Cover
Cover - shares | 9 Months Ended | |
Oct. 02, 2021 | Nov. 01, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 2, 2021 | |
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 | 1550 Wynkoop Street | |
Entity Address, Address Line Two | 3rd Floor | |
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 $.01 per share) | |
Trading Symbol | SUM | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001621563 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-01 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Common Class A | ||
Document Information [Line Items] | ||
Entity common stock, shares outstanding (in shares) | 118,566,950 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity common stock, shares outstanding (in shares) | 99 | |
Summit Materials, LLC | ||
Document Information [Line Items] | ||
Entity File Number | 333-187556 | |
Entity Registrant Name | SUMMIT MATERIALS, LLC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-4138486 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001571371 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-01 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 02, 2021 | Jan. 02, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 258,083 | $ 418,181 |
Accounts receivable, net | 333,351 | 254,696 |
Costs and estimated earnings in excess of billings | 34,181 | 8,666 |
Inventories | 195,312 | 200,308 |
Other current assets | 13,855 | 11,428 |
Total current assets | 834,782 | 893,279 |
Property, plant and equipment, less accumulated depreciation, depletion and amortization (October 2, 2021 - $1,234,171 and January 2, 2021 - $1,132,925) | 1,841,139 | 1,850,169 |
Goodwill | 1,174,855 | 1,201,291 |
Intangible assets, less accumulated amortization (October 2, 2021 - $14,309 and January 2, 2021 - $11,864) | 70,338 | 47,852 |
Deferred tax assets, less valuation allowance (October 2, 2021 - $1,675 and January 2, 2021 - $1,675) | 210,389 | 231,877 |
Operating lease right-of-use assets | 27,339 | 28,543 |
Other assets | 57,807 | 55,000 |
Total assets | 4,216,649 | 4,308,011 |
Current liabilities: | ||
Current portion of debt | 6,354 | 6,354 |
Current portion of acquisition-related liabilities | 12,809 | 10,265 |
Accounts payable | 155,919 | 120,813 |
Accrued expenses | 137,378 | 160,570 |
Current operating lease liabilities | 6,818 | 8,188 |
Billings in excess of costs and estimated earnings | 11,631 | 16,499 |
Total current liabilities | 330,909 | 322,689 |
Long-term debt | 1,591,989 | 1,892,347 |
Acquisition-related liabilities | 33,223 | 12,246 |
Tax receivable agreement liability | 330,871 | 321,680 |
Noncurrent operating lease liabilities | 21,596 | 21,500 |
Other noncurrent liabilities | 136,297 | 121,281 |
Total liabilities | 2,444,885 | 2,691,743 |
Commitments and contingencies | ||
Stockholders’ equity/Member's interest | ||
Additional paid-in capital | 1,319,897 | 1,264,681 |
Accumulated earnings | 435,118 | 326,772 |
Accumulated other comprehensive income | 5,670 | 5,203 |
Stockholders’ equity | 1,761,871 | 1,597,801 |
Noncontrolling interest in Summit Holdings | 9,893 | 18,467 |
Total stockholders’ equity | 1,771,764 | 1,616,268 |
Total liabilities and stockholders’ equity/member's interest | 4,216,649 | 4,308,011 |
Summit Materials, LLC | ||
Current assets: | ||
Cash and cash equivalents | 258,083 | 418,181 |
Accounts receivable, net | 333,351 | 254,696 |
Costs and estimated earnings in excess of billings | 34,181 | 8,666 |
Inventories | 195,312 | 200,308 |
Other current assets | 13,855 | 11,428 |
Total current assets | 834,782 | 893,279 |
Property, plant and equipment, less accumulated depreciation, depletion and amortization (October 2, 2021 - $1,234,171 and January 2, 2021 - $1,132,925) | 1,841,139 | 1,850,169 |
Goodwill | 1,175,855 | 1,202,291 |
Intangible assets, less accumulated amortization (October 2, 2021 - $14,309 and January 2, 2021 - $11,864) | 70,338 | 47,852 |
Operating lease right-of-use assets | 27,339 | 28,543 |
Other assets | 57,807 | 55,000 |
Total assets | 4,007,260 | 4,077,134 |
Current liabilities: | ||
Current portion of debt | 6,354 | 6,354 |
Current portion of acquisition-related liabilities | 12,809 | 7,827 |
Accounts payable | 156,530 | 121,422 |
Accrued expenses | 137,609 | 160,801 |
Current operating lease liabilities | 6,818 | 8,188 |
Billings in excess of costs and estimated earnings | 11,631 | 16,499 |
Total current liabilities | 331,751 | 321,091 |
Long-term debt | 1,591,989 | 1,892,347 |
Acquisition-related liabilities | 33,223 | 12,246 |
Noncurrent operating lease liabilities | 21,596 | 21,500 |
Other noncurrent liabilities | 190,511 | 167,182 |
Total liabilities | 2,169,070 | 2,414,366 |
Commitments and contingencies | ||
Stockholders’ equity/Member's interest | ||
Members' equity | 1,503,051 | 1,459,211 |
Accumulated earnings | 353,040 | 222,140 |
Accumulated other comprehensive income | (17,901) | (18,583) |
Total member's interest | 1,838,190 | 1,662,768 |
Total liabilities and stockholders’ equity/member's interest | 4,007,260 | 4,077,134 |
Common Class A | ||
Stockholders’ equity/Member's interest | ||
Common stock | 1,186 | 1,145 |
Common Class B | ||
