineral bearing) 210,048 183,926 Buildings and improvements 233,412 213,056 Plants, machinery and equipment 1,484,515 1,380,886 Mobile equipment and barges 623,424 555,119 Truck and auto fleet 41,181 38,717 Landfill airspace and improvements 55,036 55,027 Office equipment 61,825 49,336 Construction in progress 109,151 90,039 Property, plant and equipment 3,376,288 3,081,259 Less accumulated depreciation, depletion and amortization (1,399,468) (1,267,557) Property, plant and equipment, net $ 1,976,820 $ 1,813,702 Buildings and improvements 10 - 30 years Plant, machinery and equipment 7 - 20 years Office equipment 3 - 7 years Truck and auto fleet 5 - 8 years Mobile equipment and barges 6 - 8 years Landfill airspace and improvements 10 - 30 years Other 4 - 20 years |
Intangible Assets by Type and in Total | The following table shows intangible assets by type and in total: December 30, 2023 December 31, 2022 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Operating permits $ 38,677 $ (5,691) $ 32,986 $ 38,677 $ (4,109) $ 34,568 Mineral leases 17,778 (7,676) 10,102 18,091 (7,056) 11,035 Reserve rights 25,586 (5,020) 20,566 25,242 (3,872) 21,370 Other 5,012 (585) 4,427 4,877 (466) 4,411 Total intangible assets $ 87,053 $ (18,972) $ 68,081 $ 86,887 $ (15,503) $ 71,384 |
Estimated Amortization Expense for Intangible Assets | The estimated amortization expense for intangible assets for each of the next five years and thereafter is as follows: 2024 $ 3,365 2025 3,763 2026 3,935 2027 3,922 2028 3,925 Thereafter 49,171 Total $ 68,081 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Schedule Of Accrued Expenses [Line Items] | |
Components of Accrued Expenses | Accrued expenses consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Interest $ 27,593 $ 24,625 Payroll and benefits 63,888 34,485 Finance lease obligations 4,020 6,959 Insurance 25,277 18,127 Current portion of TRA liability and accrued taxes 11,042 4,360 Deferred asset purchase payments 5,903 5,131 Professional fees 2,036 924 Other (1) 31,932 25,356 Total $ 171,691 $ 119,967 ______________________ (1) Consists primarily of current portion of asset retirement obligations and miscellaneous accruals. |
Summit Materials, LLC | |
Schedule Of Accrued Expenses [Line Items] | |
Components of Accrued Expenses | Accrued expenses consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Interest $ 27,593 $ 24,625 Payroll and benefits 63,888 34,485 Finance lease obligations 4,020 6,959 Insurance 25,277 18,127 Accrued taxes 12,285 5,101 Deferred asset purchase payments 5,903 5,131 Professional fees 2,036 924 Other (1) 31,932 25,356 Total $ 172,934 $ 120,708 ______________________ (1) Consists primarily of current portion of asset retirement obligations and miscellaneous accruals. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Schedule of Debt | Debt consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Term Loan, due 2027: $504.5 million and $509.6 million, net of $4.0 million and $5.0 million discount at December 30, 2023 and December 31, 2022, respectively $ 500,473 $ 504,549 6 1⁄2% Senior Notes, due 2027 300,000 300,000 5 1⁄4% Senior Notes, due 2029 700,000 700,000 7 1⁄4% Senior Notes, due 2031 800,000 — Total 2,300,473 1,504,549 Current portion of long-term debt 3,822 5,096 Long-term debt $ 2,296,651 $ 1,499,453 |
Schedule of Contractual Payments of Long-Term Debt | The contractual payments of long-term debt, including current maturities, for the five years subsequent to December 30, 2023, are as follows: 2024 $ 3,822 2025 6,369 2026 5,096 2027 789,177 2028 — Thereafter 1,500,000 Total 2,304,464 Less: Original issue net discount (3,991) Less: Deferred financing costs (13,012) Total debt $ 2,287,461 |
Summary of Activity for Deferred Financing Fees | The following table presents the activity for the deferred financing fees for the years ended December 30, 2023 and December 31, 2022: Deferred financing fees Balance—January 1, 2022 $ 13,049 Loan origination fees 1,557 Amortization (2,655) Write off of deferred financing fees (462) Balance—December 31, 2022 $ 11,489 Loan origination fees 5,599 Amortization (2,464) Write off of deferred financing fees (161) Balance—December 30, 2023 $ 14,463 |
Summit Materials, LLC | |
Schedule of Debt | Debt consisted of the following as of December 30, 2023 and December 31, 2022: 2023 2022 Term Loan, due 2027: $504.5 million and $509.6 million, net of $4.0 million and $5.0 million discount at December 30, 2023 and December 31, 2022, respectively $ 500,473 $ 504,549 6 1⁄2% Senior Notes, due 2027 300,000 300,000 5 1⁄4% Senior Notes, due 2029 700,000 700,000 7 1⁄4% Senior Notes, due 2031 800,000 — Total 2,300,473 1,504,549 Current portion of long-term debt 3,822 5,096 Long-term debt $ 2,296,651 $ 1,499,453 |
Schedule of Contractual Payments of Long-Term Debt | The contractual payments of long-term debt, including current maturities, for the five years subsequent to December 30, 2023, are as follows: 2024 $ 3,822 2025 6,369 2026 5,096 2027 789,177 2028 — Thereafter 1,500,000 Total 2,304,464 Less: Original issue net discount (3,991) Less: Deferred financing costs (13,012) Total debt $ 2,287,461 |
Summary of Activity for Deferred Financing Fees | The following table presents the activity for the deferred financing fees for the years ended December 30, 2023 and December 31, 2022: Deferred financing fees Balance—January 1, 2022 $ 13,049 Loan origination fees 1,557 Amortization (2,655) Write off of deferred financing fees (462) Balance—December 31, 2022 $ 11,489 Loan origination fees 5,599 Amortization (2,464) Write off of deferred financing fees (161) Balance—December 30, 2023 $ 14,463 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Income Taxes [Line Items] | |
Components of Income Tax Benefit | For the years ended December 30, 2023, December 31, 2022 and January 1, 2022, income taxes consisted of the following: 2023 2022 2021 Provision for income taxes: Current $ 17,284 $ 15,654 $ 8,030 Deferred 87,554 69,891 36,326 Income tax expense (benefit) $ 104,838 $ 85,545 $ 44,356 |
Schedule of Reconciliation of Income Tax (Benefit) Expense | The effective tax rate on pre-tax income differs from the U.S. statutory rate of 21% for 2023, 2022 and 2021, respectively, due to the following: 2023 2022 2021 Income tax expense (benefit) at federal statutory tax rate $ 82,837 $ 75,862 $ 41,273 Less: Income tax benefit at federal statutory tax rate for LLC entities (867) (754) (459) State and local income taxes 15,580 12,703 7,287 Permanent differences (3,016) (7,039) (5,493) Effective tax rate change 18 (710) 2,317 Basis differences from divestitures — 3,314 3,766 Unrecognized tax benefits — — — Tax receivable agreement (benefit) expense 7,222 218 28 Change in valuation allowance — (562) — Other 3,064 2,513 (4,363) Income tax expense (benefit) $ 104,838 $ 85,545 $ 44,356 |
Components of Net Deferred Income Tax Liability | The following table summarizes the components of the net deferred income tax asset (liability) as December 30, 2023 and December 31, 2022: 2023 2022 Deferred tax assets (liabilities): Net intangible assets $ 58,051 $ 138,511 Accelerated depreciation (202,683) (196,936) Net operating loss 195,443 195,669 Investment in limited partnership (56,717) (44,690) Mining reclamation reserve 3,847 3,213 Working capital (e.g., accrued compensation, prepaid assets) 45,849 39,231 Interest expense limitation carryforward 9,332 3,101 Less valuation allowance (1,113) (1,113) Deferred tax assets 52,009 136,986 Less foreign deferred tax liability (included in other noncurrent liabilities) (15,854) (15,752) Net deferred tax asset $ 36,155 $ 121,234 |
Summary of Valuation Allowance | 2023 2022 Valuation Allowance: Beginning balance $ (1,113) $ (1,675) Release of valuation allowance and other — 562 Ending balance $ (1,113) $ (1,113) |
Schedule Of Changes In Tax Receivable Agreement Liability | Changes in the balance of the TRA liability, from December 31, 2022 to December 30, 2023 are summarized as follows: TRA Liability Balance — December 31, 2022 $ 328,356 LP unit exchanges during period 8,559 Purchase of TRA interests (132,449) TRA liability reduction (157,477) TRA liability payments (544) TRA liability adjustment (4,705) Total 41,740 Less current portion 464 Balance — December 30, 2023 $ 41,276 |
Summit Materials, LLC | |
Income Taxes [Line Items] | |
Components of Income Tax Benefit | For the years ended December 30, 2023, December 31, 2022 and January 1, 2022, income taxes consisted of the following: 2023 2022 2021 Provision for income taxes: Current $ 17,705 $ 16,280 $ 8,459 Deferred 4,555 305 12,490 Income tax expense (benefit) $ 22,260 $ 16,585 $ 20,949 |
Schedule of Reconciliation of Income Tax (Benefit) Expense | The effective tax rate on pre-tax income differs from the U.S. statutory rate of 21% for 2023, 2022 and 2021, respectively, due to the following: 2023 2022 2021 Income tax expense (benefit) at federal statutory tax rate $ 48,765 $ 76,172 $ 40,303 Less: Income tax benefit at federal statutory tax rate for LLC entities (39,936) (63,498) (27,821) State and local income taxes 6,020 4,170 3,604 Permanent differences 5,787 787 427 Effective tax rate change — (491) 201 Basis differences from divestitures — 3,314 3,766 Valuation allowance — (562) — Other 1,624 (3,307) 469 Income tax benefit $ 22,260 $ 16,585 $ 20,949 |
Components of Net Deferred Income Tax Liability | The following table summarizes the components of the net deferred income tax asset (liability) as December 30, 2023 and December 31, 2022: 2023 2022 Deferred tax (liabilities) assets: Accelerated depreciation $ (57,334) $ (54,590) Net operating loss 5,889 6,147 Investment in limited partnership (30,049) (24,630) Net intangible assets (4,023) (3,236) Mining reclamation reserve 1,188 1,010 Working capital (e.g., accrued compensation, prepaid assets) 1,831 651 Interest expense limitation carryforward 3,202 482 Net deferred tax liabilities (79,296) (74,166) Less valuation allowance (1,113) (1,113) Net deferred tax liability $ (80,409) $ (75,279) |
Summary of Valuation Allowance | 2023 2022 Valuation Allowance: Beginning balance $ (1,113) $ (1,675) Release of valuation allowance and other — 562 Ending balance $ (1,113) $ (1,113) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic Earnings Per Share | The following table shows the calculation of basic and diluted per share: 2023 2022 2021 Net income attributable to Summit Inc. $ 285,856 $ 272,145 $ 152,184 Weighted average shares of Class A stock outstanding 118,952,933 119,747,056 119,415,448 Add: Nonvested restricted stock awards of retirement eligible shares 92,460 147,388 213,846 Weighted average shares outstanding 119,045,393 119,894,444 119,629,294 Basic earnings per share $ 2.40 $ 2.27 $ 1.27 Diluted net income attributable to Summit Inc. $ 285,856 $ 272,145 $ 152,184 Weighted average shares outstanding 119,045,393 119,894,444 119,629,294 Add: stock options 110,546 87,976 282,677 Add: warrants 14,264 11,647 17,674 Add: restricted stock units 407,494 460,700 816,966 Add: performance stock units 197,069 173,692 188,381 Weighted average dilutive shares outstanding 119,774,766 120,628,459 120,934,992 Diluted earnings per share $ 2.39 $ 2.26 $ 1.26 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Excluded from the above calculations were the shares noted below as they were antidilutive: 2023 2022 2021 Antidilutive shares: LP Units 1,180,354 1,313,204 1,867,853 |
Stockholder's Equity_Members'_2
Stockholder's Equity/Members' Interest (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Company Information | |
Schedule of Changes in Ownership of Summit Holdings | The following table summarizes the changes in our ownership of Summit Holdings: Summit Inc. Shares (Class A) LP Units Total Summit Inc. Ownership Percentage Balance — January 1, 2022 120,684,322 1,314,006 121,998,328 98.9 % Exchanges during period 2,002 (2,002) — Stock option exercises 10,691 — 10,691 Repurchases of common stock (3,427,510) — (3,427,510) Other equity transactions 1,139,150 — 1,139,150 Balance — December 31, 2022 118,408,655 1,312,004 119,720,659 98.9 % Exchanges during period 548,761 (548,761) — Stock option exercises 11,937 — 11,937 Other equity transactions 560,027 — 560,027 Balance — December 30, 2023 119,529,380 763,243 120,292,623 99.4 % |
Schedule of Changes in Each Component of Accumulated Other Comprehensive Income (Loss) | The changes in each component of accumulated other comprehensive income (loss) consisted of the following: Accumulated Foreign currency other Change in translation comprehensive retirement plans adjustments income (loss) Balance — January 1, 2022 $ 1,508 $ 5,575 $ 7,083 Postretirement liability adjustment, net of tax 4,848 — 4,848 Foreign currency translation adjustment, net of tax — (8,847) (8,847) Balance — December 31, 2022 $ 6,356 $ (3,272) $ 3,084 Postretirement liability adjustment, net of tax 484 — 484 Foreign currency translation adjustment, net of tax — 3,707 3,707 Balance — December 30, 2023 $ 6,840 $ 435 $ 7,275 |
Summit Materials, LLC | |
Company Information | |
Schedule of Changes in Each Component of Accumulated Other Comprehensive Income (Loss) | The changes in each component of accumulated other comprehensive income (loss) consisted of the following: Accumulated Foreign currency other Change in translation comprehensive retirement plans adjustments income (loss) Balance — January 1, 2022 $ (7,243) $ (8,783) $ (16,026) Postretirement liability adjustment 6,481 — 6,481 Foreign currency translation adjustment — (11,831) (11,831) Balance — December 31, 2022 $ (762) $ (20,614) $ (21,376) Postretirement liability adjustment 642 — 642 Foreign currency translation adjustment — 4,925 4,925 Balance — December 30, 2023 $ (120) $ (15,689) $ (15,809) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Schedule Of Cash Flow Supplemental [Line Items] | |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information for the years ended December 30, 2023, December 31, 2022 and January 1, 2022 was as follows: 2023 2022 2021 Cash payments: Interest $ 99,035 $ 76,279 $ 81,592 Payments for income taxes, net 11,135 23,352 7,580 Operating cash payments on operating leases 10,361 9,483 10,955 Operating cash payments on finance leases 583 1,081 2,162 Finance cash payments on finance leases 7,204 16,245 17,278 Non cash investing and financing activities: Accrued liabilities for purchases of property, plant and equipment $ 15,030 $ 8,558 $ 13,730 Stock Dividend — 59,258 — Right of use assets obtained in exchange for operating lease obligations 6,976 17,300 11,528 Right of use assets obtained in exchange for finance leases obligations 10,971 (635) 1,125 Exchange of LP Units to shares of Class A common stock 17,335 62 48,425 |
Summit Materials, LLC | |
Schedule Of Cash Flow Supplemental [Line Items] | |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information for the years ended December 30, 2023, December 31, 2022 and January 1, 2022 was as follows: 2023 2022 2021 Cash payments: Interest $ 99,035 $ 76,279 $ 81,592 Payments for income taxes, net 11,135 23,352 7,580 Operating cash payments on operating leases 10,361 9,483 10,955 Operating cash payments on finance leases 583 1,081 2,162 Finance cash payments on finance leases 7,204 16,245 17,278 Non cash investing and financing activities: Accrued liabilities for purchases of property, plant and equipment $ 15,030 $ 8,558 $ 13,730 Right of use assets obtained in exchange for operating lease obligations 6,976 17,300 11,528 Right of use assets obtained in exchange for finance leases obligations 10,971 (635) 1,125 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Information for the Equity Awards Granted | The following table summarizes information for the equity awards granted in 2023: Options Restricted Stock Units Performance Stock Units Warrants Weighted Weighted Weighted Weighted average grant- Number of average grant- Number of average grant- average grant- Number of date fair value restricted date fair value performance date fair value Number of date fair value options per unit stock units per unit stock units per unit warrants per unit Beginning balance—December 31, 2022 280,582 $ 9.27 1,100,330 $ 26.12 412,612 $ 29.66 31,519 $ 18.00 Granted — — 607,354 31.28 170,486 33.86 — — Forfeited/ Canceled — — (39,618) 28.99 (27,476) 27.79 — — Exercised (11,937) 11.30 — — — — — — Vested — — (597,113) 24.71 (122,075) 20.95 — — Balance—December 30, 2023 268,645 $ 9.35 1,070,953 $ 29.72 433,547 $ 33.88 31,519 $ 18.00 Performance Stock Units 2023 2022 2021 Risk-free interest rate 4.41% 1.44% 0.29% Dividend yield N/A N/A N/A Volatility 50% 67% 70% Expected term 3 years 3 years 3 years |
Summit Materials, LLC | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Information for the Equity Awards Granted | The following table summarizes information for the equity awards granted in 2023: Options Restricted Stock Units Performance Stock Units Warrants Weighted Weighted Weighted Weighted average grant- Number of average grant- Number of average grant- average grant- Number of date fair value restricted date fair value performance date fair value Number of date fair value options per unit stock units per unit stock units per unit warrants per unit Beginning balance—December 31, 2022 280,582 $ 9.27 1,100,330 $ 26.12 412,612 $ 29.66 31,519 $ 18.00 Granted — — 607,354 31.28 170,486 33.86 — — Forfeited/ Canceled — — (39,618) 28.99 (27,476) 27.79 — — Exercised (11,937) 11.30 — — — — — — Vested — — (597,113) 24.71 (122,075) 20.95 — — Balance—December 30, 2023 268,645 $ 9.35 1,070,953 $ 29.72 433,547 $ 33.88 31,519 $ 18.00 Performance Stock Units 2023 2022 2021 Risk-free interest rate 4.41% 1.44% 0.29% Dividend yield N/A N/A N/A Volatility 50% 67% 70% Expected term 3 years 3 years 3 years |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Discount rate | |
Obligations and Funded Status | The following information is as of December 30, 2023 and December 31, 2022 and for the years ended December 30, 2023, December 31, 2022 and January 1, 2022: 2023 2022 Pension Healthcare Pension Healthcare benefits & Life Ins. benefits & Life Ins. Change in benefit obligations: Beginning of period $ 19,037 $ 5,571 $ 25,266 $ 9,790 Service cost 53 28 68 35 Interest cost 938 262 640 239 Actuarial (gain) loss 158 (419) (5,360) (1,454) Change in plan provision — — — (2,014) Benefits paid (1,540) (416) (1,577) (1,025) End of period $ 18,646 $ 5,026 $ 19,037 $ 5,571 Change in fair value of plan assets: Beginning of period $ 17,043 $ — $ 20,004 $ — Actual return on plan assets 1,473 — (1,606) — Employer contributions — 416 222 1,025 Benefits paid (1,540) (416) (1,577) (1,025) End of period $ 16,976 $ — $ 17,043 $ — Funded status of plans $ (1,670) $ (5,026) $ (1,994) $ (5,571) Current liabilities $ — $ (449) $ — $ (484) Noncurrent liabilities (1,670) (4,577) (1,994) (5,087) Liability recognized $ (1,670) $ (5,026) $ (1,994) $ (5,571) Amounts recognized in accumulated other comprehensive income: Net actuarial loss $ 4,642 $ 1,389 $ 5,170 $ 1,919 Prior service cost — (2,752) — (3,167) Total amount recognized $ 4,642 $ (1,363) $ 5,170 $ (1,248) |
Amounts Recognized in Other Comprehensive (Income) Loss | The amount recognized in accumulated other comprehensive income (“AOCI”) is the actuarial loss (gain) and prior service cost, which has not yet been recognized in periodic benefit cost. 2023 2022 2021 Pension Healthcare Pension Healthcare Pension Healthcare benefits & Life Ins. benefits & Life Ins. benefits & Life Ins. Amounts recognized in other comprehensive (income) loss: Net actuarial (gain) loss $ (426) $ (419) $ (2,785) $ (1,454) $ (2,000) $ 1,143 Prior service credit — — — (2,013) — — Amortization of prior year service credit — 415 — 296 — 241 Amortization of loss (101) (111) (307) (218) (428) (259) Total amount recognized $ (527) $ (115) $ (3,092) $ (3,389) $ (2,428) $ 1,125 |
Schedule of Net Benefit Costs | 2023 2022 2021 Pension Healthcare Pension Healthcare Pension Healthcare benefits & Life Ins. benefits & Life Ins. benefits & Life Ins. Components of net periodic benefit cost: Service cost $ 53 $ 28 $ 68 $ 35 $ 58 $ 194 Interest cost 938 262 640 239 550 189 Amortization of loss 101 111 307 218 428 259 Expected return on plan assets (888) — (970) — (898) — Amortization of prior service credit — (415) — (296) — (241) Net periodic benefit (expense) cost $ 204 $ (14) $ 45 $ 196 $ 138 $ 401 |
Schedule of Assumptions Used | Weighted-average assumptions used to determine the benefit obligations as of year-end 2023 and 2022 are: 2023 2022 Healthcare Healthcare Pension benefits & Life Ins. Pension benefits & Life Ins. Discount rate 4.95% 4.88% 5.16% 5.09% Expected long-term rate of return on plan assets 5.00% N/A 5.00% N/A Weighted-average assumptions used to determine net periodic benefit cost for years ended December 30, 2023, December 31, 2022 and January 1, 2022: 2023 2022 2021 Healthcare Healthcare Healthcare Pension benefits & Life Ins. Pension benefits & Life Ins. Pension benefits & Life Ins. Discount rate 5.16% 5.09% 2.63% 2.31% 2.04% 1.82% Expected long-term rate of return on plan assets 5.00% N/A 5.00% N/A 5.00% N/A |
Fair Value of Company's Pension Plans' Assets | The fair value of the Plans’ assets by asset class and fair value hierarchy level as of December 30, 2023 and December 31, 2022 are as follows: 2023 Quoted prices in active Total fair markets for identical Observable value assets (Level 1) inputs (Level 2) Fixed income securities: Intermediate—government $ 4,060 $ 4,060 $ — Intermediate—corporate 1,386 — 1,386 Short-term—government 1,424 1,424 — Short-term—corporate 460 — 460 International 1,113 — 1,113 Equity securities: U.S. Large cap value 1,611 1,611 — U.S. Large cap growth 1,082 1,082 — U.S. Mid cap value 648 648 — U.S. Mid cap growth 466 466 — U.S. Small cap value 662 662 — U.S. Small cap growth 467 467 — International 1,082 359 723 Emerging Markets 344 344 — Commodities Broad Basket 844 183 661 Cash 1,327 1,327 — Total $ 16,976 $ 12,633 $ 4,343 2022 Quoted prices in active Total fair markets for identical Observable value assets (Level 1) inputs (Level 2) Fixed income securities: Intermediate—government $ 4,849 $ 4,849 $ — Intermediate—corporate 2,754 — 2,754 Short-term—government 531 531 — Short-term—corporate 538 — 538 International 836 — 836 Equity securities: U.S. Large cap value 1,635 1,635 — U.S. Large cap growth 997 997 — U.S. Mid cap value 630 630 — U.S. Mid cap growth 439 439 — U.S. Small cap value 607 607 — U.S. Small cap growth 422 422 — International 745 — 745 Emerging Markets 740 740 — Commodities Broad Basket 185 185 — Cash 1,135 1,135 — Total $ 17,043 $ 12,170 $ 4,873 |
Estimated Benefit Payments | The estimated benefit payments for each of the next five years and the five-year period thereafter are as follows: Pension Healthcare and Life benefits Insurance Benefits 2024 $ 1,665 $ 449 2025 1,626 467 2026 1,593 483 2027 1,568 506 2028 1,529 517 2029 - 2033 6,973 2,226 |
Schedule of Multiemployer Plans | The Company's participation in these plans for the annual period ended December 31, 2023, is outlined in the table below. The ''EIN/Pension Plan Number" column provides the Employer Identification Number (EIN) and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2023 and 2022 is for the plan 's year end at December 31, 2023, and December 31, 2022, respectively. The zone status is based on information the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The "Surcharge Imposed" column indicates whether a surcharge has been imposed on contributions to the plan. The last column lists the expiration date(s) of the collective- bargaining agreement(s) to which the plans are subject. There have been no significant changes that affect the comparability of 2023 and 2022 contributions. Expiration Date of Pension Protection Act FIP/RP Status Contributions of Company Collective- Pension EIN/ Pension Zone Status Pending/ ($ in thousands) Surcharge Bargaining Trust Fund Plan Number 2023 2022 Implemented 2023 2022 Imposed Agreement Construction Industry Laborers Pension Fund 43-6060737/001 Green - as of December 31, 2022 Green - as of December 31, 2021 None $ 109 $ 108 No 3/31/2026 Operating Engineers Local 101 Pension Plan 43-6059213/001 Green - as of December 31, 2022 Green - as of December 31, 2021 None 21 21 No 3/31/2026 Total Contributions $ 130 $ 129 |
Summit Materials, LLC | |
Discount rate | |
Obligations and Funded Status | The following information is as of December 30, 2023 and December 31, 2022 and for the years ended December 30, 2023, December 31, 2022 and January 1, 2022: 2023 2022 Pension Healthcare Pension Healthcare benefits & Life Ins. benefits & Life Ins. Change in benefit obligations: Beginning of period $ 19,037 $ 5,571 $ 25,266 $ 9,790 Service cost 53 28 68 35 Interest cost 938 262 640 239 Actuarial (gain) loss 158 (419) (5,360) (1,454) Change in plan provision — — — (2,014) Benefits paid (1,540) (416) (1,577) (1,025) End of period $ 18,646 $ 5,026 $ 19,037 $ 5,571 Change in fair value of plan assets: Beginning of period $ 17,043 $ — $ 20,004 $ — Actual return on plan assets 1,473 — (1,606) — Employer contributions — 416 222 1,025 Benefits paid (1,540) (416) (1,577) (1,025) End of period $ 16,976 $ — $ 17,043 $ — Funded status of plans $ (1,670) $ (5,026) $ (1,994) $ (5,571) Current liabilities $ — $ (449) $ — $ (484) Noncurrent liabilities (1,670) (4,577) (1,994) (5,087) Liability recognized $ (1,670) $ (5,026) $ (1,994) $ (5,571) Amounts recognized in accumulated other comprehensive income: Net actuarial loss $ 4,642 $ 1,389 $ 5,170 $ 1,919 Prior service cost — (2,752) — (3,167) Total amount recognized $ 4,642 $ (1,363) $ 5,170 $ (1,248) |
Amounts Recognized in Other Comprehensive (Income) Loss | The amount recognized in accumulated other comprehensive income ("AOCI") is the actuarial loss (gain) and prior service cost, which has not yet been recognized in periodic benefit cost. 2023 2022 2021 Pension Healthcare Pension Healthcare Pension Healthcare benefits & Life Ins. benefits & Life Ins. benefits & Life Ins. Amounts recognized in other comprehensive (income) loss: Net actuarial (gain) loss $ (426) $ (419) $ (2,785) $ (1,454) $ (2,000) $ 1,143 Prior service credit — — — (2,013) — — Amortization of prior year service credit — 415 — 296 — 241 Amortization of loss (101) (111) (307) (218) (428) (259) Total amount recognized $ (527) $ (115) $ (3,092) $ (3,389) $ (2,428) $ 1,125 Components of net periodic benefit cost: Service cost $ 53 $ 28 $ 68 $ 35 $ 58 $ 194 Interest cost 938 262 640 239 550 189 Amortization of loss 101 111 307 218 428 259 Expected return on plan assets (888) — (970) — (898) — Amortization of prior service credit — (415) — (296) — (241) Net periodic benefit (expense) cost $ 204 $ (14) $ 45 $ 196 $ 138 $ 401 |
Schedule of Net Benefit Costs | The amount recognized in accumulated other comprehensive income ("AOCI") is the actuarial loss (gain) and prior service cost, which has not yet been recognized in periodic benefit cost. 2023 2022 2021 Pension Healthcare Pension Healthcare Pension Healthcare benefits & Life Ins. benefits & Life Ins. benefits & Life Ins. Amounts recognized in other comprehensive (income) loss: Net actuarial (gain) loss $ (426) $ (419) $ (2,785) $ (1,454) $ (2,000) $ 1,143 Prior service credit — — — (2,013) — — Amortization of prior year service credit — 415 — 296 — 241 Amortization of loss (101) (111) (307) (218) (428) (259) Total amount recognized $ (527) $ (115) $ (3,092) $ (3,389) $ (2,428) $ 1,125 Components of net periodic benefit cost: Service cost $ 53 $ 28 $ 68 $ 35 $ 58 $ 194 Interest cost 938 262 640 239 550 189 Amortization of loss 101 111 307 218 428 259 Expected return on plan assets (888) — (970) — (898) — Amortization of prior service credit — (415) — (296) — (241) Net periodic benefit (expense) cost $ 204 $ (14) $ 45 $ 196 $ 138 $ 401 |
Schedule of Assumptions Used | Weighted-average assumptions used to determine the benefit obligations as of year-end 2023 and 2022 are: 2023 2022 Healthcare Healthcare Pension benefits & Life Ins. Pension benefits & Life Ins. Discount rate 4.95% 4.88% 5.16% 5.09% Expected long-term rate of return on plan assets 5.00% N/A 5.00% N/A Weighted-average assumptions used to determine net periodic benefit cost for years ended December 30, 2023, December 31, 2022 and January 1, 2022: 2023 2022 2021 Healthcare Healthcare Healthcare Pension benefits & Life Ins. Pension benefits & Life Ins. Pension benefits & Life Ins. Discount rate 5.16% 5.09% 2.63% 2.31% 2.04% 1.82% Expected long-term rate of return on plan assets 5.00% N/A 5.00% N/A 5.00% N/A |
Fair Value of Company's Pension Plans' Assets | The fair value of the Plans’ assets by asset class and fair value hierarchy level as of December 30, 2023 and December 31, 2022 are as follows: 2023 Quoted prices in active Total fair markets for identical Observable value assets (Level 1) inputs (Level 2) Fixed income securities: Intermediate—government $ 4,060 $ 4,060 $ — Intermediate—corporate 1,386 — 1,386 Short-term—government 1,424 1,424 — Short-term—corporate 460 — 460 International 1,113 — 1,113 Equity securities: U.S. Large cap value 1,611 1,611 — U.S. Large cap growth 1,082 1,082 — U.S. Mid cap value 648 648 — U.S. Mid cap growth 466 466 — U.S. Small cap value 662 662 — U.S. Small cap growth 467 467 — International 1,082 359 723 Emerging Markets 344 344 — Commodities Broad Basket 844 183 661 Cash 1,327 1,327 — Total $ 16,976 $ 12,633 $ 4,343 2022 Quoted prices in active Total fair markets for identical Observable value assets (Level 1) inputs (Level 2) Fixed income securities: Intermediate—government $ 4,849 $ 4,849 $ — Intermediate—corporate 2,754 — 2,754 Short-term—government 531 531 — Short-term—corporate 538 — 538 International 836 — 836 Equity securities: U.S. Large cap value 1,635 1,635 — U.S. Large cap growth 997 997 — U.S. Mid cap value 630 630 — U.S. Mid cap growth 439 439 — U.S. Small cap value 607 607 — U.S. Small cap growth 422 422 — International 745 — 745 Emerging Markets 740 740 — Commodities Broad Basket 185 185 — Cash 1,135 1,135 — Total $ 17,043 $ 12,170 $ 4,873 |
Estimated Benefit Payments | The estimated benefit payments for each of the next five years and the five-year period thereafter are as follows: Pension Healthcare and Life benefits Insurance Benefits 2024 $ 1,665 $ 449 2025 1,626 467 2026 1,593 483 2027 1,568 506 2028 1,529 517 2029 - 2033 6,973 2,226 |
Schedule of Multiemployer Plans | The Company's participation in these plans for the annual period ended December 31, 2023, is outlined in the table below. The ''EIN/Pension Plan Number" column provides the Employer Identification Number (EIN) and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2023 and 2022 is for the plan 's year end at December 31, 2023, and December 31, 2022, respectively. The zone status is based on information the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The "Surcharge Imposed" column indicates whether a surcharge has been imposed on contributions to the plan. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. There have been no significant changes that affect the comparability of 2023 and 2022 contributions. Expiration Date of Pension Protection Act FIP/RP Status Contributions of Company Collective- Pension EIN/ Pension Zone Status Pending/ ($ in thousands) Surcharge Bargaining Trust Fund Plan Number 2023 2022 Implemented 2023 2022 Imposed Agreement Construction Industry Laborers Pension Fund 43-6060737/001 Green - as of December 31, 2022 Green - as of December 31, 2021 None $ 109 $ 108 No 3/31/2026 Operating Engineers Local 101 Pension Plan 43-6059213/001 Green - as of December 31, 2022 Green - as of December 31, 2021 None 21 21 No 3/31/2026 Total Contributions $ 130 $ 129 |
Accrued Mining and Landfill R_2
Accrued Mining and Landfill Reclamation (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Asset Retirement Obligations [Line Items] | |
Activity for Asset Retirement Obligations | The following table presents the activity for the asset retirement obligations for the years ended December 30, 2023 and December 31, 2022: 2023 2022 Beginning balance $ 40,259 $ 45,051 Acquired obligations 802 739 Change in cost estimate 8,316 (1,238) Settlement of reclamation obligations (2,295) (2,756) Dispositions (309) (4,150) Accretion expense 3,132 2,613 Ending balance $ 49,905 $ 40,259 |
Summit Materials, LLC | |
Asset Retirement Obligations [Line Items] | |
Activity for Asset Retirement Obligations | The following table presents the activity for the asset retirement obligations for the years ended December 30, 2023 and December 31, 2022: 2023 2022 Beginning balance $ 40,259 $ 45,051 Acquired obligations 802 739 Change in cost estimate 8,316 (1,238) Settlement of reclamation obligations (2,295) (2,756) Dispositions (309) (4,150) Accretion expense 3,132 2,613 Ending balance $ 49,905 $ 40,259 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Lessee, Lease, Description [Line Items] | |
Schedule of Lease Cost | The components of lease expense were as follows: 2023 2022 2021 Operating lease cost $ 11,347 $ 9,543 $ 10,650 Variable lease cost 183 243 382 Short-term lease cost 43,052 42,320 42,764 Financing lease cost: Amortization of right-of-use assets 2,692 5,659 9,902 Interest on lease liabilities 584 1,081 2,097 Total lease cost $ 57,858 $ 58,846 $ 65,795 2023 2022 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 36,553 $ 37,889 Current operating lease liabilities $ 8,596 $ 7,296 Noncurrent operating lease liabilities 33,230 35,737 Total operating lease liabilities $ 41,826 $ 43,033 Finance leases: Property and equipment, gross $ 30,136 $ 32,119 Less accumulated depreciation (12,088) (14,992) Property and equipment, net $ 18,048 $ 17,127 Current finance lease liabilities $ 4,020 $ 6,959 Long-term finance lease liabilities 14,357 7,167 Total finance lease liabilities $ 18,377 $ 14,126 2023 2022 Weighted average remaining lease term (years): Operating leases 8.4 9.1 Finance lease 6.0 2.8 Weighted average discount rate: Operating leases 5.1 % 4.7 % Finance leases 7.7 % 5.3 % Maturities of lease liabilities, as of December 30, 2023, were as follows: Operating Leases Finance Leases 2024 $ 10,454 $ 5,221 2025 8,287 4,169 2026 6,522 2,769 2027 4,822 2,585 2028 3,457 2,384 Thereafter 17,674 6,288 Total lease payments 51,216 23,416 Less imputed interest (9,390) (5,039) Present value of lease payments $ 41,826 $ 18,377 |
Schedule of Lease Assets and Liabilities | The components of lease expense were as follows: 2023 2022 2021 Operating lease cost $ 11,347 $ 9,543 $ 10,650 Variable lease cost 183 243 382 Short-term lease cost 43,052 42,320 42,764 Financing lease cost: Amortization of right-of-use assets 2,692 5,659 9,902 Interest on lease liabilities 584 1,081 2,097 Total lease cost $ 57,858 $ 58,846 $ 65,795 2023 2022 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 36,553 $ 37,889 Current operating lease liabilities $ 8,596 $ 7,296 Noncurrent operating lease liabilities 33,230 35,737 Total operating lease liabilities $ 41,826 $ 43,033 Finance leases: Property and equipment, gross $ 30,136 $ 32,119 Less accumulated depreciation (12,088) (14,992) Property and equipment, net $ 18,048 $ 17,127 Current finance lease liabilities $ 4,020 $ 6,959 Long-term finance lease liabilities 14,357 7,167 Total finance lease liabilities $ 18,377 $ 14,126 2023 2022 Weighted average remaining lease term (years): Operating leases 8.4 9.1 Finance lease 6.0 2.8 Weighted average discount rate: Operating leases 5.1 % 4.7 % Finance leases 7.7 % 5.3 % Maturities of lease liabilities, as of December 30, 2023, were as follows: Operating Leases Finance Leases 2024 $ 10,454 $ 5,221 2025 8,287 4,169 2026 6,522 2,769 2027 4,822 2,585 2028 3,457 2,384 Thereafter 17,674 6,288 Total lease payments 51,216 23,416 Less imputed interest (9,390) (5,039) Present value of lease payments $ 41,826 $ 18,377 |
Schedule of Finance Lease Liability Maturities | The components of lease expense were as follows: 2023 2022 2021 Operating lease cost $ 11,347 $ 9,543 $ 10,650 Variable lease cost 183 243 382 Short-term lease cost 43,052 42,320 42,764 Financing lease cost: Amortization of right-of-use assets 2,692 5,659 9,902 Interest on lease liabilities 584 1,081 2,097 Total lease cost $ 57,858 $ 58,846 $ 65,795 2023 2022 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 36,553 $ 37,889 Current operating lease liabilities $ 8,596 $ 7,296 Noncurrent operating lease liabilities 33,230 35,737 Total operating lease liabilities $ 41,826 $ 43,033 Finance leases: Property and equipment, gross $ 30,136 $ 32,119 Less accumulated depreciation (12,088) (14,992) Property and equipment, net $ 18,048 $ 17,127 Current finance lease liabilities $ 4,020 $ 6,959 Long-term finance lease liabilities 14,357 7,167 Total finance lease liabilities $ 18,377 $ 14,126 2023 2022 Weighted average remaining lease term (years): Operating leases 8.4 9.1 Finance lease 6.0 2.8 Weighted average discount rate: Operating leases 5.1 % 4.7 % Finance leases 7.7 % 5.3 % Maturities of lease liabilities, as of December 30, 2023, were as follows: Operating Leases Finance Leases 2024 $ 10,454 $ 5,221 2025 8,287 4,169 2026 6,522 2,769 2027 4,822 2,585 2028 3,457 2,384 Thereafter 17,674 6,288 Total lease payments 51,216 23,416 Less imputed interest (9,390) (5,039) Present value of lease payments $ 41,826 $ 18,377 |
Schedule of Operating Lease Liability Maturities | The components of lease expense were as follows: 2023 2022 2021 Operating lease cost $ 11,347 $ 9,543 $ 10,650 Variable lease cost 183 243 382 Short-term lease cost 43,052 42,320 42,764 Financing lease cost: Amortization of right-of-use assets 2,692 5,659 9,902 Interest on lease liabilities 584 1,081 2,097 Total lease cost $ 57,858 $ 58,846 $ 65,795 2023 2022 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 36,553 $ 37,889 Current operating lease liabilities $ 8,596 $ 7,296 Noncurrent operating lease liabilities 33,230 35,737 Total operating lease liabilities $ 41,826 $ 43,033 Finance leases: Property and equipment, gross $ 30,136 $ 32,119 Less accumulated depreciation (12,088) (14,992) Property and equipment, net $ 18,048 $ 17,127 Current finance lease liabilities $ 4,020 $ 6,959 Long-term finance lease liabilities 14,357 7,167 Total finance lease liabilities $ 18,377 $ 14,126 2023 2022 Weighted average remaining lease term (years): Operating leases 8.4 9.1 Finance lease 6.0 2.8 Weighted average discount rate: Operating leases 5.1 % 4.7 % Finance leases 7.7 % 5.3 % Maturities of lease liabilities, as of December 30, 2023, were as follows: Operating Leases Finance Leases 2024 $ 10,454 $ 5,221 2025 8,287 4,169 2026 6,522 2,769 2027 4,822 2,585 2028 3,457 2,384 Thereafter 17,674 6,288 Total lease payments 51,216 23,416 Less imputed interest (9,390) (5,039) Present value of lease payments $ 41,826 $ 18,377 |
Schedule of Contractual Commitments for Royalty Agreements | Minimum contractual commitments for the subsequent five years under royalty agreements are as follows: Royalty Agreements 2024 $ 12,517 2025 12,235 2026 11,151 2027 10,749 2028 10,243 |
Summit Materials, LLC | |
Lessee, Lease, Description [Line Items] | |
Schedule of Lease Cost | The components of lease expense were as follows: 2023 2022 2021 Operating lease cost $ 11,347 $ 9,543 $ 10,650 Variable lease cost 183 243 382 Short-term lease cost 43,052 42,320 42,764 Financing lease cost: Amortization of right-of-use assets 2,692 5,659 9,902 Interest on lease liabilities 584 1,081 2,097 Total lease cost $ 57,858 $ 58,846 $ 65,795 2023 2022 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 36,553 $ 37,889 Current operating lease liabilities $ 8,596 $ 7,296 Noncurrent operating lease liabilities 33,230 35,737 Total operating lease liabilities $ 41,826 $ 43,033 Finance leases: Property and equipment, gross $ 30,136 $ 32,119 Less accumulated depreciation (12,088) (14,992) Property and equipment, net $ 18,048 $ 17,127 Current finance lease liabilities $ 4,020 $ 6,959 Long-term finance lease liabilities 14,357 7,167 Total finance lease liabilities $ 18,377 $ 14,126 2023 2022 Weighted average remaining lease term (years): Operating leases 8.4 9.1 Finance lease 6.0 2.8 Weighted average discount rate: Operating leases 5.1 % 4.7 % Finance leases 7.7 % 5.3 % Maturities of lease liabilities, as of December 30, 2023, were as follows: Operating Leases Finance Leases 2024 $ 10,454 $ 5,221 2025 8,287 4,169 2026 6,522 2,769 2027 4,822 2,585 2028 3,457 2,384 Thereafter 17,674 6,288 Total lease payments 51,216 23,416 Less imputed interest (9,390) (5,039) Present value of lease payments $ 41,826 $ 18,377 |
Schedule of Lease Assets and Liabilities | The components of lease expense were as follows: 2023 2022 2021 Operating lease cost $ 11,347 $ 9,543 $ 10,650 Variable lease cost 183 243 382 Short-term lease cost 43,052 42,320 42,764 Financing lease cost: Amortization of right-of-use assets 2,692 5,659 9,902 Interest on lease liabilities 584 1,081 2,097 Total lease cost $ 57,858 $ 58,846 $ 65,795 2023 2022 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 36,553 $ 37,889 Current operating lease liabilities $ 8,596 $ 7,296 Noncurrent operating lease liabilities 33,230 35,737 Total operating lease liabilities $ 41,826 $ 43,033 Finance leases: Property and equipment, gross $ 30,136 $ 32,119 Less accumulated depreciation (12,088) (14,992) Property and equipment, net $ 18,048 $ 17,127 Current finance lease liabilities $ 4,020 $ 6,959 Long-term finance lease liabilities 14,357 7,167 Total finance lease liabilities $ 18,377 $ 14,126 2023 2022 Weighted average remaining lease term (years): Operating leases 8.4 9.1 Finance lease 6.0 2.8 Weighted average discount rate: Operating leases 5.1 % 4.7 % Finance leases 7.7 % 5.3 % Maturities of lease liabilities, as of December 30, 2023, were as follows: Operating Leases Finance Leases 2024 $ 10,454 $ 5,221 2025 8,287 4,169 2026 6,522 2,769 2027 4,822 2,585 2028 3,457 2,384 Thereafter 17,674 6,288 Total lease payments 51,216 23,416 Less imputed interest (9,390) (5,039) Present value of lease payments $ 41,826 $ 18,377 |
Schedule of Finance Lease Liability Maturities | The components of lease expense were as follows: 2023 2022 2021 Operating lease cost $ 11,347 $ 9,543 $ 10,650 Variable lease cost 183 243 382 Short-term lease cost 43,052 42,320 42,764 Financing lease cost: Amortization of right-of-use assets 2,692 5,659 9,902 Interest on lease liabilities 584 1,081 2,097 Total lease cost $ 57,858 $ 58,846 $ 65,795 2023 2022 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 36,553 $ 37,889 Current operating lease liabilities $ 8,596 $ 7,296 Noncurrent operating lease liabilities 33,230 35,737 Total operating lease liabilities $ 41,826 $ 43,033 Finance leases: Property and equipment, gross $ 30,136 $ 32,119 Less accumulated depreciation (12,088) (14,992) Property and equipment, net $ 18,048 $ 17,127 Current finance lease liabilities $ 4,020 $ 6,959 Long-term finance lease liabilities 14,357 7,167 Total finance lease liabilities $ 18,377 $ 14,126 2023 2022 Weighted average remaining lease term (years): Operating leases 8.4 9.1 Finance lease 6.0 2.8 Weighted average discount rate: Operating leases 5.1 % 4.7 % Finance leases 7.7 % 5.3 % Maturities of lease liabilities, as of December 30, 2023, were as follows: Operating Leases Finance Leases 2024 $ 10,454 $ 5,221 2025 8,287 4,169 2026 6,522 2,769 2027 4,822 2,585 2028 3,457 2,384 Thereafter 17,674 6,288 Total lease payments 51,216 23,416 Less imputed interest (9,390) (5,039) Present value of lease payments $ 41,826 $ 18,377 |
Schedule of Operating Lease Liability Maturities | The components of lease expense were as follows: 2023 2022 2021 Operating lease cost $ 11,347 $ 9,543 $ 10,650 Variable lease cost 183 243 382 Short-term lease cost 43,052 42,320 42,764 Financing lease cost: Amortization of right-of-use assets 2,692 5,659 9,902 Interest on lease liabilities 584 1,081 2,097 Total lease cost $ 57,858 $ 58,846 $ 65,795 2023 2022 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 36,553 $ 37,889 Current operating lease liabilities $ 8,596 $ 7,296 Noncurrent operating lease liabilities 33,230 35,737 Total operating lease liabilities $ 41,826 $ 43,033 Finance leases: Property and equipment, gross $ 30,136 $ 32,119 Less accumulated depreciation (12,088) (14,992) Property and equipment, net $ 18,048 $ 17,127 Current finance lease liabilities $ 4,020 $ 6,959 Long-term finance lease liabilities 14,357 7,167 Total finance lease liabilities $ 18,377 $ 14,126 2023 2022 Weighted average remaining lease term (years): Operating leases 8.4 9.1 Finance lease 6.0 2.8 Weighted average discount rate: Operating leases 5.1 % 4.7 % Finance leases 7.7 % 5.3 % Maturities of lease liabilities, as of December 30, 2023, were as follows: Operating Leases Finance Leases 2024 $ 10,454 $ 5,221 2025 8,287 4,169 2026 6,522 2,769 2027 4,822 2,585 2028 3,457 2,384 Thereafter 17,674 6,288 Total lease payments 51,216 23,416 Less imputed interest (9,390) (5,039) Present value of lease payments $ 41,826 $ 18,377 |
Schedule of Contractual Commitments for Royalty Agreements | Minimum contractual commitments for the subsequent five years under royalty agreements are as follows: Royalty Agreements 2024 $ 12,517 2025 12,235 2026 11,151 2027 10,749 2028 10,243 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of Contingent Consideration and Derivatives Measured at Fair Value | The fair value of contingent consideration as of December 30, 2023 and December 31, 2022 was: 2023 2022 Current portion of acquisition-related liabilities and Accrued expenses: Contingent consideration $ 139 $ 336 Acquisition-related liabilities and Other noncurrent liabilities: Contingent consideration $ 9,254 $ 4,981 |
Schedule of Carrying Value and Fair Value of Financial Instruments | The carrying value and fair value of these financial instruments as of December 30, 2023 and December 31, 2022 were: December 30, 2023 December 31, 2022 Fair Value Carrying Value Fair Value Carrying Value Level 1 Long-term debt(1) $ 2,329,606 $ 2,300,473 $ 1,447,673 $ 1,504,549 Level 3 Current portion of deferred consideration and noncompete obligations(2) 6,868 6,868 13,382 13,382 Long term portion of deferred consideration and noncompete obligations(3) 18,767 18,767 24,070 24,070 _____________________ (1) $3.8 million and $5.1 million was included in current portion of debt as of December 30, 2023 and December 31, 2022, respectively. (2) Included in current portion of acquisition-related liabilities on the consolidated balance sheets. (3) Included in acquisition-related liabilities on the consolidated balance sheets. |
Summit Materials, LLC | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of Contingent Consideration and Derivatives Measured at Fair Value | The fair value of contingent consideration as of December 30, 2023 and December 31, 2022 was: 2023 2022 Current portion of acquisition-related liabilities and Accrued expenses: Contingent consideration $ 139 $ 336 Acquisition-related liabilities and Other noncurrent liabilities: Contingent consideration $ 9,254 $ 4,981 |
Schedule of Carrying Value and Fair Value of Financial Instruments | The carrying value and fair value of these financial instruments as of December 30, 2023 and December 31, 2022 were: December 30, 2023 December 31, 2022 Fair Value Carrying Value Fair Value Carrying Value Level 1 Long-term debt(1) $ 2,329,606 $ 2,300,473 $ 1,447,673 $ 1,504,549 Level 3 Current portion of deferred consideration and noncompete obligations(2) 6,868 6,868 13,382 13,382 Long term portion of deferred consideration and noncompete obligations(3) 18,767 18,767 24,070 24,070 ______________________ (1) $3.8 million and $5.1 million was included in current portion of debt as of December 30, 2023 and December 31, 2022, respectively. (2) Included in current portion of acquisition-related liabilities on the consolidated balance sheets. (3) Included in acquisition-related liabilities on the consolidated balance sheets. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Segment Reporting Information [Line Items] | |