Stockholders’ equity/Member's interest | ||
Common stock | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 02, 2021 | Jan. 02, 2021 |
Accumulated depreciation, depletion and amortization | $ 1,234,171 | $ 1,132,925 |
Accumulated amortization | 14,309 | 11,864 |
Valuation allowance | 1,675 | 1,675 |
Summit Materials, LLC | ||
Accumulated depreciation, depletion and amortization | 1,234,171 | 1,132,925 |
Accumulated amortization | $ 14,309 | $ 11,864 |
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) | 118,564,950 | 114,390,595 |
Common stock, shares outstanding (in shares) | 118,564,950 | 114,390,595 |
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 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Revenue: | ||||
Revenue | $ 717,240 | $ 709,619 | $ 1,813,001 | $ 1,707,818 |
Cost of revenue (excluding items shown separately below): | ||||
Net cost of revenue | 486,936 | 501,592 | 1,301,346 | 1,258,463 |
General and administrative expenses | 47,364 | 50,972 | 146,454 | 132,385 |
Depreciation, depletion, amortization and accretion | 59,082 | 58,054 | 173,651 | 163,760 |
Gain on sale of property, plant and equipment | (1,159) | (1,616) | (4,331) | (5,747) |
Operating (loss) income | 125,017 | 100,617 | 195,881 | 158,957 |
Interest expense | 24,134 | 24,623 | 72,536 | 78,049 |
Loss on debt financings | 6,016 | 4,064 | 6,016 | 4,064 |
Loss (gain) on sale of businesses | 113 | 0 | (15,319) | 0 |
Other income, net | (1,137) | (1,226) | (10,721) | (2,753) |
Income from operations before taxes | 95,891 | 73,156 | 143,369 | 79,597 |
Income tax expense (benefit) | 20,513 | (19,613) | 33,478 | (25,333) |
Net income | 75,378 | 92,769 | 109,891 | 104,930 |
Net income attributable to Summit Holdings | 1,174 | 2,039 | 1,545 | 2,115 |
Net income (loss) attributable to Summit Inc/LLC | 74,204 | 90,730 | 108,346 | 102,815 |
Summit Materials, LLC | ||||
Revenue: | ||||
Revenue | 717,240 | 709,619 | 1,813,001 | 1,707,818 |
Cost of revenue (excluding items shown separately below): | ||||
Net cost of revenue | 486,936 | 501,592 | 1,301,346 | 1,258,463 |
General and administrative expenses | 47,364 | 50,972 | 146,454 | 132,385 |
Depreciation, depletion, amortization and accretion | 59,082 | 58,054 | 173,651 | 163,760 |
Gain on sale of property, plant and equipment | (1,159) | (1,616) | (4,331) | (5,747) |
Operating (loss) income | 125,017 | 100,617 | 195,881 | 158,957 |
Interest expense | 24,134 | 24,561 | 72,474 | 77,807 |
Loss on debt financings | 6,016 | 4,064 | 6,016 | 4,064 |
Loss (gain) on sale of businesses | 113 | 0 | (15,319) | 0 |
Other income, net | (1,137) | (1,226) | (10,721) | (2,753) |
Income from operations before taxes | 95,891 | 73,218 | 143,431 | 79,839 |
Income tax expense (benefit) | 7,016 | (5,106) | 12,531 | (4,877) |
Net income | 88,875 | 78,324 | 130,900 | 84,716 |
Net income attributable to noncontrolling interest in subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Summit Inc/LLC | 88,875 | $ 78,324 | 130,900 | $ 84,716 |
Issuers | 5 1/8% Senior Notes, due 2025 | ||||
Cost of revenue (excluding items shown separately below): | ||||
Loss on debt financings | $ 6,016 | $ 6,016 | ||
Common Class A | ||||
Earnings per share of Class A common stock: | ||||
Basic (usd per share) | $ 0.63 | $ 0.79 | $ 0.92 | $ 0.90 |
Diluted (usd per share) | $ 0.62 | $ 0.79 | $ 0.92 | $ 0.90 |
Weighted average shares of Class A common stock: | ||||
Basic (in shares) | 118,272,955 | 114,116,564 | 117,040,207 | 113,943,292 |
Diluted (in shares) | 119,291,646 | 114,472,171 | 118,360,615 | 114,457,276 |
Common Class A And Restricted Stock | ||||
Earnings per share of Class A common stock: | ||||
Basic (usd per share) | $ 0.63 | $ 0.79 | $ 0.92 | $ 0.90 |
Weighted average shares of Class A common stock: | ||||
Basic (in shares) | 118,473,530 | 114,436,907 | 117,258,431 | 114,088,447 |
Excluding delivery and subcontract revenue | ||||
Revenue: | ||||
Revenue | $ 662,259 | $ 645,246 | $ 1,679,270 | $ 1,562,892 |
Cost of revenue (excluding items shown separately below): | ||||
Net cost of revenue | 431,955 | 437,219 | 1,167,615 | 1,113,537 |
Excluding delivery and subcontract revenue | Summit Materials, LLC | ||||
Revenue: | ||||
Revenue | 662,259 | 645,246 | 1,679,270 | 1,562,892 |
Cost of revenue (excluding items shown separately below): | ||||
Net cost of revenue | 431,955 | 437,219 | 1,167,615 | 1,113,537 |
Product | ||||
Revenue: | ||||
Revenue | 561,938 | 540,904 | 1,443,972 | 1,334,471 |
Cost of revenue (excluding items shown separately below): | ||||
Net cost of revenue | 356,214 | 354,250 | 980,045 | 923,384 |
Product | Summit Materials, LLC | ||||
Revenue: | ||||
Revenue | 561,938 | 540,904 | 1,443,972 | 1,334,471 |
Cost of revenue (excluding items shown separately below): | ||||
Net cost of revenue | 356,214 | 354,250 | 980,045 | 923,384 |
Service | ||||
Revenue: | ||||
Revenue | 100,321 | 104,342 | 235,298 | 228,421 |
Cost of revenue (excluding items shown separately below): | ||||
Net cost of revenue | 75,741 | 82,969 | 187,570 | 190,153 |
Service | Summit Materials, LLC | ||||
Revenue: | ||||
Revenue | 100,321 | 104,342 | 235,298 | 228,421 |
Cost of revenue (excluding items shown separately below): | ||||