Summary of Financial Data for Company's Reportable Business Segments | The following tables display selected financial data for the Company’s reportable business segments as of and for the years ended December 30, 2023, December 31, 2022 and January 1, 2022: 2023 2022 2021 Revenue*: West $ 1,586,611 $ 1,390,307 $ 1,262,061 East 650,207 664,479 849,374 Cement 382,650 357,736 298,234 Total revenue $ 2,619,468 $ 2,412,522 $ 2,409,669 ______________________ * Intercompany sales are immaterial and the presentation above only reflects sales to external customers. 2023 2022 2021 Income from operations before taxes $ 394,464 $ 361,488 $ 198,637 Interest expense 114,155 86,969 92,240 Depreciation, depletion and amortization 214,418 197,837 226,442 Accretion 3,132 2,613 2,924 Loss on debt financings 493 1,737 6,016 Tax receivable agreement (benefit) expense (162,182) 1,566 (6,779) (Gain) loss on sale of businesses (14,966) (172,389) (20,011) Non-cash compensation 20,326 18,347 19,705 Argos USA acquisition and integration costs 25,591 — — Other (17,421) (6,692) 908 Total Adjusted EBITDA $ 578,010 $ 491,476 $ 520,082 Total Adjusted EBITDA by Segment: West $ 331,136 $ 280,557 $ 271,560 East 150,609 129,203 181,483 Cement 144,040 125,582 117,159 Corporate and other (47,775) (43,866) (50,120) Total Adjusted EBITDA $ 578,010 $ 491,476 $ 520,082 2023 2022 2021 Purchases of property, plant and equipment West $ 136,922 $ 123,085 $ 94,056 East 59,505 84,323 89,727 Cement 41,338 44,950 26,962 Total reportable segments 237,765 252,358 210,745 Corporate and other 17,854 14,375 1,237 Total purchases of property, plant and equipment $ 255,619 $ 266,733 $ 211,982 2023 2022 2021 Depreciation, depletion, amortization and accretion: West $ 111,300 $ 97,892 $ 99,470 East 62,656 63,297 86,623 Cement 39,307 36,028 39,024 Total reportable segments 213,263 197,217 225,117 Corporate and other 4,287 3,233 4,249 Total depreciation, depletion, amortization and accretion $ 217,550 $ 200,450 $ 229,366 2023 2022 2021 Total assets: West $ 1,837,214 $ 1,565,776 $ 1,512,298 East 1,171,944 1,151,223 1,292,638 Cement 904,508 873,604 844,086 Total reportable segments 3,913,666 3,590,603 3,649,022 Corporate and other 1,235,916 665,089 590,103 Total $ 5,149,582 $ 4,255,692 $ 4,239,125 |
Summit Materials, LLC | |
Segment Reporting Information [Line Items] | |
Summary of Financial Data for Company's Reportable Business Segments | The following tables display selected financial data for the Company’s reportable business segments as of and for the years ended December 30, 2023, December 31, 2022 and January 1, 2022: 2023 2022 2021 Revenue*: West $ 1,586,611 $ 1,390,307 $ 1,262,061 East 650,207 664,479 849,374 Cement 382,650 357,736 298,234 Total revenue $ 2,619,468 $ 2,412,522 $ 2,409,669 ______________________ * Intercompany sales are immaterial and the presentation above only reflects sales to external customers. 2023 2022 2021 Income from operations before taxes $ 232,216 $ 362,722 $ 191,920 Interest expense 114,155 86,969 92,178 Depreciation, depletion and amortization 214,418 197,837 226,442 Accretion 3,132 2,613 2,924 Loss on debt financings 493 1,737 6,016 (Gain) loss on sale of businesses (14,966) (172,389) (20,011) Non-cash compensation 20,326 18,347 19,705 Argos USA acquisition and integration costs 25,591 — — Other (17,355) (6,360) 908 Total Adjusted EBITDA $ 578,010 $ 491,476 $ 520,082 Total Adjusted EBITDA by Segment: West $ 331,136 $ 280,557 $ 271,560 East 150,609 129,203 181,483 Cement 144,040 125,582 117,159 Corporate and other (47,775) (43,866) (50,120) Total Adjusted EBITDA $ 578,010 $ 491,476 $ 520,082 2023 2022 2021 Purchases of property, plant and equipment West $ 136,922 $ 123,085 $ 94,056 East 59,505 84,323 89,727 Cement 41,338 44,950 26,962 Total reportable segments 237,765 252,358 210,745 Corporate and other 17,854 14,375 1,237 Total purchases of property, plant and equipment $ 255,619 $ 266,733 $ 211,982 2023 2022 2021 Depreciation, depletion, amortization and accretion: West $ 111,300 $ 97,892 $ 99,470 East 62,656 63,297 86,623 Cement 39,307 36,028 39,024 Total reportable segments 213,263 197,217 225,117 Corporate and other 4,287 3,233 4,249 Total depreciation, depletion, amortization and accretion $ 217,550 $ 200,450 $ 229,366 2023 2022 2021 Total assets: West $ 1,837,214 $ 1,565,776 $ 1,512,298 East 1,171,944 1,151,223 1,292,638 Cement 904,508 873,604 844,086 Total reportable segments 3,913,666 3,590,603 3,649,022 Corporate and other 1,298,863 529,103 386,537 Total $ 5,212,529 $ 4,119,706 $ 4,035,559 |
Subsequent Event - Acquisitio_2
Subsequent Event - Acquisition of Argos North America Corp (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Subsequent Event [Line Items] | |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information summarizes the results of operations for the Company and Argos USA as though the companies merged as of January 1, 2022. Financial information for 2023 does not reflect any cost savings or associated costs to achieve such savings from operating efficiencies or synergies that may result from the merger. However, we have reflected elimination of royalties expenses paid to the parent of Argos USA which will not be incurred post merger. We have also adjusted for expenses incurred by Argos USA as they pursed an initial public offering and the merger with the Company, as well as interest expense adjustments to reflect the payoff of Argos USA debt obligations and new debt issued by the Company described above. 2023 2022 ($ in thousands) Total Revenues $ 4,328,054 $ 3,977,955 Net income attributable to Summit Inc. $ 392,335 $ 286,479 |
Summit Materials, LLC | |
Subsequent Event [Line Items] | |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information summarizes the results of operations for the Company and Argos USA as though the companies merged as of January 1, 2022. Financial information for 2023 does not reflect any cost savings or associated costs to achieve such savings from operating efficiencies or synergies that may result from the merger. However, we have reflected elimination of royalties expenses paid to the parent of Argos USA which will not be incurred post merger. We have also adjusted for expenses incurred by Argos USA as they pursed an initial public offering and the merger with the Company, as well as interest expense adjustments to reflect the payoff of Argos USA debt obligations and new debt issued by the Company described above. 2023 2022 ($ in thousands) Total Revenues $ 4,328,054 $ 3,977,955 Net income attributable to Summit Inc. $ 392,335 $ 286,479 |
Senior Notes' Guarantor and N_2
Senior Notes' Guarantor and Non-Guarantor Financial Information (Tables) - Summit Materials, LLC | 12 Months Ended |
Dec. 30, 2023 | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets December 30, 2023 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 310,410 $ 3,115 $ 44,899 $ (2,755) $ 355,669 Restricted cash 800,000 — — — 800,000 Accounts receivable, net 6,441 255,836 24,998 (23) 287,252 Intercompany receivables 1,087,570 2,331,879 — (3,419,449) — Cost and estimated earnings in excess of billings — 9,228 1,061 — 10,289 Inventories — 234,738 6,612 — 241,350 Other current assets 11,480 13,264 645 — 25,389 Total current assets 2,215,901 2,848,060 78,215 (3,422,227) 1,719,949 Property, plant and equipment, net 35,812 1,858,020 82,988 — 1,976,820 Goodwill — 1,167,685 58,176 — 1,225,861 Intangible assets, net — 63,655 4,426 — 68,081 Operating lease right-of-use assets 3,749 28,511 4,293 — 36,553 Other assets 5,384,259 235,719 933 (5,435,646) 185,265 Total assets $ 7,639,721 $ 6,201,650 $ 229,031 $ (8,857,873) $ 5,212,529 Liabilities and Members' Interest Current liabilities: Current portion of debt $ 3,822 $ — $ — $ — $ 3,822 Current portion of acquisition-related liabilities — 7,007 — — 7,007 Accounts payable 4,290 111,061 8,293 (23) 123,621 Accrued expenses 88,318 82,065 5,306 (2,755) 172,934 Current operating lease liabilities 804 7,230 562 — 8,596 Intercompany payables 2,890,124 525,230 4,095 (3,419,449) — Billings in excess of costs and estimated earnings — 7,280 948 — 8,228 Total current liabilities 2,987,358 739,873 19,204 (3,422,227) 324,208 Long-term debt 2,283,639 — — — 2,283,639 Acquisition-related liabilities — 28,021 — — 28,021 Noncurrent operating lease liabilities 7,951 21,587 3,692 — 33,230 Other noncurrent liabilities 5,768 196,759 119,820 (133,921) 188,426 Total liabilities 5,284,716 986,240 142,716 (3,556,148) 2,857,524 Total members' interest 2,355,005 5,215,410 86,315 (5,301,725) 2,355,005 Total liabilities and members' interest $ 7,639,721 $ 6,201,650 $ 229,031 $ (8,857,873) $ 5,212,529 Condensed Consolidating Balance Sheets December 31, 2022 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 498,307 $ 2,864 $ 26,298 $ (7,018) $ 520,451 Accounts receivable, net 1,528 233,039 22,127 (25) 256,669 Intercompany receivables 329,744 1,937,390 — (2,267,134) — Cost and estimated earnings in excess of billings — 5,861 649 — 6,510 Inventories — 206,418 6,073 — 212,491 Other current assets 4,755 16,341 1,159 — 22,255 Total current assets 834,334 2,401,913 56,306 (2,274,177) 1,018,376 Property, plant and equipment, net 21,306 1,710,972 81,424 — 1,813,702 Goodwill — 1,076,935 56,611 — 1,133,546 Intangible assets, net — 66,972 4,412 — 71,384 Operating lease right-of-use assets 4,665 28,310 4,914 — 37,889 Other assets 4,599,488 204,644 1,220 (4,760,543) 44,809 Total assets $ 5,459,793 $ 5,489,746 $ 204,887 $ (7,034,720) $ 4,119,706 Liabilities and Members' Interest Current liabilities: Current portion of debt $ 5,096 $ — $ — $ — $ 5,096 Current portion of acquisition-related liabilities — 13,718 — — 13,718 Accounts payable 3,553 93,096 7,806 (25) 104,430 Accrued expenses 54,417 70,433 2,876 (7,018) 120,708 Current operating lease liabilities 921 5,637 738 — 7,296 Intercompany payables 1,750,352 513,494 3,288 (2,267,134) — Billings in excess of costs and estimated earnings — 4,956 783 — 5,739 Total current liabilities 1,814,339 701,334 15,491 (2,274,177) 256,987 Long-term debt 1,488,569 — — — 1,488,569 Acquisition-related liabilities — 29,051 — — 29,051 Noncurrent operating lease liabilities 8,726 22,871 4,140 — 35,737 Other noncurrent liabilities 5,009 208,185 117,439 (164,421) 166,212 Total liabilities 3,316,643 961,441 137,070 (2,438,598) 1,976,556 Total members' interest 2,143,150 4,528,305 67,817 (4,596,122) 2,143,150 Total liabilities and members' interest $ 5,459,793 $ 5,489,746 $ 204,887 $ (7,034,720) $ 4,119,706 |
Condensed Consolidating Statements of Operations and Comprehensive Income | Condensed Consolidating Statements of Operations and Comprehensive Income Year Ended December 30, 2023 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Revenue $ — $ 2,494,870 $ 129,751 $ (5,153) $ 2,619,468 Cost of revenue (excluding items shown separately below) — 1,777,594 89,967 (5,153) 1,862,408 General and administrative expenses 69,681 152,212 6,987 — 228,880 Depreciation, depletion, amortization and accretion 4,287 202,235 11,028 — 217,550 Operating (loss) income (73,968) 362,829 21,769 — 310,630 Other income, net (456,649) (2,108) (2,451) 440,433 (20,775) Interest expense (income) 167,796 (59,123) 5,482 — 114,155 Gain on sale of business — (14,966) — — (14,966) Income from operation before taxes 214,885 439,026 18,738 (440,433) 232,216 Income tax expense 4,929 12,167 5,164 — 22,260 Net income attributable to Summit LLC $ 209,956 $ 426,859 $ 13,574 $ (440,433) $ 209,956 Comprehensive income attributable to member of Summit Materials, LLC $ 215,523 $ 426,217 $ 8,649 $ (434,866) $ 215,523 Condensed Consolidating Statements of Operations and Comprehensive Income Year ended December 31, 2022 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Revenue $ — $ 2,297,761 $ 124,314 $ (9,553) $ 2,412,522 Cost of revenue (excluding items shown separately below) — 1,683,024 89,706 (9,553) 1,763,177 General and administrative expenses 63,279 110,141 6,428 — 179,848 Depreciation, depletion, amortization and accretion 3,232 185,883 11,335 — 200,450 Operating (loss) income (66,511) 318,713 16,845 — 269,047 Other income, net (425,356) (1,850) (354) 419,305 (8,255) Interest expense (income) 141,892 (60,403) 5,480 — 86,969 Gain on sale of business (131,437) (40,952) — — (172,389) Income from operation before taxes 348,390 421,918 11,719 (419,305) 362,722 Income tax expense 2,253 11,307 3,025 — 16,585 Net income attributable to Summit LLC $ 346,137 $ 410,611 $ 8,694 $ (419,305) $ 346,137 Comprehensive income attributable to member of Summit Materials, LLC $ 340,787 $ 404,130 $ 20,525 $ (424,655) $ 340,787 Condensed Consolidating Statements of Operations and Comprehensive Income Year ended January 1, 2022 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Revenue $ — $ 2,307,127 $ 116,408 $ (13,866) $ 2,409,669 Cost of revenue (excluding items shown separately below) — 1,665,196 85,080 (13,866) 1,736,410 General and administrative expenses 70,384 116,374 4,070 — 190,828 Depreciation, depletion, amortization and accretion 4,249 213,900 11,217 — 229,366 Operating (loss) income (74,633) 311,657 16,041 — 253,065 Other (income) loss, net (382,983) (15,891) (588) 388,440 (11,022) Interest expense (income) 135,206 (48,529) 5,501 — 92,178 Gain on sale of business — (20,011) — — (20,011) Income from continuing operations before taxes 173,144 396,088 11,128 (388,440) 191,920 Income tax (benefit) expense 2,173 16,079 2,697 — 20,949 Net income attributable to member of Summit Materials, LLC $ 170,971 $ 380,009 $ 8,431 $ (388,440) $ 170,971 Comprehensive income (loss) attributable to member of Summit Materials, LLC $ 173,528 $ 378,706 $ 7,177 $ (385,883) $ 173,528 |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows For the year ended December 30, 2023 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities $ (114,700) $ 525,582 $ 28,058 $ — $ 438,940 Cash flow from investing activities: Acquisitions, net of cash acquired — (239,508) — — (239,508) Purchase of property, plant and equipment (17,854) (231,190) (6,575) — (255,619) Proceeds from the sale of property, plant, and equipment — 13,919 505 — 14,424 Proceeds from the sale of a business — 65,576 — — 65,576 Other — (5,137) — — (5,137) Net cash used in investing activities (17,854) (396,340) (6,070) — (420,264) Cash flow from financing activities: Capital distributions to member (240,857) 241,104 — — 247 Net proceeds from debt issuance 800,000 — — — 800,000 Loans received from and payments made on loans from other Summit Companies 349,610 (349,370) (4,503) 4,263 — Payments on long-term debt (5,096) (5,284) — — (10,380) Cash paid for tax receivable agreement interests (132,449) — — — (132,449) Payments on acquisition-related liabilities — (12,367) — — (12,367) Debt issuance costs (5,599) — — — (5,599) Distributions from partnership (19,042) — — — (19,042) Other (1,910) (3,074) (215) — (5,199) Net cash provided by (used in) financing activities 744,657 (128,991) (4,718) 4,263 615,211 Impact of cash on foreign currency — — 1,331 — 1,331 Net increase (decrease) in cash and cash equivalents and restricted cash 612,103 251 18,601 4,263 635,218 Cash and cash equivalents and restricted cash—beginning of period 498,307 2,864 26,298 (7,018) 520,451 Cash and cash equivalents and restricted cash—end of period $ 1,110,410 $ 3,115 $ 44,899 $ (2,755) $ 1,155,669 Condensed Consolidating Statements of Cash Flows For the year ended December 31, 2022 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities $ (126,319) $ 386,579 $ 23,293 $ — $ 283,553 Cash flow from investing activities: Acquisitions, net of cash acquired — (22,730) — — (22,730) Purchase of property, plant and equipment (14,374) (243,522) (8,837) — (266,733) Proceeds from the sale of property, plant, and equipment — 14,864 510 — 15,374 Proceeds from the sale of a business 5,924 367,149 — — 373,073 Other — (3,162) — — (3,162) Net cash (used in) provided by investing activities (8,450) 112,599 (8,327) — 95,822 Cash flow from financing activities: Capital distributions to member (64,238) 22,730 — — (41,508) Loans received from and payments made on loans from other Summit Companies 498,688 (490,786) (5,568) (2,334) — Payments on long-term debt (105,496) (17,040) — — (122,536) Payments on acquisition-related liabilities — (13,428) — — (13,428) Debt issuance costs (1,557) — — — (1,557) Distributions from partnership (59,392) — — — (59,392) Other 27 (54) — — (27) Net cash provided by (used in) financing activities 268,032 (498,578) (5,568) (2,334) (238,448) Impact of cash on foreign currency — — (1,437) — (1,437) Net increase (decrease) in cash and cash equivalents 133,263 600 7,961 (2,334) 139,490 Cash and cash equivalents—beginning of period 365,044 2,264 18,337 (4,684) 380,961 Cash and cash equivalents—end of period $ 498,307 $ 2,864 $ 26,298 $ (7,018) $ 520,451 Condensed Consolidating Statements of Cash Flows For the year ended January 1, 2022 100% Owned Non- Issuers Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities $ (136,008) $ 471,106 $ 26,831 $ — $ 361,929 Cash flow from investing activities: Acquisitions, net of cash acquired — (19,513) — — (19,513) Purchase of property, plant and equipment (1,237) (201,038) (9,707) — (211,982) Proceeds from the sale of property, plant, and equipment — 10,894 780 — 11,674 Proceeds from the sale of a business — 128,337 — — 128,337 Other — 236 — — 236 Net cash used for investing activities (1,237) (81,084) (8,927) — (91,248) Cash flow from financing activities: Proceeds from investment by member 29,685 2,766 — — 32,451 Loans received from and payments made on loans from other Summit Companies 381,393 (370,940) (9,410) (1,043) — Payments on long-term debt (306,355) (22,011) (644) — (329,010) Payments on acquisition-related liabilities — (7,860) — — (7,860) Distributions from partnership (2,500) — — — (2,500) Other (1,008) — — — (1,008) Net cash provided by financing activities 101,215 (398,045) (10,054) (1,043) (307,927) Impact of cash on foreign currency — — 26 — 26 Net (decrease) increase in cash and cash equivalents (36,030) (8,023) 7,876 (1,043) (37,220) Cash and cash equivalents—beginning of period 401,074 10,287 10,461 (3,641) 418,181 Cash and cash equivalents—end of period $ 365,044 $ 2,264 $ 18,337 $ (4,684) $ 380,961 |
Summary of Organization and S_3
Summary of Organization and Significant Accounting Policies - Narrative (Details) | 12 Months Ended | |||
Dec. 30, 2023 USD ($) cementPlant segment state | Dec. 14, 2023 | Dec. 31, 2022 USD ($) | Jan. 02, 2021 | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Number of operating segments | segment | 3 | |||
Number of reportable segments | segment | 3 | |||
Number of states in which the entity operates | state | 21 | |||
Long-term debt | $ 2,300,473,000 | $ 1,504,549,000 | ||
7 1⁄4% Senior Notes, due 2031 | Senior Notes | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Long-term debt | $ 800,000,000 | 0 | ||
Debt instrument interest rate (as a percent) | 7.25% | |||
Summit Materials, LLC | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Number of operating segments | segment | 3 | |||
Number of reportable segments | segment | 3 | |||
Number of states in which the entity operates | state | 21 | |||
Long-term debt | $ 2,300,473,000 | 1,504,549,000 | ||
Summit Materials, LLC | 7 1⁄4% Senior Notes, due 2031 | Senior Notes | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Long-term debt | $ 800,000,000 | $ 0 | ||
Debt instrument interest rate (as a percent) | 7.25% | |||
Summit Materials, LLC | Ohio Valley Asphalt | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Ownership percentage by non controlling owners | 20% | |||
Summit Materials, LLC | Continental Cement | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Ownership percentage by non controlling owners | 30% | |||
Summit Holdings LP | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Voting power (as a percent) | 100% | |||
Issuers | 7 1⁄4% Senior Notes, due 2031 | Senior Notes | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Long-term debt | $ 800,000,000 | |||
Debt instrument interest rate (as a percent) | 7.25% | 7.25% | ||
Cement Plant | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Number of plants | cementPlant | 2 | |||
Cement Plant | Summit Materials, LLC | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Number of plants | cementPlant | 2 | |||
Tax Receivable Agreement | Summit Holdings LP | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Percentage of benefits to be paid on tax receivable agreement | 85% | |||
Minimum | Product | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Collection terms | 30 days | |||
Minimum | Product | Summit Materials, LLC | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Collection terms | 30 days | |||
Maximum | Product | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Collection terms | 60 days | |||
Maximum | Product | Summit Materials, LLC | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Collection terms | 60 days | |||
Maximum | Service | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Collection terms | 90 days | |||
Maximum | Service | Summit Materials, LLC | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | ||||
Collection terms | 90 days |
Summary of Organization and S_4
Summary of Organization and Significant Accounting Policies - Prior Year Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Reclassification [Line Items] | |||
Transaction and integration costs | $ 26,813 | $ 3,358 | $ 3,252 |
Revision of Prior Period, Reclassification, Adjustment | |||
Reclassification [Line Items] | |||
Transaction and integration costs | 3,400 | 3,300 | |
Summit Materials, LLC | |||
Reclassification [Line Items] | |||
Transaction and integration costs | $ 26,813 | $ 3,358 | $ 3,252 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Acquisitions by Region (Details) - acquisition | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
West | |||
Business Acquisition [Line Items] | |||
Number of business acquisitions | 3 | 0 | 0 |
East | |||
Business Acquisition [Line Items] | |||
Number of business acquisitions | 1 | 2 | 3 |
Summit Materials, LLC | West | |||
Business Acquisition [Line Items] | |||
Number of business acquisitions | 3 | 0 | 0 |
Summit Materials, LLC | East | |||
Business Acquisition [Line Items] | |||
Number of business acquisitions | 1 | 2 | 3 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Summary of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,224,861 | $ 1,132,546 | $ 1,163,750 |
Summit Materials, LLC | |||
Business Acquisition [Line Items] | |||
Goodwill | 1,225,861 | 1,133,546 | $ 1,164,750 |
Series of Individually Immaterial Business Acquisitions | |||
Business Acquisition [Line Items] | |||
Financial assets | 12,747 | 297 | |
Inventories | 6,251 | 161 | |
Property, plant and equipment | 125,207 | 30,041 | |
Intangible assets | 0 | 0 | |
Other assets | 1,085 | 1,116 | |
Financial liabilities | (11,973) | (1,120) | |
Other long-term liabilities | (802) | (1,589) | |
Net assets acquired | 132,515 | 28,906 | |
Goodwill | 108,590 | 0 | |
Purchase price | 241,105 | 28,906 | |
Acquisition-related liabilities | 0 | (6,176) | |
Other | (1,597) | 0 | |
Net cash paid for acquisitions | 239,508 | 22,730 | |
Series of Individually Immaterial Business Acquisitions | Summit Materials, LLC | |||
Business Acquisition [Line Items] | |||
Financial assets | 12,747 | 297 | |
Inventories | 6,251 | 161 | |
Property, plant and equipment | 125,207 | 30,041 | |
Intangible assets | 0 | 0 | |
Other assets | 1,085 | 1,116 | |
Financial liabilities | (11,973) | (1,120) | |
Other long-term liabilities | (802) | (1,589) | |
Net assets acquired | 132,515 | 28,906 | |
Goodwill | 108,590 | 0 | |
Purchase price | 241,105 | 28,906 | |
Acquisition-related liabilities | 0 | (6,176) | |
Other | (1,597) | 0 | |
Net cash paid for acquisitions | $ 239,508 | $ 22,730 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - Contractual Obligations (Details) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 USD ($) business acquisition | Dec. 31, 2022 USD ($) business acquisition | Jan. 01, 2022 USD ($) | |
Remaining payments on contractual obligations | |||
Noncompete agreements, payment term (in general) | 5 years | ||
Proceeds from sale of businesses | $ 65,576 | $ 128,337 | |
Gain on sale of business | $ 14,966 | $ 172,389 | 20,011 |
West | |||
Remaining payments on contractual obligations | |||
Number of businesses sold | acquisition | 2 | ||
Proceeds from sale of businesses | $ 65,600 | ||
Gain on sale of business | $ 15,000 | ||
East | |||
Remaining payments on contractual obligations | |||
Number of businesses sold | acquisition | 3 | ||
Proceeds from sale of businesses | $ 373,073 | ||
Gain on sale of business | (172,400) | ||
Minimum | |||
Remaining payments on contractual obligations | |||
Term of payment for deferred consideration | 5 years | ||
Maximum | |||
Remaining payments on contractual obligations | |||
Term of payment for deferred consideration | 20 years | ||
Noncompete and Deferred Consideration Agreements | |||
Remaining payments on contractual obligations | |||
2024 | $ 6,870 | ||
2025 | 7,317 | ||
2026 | 6,068 | ||
2027 | 4,569 | ||
2028 | 4,571 | ||
Thereafter | 1,245 | ||
Total scheduled payments | 30,640 | ||
Present value adjustments | (5,005) | ||
Total noncompete obligations and deferred consideration | $ 25,635 | ||
Summit Materials, LLC | |||
Remaining payments on contractual obligations | |||
Noncompete agreements, payment term (in general) | 5 years | ||
Proceeds from sale of businesses | $ 65,576 | 373,073 | 128,337 |
Gain on sale of business | $ 14,966 | $ 172,389 | $ 20,011 |
Summit Materials, LLC | West | |||
Remaining payments on contractual obligations | |||
Number of businesses sold | business | 2 | ||
Proceeds from sale of businesses | $ 65,600 | ||
Gain on sale of business | $ (15,000) | ||
Summit Materials, LLC | East | |||
Remaining payments on contractual obligations | |||
Number of businesses sold | business | 3 | ||
Proceeds from sale of businesses | $ 373,100 | ||
Gain on sale of business | $ 172,400 | ||
Summit Materials, LLC | Minimum | |||
Remaining payments on contractual obligations | |||
Term of payment for deferred consideration | 5 years | ||
Summit Materials, LLC | Maximum | |||
Remaining payments on contractual obligations | |||
Term of payment for deferred consideration | 20 years | ||
Summit Materials, LLC | Noncompete and Deferred Consideration Agreements | |||
Remaining payments on contractual obligations | |||
2024 | $ 6,870 | ||
2025 | 7,317 | ||
2026 | 6,068 | ||
2027 | 4,569 | ||
2028 | 4,571 | ||
Thereafter | 1,245 | ||
Total scheduled payments | 30,640 | ||
Present value adjustments | (5,005) | ||
Total noncompete obligations and deferred consideration | $ 25,635 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) | 12 Months Ended | |
Dec. 30, 2023 USD ($) reportingUnit | Dec. 31, 2022 USD ($) | |
Goodwill | ||
Number of reporting units with goodwill | 9 | |
Number of reporting units subjected to step-1 impairment analysis | 4 | |
Number of reporting units subjected to step 0 impairment analysis | 5 | |
Goodwill, impairment loss | $ | $ 0 | |
Summit Materials, LLC | ||
Goodwill | ||
Number of reporting units with goodwill | 9 | |
Number of reporting units subjected to step-1 impairment analysis | 4 | |
Number of reporting units subjected to step 0 impairment analysis | 5 | |
Goodwill, impairment loss | $ | $ 0 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill by Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 1,132,546 | $ 1,163,750 |
Acquisitions | 108,590 | |
Dispositions | (17,840) | (27,084) |
Foreign currency translation adjustments | 1,565 | (4,120) |
Ending balance | 1,224,861 | 1,132,546 |
Summit Materials, LLC | ||
Goodwill [Roll Forward] | ||
Beginning balance | 1,133,546 | 1,164,750 |
Acquisitions | 108,590 | |
Dispositions | (17,840) | (27,084) |
Foreign currency translation adjustments | 1,565 | (4,120) |
Ending balance | 1,225,861 | 1,133,546 |
West | ||
Goodwill [Roll Forward] | ||
Beginning balance | 566,389 | 570,509 |
Acquisitions | 108,590 | |
Dispositions | (17,840) | 0 |
Foreign currency translation adjustments | 1,565 | (4,120) |
Ending balance | 658,704 | 566,389 |
West | Summit Materials, LLC | ||
Goodwill [Roll Forward] | ||
Beginning balance | 567,389 | 571,509 |
Acquisitions | 108,590 | |
Dispositions | (17,840) | 0 |
Foreign currency translation adjustments | 1,565 | (4,120) |
Ending balance | 659,704 | 567,389 |
East | ||
Goodwill [Roll Forward] | ||
Beginning balance | 361,501 | 388,585 |
Acquisitions | 0 | |
Dispositions | 0 | (27,084) |
Foreign currency translation adjustments | 0 | 0 |
Ending balance | 361,501 | 361,501 |
East | Summit Materials, LLC | ||
Goodwill [Roll Forward] | ||
Beginning balance | 361,501 | 388,585 |
Acquisitions | 0 | |
Dispositions | 0 | (27,084) |
Foreign currency translation adjustments | 0 | 0 |
Ending balance | 361,501 | 361,501 |
Cement | ||
Goodwill [Roll Forward] | ||
Beginning balance | 204,656 | 204,656 |
Acquisitions | 0 | |
Dispositions | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 |
Ending balance | 204,656 | 204,656 |
Cement | Summit Materials, LLC | ||
Goodwill [Roll Forward] | ||
Beginning balance | 204,656 | 204,656 |
Acquisitions | 0 | |
Dispositions | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 |
Ending balance | $ 204,656 | $ 204,656 |
Revenue Recognition - By Produc
Revenue Recognition - By Product (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Revenue from External Customer [Line Items] | |||
Revenue | $ 2,619,468 | $ 2,412,522 | $ 2,409,669 |
Summit Materials, LLC | |||
Revenue from External Customer [Line Items] | |||
Revenue | 2,619,468 | 2,412,522 | 2,409,669 |
Aggregates | |||
Revenue from External Customer [Line Items] | |||
Revenue | 663,551 | 583,993 | 573,157 |
Aggregates | Summit Materials, LLC | |||
Revenue from External Customer [Line Items] | |||
Revenue | 663,551 | 583,993 | 573,157 |
Cement | |||
Revenue from External Customer [Line Items] | |||
Revenue | 355,786 | 332,518 | 282,081 |
Cement | Summit Materials, LLC | |||
Revenue from External Customer [Line Items] | |||
Revenue | 355,786 | 332,518 | 282,081 |
Ready-mix concrete | |||
Revenue from External Customer [Line Items] | |||
Revenue | 744,151 | 687,950 | 702,062 |
Ready-mix concrete | Summit Materials, LLC | |||
Revenue from External Customer [Line Items] | |||
Revenue | 744,151 | 687,950 | 702,062 |
Asphalt | |||
Revenue from External Customer [Line Items] | |||
Revenue | 312,383 | 270,444 | 311,046 |
Asphalt | Summit Materials, LLC | |||
Revenue from External Customer [Line Items] | |||
Revenue | 312,383 | 270,444 | 311,046 |
Paving and related services | |||
Revenue from External Customer [Line Items] | |||
Revenue | 318,721 | 315,065 | 337,311 |
Paving and related services | Summit Materials, LLC | |||
Revenue from External Customer [Line Items] | |||
Revenue | 318,721 | 315,065 | 337,311 |
Other | |||
Revenue from External Customer [Line Items] | |||
Revenue | 224,876 | 222,552 | 204,012 |
Other | Summit Materials, LLC | |||
Revenue from External Customer [Line Items] | |||
Revenue | $ 224,876 | $ 222,552 | $ 204,012 |
Revenue Recognition - Contract
Revenue Recognition - Contract Assets and Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Costs and estimated earnings in excess of billings | |
Balance—December 31, 2022 | $ 6,510 |
Changes in revenue billed, contract price or cost estimates | 3,746 |
Other | 33 |
Balance—December 30, 2023 | 10,289 |
Billings in excess of costs and estimated earnings | |
Balance—December 31, 2022 | 5,739 |
Changes in revenue billed, contract price or cost estimates | 2,475 |
Other | 14 |
Balance—December 30, 2023 | 8,228 |
Summit Materials, LLC | |
Costs and estimated earnings in excess of billings | |
Balance—December 31, 2022 | 6,510 |
Changes in revenue billed, contract price or cost estimates | 3,746 |
Other | 33 |
Balance—December 30, 2023 | 10,289 |
Billings in excess of costs and estimated earnings | |
Balance—December 31, 2022 | 5,739 |
Changes in revenue billed, contract price or cost estimates | 2,475 |
Other | 14 |
Balance—December 30, 2023 | $ 8,228 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade accounts receivable | $ 228,697 | $ 215,766 |
Construction contract receivables | 51,567 | 37,067 |
Retention receivables | 13,541 | 11,048 |
Accounts receivable | 293,805 | 263,881 |
Less: Allowance for doubtful accounts | (6,553) | (7,212) |
Accounts receivable, net | 287,252 | 256,669 |
Summit Materials, LLC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade accounts receivable | 228,697 | 215,766 |
Construction contract receivables | 51,567 | 37,067 |
Retention receivables | 13,541 | 11,048 |
Accounts receivable | 293,805 | 263,881 |
Less: Allowance for doubtful accounts | (6,553) | (7,212) |
Accounts receivable, net | $ 287,252 | $ 256,669 |
Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
General collection and billing period for retention receivables | 1 year | |
Maximum | Summit Materials, LLC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
General collection and billing period for retention receivables | 1 year |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Aggregate stockpiles | $ 165,272 | $ 148,347 |
Finished goods | 43,122 | 33,622 |
Work in process | 10,702 | 8,191 |
Raw materials | 22,254 | 22,331 |
Total | 241,350 | 212,491 |
Summit Materials, LLC | ||
Inventory [Line Items] | ||
Aggregate stockpiles | 165,272 | 148,347 |
Finished goods | 43,122 | 33,622 |
Work in process | 10,702 | 8,191 |
Raw materials | 22,254 | 22,331 |
Total | $ 241,350 | $ 212,491 |
Property, Plant and Equipment_3
Property, Plant and Equipment, net and Intangibles, net - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 3,376,288 | $ 3,081,259 |
Less accumulated depreciation, depletion and amortization | (1,399,468) | (1,267,557) |
Property, plant, and equipment and finance lease right-of-use asset, net | 1,976,820 | 1,813,702 |
Summit Materials, LLC | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | 3,376,288 | 3,081,259 |
Less accumulated depreciation, depletion and amortization | (1,399,468) | (1,267,557) |
Property, plant, and equipment and finance lease right-of-use asset, net | 1,976,820 | 1,813,702 |
Mineral bearing land and leased interests | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | 557,696 | 515,153 |
Mineral bearing land and leased interests | Summit Materials, LLC | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | 557,696 | 515,153 |
Land (non-mineral bearing) | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | 210,048 | 183,926 |
Land (non-mineral bearing) | Summit Materials, LLC | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | 210,048 | 183,926 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 233,412 | 213,056 |
Buildings and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years | |
Buildings and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 30 years | |
Buildings and improvements | Summit Materials, LLC | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 233,412 | 213,056 |
Buildings and improvements | Summit Materials, LLC | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years | |
Buildings and improvements | Summit Materials, LLC | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 30 years | |
Plants, machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 1,484,515 | 1,380,886 |
Plants, machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 7 years | |
Plants, machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 20 years | |
Plants, machinery and equipment | Summit Materials, LLC | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 1,484,515 | 1,380,886 |
Plants, machinery and equipment | Summit Materials, LLC | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 7 years | |
Plants, machinery and equipment | Summit Materials, LLC | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 20 years | |
Mobile equipment and barges | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 623,424 | 555,119 |
Mobile equipment and barges | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 6 years | |
Mobile equipment and barges | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 8 years | |
Mobile equipment and barges | Summit Materials, LLC | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 623,424 | 555,119 |
Mobile equipment and barges | Summit Materials, LLC | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 6 years | |
Mobile equipment and barges | Summit Materials, LLC | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 8 years | |
Truck and auto fleet | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 41,181 | 38,717 |
Truck and auto fleet | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Truck and auto fleet | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 8 years | |
Truck and auto fleet | Summit Materials, LLC | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 41,181 | 38,717 |
Truck and auto fleet | Summit Materials, LLC | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Truck and auto fleet | Summit Materials, LLC | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 8 years | |
Landfill airspace and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 55,036 | 55,027 |
Landfill airspace and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years | |
Landfill airspace and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 30 years | |
Landfill airspace and improvements | Summit Materials, LLC | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 55,036 | 55,027 |
Landfill airspace and improvements | Summit Materials, LLC | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years | |
Landfill airspace and improvements | Summit Materials, LLC | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 30 years | |
Office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 61,825 | 49,336 |
Office equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Office equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 7 years | |
Office equipment | Summit Materials, LLC | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 61,825 | 49,336 |
Office equipment | Summit Materials, LLC | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Office equipment | Summit Materials, LLC | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 7 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 109,151 | 90,039 |
Construction in progress | Summit Materials, LLC | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 109,151 | $ 90,039 |
Other | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 4 years | |
Other | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 20 years | |
Other | Summit Materials, LLC | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 4 years | |
Other | Summit Materials, LLC | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 20 years |
Property, Plant and Equipment_4
Property, Plant and Equipment, net and Intangibles, net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation, depletion and amortization expense | $ 201,300 | $ 184,300 | $ 195,100 |
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | 3,376,288 | 3,081,259 | |
Finance lease right-of-use asset accumulated amortization | 1,399,468 | 1,267,557 | |
Current finance lease liabilities | 4,020 | 6,959 | |
Long-term finance lease liabilities | 14,357 | 7,167 | |
2024 | 5,221 | ||
2025 | 4,169 | ||
2026 | 2,769 | ||
2027 | 2,585 | ||
2028 | 2,384 | ||
Summit Materials, LLC | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation, depletion and amortization expense | 201,300 | 184,300 | $ 195,100 |
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | 3,376,288 | 3,081,259 | |
Finance lease right-of-use asset accumulated amortization | 1,399,468 | 1,267,557 | |
Current finance lease liabilities | 4,020 | 6,959 | |
Long-term finance lease liabilities | 14,357 | 7,167 | |
2024 | 5,221 | ||
2025 | 4,169 | ||
2026 | 2,769 | ||
2027 | 2,585 | ||
2028 | 2,384 | ||
Equipment And Building | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | 30,100 | 32,100 | |
Finance lease right-of-use asset accumulated amortization | 12,100 | 15,000 | |
Equipment And Building | Summit Materials, LLC | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | 30,100 | 32,100 | |
Finance lease right-of-use asset accumulated amortization | $ 12,100 | $ 15,000 | |
Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Equipment lease term | 5 years | ||
Equipment | Summit Materials, LLC | |||
Property, Plant and Equipment [Line Items] | |||
Equipment lease term | 5 years | ||
Building | |||
Property, Plant and Equipment [Line Items] | |||
Equipment lease term | 30 years | ||
Building | Summit Materials, LLC | |||
Property, Plant and Equipment [Line Items] | |||
Equipment lease term | 30 years |
Property, Plant and Equipment_5
Property, Plant and Equipment, net and Intangibles, net - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 87,053 | $ 86,887 | |
Accumulated Amortization | (18,972) | (15,503) | |
Net Carrying Amount | 68,081 | 71,384 | |
Amortization expense | 3,500 | 3,500 | $ 3,700 |
Estimated amortization expense | |||
2024 | 3,365 | ||
2025 | 3,763 | ||
2026 | 3,935 | ||
2027 | 3,922 | ||
2028 | 3,925 | ||
Thereafter | 49,171 | ||
Total | 68,081 | 71,384 | |
Summit Materials, LLC | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 87,053 | 86,887 | |
Accumulated Amortization | (18,972) | (15,503) | |
Net Carrying Amount | 68,081 | 71,384 | |
Amortization expense | 3,500 | 3,500 | $ 3,700 |
Estimated amortization expense | |||
2024 | 3,365 | ||
2025 | 3,763 | ||
2026 | 3,935 | ||
2027 | 3,922 | ||
2028 | 3,925 | ||
Thereafter | 49,171 | ||
Total | 68,081 | 71,384 | |
Operating permits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 38,677 | 38,677 | |
Accumulated Amortization | (5,691) | (4,109) | |
Net Carrying Amount | 32,986 | 34,568 | |
Operating permits | Summit Materials, LLC | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 38,677 | 38,677 | |
Accumulated Amortization | (5,691) | (4,109) | |
Net Carrying Amount | 32,986 | 34,568 | |
Mineral leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 17,778 | 18,091 | |
Accumulated Amortization | (7,676) | (7,056) | |
Net Carrying Amount | 10,102 | 11,035 | |
Mineral leases | Summit Materials, LLC | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 17,778 | 18,091 | |
Accumulated Amortization | (7,676) | (7,056) | |
Net Carrying Amount | 10,102 | 11,035 | |
Reserve rights | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 25,586 | 25,242 | |
Accumulated Amortization | (5,020) | (3,872) | |
Net Carrying Amount | 20,566 | 21,370 | |
Reserve rights | Summit Materials, LLC | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 25,586 | 25,242 | |
Accumulated Amortization | (5,020) | (3,872) | |
Net Carrying Amount | 20,566 | 21,370 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 5,012 | 4,877 | |
Accumulated Amortization | (585) | (466) | |
Net Carrying Amount | 4,427 | 4,411 | |
Other | Summit Materials, LLC | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 5,012 | 4,877 | |
Accumulated Amortization | (585) | (466) | |
Net Carrying Amount | $ 4,427 | $ 4,411 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Schedule Of Accrued Expenses [Line Items] | ||
Interest | $ 27,593 | $ 24,625 |
Payroll and benefits | 63,888 | 34,485 |
Finance lease obligations | 4,020 | 6,959 |
Insurance | 25,277 | 18,127 |
Current portion of TRA liability and accrued taxes | 11,042 | 4,360 |
Deferred asset purchase payments | 5,903 | 5,131 |
Professional fees | 2,036 | 924 |
Other | 31,932 | 25,356 |
Total | 171,691 | 119,967 |
Summit Materials, LLC | ||
Schedule Of Accrued Expenses [Line Items] | ||
Interest | 27,593 | 24,625 |
Payroll and benefits | 63,888 | 34,485 |
Finance lease obligations | 4,020 | 6,959 |
Insurance | 25,277 | 18,127 |
Current portion of TRA liability and accrued taxes | 12,285 | 5,101 |
Deferred asset purchase payments | 5,903 | 5,131 |
Professional fees | 2,036 | 924 |
Other | 31,932 | 25,356 |
Total | $ 172,934 | $ 120,708 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Debt | ||
Total debt | $ 2,300,473 | $ 1,504,549 |
Current portion of long-term debt | 3,822 | 5,096 |
Long-term debt | 2,296,651 | 1,499,453 |
Gross amount | 2,304,464 | |
Debt discount | 3,991 | |
Summit Materials, LLC | ||
Debt | ||
Total debt | 2,300,473 | 1,504,549 |
Current portion of long-term debt | 3,822 | 5,096 |
Long-term debt | 2,296,651 | 1,499,453 |
Gross amount | 2,304,464 | |
Debt discount | 3,991 | |
Term Loan, due 2027: | ||
Debt | ||
Total debt | 500,473 | 504,549 |
Gross amount | 504,500 | 509,600 |
Debt discount | 4,000 | 5,000 |
Term Loan, due 2027: | Summit Materials, LLC | ||
Debt | ||
Total debt | 500,473 | 504,549 |
Gross amount | 504,500 | 509,600 |
Debt discount | 4,000 | 5,000 |
Senior Notes | 6 1⁄2% Senior Notes, due 2027 | ||
Debt | ||
Total debt | $ 300,000 | 300,000 |
Debt instrument interest rate (as a percent) | 6.50% | |
Senior Notes | 6 1⁄2% Senior Notes, due 2027 | Summit Materials, LLC | ||
Debt | ||
Total debt | $ 300,000 | 300,000 |
Debt instrument interest rate (as a percent) | 6.50% | |
Senior Notes | 5 1⁄4% Senior Notes, due 2029 | ||
Debt | ||
Total debt | $ 700,000 | 700,000 |
Debt instrument interest rate (as a percent) | 5.25% | |
Senior Notes | 5 1⁄4% Senior Notes, due 2029 | Summit Materials, LLC | ||
Debt | ||
Total debt | $ 700,000 | 700,000 |
Debt instrument interest rate (as a percent) | 5.25% | |
Senior Notes | 7 1⁄4% Senior Notes, due 2031 | ||
Debt | ||
Total debt | $ 800,000 | 0 |
Debt instrument interest rate (as a percent) | 7.25% | |
Senior Notes | 7 1⁄4% Senior Notes, due 2031 | Summit Materials, LLC | ||
Debt | ||
Total debt | $ 800,000 | $ 0 |
Debt instrument interest rate (as a percent) | 7.25% |
Debt - Schedule of Contractual
Debt - Schedule of Contractual Payments of Long-Term Debt (Details) $ in Thousands | Dec. 30, 2023 USD ($) |
Contractual payments of long-term debt | |
2024 | $ 3,822 |
2025 | 6,369 |
2026 | 5,096 |
2027 | 789,177 |
2028 | 0 |
Thereafter | 1,500,000 |
Total | 2,304,464 |
Less: Original issue net discount | (3,991) |
Less: Deferred financing costs | (13,012) |
Total debt | 2,287,461 |
Summit Materials, LLC | |
Contractual payments of long-term debt | |
2024 | 3,822 |
2025 | 6,369 |
2026 | 5,096 |
2027 | 789,177 |
2028 | 0 |
Thereafter | 1,500,000 |
Total | 2,304,464 |
Less: Original issue net discount | (3,991) |
Less: Deferred financing costs | (13,012) |
Total debt | $ 2,287,461 |
Debt - Senior Notes (Details)
Debt - Senior Notes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 14, 2023 | Sep. 27, 2021 | Aug. 11, 2020 | Mar. 15, 2019 | Oct. 01, 2022 | Oct. 02, 2021 | Sep. 26, 2020 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Aug. 31, 2020 | |
Debt | |||||||||||
Loss on debt financings | $ 493,000 | $ 1,737,000 | $ 6,016,000 | ||||||||
Write off of deferred financing fees | 161,000 | 462,000 | |||||||||
Summit Materials, LLC | |||||||||||
Debt | |||||||||||
Loss on debt financings | 493,000 | 1,737,000 | $ 6,016,000 | ||||||||
Write off of deferred financing fees | $ 161,000 | $ 462,000 | |||||||||
Senior Notes | 7 1⁄4% Senior Notes, due 2031 | |||||||||||
Debt | |||||||||||
Senior notes, interest rate (as a percent) | 7.25% | ||||||||||
Senior Notes | 5 1⁄4% Senior Notes, due 2029 | |||||||||||
Debt | |||||||||||
Senior notes, interest rate (as a percent) | 5.25% | ||||||||||
Senior Notes | 6 1⁄2% Senior Notes, due 2027 | |||||||||||
Debt | |||||||||||
Senior notes, interest rate (as a percent) | 6.50% | ||||||||||
Senior Notes | Issuers | 7 1⁄4% Senior Notes, due 2031 | |||||||||||
Debt | |||||||||||
Debt instrument, face amount | $ 800,000,000 | ||||||||||
Senior notes, interest rate (as a percent) | 7.25% | 7.25% | |||||||||
Percentage of par value of senior notes | 100% | ||||||||||
Senior Notes | Issuers | 5.125% Senior Notes, due 2025 | |||||||||||
Debt | |||||||||||
Senior notes, interest rate (as a percent) | 5.125% | ||||||||||
Debt redeemed | $ 300,000,000 | ||||||||||
Loss on debt financings | $ 6,000,000 | $ 6,000,000 | |||||||||
Redemption premium | 3,900,000 | 3,900,000 | |||||||||
Write off of deferred financing fees | $ 2,100,000 | 2,100,000 | |||||||||
Senior Notes | Issuers | 5 1⁄4% Senior Notes, due 2029 | |||||||||||
Debt | |||||||||||
Debt instrument, face amount | $ 700,000,000 | ||||||||||
Senior notes, interest rate (as a percent) | 5.25% | ||||||||||
Percentage of par value of senior notes | 100% | ||||||||||
Proceeds net of related fees and expenses | $ 690,400,000 | ||||||||||
Senior Notes | Issuers | 6.125 Senior Notes, due 2023 | |||||||||||
Debt | |||||||||||
Senior notes, interest rate (as a percent) | 6.125% | ||||||||||
Write off of deferred financing fees | 3,300,000 | $ 3,300,000 | |||||||||
Senior notes, aggregate principal amount redeemed | $ 650,000,000 | ||||||||||
Loss on extinguishment | 4,100,000 | 4,100,000 | |||||||||
Write-off of debt discount | $ 800,000 | $ 800,000 | |||||||||
Senior Notes | Issuers | 6 1⁄2% Senior Notes, due 2027 | |||||||||||
Debt | |||||||||||