Net cost of revenue | 75,741 | 82,969 | 187,570 | 190,153 |
Delivery and subcontract revenue | ||||
Revenue: | ||||
Revenue | 54,981 | 64,373 | 133,731 | 144,926 |
Cost of revenue (excluding items shown separately below): | ||||
Net cost of revenue | 54,981 | 64,373 | 133,731 | 144,926 |
Delivery and subcontract revenue | Summit Materials, LLC | ||||
Revenue: | ||||
Revenue | 54,981 | 64,373 | 133,731 | 144,926 |
Cost of revenue (excluding items shown separately below): | ||||
Net cost of revenue | $ 54,981 | $ 64,373 | $ 133,731 | $ 144,926 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Comprehensive income (loss) | ||||
Net income | $ 75,378 | $ 92,769 | $ 109,891 | $ 104,930 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (4,076) | 2,018 | 682 | (3,395) |
Less tax effect of other comprehensive income (loss) items | 823 | (494) | (176) | 831 |
Other comprehensive (loss) income | (3,253) | 1,524 | 506 | (2,564) |
Comprehensive income | 72,125 | 94,293 | 110,397 | 102,366 |
Less comprehensive income attributable to Summit Holdings | 1,117 | 2,091 | 1,584 | 2,024 |
Comprehensive income attributable to Summit Inc./LLC | 71,008 | 92,202 | 108,813 | 100,342 |
Summit Materials, LLC | ||||
Comprehensive income (loss) | ||||
Net income | 88,875 | 78,324 | 130,900 | 84,716 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (4,076) | 2,018 | 682 | (3,395) |
Other comprehensive (loss) income | (4,076) | 2,018 | ||
Comprehensive income attributable to Summit Inc./LLC | $ 84,799 | $ 80,342 | $ 131,582 | $ 81,321 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 02, 2021 | Sep. 26, 2020 | |
Cash flow from operating activities: | ||
Net income | $ 109,891 | $ 104,930 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion, amortization and accretion | 177,841 | 164,397 |
Share-based compensation expense | 14,875 | 23,119 |
Net gain on asset and business disposals | (19,295) | (5,746) |
Non-cash loss on debt financings | 2,116 | 4,064 |
Change in deferred tax asset, net | 19,814 | (28,968) |
Other | (586) | 760 |
Decrease (increase) in operating assets, net of acquisitions and dispositions: | ||
Accounts receivable, net | (78,108) | (48,361) |
Inventories | (12,002) | (2,829) |
Costs and estimated earnings in excess of billings | (26,969) | (30,912) |
Other current assets | (2,556) | (75) |
Other assets | 6,459 | 8,367 |
(Decrease) increase in operating liabilities, net of acquisitions and dispositions: | ||
Accounts payable | 33,756 | 21,729 |
Accrued expenses | (15,598) | 3,164 |
Billings in excess of costs and estimated earnings | (2,907) | 395 |
Tax receivable agreement liability | 9,191 | 993 |
Other liabilities | (8,549) | 3,012 |
Net cash provided by operating activities | 207,373 | 218,039 |
Cash flow from investing activities: | ||
Acquisitions, net of cash acquired | (7,263) | (123,195) |
Purchases of property, plant and equipment | (170,070) | (140,006) |
Proceeds from the sale of property, plant and equipment | 8,827 | 8,848 |
Proceeds from sale of businesses | 103,649 | 0 |
Other | (459) | 1,395 |
Net cash used in investing activities | (65,316) | (252,958) |
Cash flow from financing activities: | ||
Proceeds from debt issuances | 0 | 700,000 |
Financing costs | 0 | (9,565) |
Payments on debt | (323,802) | (666,892) |
Payments on acquisition-related liabilities | (9,755) | (10,391) |
Proceeds from stock option exercises | 32,416 | 329 |
Other | (951) | (908) |
Net cash (used in) provided by financing activities | (302,092) | 12,573 |
Impact of foreign currency on cash | (63) | (216) |
Net decrease in cash | (160,098) | (22,562) |
Cash and cash equivalents—beginning of period | 418,181 | 311,319 |
Cash and cash equivalents—end of period | 258,083 | 288,757 |
Summit Materials, LLC | ||
Cash flow from operating activities: | ||
Net income | 130,900 | 84,716 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion, amortization and accretion | 177,779 | 164,155 |
Share-based compensation expense | 14,875 | 23,119 |
Net gain on asset and business disposals | (19,295) | (5,746) |
Non-cash loss on debt financings | 2,116 | 4,064 |
Change in deferred tax asset, net | 8,058 | (7,519) |
Other | (586) | 760 |
Decrease (increase) in operating assets, net of acquisitions and dispositions: | ||
Accounts receivable, net | (78,108) | (48,361) |
Inventories | (12,002) | (2,829) |
Costs and estimated earnings in excess of billings | (26,969) | (30,912) |
Other current assets | (2,556) | (75) |
Other assets | 6,459 | 8,367 |
(Decrease) increase in operating liabilities, net of acquisitions and dispositions: | ||
Accounts payable | 33,756 | 21,729 |
Accrued expenses | (15,598) | 3,164 |
Billings in excess of costs and estimated earnings | (2,907) | 395 |
Other liabilities | (8,549) | 3,012 |
Net cash provided by operating activities | 207,373 | 218,039 |
Cash flow from investing activities: | ||
Acquisitions, net of cash acquired | (7,263) | (123,195) |
Purchases of property, plant and equipment | (170,070) | (140,006) |
Proceeds from the sale of property, plant and equipment | 8,827 | 8,848 |
Proceeds from sale of businesses | 103,649 | 0 |
Other | (459) | 1,395 |
Net cash used in investing activities | (65,316) | (252,958) |
Cash flow from financing activities: | ||
Capital contributions by member | 32,416 | 329 |
Proceeds from debt issuances | 0 | 700,000 |
Financing costs | 0 | (9,565) |
Payments on debt | (323,802) | (666,892) |
Payments on acquisition-related liabilities | (7,255) | (7,891) |
Distributions | (2,500) | (2,500) |
Other | (951) | (908) |
Net cash (used in) provided by financing activities | (302,092) | 12,573 |
Impact of foreign currency on cash | (63) | (216) |
Net decrease in cash | (160,098) | (22,562) |
Cash and cash equivalents—beginning of period | 418,181 | 311,319 |
Cash and cash equivalents—end of period | $ 258,083 | $ 288,757 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Changes in Stockholders' Equity / Members' Interest - USD ($) $ in Thousands | Total | Summit Materials, LLC | Common Class A | Common Class B | Members' equitySummit Materials, LLC | Accumulated Earnings (Deficit) | Accumulated Earnings (Deficit)Summit Materials, LLC | Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss)Summit Materials, LLC | Common StockCommon Class A | Common StockCommon Class B | Additional Paid-in Capital | Noncontrolling Interest In Summit Holdings |
Beginning balance at Dec. 28, 2019 | $ 1,444,773 | $ 188,805 | $ 3,448 | $ (20,971) | $ 1,134 | $ 0 | $ 1,234,020 | $ 17,366 | |||||
Beginning balance at Dec. 28, 2019 | $ 1,513,150 | $ 1,432,718 | $ 101,403 | (20,971) | |||||||||
Beginning balance (in shares) at Dec. 28, 2019 | 113,309,385 | 113,309,385 | 99 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net contributed capital | 310 | 310 | |||||||||||
Net (loss) income | (46,726) | (63,625) | (44,979) | (63,625) | (1,747) | ||||||||
LP Unit exchanges (in shares) | 196,542 | ||||||||||||
LP Unit exchanges | 0 | $ 2 | 1,132 | (1,134) | |||||||||
Other comprehensive (loss) income, net of tax | (6,313) | (8,359) | (6,093) | (8,359) | (220) | ||||||||
Distributions | (2,500) | (2,500) | |||||||||||
Stock option exercises (in shares) | 13,335 | ||||||||||||
Stock option exercises | 310 | $ 0 | 310 | ||||||||||
Share-based compensation | 4,905 | 4,905 | 4,905 | 4,905 | |||||||||
Shares redeemed to settle taxes and other (in shares) | 591,335 | ||||||||||||
Shares redeemed to settle taxes and other | (1,090) | (908) | (908) | $ 6 | (1,096) | ||||||||
Ending balance at Mar. 28, 2020 | 1,395,859 | 143,826 | (2,645) | $ 1,142 | $ 0 | 1,239,271 | 14,265 | ||||||
Ending balance at Mar. 28, 2020 | 1,442,973 | 1,434,525 | 37,778 | (29,330) | |||||||||
Ending balance (in shares) at Mar. 28, 2020 | 114,110,597 | 99 | |||||||||||
Beginning balance at Dec. 28, 2019 | 1,444,773 | 188,805 | 3,448 | (20,971) | $ 1,134 | $ 0 | 1,234,020 | 17,366 | |||||
Beginning balance at Dec. 28, 2019 | 1,513,150 | 1,432,718 | 101,403 | (20,971) | |||||||||
Beginning balance (in shares) at Dec. 28, 2019 | 113,309,385 | 113,309,385 | 99 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net (loss) income | 104,930 | 84,716 | |||||||||||
LP Unit exchanges (in shares) | 196,542 | ||||||||||||
Other comprehensive (loss) income, net of tax | (2,564) | ||||||||||||
Stock option exercises (in shares) | 14,404 | ||||||||||||
Shares redeemed to settle taxes and other (in shares) | 603,580 | ||||||||||||
Ending balance at Sep. 26, 2020 | 1,569,496 | 291,620 | 975 | (24,366) | $ 1,142 | $ 0 | 1,257,506 | 18,253 | |||||
Ending balance at Sep. 26, 2020 | 1,614,511 | 1,452,758 | 186,119 | (24,366) | |||||||||
Ending balance (in shares) at Sep. 26, 2020 | 114,123,911 | 114,123,911 | 99 | ||||||||||
Beginning balance at Mar. 28, 2020 | 1,395,859 | 143,826 | (2,645) | $ 1,142 | $ 0 | 1,239,271 | 14,265 | ||||||
Beginning balance at Mar. 28, 2020 | 1,442,973 | 1,434,525 | 37,778 | (29,330) | |||||||||
Beginning balance (in shares) at Mar. 28, 2020 | 114,110,597 | 99 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net (loss) income | 58,887 | 70,017 | 57,064 | 70,017 | 1,823 | ||||||||
Other comprehensive (loss) income, net of tax | 2,225 | 2,946 | 2,148 | 2,946 | 77 | ||||||||
Share-based compensation | 4,892 | 4,892 | 4,892 | 4,892 | |||||||||
Shares redeemed to settle taxes and other (in shares) | 1,351 | ||||||||||||
Shares redeemed to settle taxes and other | 0 | $ 0 | 0 | 0 | |||||||||
Ending balance at Jun. 27, 2020 | 1,461,863 | 200,890 | (497) | $ 1,142 | $ 0 | 1,244,163 | 16,165 | ||||||
Ending balance at Jun. 27, 2020 | 1,520,828 | 1,439,417 | 107,795 | (26,384) | |||||||||
Ending balance (in shares) at Jun. 27, 2020 | 114,111,948 | 99 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net contributed capital | 19 | 19 | |||||||||||
Net (loss) income | 92,769 | 78,324 | 90,730 | 78,324 | 2,039 | ||||||||
Other comprehensive (loss) income, net of tax | 1,524 | 2,018 | 1,472 | 2,018 | 52 | ||||||||
Stock option exercises (in shares) | 1,069 | ||||||||||||
Stock option exercises | 18 | $ 0 | 18 | ||||||||||
Share-based compensation | 13,322 | 13,322 | 13,322 | 13,322 | |||||||||
Shares redeemed to settle taxes and other (in shares) | 10,894 | ||||||||||||
Shares redeemed to settle taxes and other | 0 | 3 | (3) | ||||||||||