Debt instrument, face amount | $ 300,000,000 | ||||||||||
Senior notes, interest rate (as a percent) | 6.50% | ||||||||||
Percentage of par value of senior notes | 100% | ||||||||||
Proceeds net of related fees and expenses | $ 296,300,000 | ||||||||||
Senior Notes | Summit Materials, LLC | 7 1⁄4% Senior Notes, due 2031 | |||||||||||
Debt | |||||||||||
Senior notes, interest rate (as a percent) | 7.25% | ||||||||||
Senior Notes | Summit Materials, LLC | 5 1⁄4% Senior Notes, due 2029 | |||||||||||
Debt | |||||||||||
Senior notes, interest rate (as a percent) | 5.25% | ||||||||||
Senior Notes | Summit Materials, LLC | 6 1⁄2% Senior Notes, due 2027 | |||||||||||
Debt | |||||||||||
Senior notes, interest rate (as a percent) | 6.50% |
Debt - Senior Secured Credit Fa
Debt - Senior Secured Credit Facilities (Details) - USD ($) | 12 Months Ended | ||||||
Jan. 12, 2024 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Jan. 11, 2024 | Jan. 10, 2023 | Dec. 14, 2022 | |
Debt | |||||||
Repayments of term loan | $ 10,380,000 | $ 122,536,000 | $ 329,010,000 | ||||
Revolving Credit Facility | Subsequent Event | |||||||
Debt | |||||||
Maximum borrowing capacity | $ 625,000,000 | $ 395,000,000 | |||||
Summit Materials, LLC | |||||||
Debt | |||||||
Repayments of term loan | $ 10,380,000 | 122,536,000 | $ 329,010,000 | ||||
Summit Materials, LLC | Base Rate | |||||||
Debt | |||||||
Basis spread on variable rate | 2% | ||||||
Summit Materials, LLC | Base Rate | Minimum | |||||||
Debt | |||||||
Basis spread on variable rate | 1% | ||||||
Summit Materials, LLC | SOFR adjustment | |||||||
Debt | |||||||
Basis spread on variable rate | 0.10% | ||||||
Summit Materials, LLC | SOFR | |||||||
Debt | |||||||
Basis spread on variable rate | 3% | ||||||
Summit Materials, LLC | Term Loan, due 2027: | |||||||
Debt | |||||||
Debt instrument, face amount | $ 504,500,000 | $ 509,600,000 | |||||
Basis spread on variable rate | 0.25% | ||||||
Effective interest rate | 8.57% | ||||||
Repayments of term loan | $ 95,600,000 | 95,600,000 | |||||
Debt covenant, amount outstanding threshold | $ 125,000,000 | ||||||
Summit Materials, LLC | Term Loan, due 2027: | Subsequent Event | |||||||
Debt | |||||||
Debt instrument, face amount | $ 1,010,000,000 | ||||||
Effective interest rate | 7.83% | ||||||
Prepayment premium percentage | 1% | ||||||
Quarterly amortization payments, percentage | 0.25% | ||||||
Amount refinanced | $ 504,500,000 | ||||||
Summit Materials, LLC | Term Loan, due 2027: | Base Rate | Subsequent Event | |||||||
Debt | |||||||
Basis spread on variable rate | 1.50% | ||||||
Summit Materials, LLC | Term Loan, due 2027: | Base Rate | Minimum | Subsequent Event | |||||||
Debt | |||||||
Basis spread on variable rate | 1% | ||||||
Summit Materials, LLC | Term Loan, due 2027: | SOFR | Subsequent Event | |||||||
Debt | |||||||
Basis spread on variable rate | 2.50% | ||||||
Summit Materials, LLC | Term Loan, due 2027: | SOFR | Minimum | |||||||
Debt | |||||||
Basis spread on variable rate | 0% | ||||||
Summit Materials, LLC | Revolving Credit Facility | |||||||
Debt | |||||||
Maximum borrowing capacity | $ 395,000,000 | $ 395,000,000 | |||||
Amount outstanding | 0 | $ 0 | |||||
Remaining borrowing capacity | $ 374,100,000 | ||||||
Summit Materials, LLC | Revolving Credit Facility | Base Rate | Subsequent Event | |||||||
Debt | |||||||
Basis spread on variable rate | 1.50% | ||||||
Summit Materials, LLC | Revolving Credit Facility | Base Rate | Minimum | Subsequent Event | |||||||
Debt | |||||||
Basis spread on variable rate | 1% | ||||||
Summit Materials, LLC | Revolving Credit Facility | Federal funds rate | |||||||
Debt | |||||||
Basis spread on variable rate | 0.50% | ||||||
Summit Materials, LLC | Revolving Credit Facility | SOFR | |||||||
Debt | |||||||
Basis spread on variable rate | 3% | ||||||
Percentage added to base rate | 1% | ||||||
Summit Materials, LLC | Revolving Credit Facility | SOFR | Subsequent Event | |||||||
Debt | |||||||
Basis spread on variable rate | 2.50% | ||||||
Summit Materials, LLC | Revolving Credit Facility | SOFR | Minimum | Subsequent Event | |||||||
Debt | |||||||
Basis spread on variable rate | 0% | ||||||
Summit Materials, LLC | Revolving Credit Facility | SOFR Plus 1% | |||||||
Debt | |||||||
Basis spread on variable rate | 2% | ||||||
Summit Materials, LLC | Revolving Credit Facility | LIBOR Plus 1% | |||||||
Debt | |||||||
Basis spread on variable rate | 2% | ||||||
Percentage added to base rate | 1% | ||||||
Summit Materials, LLC | Revolving Credit Facility | LIBOR | |||||||
Debt | |||||||
Basis spread on variable rate | 3% | ||||||
Summit Materials, LLC | Letter of Credit | |||||||
Debt | |||||||
Amount outstanding | $ 20,900,000 | ||||||
Summit Materials, LLC | Senior Secured Credit Facilities | |||||||
Debt | |||||||
First lien leverage ratio | 4.75 |
Debt - Summary of Activity for
Debt - Summary of Activity for Deferred Financing Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Deferred finance costs | ||
Beginning balance | $ 11,489 | $ 13,049 |
Loan origination fees | 5,599 | 1,557 |
Amortization | (2,464) | (2,655) |
Write off of deferred financing fees | (161) | (462) |
Ending balance | 14,463 | 11,489 |
Summit Materials, LLC | ||
Deferred finance costs | ||
Beginning balance | 11,489 | 13,049 |
Loan origination fees | 5,599 | 1,557 |
Amortization | (2,464) | (2,655) |
Write off of deferred financing fees | (161) | (462) |
Ending balance | $ 14,463 | $ 11,489 |
Debt - Other Narrative (Details
Debt - Other Narrative (Details) | Jan. 15, 2015 CAD ($) | Dec. 30, 2023 USD ($) | Dec. 30, 2023 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) |
Canadian Subsidiary Credit Agreement | |||||
Debt | |||||
Amount outstanding | $ 0 | $ 0 | |||
Canadian Subsidiary Credit Agreement | Summit Materials, LLC | |||||
Debt | |||||
Amount outstanding | $ 0 | $ 0 | |||
Canadian Subsidiary Credit Agreement, Operating Activities | |||||
Debt | |||||
Revolving credit commitment | $ 6,000,000 | ||||
Canadian Subsidiary Credit Agreement, Operating Activities | Summit Materials, LLC | |||||
Debt | |||||
Revolving credit commitment | 6,000,000 | ||||
Canadian Subsidiary Credit Agreement, Capital Equipment | |||||
Debt | |||||
Revolving credit commitment | 500,000 | ||||
Canadian Subsidiary Credit Agreement, Capital Equipment | Summit Materials, LLC | |||||
Debt | |||||
Revolving credit commitment | 500,000 | ||||
Canadian Subsidiary Credit Agreement, Guarantees | |||||
Debt | |||||
Revolving credit commitment | 1,500,000 | ||||
Canadian Subsidiary Credit Agreement, Guarantees | Summit Materials, LLC | |||||
Debt | |||||
Revolving credit commitment | 1,500,000 | ||||
Canadian Subsidiary Credit Agreement, Foreign Exchange Facility | |||||
Debt | |||||
Revolving credit commitment | 10,000,000 | ||||
Canadian Subsidiary Credit Agreement, Foreign Exchange Facility | Summit Materials, LLC | |||||
Debt | |||||
Revolving credit commitment | $ 10,000,000 | ||||
Prime rate | Canadian Subsidiary Credit Agreement, Operating Activities | |||||
Debt | |||||
Basis spread on variable rate | 0.20% | ||||
Prime rate | Canadian Subsidiary Credit Agreement, Operating Activities | Summit Materials, LLC | |||||
Debt | |||||
Basis spread on variable rate | 0.20% | ||||
Prime rate | Canadian Subsidiary Credit Agreement, Capital Equipment | |||||
Debt | |||||
Basis spread on variable rate | 0.20% | ||||
Prime rate | Canadian Subsidiary Credit Agreement, Capital Equipment | Summit Materials, LLC | |||||
Debt | |||||
Basis spread on variable rate | 0.20% |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Provision for income taxes: | |||
Current | $ 17,284 | $ 15,654 | $ 8,030 |
Deferred | 87,554 | 69,891 | 36,326 |
Income tax expense (benefit) | 104,838 | 85,545 | 44,356 |
Summit Materials, LLC | |||
Provision for income taxes: | |||
Current | 17,705 | 16,280 | 8,459 |
Deferred | 4,555 | 305 | 12,490 |
Income tax expense (benefit) | $ 22,260 | $ 16,585 | $ 20,949 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Line Items] | |||
Income tax expense (benefit) at federal statutory tax rate | $ 82,837 | $ 75,862 | $ 41,273 |
Less: Income tax benefit at federal statutory tax rate for LLC entities | (867) | (754) | (459) |
State and local income taxes | 15,580 | 12,703 | 7,287 |
Permanent differences | (3,016) | (7,039) | (5,493) |
Effective tax rate change | 18 | (710) | 2,317 |
Basis differences from divestitures | 0 | 3,314 | 3,766 |
Unrecognized tax benefits | 0 | 0 | 0 |
Tax receivable agreement (benefit) expense | 7,222 | 218 | 28 |
Change in valuation allowance | 0 | (562) | 0 |
Other | 3,064 | 2,513 | (4,363) |
Income tax expense (benefit) | 104,838 | 85,545 | 44,356 |
Summit Materials, LLC | |||
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Line Items] | |||
Income tax expense (benefit) at federal statutory tax rate | 48,765 | 76,172 | 40,303 |
Less: Income tax benefit at federal statutory tax rate for LLC entities | (39,936) | (63,498) | (27,821) |
State and local income taxes | 6,020 | 4,170 | 3,604 |
Permanent differences | 5,787 | 787 | 427 |
Effective tax rate change | 0 | (491) | 201 |
Basis differences from divestitures | 0 | 3,314 | 3,766 |
Change in valuation allowance | 0 | (562) | 0 |
Other | 1,624 | (3,307) | 469 |
Income tax expense (benefit) | $ 22,260 | $ 16,585 | $ 20,949 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Deferred tax assets (liabilities): | |||
Net intangible assets | $ 58,051 | $ 138,511 | |
Accelerated depreciation | (202,683) | (196,936) | |
Net operating loss | 195,443 | 195,669 | |
Investment in limited partnership | (56,717) | (44,690) | |
Mining reclamation reserve | 3,847 | 3,213 | |
Working capital (e.g., accrued compensation, prepaid assets) | 45,849 | 39,231 | |
Interest expense limitation carryforward | 9,332 | 3,101 | |
Less valuation allowance | (1,113) | (1,113) | $ (1,675) |
Deferred tax assets | 52,009 | 136,986 | |
Less foreign deferred tax liability (included in other noncurrent liabilities) | (15,854) | (15,752) | |
Net deferred tax asset | 36,155 | 121,234 | |
Summit Materials, LLC | |||
Deferred tax assets (liabilities): | |||
Accelerated depreciation | (57,334) | (54,590) | |
Net operating loss | 5,889 | 6,147 | |
Investment in limited partnership | (30,049) | (24,630) | |
Net intangible assets | (4,023) | (3,236) | |
Mining reclamation reserve | 1,188 | 1,010 | |
Working capital (e.g., accrued compensation, prepaid assets) | 1,831 | 651 | |
Interest expense limitation carryforward | 3,202 | 482 | |
Net deferred tax liabilities | (79,296) | (74,166) | |
Less valuation allowance | (1,113) | (1,113) | $ (1,675) |
Net deferred tax liability | $ (80,409) | $ (75,279) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |||||
Dec. 29, 2024 | Dec. 31, 2023 | Dec. 28, 2024 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Taxes [Line Items] | ||||||
Deferred tax assets subject to TRA | $ 318,100,000 | |||||
Income tax expense | 104,838,000 | $ 85,545,000 | $ 44,356,000 | |||
Unrecognized tax benefits that if recognized would affect the annual effective tax rate | 0 | 0 | ||||
Deferred tax asset, valuation allowance | 1,113,000 | 1,113,000 | 1,675,000 | |||
Deferred tax asset, investment in limited partnership | 5,400,000 | 300,000 | ||||
Tax receivable agreement (benefit) expense | (162,182,000) | 1,566,000 | (6,779,000) | |||
Tax receivable agreement liability | 41,276,000 | 327,812,000 | ||||
Payments of distributions to affiliates | 469,000 | 678,000 | 0 | |||
Penalties and interest expense | $ 0 | $ 0 | 0 | |||
Common Class A | ||||||
Income Taxes [Line Items] | ||||||
LP Unit exchanges (in shares) | 548,761 | 2,002 | ||||
Summit Materials, LLC | ||||||
Income Taxes [Line Items] | ||||||
Income tax expense | $ 22,260,000 | $ 16,585,000 | 20,949,000 | |||
Net operating loss carryforwards | 5,200,000 | |||||
Deferred tax asset, valuation allowance | 1,113,000 | 1,113,000 | 1,675,000 | |||
Payments of distributions to affiliates | 19,042,000 | 59,392,000 | $ 2,500,000 | |||
Penalties and interest expense | $ 0 | 0 | ||||
Tax Receivable Agreement | ||||||
Income Taxes [Line Items] | ||||||
LP Unit exchanges (in shares) | 548,761 | |||||
Rights and interests acquisition, consideration | $ 132,500,000 | |||||
Tax receivable agreement (benefit) expense | 157,500,000 | |||||
(Decrease) increase in Tax Receivable Agreement, net | (4,700,000) | 1,300,000 | ||||
Tax receivable agreement liability | $ 41,740,000 | 328,356,000 | ||||
Tax Receivable Agreement liability, net | $ 327,800,000 | |||||
Tax Receivable Agreement | Summit Holdings LP | ||||||
Income Taxes [Line Items] | ||||||
Percentage of benefits to be paid on tax receivable agreement | 85% | |||||
Tax Receivable Agreement | Summit Materials, LLC | ||||||
Income Taxes [Line Items] | ||||||
Payments for purchase of Tax Receivable Agreement interests | $ 132,400,000 | |||||
Tax Receivable Agreement | Summit Materials, LLC | Forecast | ||||||
Income Taxes [Line Items] | ||||||
Tax Receivable Agreement, future consideration to be received | $ 126,100,000 | $ 132,400,000 | $ 6,300,000 | |||
Federal | ||||||
Income Taxes [Line Items] | ||||||
Net operating loss carryforwards | 818,000,000 | |||||
Federal | Tax Receivable Agreement | ||||||
Income Taxes [Line Items] | ||||||
Net operating loss carryforwards | $ 761,000,000 |
Incomes Taxes - Deferred Tax As
Incomes Taxes - Deferred Tax Asset Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Valuation Allowance: | ||
Beginning balance | $ (1,113) | $ (1,675) |
Release of valuation allowance and other | 0 | 562 |
Ending balance | (1,113) | (1,113) |
Summit Materials, LLC | ||
Valuation Allowance: | ||
Beginning balance | (1,113) | (1,675) |
Release of valuation allowance and other | 0 | 562 |
Ending balance | $ (1,113) | $ (1,113) |
Income Taxes - TRA Liability (D
Income Taxes - TRA Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Tax Receivable Agreement, Liability [Roll Forward] | |||
Tax receivable agreement liability, beginning balance | $ 327,812 | ||
LP unit exchanges during period | 0 | $ 0 | $ 0 |
Tax receivable agreement liability, ending balance | 41,276 | 327,812 | |
Total | 41,276 | 327,812 | |
Tax Receivable Agreement | |||
Tax Receivable Agreement, Liability [Roll Forward] | |||
Tax receivable agreement liability, beginning balance | 328,356 | ||
LP unit exchanges during period | 8,559 | ||
Purchase of TRA interests | (132,449) | ||
TRA liability reduction | (157,477) | ||
TRA liability payments | (544) | ||
TRA liability adjustment | (4,705) | ||
Tax receivable agreement liability, ending balance | 41,740 | 328,356 | |
Total | 41,740 | $ 328,356 | |
Less current portion | 464 | ||
Tax receivable agreement liability, noncurrent | $ 41,276 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Reconciliation of basic to diluted loss per share | |||
Net income attributable to Summit Inc. | $ 285,856 | $ 272,145 | $ 152,184 |
Diluted net income attributable to Summit Inc. | $ 285,856 | $ 272,145 | $ 152,184 |
LP Units | |||
Reconciliation of basic to diluted loss per share | |||
Anti dilutive shares excluded from calculation of earnings per share (in shares) | 1,180,354 | 1,313,204 | 1,867,853 |
Common Class A and Restricted Stock | |||
Reconciliation of basic to diluted loss per share | |||
Weighted average shares outstanding (in shares) | 119,045,393 | 119,894,444 | 119,629,294 |
Basic earnings per share (USD per share) | $ 2.40 | $ 2.27 | $ 1.27 |
Common Class A | |||
Reconciliation of basic to diluted loss per share | |||
Weighted average shares outstanding (in shares) | 118,952,933 | 119,747,056 | 119,415,448 |
Basic earnings per share (USD per share) | $ 2.40 | $ 2.27 | $ 1.27 |
Add: warrants (in shares) | 14,264 | 11,647 | 17,674 |
Weighted average dilutive shares outstanding (in shares) | 119,774,766 | 120,628,459 | 120,934,992 |
Diluted earnings per share (USD per share) | $ 2.39 | $ 2.26 | $ 1.26 |
Common Class A | Stock Options | |||
Reconciliation of basic to diluted loss per share | |||
Add: Share-based payment arrangements (in shares) | 110,546 | 87,976 | 282,677 |
Common Class A | Restricted Stock Units | |||
Reconciliation of basic to diluted loss per share | |||
Add: Share-based payment arrangements (in shares) | 407,494 | 460,700 | 816,966 |
Common Class A | Performance Stock Units | |||
Reconciliation of basic to diluted loss per share | |||
Add: Share-based payment arrangements (in shares) | 197,069 | 173,692 | 188,381 |
Restricted Stock | |||
Reconciliation of basic to diluted loss per share | |||
Add: Nonvested restricted stock awards of retirement eligible shares (in shares) | 92,460 | 147,388 | 213,846 |
Stockholders' Equity_Members' I
Stockholders' Equity/Members' Interest - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 30, 2023 | Mar. 31, 2022 | Jan. 01, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||||
Repurchases of common stock | $ 100,980,000 | |||
Common Class A | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | ||
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares issued (in shares) | 118,408,655 | 119,529,380 | 120,684,322 | |
Common stock, shares outstanding (in shares) | 118,408,655 | 119,529,380 | ||
Share repurchase program, authorized amount | $ 250,000,000 | |||
Repurchases of common stock (in shares) | 3,427,510 | |||
Repurchases of common stock | $ 101,000,000 | |||
Common Class B | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | ||
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares issued (in shares) | 99 | 99 | ||
Common stock, shares outstanding (in shares) | 99 | 99 |
Stockholders' Equity_Members'_2
Stockholders' Equity/Members' Interest - Change in Ownership (Details) - shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Summit Materials Incorporated And Summit Holdings LP | |||
Increase (Decrease) In Stockholders' Equity [Rollforward] | |||
Beginning balance stockholders' equity (in shares) | 119,720,659 | 121,998,328 | |
Exchanges during period (in shares) | 0 | 0 | |
Stock option exercises (in shares) | 11,937 | 10,691 | |
Repurchases of common stock (in shares) | (3,427,510) | ||
Other equity transactions (in shares) | 560,027 | 1,139,150 | |
Ending balance stockholders' equity (in shares) | 120,292,623 | 119,720,659 | 121,998,328 |
LP Units | Summit Holdings LP | |||
Increase (Decrease) In Stockholders' Equity [Rollforward] | |||
Number of LP Units outstanding (in shares) | 1,312,004 | 1,314,006 | |
Number of LP Units exchanged (in shares) | (548,761) | (2,002) | |
Common Class A | |||
Increase (Decrease) In Stockholders' Equity [Rollforward] | |||
Beginning balance stockholders' equity (in shares) | 118,408,655 | 120,684,322 | |
Exchanges during period (in shares) | 548,761 | 2,002 | |
Stock option exercises (in shares) | 11,937 | 10,691 | |
Repurchases of common stock (in shares) | (3,427,510) | ||
Other equity transactions (in shares) | 560,027 | 1,139,150 | |
Ending balance stockholders' equity (in shares) | 119,529,380 | 118,408,655 | 120,684,322 |
Summit Materials Inc | |||
Increase (Decrease) In Stockholders' Equity [Rollforward] | |||
Summit Inc. Ownership Percentage | 99.40% | 98.90% | 98.90% |
Stockholders' Equity_Members'_3
Stockholders' Equity/Members' Interest - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance stockholders' equity | $ 2,011,990 | $ 1,823,212 |
Postretirement liability adjustment, net of tax | 484 | 4,848 |
Foreign currency translation adjustment, net of tax | 3,707 | (8,847) |
Ending balance stockholders' equity | 2,316,580 | 2,011,990 |
Accumulated Other Comprehensive Income (Loss) | ||
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance stockholders' equity | 3,084 | 7,083 |
Ending balance stockholders' equity | 7,275 | 3,084 |
Change in retirement plans | ||
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance stockholders' equity | 6,356 | 1,508 |
Postretirement liability adjustment, net of tax | 484 | 4,848 |
Ending balance stockholders' equity | 6,840 | 6,356 |
Foreign currency translation adjustment | ||
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance stockholders' equity | (3,272) | 5,575 |
Foreign currency translation adjustment, net of tax | 3,707 | (8,847) |
Ending balance stockholders' equity | 435 | (3,272) |
Summit Materials, LLC | ||
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance members' interest | 2,143,150 | 1,884,944 |
Postretirement liability adjustment, net of tax | 642 | 6,481 |
Foreign currency translation adjustment, net of tax | 4,925 | (11,831) |
Ending balance members' interest | 2,355,005 | 2,143,150 |
Summit Materials, LLC | Accumulated Other Comprehensive Income (Loss) | ||
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance members' interest | (21,376) | (16,026) |
Ending balance members' interest | (15,809) | (21,376) |
Summit Materials, LLC | Change in retirement plans | ||
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance members' interest | (762) | (7,243) |
Postretirement liability adjustment, net of tax | 642 | 6,481 |
Ending balance members' interest | (120) | (762) |
Summit Materials, LLC | Foreign currency translation adjustment | ||
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance members' interest | (20,614) | (8,783) |
Foreign currency translation adjustment, net of tax | 4,925 | (11,831) |
Ending balance members' interest | $ (15,689) | $ (20,614) |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Cash payments: | |||
Interest | $ 99,035 | $ 76,279 | $ 81,592 |
Payments for income taxes, net | 11,135 | 23,352 | 7,580 |
Operating cash payments on operating leases | 10,361 | 9,483 | 10,955 |
Operating cash payments on finance leases | 583 | 1,081 | 2,162 |
Finance cash payments on finance leases | 7,204 | 16,245 | 17,278 |
Non cash investing and financing activities: | |||
Accrued liabilities for purchases of property, plant and equipment | 15,030 | 8,558 | 13,730 |
Stock Dividend | 0 | 59,258 | 0 |
Right of use assets obtained in exchange for operating lease obligations | 6,976 | 17,300 | 11,528 |
Right of use assets obtained in exchange for finance leases obligations | 10,971 | (635) | 1,125 |
Exchange of LP Units to shares of Class A common stock | 17,335 | 62 | 48,425 |
Summit Materials, LLC | |||
Cash payments: | |||
Interest | 99,035 | 76,279 | 81,592 |
Payments for income taxes, net | 11,135 | 23,352 | 7,580 |
Operating cash payments on operating leases | 10,361 | 9,483 | 10,955 |
Operating cash payments on finance leases | 583 | 1,081 | 2,162 |
Finance cash payments on finance leases | 7,204 | 16,245 | 17,278 |
Non cash investing and financing activities: | |||
Accrued liabilities for purchases of property, plant and equipment | 15,030 | 8,558 | 13,730 |
Right of use assets obtained in exchange for operating lease obligations | 6,976 | 17,300 | 11,528 |
Right of use assets obtained in exchange for finance leases obligations | $ 10,971 | $ (635) | $ 1,125 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | May 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Purchase price percentage | 85% | |||
Dividend yield | 0% | 0% | 0% | |
Share-based compensation expense | $ 20.3 | $ 18.3 | $ 19.7 | |
Unrecognized compensation cost | $ 23 | |||
Weighted average contractual term, unrecognized compensation cost | 1 year 9 months 18 days | |||
2015 Omnibus Equity Incentive Plan | Common Class A | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 17,500,000 | |||
Shares available for grant (in shares) | 6,400,000 | |||
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 5,500,000 | 5,500,000 | ||
Offering period | 6 months | |||
Common stock reserved for future issuance (in shares) | 5,300,000 | |||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted during the period (in shares) | 607,354 | |||
Intrinsic value, units outstanding | $ 41.2 | |||
Weighted average remaining contractual term | 10 months 24 days | |||
Restricted Stock Units | 2015 Omnibus Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Awards granted during the period (in shares) | 32,304 | 30,520 | 34,672 | |
Time-vesting stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options, granted (in shares) | 0 | 0 | 0 | |
Intrinsic value, options outstanding | $ 5 | |||
Weighted average remaining contractual term | 1 year 9 months 18 days | |||
Exercisable stock options outstanding (in shares) | 300,000 | |||
Weighted average strike price, outstanding (in dollars per share) | $ 19.70 | |||
Performance Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Awards granted during the period (in shares) | 170,486 | |||
Intrinsic value, units outstanding | $ 16.7 | |||
Weighted average remaining contractual term | 1 year 3 months 18 days | |||
Summit Materials, LLC | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Purchase price percentage | 85% | |||
Dividend yield | 0% | 0% | 0% | |
Share-based compensation expense | $ 20.3 | $ 18.3 | $ 19.7 | |
Unrecognized compensation cost | $ 23 | |||
Weighted average contractual term, unrecognized compensation cost | 1 year 9 months 18 days | |||
Summit Materials, LLC | 2015 Omnibus Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 17,500,000 | |||
Summit Materials, LLC | 2015 Omnibus Equity Incentive Plan | Common Class A | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant (in shares) | 6,400,000 | |||
Summit Materials, LLC | Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 5,500,000 | 5,500,000 | ||
Offering period | 6 months | |||
Common stock reserved for future issuance (in shares) | 5,300,000 | |||
Summit Materials, LLC | Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted during the period (in shares) | 607,354 | |||
Intrinsic value, units outstanding | $ 41.2 | |||
Weighted average remaining contractual term | 10 months 24 days | |||
Summit Materials, LLC | Restricted Stock Units | 2015 Omnibus Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Awards granted during the period (in shares) | 32,304 | 30,520 | 34,672 | |
Summit Materials, LLC | Time-vesting stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options, granted (in shares) | 0 | 0 | 0 | |
Intrinsic value, options outstanding | $ 5 | |||
Weighted average remaining contractual term | 1 year 9 months 18 days | |||
Exercisable stock options outstanding (in shares) | 300,000 | |||
Weighted average strike price, outstanding (in dollars per share) | $ 19.70 | |||
Summit Materials, LLC | Performance Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Awards granted during the period (in shares) | 170,486 | |||
Intrinsic value, units outstanding | $ 16.7 | |||
Weighted average remaining contractual term | 1 year 3 months 18 days | |||
Minimum | Restricted Stock Units | 2015 Omnibus Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Minimum | Summit Materials, LLC | Restricted Stock Units | 2015 Omnibus Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Maximum | Restricted Stock Units | 2015 Omnibus Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Maximum | Summit Materials, LLC | Restricted Stock Units | 2015 Omnibus Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Award Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Time-vesting stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options, Beginning balance (in shares) | 280,582 | ||
Options, Granted (in shares) | 0 | 0 | 0 |
Options, Forfeited/Canceled (in shares) | 0 | ||
Options, Exercised (in shares) | (11,937) | ||
Options, Vested (in shares) | 0 | ||
Options, Ending balance (in shares) | 268,645 | 280,582 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options, Beginning balance (in dollars per share) | $ 9.27 | ||
Options, Granted (in dollars per share) | 0 | ||
Options, Forfeited/Canceled (in dollars per share) | 0 | ||
Options, Exercised (in dollars per share) | 11.30 | ||
Options, Vested (in dollars per share) | 0 | ||
Options, Ending balance (in dollars per share) | $ 9.35 | $ 9.27 | |
Time-vesting stock options | Summit Materials, LLC | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options, Beginning balance (in shares) | 280,582 | ||
Options, Granted (in shares) | 0 | 0 | 0 |
Options, Forfeited/Canceled (in shares) | 0 | ||
Options, Exercised (in shares) | (11,937) | ||
Options, Vested (in shares) | 0 | ||
Options, Ending balance (in shares) | 268,645 | 280,582 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options, Beginning balance (in dollars per share) | $ 9.27 | ||
Options, Granted (in dollars per share) | 0 | ||
Options, Forfeited/Canceled (in dollars per share) | 0 | ||
Options, Exercised (in dollars per share) | 11.30 | ||
Options, Vested (in dollars per share) | 0 | ||
Options, Ending balance (in dollars per share) | $ 9.35 | $ 9.27 | |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of units, Beginning balance (in shares) | 1,100,330 | ||
Number of units, granted (in shares) | 607,354 | ||
Number of units, Forfeited/Canceled (in shares) | (39,618) | ||
Number of units, Exercised (in shares) | 0 | ||
Number of units, Vested (in shares) | (597,113) | ||
Number of units, Ending balance (in shares) | 1,070,953 | 1,100,330 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Number of units, Beginning balance (in dollars per share) | $ 26.12 | ||
Number of units, Granted (in dollars per share) | 31.28 | ||
Number of units, Forfeited/Canceled (in dollars per share) | 28.99 | ||
Number of units, Exercised (in dollars per share) | 0 | ||
Number of units, Vested (in dollars per share) | 24.71 | ||
Number of units, Ending balance (in dollars per share) | $ 29.72 | $ 26.12 | |
Restricted Stock Units | Summit Materials, LLC | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of units, Beginning balance (in shares) | 1,100,330 | ||
Number of units, granted (in shares) | 607,354 | ||
Number of units, Forfeited/Canceled (in shares) | (39,618) | ||
Number of units, Exercised (in shares) | 0 | ||
Number of units, Vested (in shares) | (597,113) | ||
Number of units, Ending balance (in shares) | 1,070,953 | 1,100,330 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Number of units, Beginning balance (in dollars per share) | $ 26.12 | ||
Number of units, Granted (in dollars per share) | 31.28 | ||
Number of units, Forfeited/Canceled (in dollars per share) | 28.99 | ||
Number of units, Exercised (in dollars per share) | 0 | ||
Number of units, Vested (in dollars per share) | 24.71 | ||
Number of units, Ending balance (in dollars per share) | $ 29.72 | $ 26.12 | |
Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of units, Beginning balance (in shares) | 412,612 | ||
Number of units, granted (in shares) | 170,486 | ||
Number of units, Forfeited/Canceled (in shares) | (27,476) | ||
Number of units, Exercised (in shares) | 0 | ||
Number of units, Vested (in shares) | (122,075) | ||
Number of units, Ending balance (in shares) | 433,547 | 412,612 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Number of units, Beginning balance (in dollars per share) | $ 29.66 | ||
Number of units, Granted (in dollars per share) | 33.86 | ||
Number of units, Forfeited/Canceled (in dollars per share) | 27.79 | ||
Number of units, Exercised (in dollars per share) | 0 | ||
Number of units, Vested (in dollars per share) | 20.95 | ||
Number of units, Ending balance (in dollars per share) | $ 33.88 | $ 29.66 | |
Performance Stock Units | Summit Materials, LLC | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of units, Beginning balance (in shares) | 412,612 | ||
Number of units, granted (in shares) | 170,486 | ||
Number of units, Forfeited/Canceled (in shares) | (27,476) | ||
Number of units, Exercised (in shares) | 0 | ||
Number of units, Vested (in shares) | (122,075) | ||
Number of units, Ending balance (in shares) | 433,547 | 412,612 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Number of units, Beginning balance (in dollars per share) | $ 29.66 | ||
Number of units, Granted (in dollars per share) | 33.86 | ||
Number of units, Forfeited/Canceled (in dollars per share) | 27.79 | ||
Number of units, Exercised (in dollars per share) | 0 | ||
Number of units, Vested (in dollars per share) | 20.95 | ||
Number of units, Ending balance (in dollars per share) | $ 33.88 | $ 29.66 | |
Warrants | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of units, Beginning balance (in shares) | 31,519 | ||
Number of units, granted (in shares) | 0 | ||
Number of units, Forfeited/Canceled (in shares) | 0 | ||
Number of units, Exercised (in shares) | 0 | ||
Number of units, Vested (in shares) | 0 | ||
Number of units, Ending balance (in shares) | 31,519 | 31,519 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Number of units, Beginning balance (in dollars per share) | $ 18 | ||
Number of units, Granted (in dollars per share) | 0 | ||
Number of units, Forfeited/Canceled (in dollars per share) | 0 | ||
Number of units, Exercised (in dollars per share) | 0 | ||
Number of units, Vested (in dollars per share) | 0 | ||
Number of units, Ending balance (in dollars per share) | $ 18 | $ 18 | |
Warrants | Summit Materials, LLC | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of units, Beginning balance (in shares) | 31,519 | ||
Number of units, granted (in shares) | 0 | ||
Number of units, Forfeited/Canceled (in shares) | 0 | ||
Number of units, Exercised (in shares) | 0 | ||
Number of units, Vested (in shares) | 0 | ||
Number of units, Ending balance (in shares) | 31,519 | 31,519 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Number of units, Beginning balance (in dollars per share) | $ 18 | ||
Number of units, Granted (in dollars per share) | 0 | ||
Number of units, Forfeited/Canceled (in dollars per share) | 0 | ||
Number of units, Exercised (in dollars per share) | 0 | ||
Number of units, Vested (in dollars per share) | 0 | ||
Number of units, Ending balance (in dollars per share) | $ 18 | $ 18 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Performance Stock Estimation (Details) - Performance Stock Units | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 4.41% | 1.44% | 0.29% |
Volatility | 50% | 67% | 70% |
Expected term | 3 years | 3 years | 3 years |
Summit Materials, LLC | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 4.41% | 1.44% | 0.29% |
Volatility | 50% | 67% | 70% |
Expected term | 3 years | 3 years | 3 years |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 USD ($) plan | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | |
Discount rate | |||
Expense for defined contribution plans | $ | $ 15.3 | $ 12.1 | $ 10.9 |
Number of noncontributory defined benefit pension plans | plan | 2 | ||
Number of unfunded healthcare and life insurance benefit plans | plan | 2 | ||
Assumed health care cost trend rates | 6.75% | 7% | |
Assumed health care cost, grading | 4.46% | 4.46% | |
Healthcare & Life Ins | |||
Discount rate | |||
Expected contributions in next fiscal year | $ | $ 0.4 | ||
Summit Materials, LLC | |||
Discount rate | |||
Expense for defined contribution plans | $ | $ 15.3 | $ 12.1 | $ 10.9 |
Number of noncontributory defined benefit pension plans | plan | 2 | ||
Number of unfunded healthcare and life insurance benefit plans | plan | 2 | ||
Assumed health care cost trend rates | 6.75% | 7% | |
Assumed health care cost, grading | 4.46% | 4.46% | |
Summit Materials, LLC | Healthcare & Life Ins | |||
Discount rate | |||
Expected contributions in next fiscal year | $ | $ 0.4 | ||
Equity Securities | |||
Discount rate | |||
Target allocation | 35% | ||
Equity Securities | Summit Materials, LLC | |||
Discount rate | |||
Target allocation | 35% | ||
Fixed Income Securities | |||
Discount rate | |||
Target allocation | 55% | ||
Fixed Income Securities | Summit Materials, LLC | |||
Discount rate | |||
Target allocation | 55% | ||
Cash | |||
Discount rate | |||
Target allocation | 5% | ||
Cash | Summit Materials, LLC | |||
Discount rate | |||
Target allocation | 5% | ||
Alternatives | |||
Discount rate | |||
Target allocation | 4% | ||
Precious metals | |||
Discount rate | |||
Target allocation | 1% | ||
Precious metals | Summit Materials, LLC | |||
Discount rate | |||
Target allocation | 1% |
Employee Benefit Plans - Obliga
Employee Benefit Plans - Obligations and Funded Status (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Change in fair value of plan assets: | |||
Beginning of period | $ 17,043 | ||
End of period | 16,976 | $ 17,043 | |
Summit Materials, LLC | |||
Change in fair value of plan assets: | |||
Beginning of period | 17,043 | ||
End of period | 16,976 | 17,043 | |
Pension Benefits | |||
Change in benefit obligations: | |||
Beginning of period | 19,037 | 25,266 | |
Service cost | 53 | 68 | $ 58 |
Interest cost | 938 | 640 | 550 |
Actuarial (gain) loss | 158 | (5,360) | |
Change in plan provision | 0 | 0 | |
Benefits paid | (1,540) | (1,577) | |
End of period | 18,646 | 19,037 | 25,266 |
Change in fair value of plan assets: | |||
Beginning of period | 17,043 | 20,004 | |
Actual return on plan assets | 1,473 | (1,606) | |
Employer contributions | 0 | 222 | |
Benefits paid | (1,540) | (1,577) | |
End of period | 16,976 | 17,043 | 20,004 |
Funded status of plans | (1,670) | (1,994) | |
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (1,670) | (1,994) | |
Liability recognized | (1,670) | (1,994) | |
Amounts recognized in accumulated other comprehensive income: | |||
Net actuarial loss | 4,642 | 5,170 | |
Prior service cost | 0 | 0 | |
Total amount recognized | 4,642 | 5,170 | |
Pension Benefits | Summit Materials, LLC | |||
Change in benefit obligations: | |||
Beginning of period | 19,037 | 25,266 | |
Service cost | 53 | 68 | 58 |
Interest cost | 938 | 640 | 550 |
Actuarial (gain) loss | 158 | (5,360) | |
Change in plan provision | 0 | 0 | |
Benefits paid | (1,540) | (1,577) | |
End of period | 18,646 | 19,037 | 25,266 |
Change in fair value of plan assets: | |||
Beginning of period | 17,043 | 20,004 | |
Actual return on plan assets | 1,473 | (1,606) | |
Employer contributions | 0 | 222 | |
Benefits paid | (1,540) | (1,577) | |
End of period | 16,976 | 17,043 | 20,004 |
Funded status of plans | (1,670) | (1,994) | |
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (1,670) | (1,994) | |
Liability recognized | (1,670) | (1,994) | |
Amounts recognized in accumulated other comprehensive income: | |||
Net actuarial loss | 4,642 | 5,170 | |
Prior service cost | 0 | 0 | |
Total amount recognized | 4,642 | 5,170 | |
Healthcare & Life Ins | |||
Change in benefit obligations: | |||
Beginning of period | 5,571 | 9,790 | |
Service cost | 28 | 35 | 194 |
Interest cost | 262 | 239 | 189 |
Actuarial (gain) loss | (419) | (1,454) | |
Change in plan provision | 0 | (2,014) | |
Benefits paid | (416) | (1,025) | |
End of period | 5,026 | 5,571 | 9,790 |
Change in fair value of plan assets: | |||
Beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 416 | 1,025 | |
Benefits paid | (416) | (1,025) | |
End of period | 0 | 0 | 0 |
Funded status of plans | (5,026) | (5,571) | |
Current liabilities | (449) | (484) | |
Noncurrent liabilities | (4,577) | (5,087) | |
Liability recognized | (5,026) | (5,571) | |
Amounts recognized in accumulated other comprehensive income: | |||
Net actuarial loss | 1,389 | 1,919 | |
Prior service cost | (2,752) | (3,167) | |
Total amount recognized | (1,363) | (1,248) | |
Healthcare & Life Ins | Summit Materials, LLC | |||
Change in benefit obligations: | |||
Beginning of period | 5,571 | 9,790 | |
Service cost | 28 | 35 | 194 |
Interest cost | 262 | 239 | 189 |
Actuarial (gain) loss | (419) | (1,454) | |
Change in plan provision | 0 | (2,014) | |
Benefits paid | (416) | (1,025) | |
End of period | 5,026 | 5,571 | 9,790 |
Change in fair value of plan assets: | |||
Beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 416 | 1,025 | |
Benefits paid | (416) | (1,025) | |
End of period | 0 | 0 | $ 0 |
Funded status of plans | (5,026) | (5,571) | |
Current liabilities | (449) | (484) | |
Noncurrent liabilities | (4,577) | (5,087) | |
Liability recognized | (5,026) | (5,571) | |
Amounts recognized in accumulated other comprehensive income: | |||
Net actuarial loss | 1,389 | 1,919 | |
Prior service cost | (2,752) | (3,167) | |
Total amount recognized | $ (1,363) | $ (1,248) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in Other Comprehensive (Gain) Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Pension Benefits | |||
Amounts recognized in other comprehensive (income) loss: | |||
Net actuarial (gain) loss | $ (426) | $ (2,785) | $ (2,000) |
Prior service credit | 0 | 0 | 0 |
Amortization of prior year service credit | 0 | 0 | 0 |
Amortization of loss | (101) | (307) | (428) |
Total amount recognized | (527) | (3,092) | (2,428) |
Pension Benefits | Summit Materials, LLC | |||
Amounts recognized in other comprehensive (income) loss: | |||
Net actuarial (gain) loss | (426) | (2,785) | (2,000) |
Prior service credit | 0 | 0 | 0 |
Amortization of prior year service credit | 0 | 0 | 0 |
Amortization of loss | (101) | (307) | (428) |
Total amount recognized | (527) | (3,092) | (2,428) |
Healthcare & Life Ins | |||
Amounts recognized in other comprehensive (income) loss: | |||
Net actuarial (gain) loss | (419) | (1,454) | 1,143 |
Prior service credit | 0 | (2,013) | 0 |
Amortization of prior year service credit | 415 | 296 | 241 |
Amortization of loss | (111) | (218) | (259) |
Total amount recognized | (115) | (3,389) | 1,125 |
Healthcare & Life Ins | Summit Materials, LLC | |||
Amounts recognized in other comprehensive (income) loss: | |||
Net actuarial (gain) loss | (419) | (1,454) | 1,143 |
Prior service credit | 0 | (2,013) | 0 |
Amortization of prior year service credit | 415 | 296 | 241 |
Amortization of loss | (111) | (218) | (259) |
Total amount recognized | $ (115) | $ (3,389) | $ 1,125 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Pension Benefits | |||
Components of net periodic benefit cost: | |||
Service cost | $ 53 | $ 68 | $ 58 |
Interest cost | 938 | 640 | 550 |
Amortization of loss | 101 | 307 | 428 |
Expected return on plan assets | (888) | (970) | (898) |
Amortization of prior service credit | 0 | 0 | 0 |
Net periodic benefit (expense) cost | 204 | 45 | 138 |
Pension Benefits | Summit Materials, LLC | |||
Components of net periodic benefit cost: | |||
Service cost | 53 | 68 | 58 |
Interest cost | 938 | 640 | 550 |
Amortization of loss | 101 | 307 | 428 |
Expected return on plan assets | (888) | (970) | (898) |
Amortization of prior service credit | 0 | 0 | 0 |
Net periodic benefit (expense) cost | 204 | 45 | 138 |
Healthcare & Life Ins | |||
Components of net periodic benefit cost: | |||
Service cost | 28 | 35 | 194 |
Interest cost | 262 | 239 | 189 |
Amortization of loss | 111 | 218 | 259 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credit | (415) | (296) | (241) |
Net periodic benefit (expense) cost | (14) | 196 | 401 |
Healthcare & Life Ins | Summit Materials, LLC | |||
Components of net periodic benefit cost: | |||
Service cost | 28 | 35 | 194 |
Interest cost | 262 | 239 | 189 |
Amortization of loss | 111 | 218 | 259 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credit | (415) | (296) | (241) |
Net periodic benefit (expense) cost | $ (14) | $ 196 | $ 401 |
Employee Benefit Plans - Weight
Employee Benefit Plans - Weighted-Average Assumptions Used to Determine Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Pension Benefits | ||
Discount rate | ||
Discount rate | 4.95% | 5.16% |
Expected long-term rate of return on plan assets | 5% | 5% |
Pension Benefits | Summit Materials, LLC | ||
Discount rate | ||
Discount rate | 4.95% | 5.16% |
Expected long-term rate of return on plan assets | 5% | 5% |
Healthcare & Life Ins | ||
Discount rate | ||
Discount rate | 4.88% | 5.09% |
Healthcare & Life Ins | Summit Materials, LLC | ||
Discount rate | ||
Discount rate | 4.88% | 5.09% |
Employee Benefit Plans - Weig_2
Employee Benefit Plans - Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Pension Benefits | |||
Discount rate | |||
Discount rate | 5.16% | 2.63% | 2.04% |
Expected long-term rate of return on plan assets | 5% | 5% | 5% |
Pension Benefits | Summit Materials, LLC | |||
Discount rate | |||
Discount rate | 5.16% | 2.63% | 2.04% |
Expected long-term rate of return on plan assets | 5% | 5% | 5% |
Healthcare & Life Ins | |||
Discount rate | |||
Discount rate | 5.09% | 2.31% | 1.82% |
Healthcare & Life Ins | Summit Materials, LLC | |||
Discount rate | |||
Discount rate | 5.09% | 2.31% | 1.82% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value of Company's Pension Plans' Assets (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | $ 16,976 | $ 17,043 |
Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 16,976 | 17,043 |
Intermediate—government | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 4,060 | 4,849 |
Intermediate—government | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 4,060 | 4,849 |
Intermediate—corporate | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,386 | 2,754 |
Intermediate—corporate | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,386 | 2,754 |
Short-term—government | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,424 | 531 |
Short-term—government | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,424 | 531 |
Short-term—corporate | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 460 | 538 |
Short-term—corporate | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 460 | 538 |
International | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,113 | 836 |
International | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,113 | 836 |
U.S. Large cap value | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,611 | 1,635 |
U.S. Large cap value | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,611 | 1,635 |
U.S. Large cap growth | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,082 | 997 |
U.S. Large cap growth | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,082 | 997 |
U.S. Mid cap value | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 648 | 630 |
U.S. Mid cap value | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 648 | 630 |
U.S. Mid cap growth | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 466 | 439 |
U.S. Mid cap growth | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 466 | 439 |
U.S. Small cap value | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 662 | 607 |
U.S. Small cap value | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 662 | 607 |
U.S. Small cap growth | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 467 | 422 |
U.S. Small cap growth | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 467 | 422 |
International | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,082 | 745 |
International | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,082 | 745 |
Emerging Markets | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 344 | 740 |
Emerging Markets | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 344 | 740 |
Commodities Broad Basket | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 844 | 185 |
Commodities Broad Basket | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 844 | 185 |
Cash | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,327 | 1,135 |
Cash | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,327 | 1,135 |
Level 1 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 12,633 | 12,170 |
Level 1 | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 12,633 | 12,170 |
Level 1 | Intermediate—government | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 4,060 | 4,849 |
Level 1 | Intermediate—government | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 4,060 | 4,849 |
Level 1 | Intermediate—corporate | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Level 1 | Intermediate—corporate | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Level 1 | Short-term—government | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,424 | 531 |
Level 1 | Short-term—government | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,424 | 531 |
Level 1 | Short-term—corporate | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Level 1 | Short-term—corporate | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Level 1 | International | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Level 1 | International | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Level 1 | U.S. Large cap value | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,611 | 1,635 |
Level 1 | U.S. Large cap value | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,611 | 1,635 |
Level 1 | U.S. Large cap growth | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,082 | 997 |
Level 1 | U.S. Large cap growth | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,082 | 997 |
Level 1 | U.S. Mid cap value | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 648 | 630 |