Ending balance at Sep. 26, 2020 | 1,569,496 | 291,620 | 975 | (24,366) | $ 1,142 | $ 0 | 1,257,506 | 18,253 | |||||
Ending balance at Sep. 26, 2020 | 1,614,511 | 1,452,758 | 186,119 | (24,366) | |||||||||
Ending balance (in shares) at Sep. 26, 2020 | 114,123,911 | 114,123,911 | 99 | ||||||||||
Beginning balance at Jan. 02, 2021 | 1,616,268 | 326,772 | 5,203 | (18,583) | $ 1,145 | $ 0 | 1,264,681 | 18,467 | |||||
Beginning balance at Jan. 02, 2021 | 1,662,768 | 1,459,211 | 222,140 | (18,583) | |||||||||
Beginning balance (in shares) at Jan. 02, 2021 | 114,390,595 | 99 | 114,390,595 | 99 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net contributed capital | 15,920 | 15,920 | |||||||||||
Net (loss) income | (23,245) | (27,790) | (22,517) | (27,790) | (728) | ||||||||
LP Unit exchanges (in shares) | 711,794 | ||||||||||||
LP Unit exchanges | 0 | $ 7 | 4,744 | (4,751) | |||||||||
Other comprehensive (loss) income, net of tax | 1,680 | 2,126 | 1,635 | 2,126 | 45 | ||||||||
Distributions | (2,500) | (2,500) | |||||||||||
Stock option exercises (in shares) | 863,338 | ||||||||||||
Stock option exercises | 15,920 | $ 9 | 15,911 | ||||||||||
Share-based compensation | 5,363 | 5,363 | 5,363 | 5,363 | |||||||||
Shares redeemed to settle taxes and other (in shares) | 678,605 | ||||||||||||
Shares redeemed to settle taxes and other | (1,426) | (416) | (416) | $ 6 | (1,432) | ||||||||
Ending balance at Apr. 03, 2021 | 1,614,560 | 304,255 | 6,838 | $ 1,167 | $ 0 | 1,289,267 | 13,033 | ||||||
Ending balance at Apr. 03, 2021 | 1,655,471 | 1,477,578 | 194,350 | (16,457) | |||||||||
Ending balance (in shares) at Apr. 03, 2021 | 116,644,332 | 99 | |||||||||||
Beginning balance at Jan. 02, 2021 | 1,616,268 | 326,772 | 5,203 | (18,583) | $ 1,145 | $ 0 | 1,264,681 | 18,467 | |||||
Beginning balance at Jan. 02, 2021 | 1,662,768 | 1,459,211 | 222,140 | (18,583) | |||||||||
Beginning balance (in shares) at Jan. 02, 2021 | 114,390,595 | 99 | 114,390,595 | 99 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net (loss) income | 109,891 | 130,900 | |||||||||||
LP Unit exchanges (in shares) | 1,440,983 | ||||||||||||
Other comprehensive (loss) income, net of tax | 506 | ||||||||||||
Stock option exercises (in shares) | 1,744,256 | ||||||||||||
Shares redeemed to settle taxes and other (in shares) | 989,116 | ||||||||||||
Ending balance at Oct. 02, 2021 | 1,771,764 | 435,118 | 5,670 | (17,901) | $ 1,186 | $ 0 | 1,319,897 | 9,893 | |||||
Ending balance at Oct. 02, 2021 | 1,838,190 | 1,503,051 | 353,040 | (17,901) | |||||||||
Ending balance (in shares) at Oct. 02, 2021 | 118,564,950 | 99 | 118,564,950 | 99 | |||||||||
Beginning balance at Apr. 03, 2021 | 1,614,560 | 304,255 | 6,838 | $ 1,167 | $ 0 | 1,289,267 | 13,033 | ||||||
Beginning balance at Apr. 03, 2021 | 1,655,471 | 1,477,578 | 194,350 | (16,457) | |||||||||
Beginning balance (in shares) at Apr. 03, 2021 | 116,644,332 | 99 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net contributed capital | 15,846 | 15,846 | |||||||||||
Net (loss) income | 57,758 | 69,815 | 56,659 | 69,815 | 1,099 | ||||||||
LP Unit exchanges (in shares) | 445,540 | ||||||||||||
LP Unit exchanges | 0 | $ 4 | 3,631 | (3,635) | |||||||||
Other comprehensive (loss) income, net of tax | 2,079 | 2,632 | 2,028 | 2,632 | 51 | ||||||||
Stock option exercises (in shares) | 847,480 | ||||||||||||
Stock option exercises | 15,845 | $ 8 | 15,837 | ||||||||||
Share-based compensation | 4,827 | 4,827 | 4,827 | 4,827 | |||||||||
Shares redeemed to settle taxes and other (in shares) | 18,536 | ||||||||||||
Shares redeemed to settle taxes and other | (147) | $ 1 | (148) | ||||||||||
Ending balance at Jul. 03, 2021 | 1,694,922 | 360,914 | 8,866 | $ 1,180 | $ 0 | 1,313,414 | 10,548 | ||||||
Ending balance at Jul. 03, 2021 | 1,748,591 | 1,498,251 | 264,165 | (13,825) | |||||||||
Ending balance (in shares) at Jul. 03, 2021 | 117,955,888 | 99 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net contributed capital | 650 | 650 | |||||||||||
Net (loss) income | 75,378 | 88,875 | 74,204 | 88,875 | 1,174 | ||||||||
LP Unit exchanges (in shares) | 283,649 | ||||||||||||
LP Unit exchanges | 0 | $ 3 | 1,769 | (1,772) | |||||||||
Other comprehensive (loss) income, net of tax | (3,253) | (4,076) | (3,196) | (4,076) | (57) | ||||||||
Stock option exercises (in shares) | 33,438 | ||||||||||||
Stock option exercises | 651 | $ 0 | 651 | ||||||||||
Share-based compensation | 4,685 | 4,685 | 4,685 | 4,685 | |||||||||
Shares redeemed to settle taxes and other (in shares) | 291,975 | ||||||||||||
Shares redeemed to settle taxes and other | (619) | (535) | (535) | $ 3 | (622) | ||||||||
Ending balance at Oct. 02, 2021 | $ 1,771,764 | $ 435,118 | $ 5,670 | (17,901) | $ 1,186 | $ 0 | $ 1,319,897 | $ 9,893 | |||||
Ending balance at Oct. 02, 2021 | $ 1,838,190 | $ 1,503,051 | $ 353,040 | $ (17,901) | |||||||||
Ending balance (in shares) at Oct. 02, 2021 | 118,564,950 | 99 | 118,564,950 | 99 |
SUMMARY OF ORGANIZATION AND SIG
SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Oct. 02, 2021 | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |
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. Summit Inc. is a holding corporation operating and controlling all of the business and affairs of Summit Materials Holdings L.P. (“Summit Holdings”) and its subsidiaries and, through Summit Holdings, conducts its business. Summit Inc. owns the majority of the partnership interests of Summit Holdings (see Note 9, Stockholders’ Equity). Summit Materials, LLC (“Summit LLC”) an indirect wholly owned subsidiary of Summit Holdings, conducts the majority of our operations. Summit Materials Finance Corp. (“Summit Finance”), an indirect wholly owned subsidiary of Summit LLC, has jointly issued our Senior Notes as described below. Basis of Presentation —These unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto as of and for the year ended January 2, 2021. The Company continues to follow the accounting policies set forth in those audited consolidated financial statements. Management believes that these consolidated interim financial statements include all adjustments, normal and recurring in nature, that are necessary to present fairly the financial position of the Company as of October 2, 2021, the results of operations for the three and nine months ended October 2, 2021 and September 26, 2020 and cash flows for the nine months ended October 2, 2021 and September 26, 2020. 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. For a summary of the changes in Summit Inc.’s ownership of Summit Holdings, see Note 9, Stockholders’ Equity. Use of Estimates —Preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, 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, Kansas and Missouri. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers, and management does not believe that 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 the three and nine months ended October 2, 2021 or September 26, 2020. 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 from the provision of services, which are primarily paving and related services. Products: Revenue for product sales is recognized when evidence of an arrangement exists and when control passes, which generally is when the product is shipped. Services: We earn revenue from the provision of services, which are primarily paving and related services, which are typically calculated using monthly progress based on the percentage of completion or a customer’s engineer review of progress. 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 are for work that occurs mostly 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. The percentage of completion 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. 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 Period Reclassifications — We reclassified $32.6 million and $93.1 million of fixed overhead expenses related to production activities from general and administrative expenses to cost of revenue for the three and nine months ended September 26, 2020, respectively, to conform to the current year presentation. In addition, we reclassified $1.6 million and $5.7 million of gain on sale of property, plant and equipment from general and administrative expenses to a separate line item included within operating income, also to conform to the current year presentation. Lastly, we reclassified $0.4 million and $1.5 million of transaction costs from its own line item within operating income into general and administrative expenses for the three and nine months ended September 26, 2020, respectively, to conform to the current year presentation. We believe these reclassifications enhance the comparability of our financial statements to others in the industry and had no material impact on previously reported operating income or Adjusted EBITDA, a non-GAAP measure described in Note 14, Segment Information, below. New Accounting Standards — In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which reduces the accounting complexity of implementing a cloud computing service arrangement. The ASU aligns the capitalization of implementation costs among hosting arrangements and costs incurred to develop internal-use software. We adopted this ASU in the first quarter of 2020 and the adoption of this ASU did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework Changes to The Disclosure Requirements for Defined Benefits Plans , which |
Summit Materials, LLC | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |
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”) consummated in connection with Summit Inc.’s March 2015 initial public offering, Summit Inc. became a holding corporation operating and controlling all of the business and affairs of Summit Holdings and its subsidiaries, including Summit LLC. Basis of Presentation —These unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto as of and for the year ended January 2, 2021. The Company continues to follow the accounting policies set forth in those audited consolidated financial statements. Management believes that these consolidated interim financial statements include all adjustments, normal and recurring in nature, that are necessary to present fairly the financial position of the Company as of October 2, 2021, the results of operations for the three and nine months ended October 2, 2021 and September 26, 2020 and cash flows for the nine months ended October 2, 2021 and September 26, 2020. Use of Estimates —Preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, 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, Kansas and Missouri. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers, and management does not believe that 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 the three and nine months ended October 2, 2021 or September 26, 2020. 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 from the provision of services, which are primarily paving and related services. Products: Revenue for product sales is recognized when evidence of an arrangement exists and when control passes, which generally is when the product is shipped. Services: We earn revenue from the provision of services, which are primarily paving and related services, which are typically calculated using monthly progress based on the percentage of completion or a customer’s engineer review of progress. 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 are for work that occurs mostly 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. The percentage of completion 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. Prior Period Reclassifications —We reclassified $32.6 million and $93.1 million of fixed overhead expenses related to production activities from general and administrative expenses to cost of revenue for the three and nine months ended September 26, 2020, respectively, to conform to the current year presentation. In addition, we reclassified $1.6 million and $5.7 million of gain on sale of property, plant and equipment from general and administrative expenses to a separate line item included within operating income, also to conform to the current year presentation. Lastly, we reclassified $0.4 million and $1.5 million of transaction costs from its own line item within operating income into general and administrative expenses for the three and nine months ended September 26, 2020, respectively, to conform to the current year presentation. We believe these reclassifications enhance the comparability of our financial statements to others in the industry and had no material impact on previously reported operating income or Adjusted EBITDA, a non-GAAP measure described in Note 13, Segment Information, below. New Accounting Standards— In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which reduces the accounting complexity of implementing a cloud computing service arrangement. The ASU aligns the capitalization of implementation costs among hosting arrangements and costs incurred to develop internal-use software. We adopted this ASU in the first quarter of 2020 and the adoption of this ASU did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework Changes to The Disclosure Requirements for Defined Benefits Plans, which modifies the disclosure requirements of employer-sponsored defined benefit and other postretirement benefits plans. The ASU is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. We adopted this ASU in the fourth quarter of 2020 and the adoption of this ASU did not have a material impact on the consolidated financial statements. |
ACQUISITIONS, DISPOSTIONS, GOOD
ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES | 9 Months Ended |
Oct. 02, 2021 | |
Business Acquisition [Line Items] | |
ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES | ACQUISITIONS, DISPOSITIONS, GOODWILL AND INTANGIBLES The Company has completed numerous acquisitions since its formation, which have been financed through a combination of debt and equity funding and available cash. 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: Nine months ended Year ended October 2, 2021 January 2, 2021 West — 2 East 2 1 The purchase price allocation, primarily the valuation of property, plant and equipment for the acquisitions completed during the nine months ended October 2, 2021, as well as the acquisitions completed during 2020 that occurred after September 26, 2020, 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: Nine months ended Year ended October 2, 2021 January 2, 2021 Financial assets $ — $ 8,696 Inventories 173 2,856 Property, plant and equipment 7,958 130,042 Intangible assets 702 — Other assets — 2,790 Financial liabilities (121) (4,469) Other long-term liabilities (300) (16,069) Net assets acquired 8,412 123,846 Goodwill — — Purchase price 8,412 123,846 Acquisition-related liabilities (1,149) — Other — (369) Net cash paid for acquisitions $ 7,263 $ 123,477 Changes in the carrying amount of goodwill, by reportable segment, from January 2, 2021 to October 2, 2021 are summarized as follows: West East Cement Total Balance—January 2, 2021 $ 586,209 $ 410,426 $ 204,656 $ 1,201,291 Dispositions (1) (16,222) (10,520) — (26,742) Foreign currency translation adjustments 306 — — 306 Balance—October 2, 2021 $ 570,293 $ 399,906 $ 204,656 $ 1,174,855 _______________________________________________________________________ (1) Reflects goodwill derecognition from dispositions completed during the nine months ended October 2, 2021. 