Level 1 | U.S. Mid cap value | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 648 | 630 |
Level 1 | U.S. Mid cap growth | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 466 | 439 |
Level 1 | U.S. Mid cap growth | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 466 | 439 |
Level 1 | U.S. Small cap value | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 662 | 607 |
Level 1 | U.S. Small cap value | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 662 | 607 |
Level 1 | U.S. Small cap growth | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 467 | 422 |
Level 1 | U.S. Small cap growth | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 467 | 422 |
Level 1 | International | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 359 | 0 |
Level 1 | International | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 359 | 0 |
Level 1 | Emerging Markets | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 344 | 740 |
Level 1 | Emerging Markets | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 344 | 740 |
Level 1 | Commodities Broad Basket | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 183 | 185 |
Level 1 | Commodities Broad Basket | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 183 | 185 |
Level 1 | Cash | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,327 | 1,135 |
Level 1 | Cash | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,327 | 1,135 |
Observable Inputs (Level 2) | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 4,343 | 4,873 |
Observable Inputs (Level 2) | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 4,343 | 4,873 |
Observable Inputs (Level 2) | Intermediate—government | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | Intermediate—government | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | Intermediate—corporate | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,386 | 2,754 |
Observable Inputs (Level 2) | Intermediate—corporate | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,386 | 2,754 |
Observable Inputs (Level 2) | Short-term—government | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | Short-term—government | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | Short-term—corporate | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 460 | 538 |
Observable Inputs (Level 2) | Short-term—corporate | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 460 | 538 |
Observable Inputs (Level 2) | International | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,113 | 836 |
Observable Inputs (Level 2) | International | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 1,113 | 836 |
Observable Inputs (Level 2) | U.S. Large cap value | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | U.S. Large cap value | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | U.S. Large cap growth | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | U.S. Large cap growth | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | U.S. Mid cap value | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | U.S. Mid cap value | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | U.S. Mid cap growth | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | U.S. Mid cap growth | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | U.S. Small cap value | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | U.S. Small cap value | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | U.S. Small cap growth | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | U.S. Small cap growth | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | International | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 723 | 745 |
Observable Inputs (Level 2) | International | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 723 | 745 |
Observable Inputs (Level 2) | Emerging Markets | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | Emerging Markets | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | Commodities Broad Basket | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 661 | 0 |
Observable Inputs (Level 2) | Commodities Broad Basket | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 661 | 0 |
Observable Inputs (Level 2) | Cash | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | 0 | 0 |
Observable Inputs (Level 2) | Cash | Summit Materials, LLC | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total fair value | $ 0 | $ 0 |
Employee Benefit Plans - Estima
Employee Benefit Plans - Estimated Benefit Payments (Detail) $ in Thousands | Dec. 30, 2023 USD ($) |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | $ 1,665 |
2025 | 1,626 |
2026 | 1,593 |
2027 | 1,568 |
2028 | 1,529 |
2029 - 2033 | 6,973 |
Pension Benefits | Summit Materials, LLC | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | 1,665 |
2025 | 1,626 |
2026 | 1,593 |
2027 | 1,568 |
2028 | 1,529 |
2029 - 2033 | 6,973 |
Healthcare & Life Ins | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | 449 |
2025 | 467 |
2026 | 483 |
2027 | 506 |
2028 | 517 |
2029 - 2033 | 2,226 |
Healthcare & Life Ins | Summit Materials, LLC | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | 449 |
2025 | 467 |
2026 | 483 |
2027 | 506 |
2028 | 517 |
2029 - 2033 | $ 2,226 |
Employee Benefit Plans - Multie
Employee Benefit Plans - Multiemployer Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Multiemployer Plans [Line Items] | ||
Contributions of Company | $ 130 | $ 129 |
Construction Industry Laborers Pension Fund | ||
Multiemployer Plans [Line Items] | ||
Contributions of Company | 109 | 108 |
Operating Engineers Local 101 Pension Plan | ||
Multiemployer Plans [Line Items] | ||
Contributions of Company | 21 | 21 |
Summit Materials, LLC | ||
Multiemployer Plans [Line Items] | ||
Contributions of Company | 130 | 129 |
Summit Materials, LLC | Construction Industry Laborers Pension Fund | ||
Multiemployer Plans [Line Items] | ||
Contributions of Company | 109 | 108 |
Summit Materials, LLC | Operating Engineers Local 101 Pension Plan | ||
Multiemployer Plans [Line Items] | ||
Contributions of Company | $ 21 | $ 21 |
Accrued Mining and Landfill R_3
Accrued Mining and Landfill Reclamation - Narrative (Detail) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Asset Retirement Obligations [Line Items] | ||
Anticipated costs | $ 141.8 | $ 124.9 |
Accrued Liabilities, Current | ||
Asset Retirement Obligations [Line Items] | ||
Asset retirement obligation, current | 5.1 | 4 |
Summit Materials, LLC | ||
Asset Retirement Obligations [Line Items] | ||
Anticipated costs | 141.8 | 124.9 |
Summit Materials, LLC | Accrued Liabilities, Current | ||
Asset Retirement Obligations [Line Items] | ||
Asset retirement obligation, current | $ 5.1 | $ 4 |
Accrued Mining and Landfill R_4
Accrued Mining and Landfill Reclamation - Activity for Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Asset Retirement Obligation, Activity | |||
Beginning balance | $ 40,259 | $ 45,051 | |
Acquired obligations | 802 | 739 | |
Change in cost estimate | 8,316 | (1,238) | |
Settlement of reclamation obligations | (2,295) | (2,756) | |
Dispositions | (309) | (4,150) | |
Accretion expense | 3,132 | 2,613 | $ 2,924 |
Ending balance | 49,905 | 40,259 | 45,051 |
Summit Materials, LLC | |||
Asset Retirement Obligation, Activity | |||
Beginning balance | 40,259 | 45,051 | |
Acquired obligations | 802 | 739 | |
Change in cost estimate | 8,316 | (1,238) | |
Settlement of reclamation obligations | (2,295) | (2,756) | |
Accretion expense | 3,132 | 2,613 | 2,924 |
Ending balance | $ 49,905 | $ 40,259 | $ 45,051 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended |
Dec. 30, 2023 | |
Loss Contingencies [Line Items] | |
Term of purchase commitments | 1 year |
Summit Materials, LLC | |
Loss Contingencies [Line Items] | |
Term of purchase commitments | 1 year |
Leases - Operating and Finance
Leases - Operating and Finance Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Lease, Cost [Abstract] | |||
Operating lease cost | $ 11,347 | $ 9,543 | $ 10,650 |
Variable lease cost | 183 | 243 | 382 |
Short-term lease cost | 43,052 | 42,320 | 42,764 |
Financing lease cost: | |||
Amortization of right-of-use assets | 2,692 | 5,659 | 9,902 |
Interest on lease liabilities | 584 | 1,081 | 2,097 |
Total lease cost | 57,858 | 58,846 | 65,795 |
Operating leases: | |||
Operating lease right-of-use assets | 36,553 | 37,889 | |
Current operating lease liabilities | 8,596 | 7,296 | |
Noncurrent operating lease liabilities | 33,230 | 35,737 | |
Total operating lease liabilities | 41,826 | 43,033 | |
Finance leases: | |||
Property and equipment, gross | 30,136 | 32,119 | |
Less accumulated depreciation | $ (12,088) | $ (14,992) | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, plant and equipment, net | Property, plant and equipment, net | |
Property and equipment, net | $ 18,048 | $ 17,127 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses | Accrued expenses | |
Current finance lease liabilities | $ 4,020 | $ 6,959 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other noncurrent liabilities | Other noncurrent liabilities | |
Long-term finance lease liabilities | $ 14,357 | $ 7,167 | |
Total finance lease liabilities | $ 18,377 | $ 14,126 | |
Weighted average remaining lease term (years): | |||
Operating leases | 8 years 4 months 24 days | 9 years 1 month 6 days | |
Finance lease | 6 years | 2 years 9 months 18 days | |
Weighted average discount rate: | |||
Operating leases | 5.10% | 4.70% | |
Finance lease | 7.70% | 5.30% | |
Operating Leases | |||
2024 | $ 10,454 | ||
2025 | 8,287 | ||
2026 | 6,522 | ||
2027 | 4,822 | ||
2028 | 3,457 | ||
Thereafter | 17,674 | ||
Total lease payments | 51,216 | ||
Less imputed interest | (9,390) | ||
Finance Leases | |||
2024 | 5,221 | ||
2025 | 4,169 | ||
2026 | 2,769 | ||
2027 | 2,585 | ||
2028 | 2,384 | ||
Thereafter | 6,288 | ||
Total lease payments | 23,416 | ||
Less imputed interest | (5,039) | ||
Summit Materials, LLC | |||
Lease, Cost [Abstract] | |||
Operating lease cost | 11,347 | $ 9,543 | 10,650 |
Variable lease cost | 183 | 243 | 382 |
Short-term lease cost | 43,052 | 42,320 | 42,764 |
Financing lease cost: | |||
Amortization of right-of-use assets | 2,692 | 5,659 | 9,902 |
Interest on lease liabilities | 584 | 1,081 | 2,097 |
Total lease cost | 57,858 | 58,846 | $ 65,795 |
Operating leases: | |||
Operating lease right-of-use assets | 36,553 | 37,889 | |
Current operating lease liabilities | 8,596 | 7,296 | |
Noncurrent operating lease liabilities | 33,230 | 35,737 | |
Total operating lease liabilities | 41,826 | 43,033 | |
Finance leases: | |||
Property and equipment, gross | 30,136 | 32,119 | |
Less accumulated depreciation | $ (12,088) | $ (14,992) | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, plant and equipment, net | Property, plant and equipment, net | |
Property and equipment, net | $ 18,048 | $ 17,127 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses | Accrued expenses | |
Current finance lease liabilities | $ 4,020 | $ 6,959 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other noncurrent liabilities | Other noncurrent liabilities | |
Long-term finance lease liabilities | $ 14,357 | $ 7,167 | |
Total finance lease liabilities | $ 18,377 | $ 14,126 | |
Weighted average remaining lease term (years): | |||
Operating leases | 8 years 4 months 24 days | 9 years 1 month 6 days | |
Finance lease | 6 years | 2 years 9 months 18 days | |
Weighted average discount rate: | |||
Operating leases | 5.10% | 4.70% | |
Finance lease | 7.70% | 5.30% | |
Operating Leases | |||
2024 | $ 10,454 | ||
2025 | 8,287 | ||
2026 | 6,522 | ||
2027 | 4,822 | ||
2028 | 3,457 | ||
Thereafter | 17,674 | ||
Total lease payments | 51,216 | ||
Less imputed interest | (9,390) | ||
Finance Leases | |||
2024 | 5,221 | ||
2025 | 4,169 | ||
2026 | 2,769 | ||
2027 | 2,585 | ||
2028 | 2,384 | ||
Thereafter | 6,288 | ||
Total lease payments | 23,416 | ||
Less imputed interest | $ (5,039) |
Leases - Narrative (Detail)
Leases - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Summit Materials, LLC | |||
Lessee, Lease, Description [Line Items] | |||
Royalty expense recorded in cost of revenue | $ 35.8 | $ 33.5 | $ 34.8 |
Leases - Schedule of Minimum Co
Leases - Schedule of Minimum Contractual Agreements Under Royalty Agreements (Details) $ in Thousands | Dec. 30, 2023 USD ($) |
Royalty Agreements | |
2024 | $ 12,517 |
2025 | 12,235 |
2026 | 11,151 |
2027 | 10,749 |
2028 | 10,243 |
Summit Materials, LLC | |
Royalty Agreements | |
2024 | 12,517 |
2025 | 12,235 |
2026 | 11,151 |
2027 | 10,749 |
2028 | $ 10,243 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Current portion of acquisition-related liabilities and Accrued expenses - Contingent consideration | $ 139 | $ 336 |
Acquisition-related liabilities and Other noncurrent liabilities - Contingent consideration | 9,254 | 4,981 |
Summit Materials, LLC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Current portion of acquisition-related liabilities and Accrued expenses - Contingent consideration | 139 | 336 |
Acquisition-related liabilities and Other noncurrent liabilities - Contingent consideration | $ 9,254 | $ 4,981 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Financial Instruments | ||
Current portion of debt | $ 3,822 | $ 5,096 |
Summit Materials, LLC | ||
Financial Instruments | ||
Current portion of debt | 3,822 | 5,096 |
Level 1 | Fair Value | ||
Financial Instruments | ||
Long-term debt | 2,329,606 | 1,447,673 |
Current portion of debt | 3,800 | 5,100 |
Level 1 | Carrying Value | ||
Financial Instruments | ||
Long-term debt | 2,300,473 | 1,504,549 |
Level 1 | Summit Materials, LLC | ||
Financial Instruments | ||
Current portion of debt | 3,800 | 5,100 |
Level 1 | Summit Materials, LLC | Fair Value | ||
Financial Instruments | ||
Long-term debt | 2,329,606 | 1,447,673 |
Level 1 | Summit Materials, LLC | Carrying Value | ||
Financial Instruments | ||
Long-term debt | 2,300,473 | 1,504,549 |
Level 3 | Fair Value | ||
Financial Instruments | ||
Current portion of deferred consideration and noncompete obligations | 6,868 | 13,382 |
Long term portion of deferred consideration and noncompete obligations | 18,767 | 24,070 |
Level 3 | Carrying Value | ||
Financial Instruments | ||
Current portion of deferred consideration and noncompete obligations | 6,868 | 13,382 |
Long term portion of deferred consideration and noncompete obligations | 18,767 | 24,070 |
Level 3 | Summit Materials, LLC | Fair Value | ||
Financial Instruments | ||
Current portion of deferred consideration and noncompete obligations | 6,868 | 13,382 |
Long term portion of deferred consideration and noncompete obligations | 18,767 | 24,070 |
Level 3 | Summit Materials, LLC | Carrying Value | ||
Financial Instruments | ||
Current portion of deferred consideration and noncompete obligations | 6,868 | 13,382 |
Long term portion of deferred consideration and noncompete obligations | $ 18,767 | $ 24,070 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Narrative (Details) - Discount Rate - Level 3 | Dec. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rate | 0.100 |
Summit Materials, LLC | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rate | 0.100 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 30, 2023 segment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 3 |
Number of reportable segments | 3 |
Summit Materials, LLC | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 3 |
Number of reportable segments | 3 |
Segment Information - Financial
Segment Information - Financial Data (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 2,619,468 | $ 2,412,522 | $ 2,409,669 |
Income from operations before taxes | 394,464 | 361,488 | 198,637 |
Interest expense | 114,155 | 86,969 | 92,240 |
Depreciation, depletion and amortization | 214,418 | 197,837 | 226,442 |
Accretion | 3,132 | 2,613 | 2,924 |
Loss on debt financings | 493 | 1,737 | 6,016 |
Tax receivable agreement (benefit) expense | (162,182) | 1,566 | (6,779) |
(Gain) loss on sale of businesses | (14,966) | (172,389) | (20,011) |
Non-cash compensation | 20,326 | 18,347 | 19,705 |
Argos USA acquisition and integration costs | 25,591 | 0 | 0 |
Other | (17,421) | (6,692) | 908 |
Total Adjusted EBITDA | 578,010 | 491,476 | 520,082 |
Total purchases of property, plant and equipment | 255,619 | 266,733 | 211,982 |
Total depreciation, depletion, amortization and accretion | 217,550 | 200,450 | 229,366 |
Total assets | 5,149,582 | 4,255,692 | 4,239,125 |
Operating segment | |||
Segment Reporting Information [Line Items] | |||
Total purchases of property, plant and equipment | 237,765 | 252,358 | 210,745 |
Total depreciation, depletion, amortization and accretion | 213,263 | 197,217 | 225,117 |
Total assets | 3,913,666 | 3,590,603 | 3,649,022 |
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total Adjusted EBITDA | (47,775) | (43,866) | (50,120) |
Total purchases of property, plant and equipment | 17,854 | 14,375 | 1,237 |
Total depreciation, depletion, amortization and accretion | 4,287 | 3,233 | 4,249 |
Total assets | 1,235,916 | 665,089 | 590,103 |
West | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,586,611 | 1,390,307 | 1,262,061 |
(Gain) loss on sale of businesses | (15,000) | ||
West | Operating segment | |||
Segment Reporting Information [Line Items] | |||
Total Adjusted EBITDA | 331,136 | 280,557 | 271,560 |
Total purchases of property, plant and equipment | 136,922 | 123,085 | 94,056 |
Total depreciation, depletion, amortization and accretion | 111,300 | 97,892 | 99,470 |
Total assets | 1,837,214 | 1,565,776 | 1,512,298 |
East | |||
Segment Reporting Information [Line Items] | |||
Revenue | 650,207 | 664,479 | 849,374 |
(Gain) loss on sale of businesses | 172,400 | ||
East | Operating segment | |||
Segment Reporting Information [Line Items] | |||
Total Adjusted EBITDA | 150,609 | 129,203 | 181,483 |
Total purchases of property, plant and equipment | 59,505 | 84,323 | 89,727 |
Total depreciation, depletion, amortization and accretion | 62,656 | 63,297 | 86,623 |
Total assets | 1,171,944 | 1,151,223 | 1,292,638 |
Cement | |||
Segment Reporting Information [Line Items] | |||
Revenue | 382,650 | 357,736 | 298,234 |
Cement | Operating segment | |||
Segment Reporting Information [Line Items] | |||
Total Adjusted EBITDA | 144,040 | 125,582 | 117,159 |
Total purchases of property, plant and equipment | 41,338 | 44,950 | 26,962 |
Total depreciation, depletion, amortization and accretion | 39,307 | 36,028 | 39,024 |
Total assets | 904,508 | 873,604 | 844,086 |
Summit Materials, LLC | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,619,468 | 2,412,522 | 2,409,669 |
Income from operations before taxes | 232,216 | 362,722 | 191,920 |
Interest expense | 114,155 | 86,969 | 92,178 |
Depreciation, depletion and amortization | 214,418 | 197,837 | 226,442 |
Accretion | 3,132 | 2,613 | 2,924 |
Loss on debt financings | 493 | 1,737 | 6,016 |
(Gain) loss on sale of businesses | (14,966) | (172,389) | (20,011) |
Non-cash compensation | 20,326 | 18,347 | 19,705 |
Other | (17,355) | (6,360) | 908 |
Total Adjusted EBITDA | 578,010 | 491,476 | 520,082 |
Total purchases of property, plant and equipment | 255,619 | 266,733 | 211,982 |
Total depreciation, depletion, amortization and accretion | 217,550 | 200,450 | 229,366 |
Total assets | 5,212,529 | 4,119,706 | 4,035,559 |
Summit Materials, LLC | Operating segment | |||
Segment Reporting Information [Line Items] | |||
Total purchases of property, plant and equipment | 237,765 | 252,358 | 210,745 |
Total depreciation, depletion, amortization and accretion | 213,263 | 197,217 | 225,117 |
Total assets | 3,913,666 | 3,590,603 | 3,649,022 |
Summit Materials, LLC | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total Adjusted EBITDA | (47,775) | (43,866) | (50,120) |
Total purchases of property, plant and equipment | 17,854 | 14,375 | 1,237 |
Total depreciation, depletion, amortization and accretion | 4,287 | 3,233 | 4,249 |
Total assets | 1,298,863 | 529,103 | 386,537 |
Summit Materials, LLC | West | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,586,611 | 1,390,307 | 1,262,061 |
(Gain) loss on sale of businesses | 15,000 | ||
Summit Materials, LLC | West | Operating segment | |||
Segment Reporting Information [Line Items] | |||
Total Adjusted EBITDA | 331,136 | 280,557 | 271,560 |
Total purchases of property, plant and equipment | 136,922 | 123,085 | 94,056 |
Total depreciation, depletion, amortization and accretion | 111,300 | 97,892 | 99,470 |
Total assets | 1,837,214 | 1,565,776 | 1,512,298 |
Summit Materials, LLC | East | |||
Segment Reporting Information [Line Items] | |||
Revenue | 650,207 | 664,479 | 849,374 |
(Gain) loss on sale of businesses | (172,400) | ||
Summit Materials, LLC | East | Operating segment | |||
Segment Reporting Information [Line Items] | |||
Total Adjusted EBITDA | 150,609 | 129,203 | 181,483 |
Total purchases of property, plant and equipment | 59,505 | 84,323 | 89,727 |
Total depreciation, depletion, amortization and accretion | 62,656 | 63,297 | 86,623 |
Total assets | 1,171,944 | 1,151,223 | 1,292,638 |
Summit Materials, LLC | Cement | |||
Segment Reporting Information [Line Items] | |||
Revenue | 382,650 | 357,736 | 298,234 |
Summit Materials, LLC | Cement | Operating segment | |||
Segment Reporting Information [Line Items] | |||
Total Adjusted EBITDA | 144,040 | 125,582 | 117,159 |
Total purchases of property, plant and equipment | 41,338 | 44,950 | 26,962 |
Total depreciation, depletion, amortization and accretion | 39,307 | 36,028 | 39,024 |
Total assets | $ 904,508 | $ 873,604 | $ 844,086 |
Subsequent Event - Acquisitio_3
Subsequent Event - Acquisition of Argos North America Corp - Narrative (Details) $ in Thousands, T in Millions | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2024 USD ($) T ready-mixPlant integratedCementPlant quarry grindingFacility port inlandTerminal shares | Dec. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | |
Subsequent Event [Line Items] | ||||
Net proceeds from debt issuance | $ 800,000 | $ 0 | $ 0 | |
Summit Materials, LLC | ||||
Subsequent Event [Line Items] | ||||
Net proceeds from debt issuance | $ 800,000 | $ 0 | $ 0 | |
Argos North America Corp | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 1,200,000 | |||
Consideration transferred | $ 3,200,000 | |||
Number of integrated cement plants | integratedCementPlant | 4 | |||
Number of grinding facilities | grindingFacility | 2 | |||
Number of ready-mix plants | ready-mixPlant | 140 | |||
Number of ports | port | 8 | |||
Number of inland | inlandTerminal | 10 | |||
Cement grinding capacity | T | 9.6 | |||
Total import capacity of cement | T | 5.4 | |||
Reserves and resources in quarries | T | 1,200 | |||
Number of Quarries | quarry | 4 | |||
Argos North America Corp | Subsequent Event | Summit Materials, LLC | ||||
Subsequent Event [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 1,200,000 | |||
Consideration transferred | $ 3,200,000 | |||
Number of integrated cement plants | integratedCementPlant | 4 | |||
Number of grinding facilities | grindingFacility | 2 | |||
Number of ready-mix plants | ready-mixPlant | 140 | |||
Number of ports | port | 8 | |||
Number of inland | inlandTerminal | 10 | |||
Cement grinding capacity | T | 9.6 | |||
Total import capacity of cement | T | 5.4 | |||
Reserves and resources in quarries | T | 1,100 | |||
Number of Quarries | quarry | 4 | |||
Argos North America Corp | Subsequent Event | 7 1⁄4% Senior Notes, due 2031 | Senior Notes | ||||
Subsequent Event [Line Items] | ||||
Net proceeds from debt issuance | $ 800,000 | |||
Argos North America Corp | Subsequent Event | 7 1⁄4% Senior Notes, due 2031 | Senior Notes | Summit Materials, LLC | ||||
Subsequent Event [Line Items] | ||||
Net proceeds from debt issuance | $ 800,000 | |||
Argos North America Corp | Preferred Stock | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Number of shares (in shares) | shares | 1 | |||
Argos North America Corp | Preferred Stock | Subsequent Event | Summit Materials, LLC | ||||
Subsequent Event [Line Items] | ||||
Number of shares (in shares) | shares | 1 | |||
Argos North America Corp | Common Class A | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Number of shares (in shares) | shares | 54,720,000 | |||
Argos North America Corp | Common Class A | Subsequent Event | Summit Materials, LLC | ||||
Subsequent Event [Line Items] | ||||
Number of shares (in shares) | shares | 54,720,000 |
Subsequent Event - Acquisitio_4
Subsequent Event - Acquisition of Argos North America Corp - Summary of Pro Forma Revenue and Net Income (Details) - Argos North America Corp - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | ||
Total Revenues | $ 4,328,054 | $ 3,977,955 |
Net income attributable to Summit Inc. | 392,335 | 286,479 |
Summit Materials, LLC | ||
Subsequent Event [Line Items] | ||
Total Revenues | 4,328,054 | 3,977,955 |
Net income attributable to Summit Inc. | $ 392,335 | $ 286,479 |
Senior Notes' Guarantor and N_3
Senior Notes' Guarantor and Non-Guarantor Financial Information - Schedule of Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 |
Current assets: | ||||
Cash and cash equivalents | $ 374,162 | $ 520,451 | ||
Accounts receivable, net | 287,252 | 256,669 | ||
Costs and estimated earnings in excess of billings | 10,289 | 6,510 | ||
Inventories | 241,350 | 212,491 | ||
Other current assets | 17,937 | 20,787 | ||
Total current assets | 1,732,124 | 1,018,376 | ||
Property, plant and equipment, net | 1,976,820 | 1,813,702 | ||
Goodwill | 1,224,861 | 1,132,546 | $ 1,163,750 | |
Intangible assets, net | 68,081 | 71,384 | ||
Operating lease right-of-use assets | 36,553 | 37,889 | ||
Other assets | 59,134 | 44,809 | ||
Total assets | 5,149,582 | 4,255,692 | 4,239,125 | |
Current liabilities: | ||||
Current portion of debt | 3,822 | 5,096 | ||
Current portion of acquisition-related liabilities | 7,007 | 13,718 | ||
Accounts payable | 123,621 | 104,031 | ||
Accrued expenses | 171,691 | 119,967 | ||
Current operating lease liabilities | 8,596 | 7,296 | ||
Billings in excess of costs and estimated earnings | 8,228 | 5,739 | ||
Total current liabilities | 322,965 | 255,847 | ||
Long-term debt | 2,283,639 | 1,488,569 | ||
Acquisition-related liabilities | 28,021 | 29,051 | ||
Noncurrent operating lease liabilities | 33,230 | 35,737 | ||
Other noncurrent liabilities | 123,871 | 106,686 | ||
Total liabilities | 2,833,002 | 2,243,702 | ||
Total liabilities and stockholders’ equity | 5,149,582 | 4,255,692 | ||
Summit Materials, LLC | ||||
Current assets: | ||||
Cash and cash equivalents | 355,669 | 520,451 | ||
Restricted cash | 800,000 | 0 | ||
Accounts receivable, net | 287,252 | 256,669 | ||
Intercompany receivables | 0 | 0 | ||
Costs and estimated earnings in excess of billings | 10,289 | 6,510 | ||
Inventories | 241,350 | 212,491 | ||
Other current assets | 25,389 | 22,255 | ||
Other current assets | 17,937 | 20,787 | ||
Total current assets | 1,719,949 | 1,018,376 | ||
Property, plant and equipment, net | 1,976,820 | 1,813,702 | ||
Goodwill | 1,225,861 | 1,133,546 | 1,164,750 | |
Intangible assets, net | 68,081 | 71,384 | ||
Operating lease right-of-use assets | 36,553 | 37,889 | ||
Other assets | 185,265 | |||
Other assets | 59,134 | 44,809 | ||
Total assets | 5,212,529 | 4,119,706 | 4,035,559 | |
Current liabilities: | ||||
Current portion of debt | 3,822 | 5,096 | ||
Current portion of acquisition-related liabilities | 7,007 | 13,718 | ||
Accounts payable | 123,621 | 104,430 | ||
Accrued expenses | 172,934 | 120,708 | ||
Current operating lease liabilities | 8,596 | 7,296 | ||
Intercompany payables | 0 | 0 | ||
Billings in excess of costs and estimated earnings | 8,228 | 5,739 | ||
Total current liabilities | 324,208 | 256,987 | ||
Long-term debt | 2,283,639 | 1,488,569 | ||
Acquisition-related liabilities | 28,021 | 29,051 | ||
Noncurrent operating lease liabilities | 33,230 | 35,737 | ||
Other noncurrent liabilities | 188,426 | 166,212 | ||
Total liabilities | 2,857,524 | 1,976,556 | ||
Total members' interest | 2,355,005 | 2,143,150 | $ 1,884,944 | $ 1,662,768 |
Total liabilities and stockholders’ equity | 5,212,529 | 4,119,706 | ||
Summit Materials, LLC | Eliminations | ||||
Current assets: | ||||
Cash and cash equivalents | (2,755) | (7,018) | ||
Restricted cash | 0 | |||
Accounts receivable, net | (23) | (25) | ||
Intercompany receivables | (3,419,449) | (2,267,134) | ||
Costs and estimated earnings in excess of billings | 0 | 0 | ||
Inventories | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | (3,422,227) | (2,274,177) | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Operating lease right-of-use assets | 0 | 0 | ||
Other assets | (5,435,646) | |||
Other assets | (4,760,543) | |||
Total assets | (8,857,873) | (7,034,720) | ||
Current liabilities: | ||||
Current portion of debt | 0 | 0 | ||
Current portion of acquisition-related liabilities | 0 | 0 | ||
Accounts payable | (23) | (25) | ||
Accrued expenses | (2,755) | (7,018) | ||
Current operating lease liabilities | 0 | 0 | ||
Intercompany payables | (3,419,449) | (2,267,134) | ||
Billings in excess of costs and estimated earnings | 0 | 0 | ||
Total current liabilities | (3,422,227) | (2,274,177) | ||
Long-term debt | 0 | 0 | ||
Acquisition-related liabilities | 0 | 0 | ||
Noncurrent operating lease liabilities | 0 | 0 | ||
Other noncurrent liabilities | (133,921) | (164,421) | ||
Total liabilities | (3,556,148) | (2,438,598) | ||
Total members' interest | (5,301,725) | (4,596,122) | ||
Total liabilities and stockholders’ equity | (8,857,873) | (7,034,720) | ||
Issuers | Summit Materials, LLC | Reportable Legal Entities | ||||
Current assets: | ||||
Cash and cash equivalents | 310,410 | 498,307 | ||
Restricted cash | 800,000 | |||
Accounts receivable, net | 6,441 | 1,528 | ||
Intercompany receivables | 1,087,570 | 329,744 | ||
Costs and estimated earnings in excess of billings | 0 | 0 | ||
Inventories | 0 | 0 | ||
Other current assets | 11,480 | 4,755 | ||
Total current assets | 2,215,901 | 834,334 | ||
Property, plant and equipment, net | 35,812 | 21,306 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Operating lease right-of-use assets | 3,749 | 4,665 | ||
Other assets | 5,384,259 | |||
Other assets | 4,599,488 | |||
Total assets | 7,639,721 | 5,459,793 | ||
Current liabilities: | ||||
Current portion of debt | 3,822 | 5,096 | ||
Current portion of acquisition-related liabilities | 0 | 0 | ||
Accounts payable | 4,290 | 3,553 | ||
Accrued expenses | 88,318 | 54,417 | ||
Current operating lease liabilities | 804 | 921 | ||
Intercompany payables | 2,890,124 | 1,750,352 | ||
Billings in excess of costs and estimated earnings | 0 | 0 | ||
Total current liabilities | 2,987,358 | 1,814,339 | ||
Long-term debt | 2,283,639 | 1,488,569 | ||
Acquisition-related liabilities | 0 | 0 | ||
Noncurrent operating lease liabilities | 7,951 | 8,726 | ||
Other noncurrent liabilities | 5,768 | 5,009 | ||
Total liabilities | 5,284,716 | 3,316,643 | ||
Total members' interest | 2,355,005 | 2,143,150 | ||
Total liabilities and stockholders’ equity | 7,639,721 | 5,459,793 | ||
100% Owned Guarantors | Summit Materials, LLC | Reportable Legal Entities | ||||
Current assets: | ||||
Cash and cash equivalents | 3,115 | 2,864 | ||
Restricted cash | 0 | |||
Accounts receivable, net | 255,836 | 233,039 | ||
Intercompany receivables | 2,331,879 | 1,937,390 | ||
Costs and estimated earnings in excess of billings | 9,228 | 5,861 | ||
Inventories | 234,738 | 206,418 | ||
Other current assets | 13,264 | 16,341 | ||
Total current assets | 2,848,060 | 2,401,913 | ||
Property, plant and equipment, net | 1,858,020 | 1,710,972 | ||
Goodwill | 1,167,685 | 1,076,935 | ||
Intangible assets, net | 63,655 | 66,972 | ||
Operating lease right-of-use assets | 28,511 | 28,310 | ||
Other assets | 235,719 | |||
Other assets | 204,644 | |||
Total assets | 6,201,650 | 5,489,746 | ||
Current liabilities: | ||||
Current portion of debt | 0 | 0 | ||
Current portion of acquisition-related liabilities | 7,007 | 13,718 | ||
Accounts payable | 111,061 | 93,096 | ||
Accrued expenses | 82,065 | 70,433 | ||
Current operating lease liabilities | 7,230 | 5,637 | ||
Intercompany payables | 525,230 | 513,494 | ||
Billings in excess of costs and estimated earnings | 7,280 | 4,956 | ||
Total current liabilities | 739,873 | 701,334 | ||
Long-term debt | 0 | 0 | ||
Acquisition-related liabilities | 28,021 | 29,051 | ||
Noncurrent operating lease liabilities | 21,587 | 22,871 | ||
Other noncurrent liabilities | 196,759 | 208,185 | ||
Total liabilities | 986,240 | 961,441 | ||
Total members' interest | 5,215,410 | 4,528,305 | ||
Total liabilities and stockholders’ equity | 6,201,650 | 5,489,746 | ||
Non-Guarantors | Summit Materials, LLC | Reportable Legal Entities | ||||
Current assets: | ||||
Cash and cash equivalents | 44,899 | 26,298 | ||
Restricted cash | 0 | |||
Accounts receivable, net | 24,998 | 22,127 | ||
Intercompany receivables | 0 | 0 | ||
Costs and estimated earnings in excess of billings | 1,061 | 649 | ||
Inventories | 6,612 | 6,073 | ||
Other current assets | 645 | 1,159 | ||
Total current assets | 78,215 | 56,306 | ||
Property, plant and equipment, net | 82,988 | 81,424 | ||
Goodwill | 58,176 | 56,611 | ||
Intangible assets, net | 4,426 | 4,412 | ||
Operating lease right-of-use assets | 4,293 | 4,914 | ||
Other assets | 933 | |||
Other assets | 1,220 | |||
Total assets | 229,031 | 204,887 | ||
Current liabilities: | ||||
Current portion of debt | 0 | 0 | ||
Current portion of acquisition-related liabilities | 0 | 0 | ||
Accounts payable | 8,293 | 7,806 | ||
Accrued expenses | 5,306 | 2,876 | ||
Current operating lease liabilities | 562 | 738 | ||
Intercompany payables | 4,095 | 3,288 | ||
Billings in excess of costs and estimated earnings | 948 | 783 | ||
Total current liabilities | 19,204 | 15,491 | ||
Long-term debt | 0 | 0 | ||
Acquisition-related liabilities | 0 | 0 | ||
Noncurrent operating lease liabilities | 3,692 | 4,140 | ||
Other noncurrent liabilities | 119,820 | 117,439 | ||
Total liabilities | 142,716 | 137,070 | ||
Total members' interest | 86,315 | 67,817 | ||
Total liabilities and stockholders’ equity | $ 229,031 | $ 204,887 |
Senior Notes' Guarantor and N_4
Senior Notes' Guarantor and Non-Guarantor Financial Information - Schedule of Condensed Consolidating Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | $ 2,619,468 | $ 2,412,522 | $ 2,409,669 |
Cost of revenue (excluding items shown separately below) | 1,862,408 | 1,763,177 | 1,736,410 |
Depreciation, depletion, amortization and accretion | 217,550 | 200,450 | 229,366 |
Operating income | 310,630 | 269,047 | 253,065 |
(Gain) loss on sale of businesses | (14,966) | (172,389) | (20,011) |
Income from operations before taxes | 394,464 | 361,488 | 198,637 |
Income tax (benefit) expense | 104,838 | 85,545 | 44,356 |
Net income attributable to Summit Inc/LLC | 285,856 | 272,145 | 152,184 |
Comprehensive income attributable to member of Summit Materials, LLC | 290,047 | 268,146 | 154,064 |
Summit Materials, LLC | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 2,619,468 | 2,412,522 | 2,409,669 |
Cost of revenue (excluding items shown separately below) | 1,862,408 | 1,763,177 | 1,736,410 |
General and administrative expenses | 228,880 | 179,848 | 190,828 |
Depreciation, depletion, amortization and accretion | 217,550 | 200,450 | 229,366 |
Operating income | 310,630 | 269,047 | 253,065 |
Other income, net | (20,775) | (8,255) | (11,022) |
Interest expense (income) | 114,155 | 86,969 | 92,178 |
(Gain) loss on sale of businesses | (14,966) | (172,389) | (20,011) |
Income from operations before taxes | 232,216 | 362,722 | 191,920 |
Income tax (benefit) expense | 22,260 | 16,585 | 20,949 |
Net income attributable to Summit Inc/LLC | 209,956 | 346,137 | 170,971 |
Comprehensive income attributable to member of Summit Materials, LLC | 215,523 | 340,787 | 173,528 |
Summit Materials, LLC | Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | (5,153) | (9,553) | (13,866) |
Cost of revenue (excluding items shown separately below) | (5,153) | (9,553) | (13,866) |
General and administrative expenses | 0 | 0 | 0 |
Depreciation, depletion, amortization and accretion | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 |
Other income, net | 440,433 | 419,305 | 388,440 |
Interest expense (income) | 0 | 0 | 0 |
(Gain) loss on sale of businesses | 0 | 0 | 0 |
Income from operations before taxes | (440,433) | (419,305) | (388,440) |
Income tax (benefit) expense | 0 | 0 | 0 |
Net income attributable to Summit Inc/LLC | (440,433) | (419,305) | (388,440) |
Comprehensive income attributable to member of Summit Materials, LLC | (434,866) | (424,655) | (385,883) |
Summit Materials, LLC | Issuers | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 0 | 0 | 0 |
Cost of revenue (excluding items shown separately below) | 0 | 0 | 0 |
General and administrative expenses | 69,681 | 63,279 | 70,384 |
Depreciation, depletion, amortization and accretion | 4,287 | 3,232 | 4,249 |
Operating income | (73,968) | (66,511) | (74,633) |
Other income, net | (456,649) | (425,356) | (382,983) |
Interest expense (income) | 167,796 | 141,892 | 135,206 |
(Gain) loss on sale of businesses | 0 | (131,437) | 0 |
Income from operations before taxes | 214,885 | 348,390 | 173,144 |
Income tax (benefit) expense | 4,929 | 2,253 | 2,173 |
Net income attributable to Summit Inc/LLC | 209,956 | 346,137 | 170,971 |
Comprehensive income attributable to member of Summit Materials, LLC | 215,523 | 340,787 | 173,528 |
Summit Materials, LLC | 100% Owned Guarantors | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 2,494,870 | 2,297,761 | 2,307,127 |
Cost of revenue (excluding items shown separately below) | 1,777,594 | 1,683,024 | 1,665,196 |
General and administrative expenses | 152,212 | 110,141 | 116,374 |
Depreciation, depletion, amortization and accretion | 202,235 | 185,883 | 213,900 |
Operating income | 362,829 | 318,713 | 311,657 |
Other income, net | (2,108) | (1,850) | (15,891) |
Interest expense (income) | (59,123) | (60,403) | (48,529) |
(Gain) loss on sale of businesses | (14,966) | (40,952) | (20,011) |
Income from operations before taxes | 439,026 | 421,918 | 396,088 |
Income tax (benefit) expense | 12,167 | 11,307 | 16,079 |
Net income attributable to Summit Inc/LLC | 426,859 | 410,611 | 380,009 |
Comprehensive income attributable to member of Summit Materials, LLC | 426,217 | 404,130 | 378,706 |
Summit Materials, LLC | Non-Guarantors | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 129,751 | 124,314 | 116,408 |
Cost of revenue (excluding items shown separately below) | 89,967 | 89,706 | 85,080 |
General and administrative expenses | 6,987 | 6,428 | 4,070 |
Depreciation, depletion, amortization and accretion | 11,028 | 11,335 | 11,217 |
Operating income | 21,769 | 16,845 | 16,041 |
Other income, net | (2,451) | (354) | (588) |
Interest expense (income) | 5,482 | 5,480 | 5,501 |
(Gain) loss on sale of businesses | 0 | 0 | 0 |
Income from operations before taxes | 18,738 | 11,719 | 11,128 |
Income tax (benefit) expense | 5,164 | 3,025 | 2,697 |
Net income attributable to Summit Inc/LLC | 13,574 | 8,694 | 8,431 |
Comprehensive income attributable to member of Summit Materials, LLC | $ 8,649 | $ 20,525 | $ 7,177 |
Senior Notes' Guarantor and N_5
Senior Notes' Guarantor and Non-Guarantor Financial Information - Schedule of Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used in) provided by operating activities | $ 438,860 | $ 284,098 | $ 361,929 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | (239,508) | (22,730) | (19,513) |
Purchase of property, plant and equipment | (255,619) | (266,733) | (211,982) |
Proceeds from the sale of property, plant, and equipment | 14,424 | 15,374 | 11,674 |
Proceeds from sale of businesses | 65,576 | 128,337 | |
Other | (5,137) | (3,162) | 236 |
Net cash (used in) provided by investing activities | (420,264) | 95,822 | (91,248) |
Cash flows from financing activities: | |||
Net proceeds from debt issuance | 800,000 | 0 | 0 |
Payments on long-term debt | (10,380) | (122,536) | (329,010) |
Purchase of tax receivable agreement interests | (132,449) | 0 | 0 |
Payments on acquisition-related liabilities | (12,367) | (13,428) | (10,360) |
Debt issuance costs | (5,599) | (1,557) | |
Financing costs | (5,599) | (1,557) | 0 |
Distributions from partnership | (469) | (678) | 0 |
Other | (5,199) | (27) | (1,008) |
Net cash provided by (used in) financing activities | 633,784 | (238,993) | (307,927) |
Impact of foreign currency on cash | 1,331 | (1,437) | 26 |
Net increase in cash and cash equivalents and restricted cash | 653,711 | 139,490 | (37,220) |
Cash and cash equivalents and restricted cash—beginning of period | 520,451 | 380,961 | 418,181 |
Cash and cash equivalents and restricted cash—end of period | 1,174,162 | 520,451 | 380,961 |
Summit Materials, LLC | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used in) provided by operating activities | 438,940 | 283,553 | 361,929 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | (239,508) | (22,730) | (19,513) |
Purchase of property, plant and equipment | (255,619) | (266,733) | (211,982) |
Proceeds from the sale of property, plant, and equipment | 14,424 | 15,374 | 11,674 |
Proceeds from sale of businesses | 65,576 | 373,073 | 128,337 |
Other | (5,137) | (3,162) | 236 |
Net cash (used in) provided by investing activities | (420,264) | 95,822 | (91,248) |
Cash flows from financing activities: | |||
Proceeds from investment by member | 247 | (41,508) | 32,451 |
Net proceeds from debt issuance | 800,000 | 0 | 0 |
Loans received from and payments made on loans from other Summit Companies | 0 | 0 | 0 |
Payments on long-term debt | (10,380) | (122,536) | (329,010) |
Purchase of tax receivable agreement interests | (132,449) | 0 | 0 |
Payments on acquisition-related liabilities | (12,367) | (13,428) | (7,860) |
Debt issuance costs | (5,599) | (1,557) | |
Financing costs | (5,599) | (1,557) | 0 |
Distributions from partnership | (19,042) | (59,392) | (2,500) |
Other | (5,199) | (27) | (1,008) |
Net cash provided by (used in) financing activities | 615,211 | (238,448) | (307,927) |
Impact of foreign currency on cash | 1,331 | (1,437) | 26 |
Net increase in cash and cash equivalents and restricted cash | 635,218 | 139,490 | (37,220) |
Cash and cash equivalents and restricted cash—beginning of period | 520,451 | 380,961 | 418,181 |
Cash and cash equivalents and restricted cash—end of period | 1,155,669 | 520,451 | 380,961 |
Summit Materials, LLC | Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used in) provided by operating activities | 0 | 0 | 0 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Purchase of property, plant and equipment | 0 | 0 | 0 |
Proceeds from the sale of property, plant, and equipment | 0 | 0 | 0 |
Proceeds from sale of businesses | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net cash (used in) provided by investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | |||
Proceeds from investment by member | 0 | 0 | 0 |
Net proceeds from debt issuance | 0 | ||
Loans received from and payments made on loans from other Summit Companies | 4,263 | (2,334) | (1,043) |
Payments on long-term debt | 0 | 0 | 0 |
Purchase of tax receivable agreement interests | 0 | ||
Payments on acquisition-related liabilities | 0 | 0 | 0 |
Debt issuance costs | 0 | ||
Financing costs | 0 | ||
Distributions from partnership | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 4,263 | (2,334) | (1,043) |
Impact of foreign currency on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents and restricted cash | 4,263 | (2,334) | (1,043) |
Cash and cash equivalents and restricted cash—beginning of period | (7,018) | (4,684) | (3,641) |
Cash and cash equivalents and restricted cash—end of period | (2,755) | (7,018) | (4,684) |
Issuers | Summit Materials, LLC | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used in) provided by operating activities | (114,700) | (126,319) | (136,008) |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Purchase of property, plant and equipment | (17,854) | (14,374) | (1,237) |
Proceeds from the sale of property, plant, and equipment | 0 | 0 | 0 |
Proceeds from sale of businesses | 0 | 5,924 | 0 |
Other | 0 | 0 | 0 |
Net cash (used in) provided by investing activities | (17,854) | (8,450) | (1,237) |
Cash flows from financing activities: | |||
Proceeds from investment by member | (240,857) | (64,238) | 29,685 |
Net proceeds from debt issuance | 800,000 | ||
Loans received from and payments made on loans from other Summit Companies | 349,610 | 498,688 | 381,393 |
Payments on long-term debt | (5,096) | (105,496) | (306,355) |
Purchase of tax receivable agreement interests | (132,449) | ||
Payments on acquisition-related liabilities | 0 | 0 | 0 |
Debt issuance costs | (1,557) | ||
Financing costs | (5,599) | ||
Distributions from partnership | (19,042) | (59,392) | (2,500) |
Other | (1,910) | 27 | (1,008) |
Net cash provided by (used in) financing activities | 744,657 | 268,032 | 101,215 |
Impact of foreign currency on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents and restricted cash | 612,103 | 133,263 | (36,030) |
Cash and cash equivalents and restricted cash—beginning of period | 498,307 | 365,044 | 401,074 |
Cash and cash equivalents and restricted cash—end of period | 1,110,410 | 498,307 | 365,044 |
100% Owned Guarantors | Summit Materials, LLC | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used in) provided by operating activities | 525,582 | 386,579 | 471,106 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | (239,508) | (22,730) | (19,513) |
Purchase of property, plant and equipment | (231,190) | (243,522) | (201,038) |
Proceeds from the sale of property, plant, and equipment | 13,919 | 14,864 | 10,894 |
Proceeds from sale of businesses | 65,576 | 367,149 | 128,337 |
Other | (5,137) | (3,162) | 236 |
Net cash (used in) provided by investing activities | (396,340) | 112,599 | (81,084) |
Cash flows from financing activities: | |||
Proceeds from investment by member | 241,104 | 22,730 | 2,766 |
Net proceeds from debt issuance | 0 | ||
Loans received from and payments made on loans from other Summit Companies | (349,370) | (490,786) | (370,940) |
Payments on long-term debt | (5,284) | (17,040) | (22,011) |
Purchase of tax receivable agreement interests | 0 | ||
Payments on acquisition-related liabilities | (12,367) | (13,428) | (7,860) |
Debt issuance costs | 0 | ||
Financing costs | 0 | ||
Distributions from partnership | 0 | 0 | 0 |
Other | (3,074) | (54) | 0 |
Net cash provided by (used in) financing activities | (128,991) | (498,578) | (398,045) |
Impact of foreign currency on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents and restricted cash | 251 | 600 | (8,023) |
Cash and cash equivalents and restricted cash—beginning of period | 2,864 | 2,264 | 10,287 |
Cash and cash equivalents and restricted cash—end of period | 3,115 | 2,864 | 2,264 |
Non-Guarantors | Summit Materials, LLC | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used in) provided by operating activities | 28,058 | 23,293 | 26,831 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Purchase of property, plant and equipment | (6,575) | (8,837) | (9,707) |
Proceeds from the sale of property, plant, and equipment | 505 | 510 | 780 |
Proceeds from sale of businesses | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net cash (used in) provided by investing activities | (6,070) | (8,327) | (8,927) |
Cash flows from financing activities: | |||
Proceeds from investment by member | 0 | 0 | 0 |
Net proceeds from debt issuance | 0 | ||
Loans received from and payments made on loans from other Summit Companies | (4,503) | (5,568) | (9,410) |
Payments on long-term debt | 0 | 0 | (644) |
Purchase of tax receivable agreement interests | 0 | ||
Payments on acquisition-related liabilities | 0 | 0 | 0 |
Debt issuance costs | 0 | ||
Financing costs | 0 | ||
Distributions from partnership | 0 | 0 | 0 |
Other | (215) | 0 | 0 |
Net cash provided by (used in) financing activities | (4,718) | (5,568) | (10,054) |
Impact of foreign currency on cash | 1,331 | (1,437) | 26 |
Net increase in cash and cash equivalents and restricted cash | 18,601 | 7,961 | 7,876 |
Cash and cash equivalents and restricted cash—beginning of period | 26,298 | 18,337 | 10,461 |
Cash and cash equivalents and restricted cash—end of period | $ 44,899 | $ 26,298 | $ 18,337 |
Uncategorized Items - _IXDS
Label | Element | Value |
Lp Units [Member] | Summit Holdings Lp [Member] | ||
Limited Partners' Capital Account, Units Outstanding | us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding | 763,243 |