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 certain 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. The following table shows intangible assets by type and in total: October 2, 2021 January 2, 2021 Gross Accumulated Net Gross Accumulated Net Operating permits $ 33,671 $ (2,206) $ 31,465 $ 33,671 $ (1,207) $ 32,464 Mineral leases 19,927 (8,497) 11,430 19,225 (7,571) 11,654 Reserve rights 25,586 (3,123) 22,463 6,234 (2,504) 3,730 Other 5,463 (483) 4,980 586 (582) 4 Total intangible assets $ 84,647 $ (14,309) $ 70,338 $ 59,716 $ (11,864) $ 47,852 Amortization expense totaled $0.9 million and $2.8 million for the three and nine months ended October 2, 2021, respectively, and $0.7 million and $2.3 million for the three and nine months ended September 26, 2020, respectively. The estimated amortization expense for the intangible assets for each of the five years subsequent to October 2, 2021 is as follows: 2021 (three months) $ 1,034 2022 4,141 2023 4,008 2024 3,913 2025 3,868 2026 3,724 Thereafter 49,650 Total $ 70,338 In the first nine months of 2021, as part of the Company's strategy to rationalize assets, the Company sold four businesses in the East segment and one in the West segment, resulting in cash proceeds of $103.6 million and a total gain on disposition of $15.3 million. |
Summit Materials, LLC | |
Business Acquisition [Line Items] | |
ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES | ACQUISITIONS, DISPOSITIONS, GOODWILL AND INTANGIBLES The Company has completed numerous acquisitions since its formation, which have been financed through a combination of debt and equity funding and available cash. 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: Nine months ended Year ended October 2, 2021 January 2, 2021 West — 2 East 2 1 The purchase price allocation, primarily the valuation of property, plant and equipment for the acquisitions completed during the nine months ended October 2, 2021, as well as the acquisitions completed during 2020 that occurred after September 26, 2020, 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: Nine months ended Year ended October 2, 2021 January 2, 2021 Financial assets $ — $ 8,696 Inventories 173 2,856 Property, plant and equipment 7,958 130,042 Intangible assets 702 — Other assets — 2,790 Financial liabilities (121) (4,469) Other long-term liabilities (300) (16,069) Net assets acquired 8,412 123,846 Goodwill — — Purchase price 8,412 123,846 Acquisition-related liabilities (1,149) — Other — (369) Net cash paid for acquisitions $ 7,263 $ 123,477 Changes in the carrying amount of goodwill, by reportable segment, from January 2, 2021 to October 2, 2021 are summarized as follows: West East Cement Total Balance—January 2, 2021 $ 587,209 $ 410,426 $ 204,656 $ 1,202,291 Dispositions (1) (16,222) (10,520) — (26,742) Foreign currency translation adjustments 306 — — 306 Balance—October 2, 2021 $ 571,293 $ 399,906 $ 204,656 $ 1,175,855 _______________________________________________________________________ (1) Reflects goodwill derecognition from dispositions completed during the nine months ended October 2, 2021. 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 certain 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. The following table shows intangible assets by type and in total: October 2, 2021 January 2, 2021 Gross Accumulated Net Gross Accumulated Net Operating permits $ 33,671 $ (2,206) $ 31,465 $ 33,671 $ (1,207) $ 32,464 Mineral leases 19,927 (8,497) 11,430 19,225 (7,571) 11,654 Reserve rights 25,586 (3,123) 22,463 6,234 (2,504) 3,730 Other 5,463 (483) 4,980 586 (582) 4 Total intangible assets $ 84,647 $ (14,309) $ 70,338 $ 59,716 $ (11,864) $ 47,852 Amortization expense totaled $0.9 million and $2.8 million for the three and nine months ended October 2, 2021, respectively, and $0.7 million and $2.3 million for the three and nine months ended September 26, 2020, respectively. The estimated amortization expense for the intangible assets for each of the five years subsequent to October 2, 2021 is as follows: 2021 (three months) $ 1,034 2022 4,141 2023 4,008 2024 3,913 2025 3,868 2026 3,724 Thereafter 49,650 Total $ 70,338 In the first nine months of 2021, as part of the Company's strategy to rationalize assets, the Company sold four businesses in the East segment and one in the West segment, resulting in cash proceeds of $103.6 million and a total gain on disposition of $15.3 million. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Oct. 02, 2021 | |
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. Revenue by product for the three and nine months ended October 2, 2021 and September 26, 2020 is as follows: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Revenue by product*: Aggregates $ 160,317 $ 136,396 $ 431,201 $ 362,546 Cement 87,645 82,698 207,953 188,854 Ready-mix concrete 183,114 179,124 525,208 488,710 Asphalt 116,364 128,125 238,674 255,992 Paving and related services 112,671 136,191 257,966 280,446 Other 57,129 47,085 151,999 131,270 Total revenue $ 717,240 $ 709,619 $ 1,813,001 $ 1,707,818 *Revenue from liquid asphalt terminals is included in asphalt revenue. Accounts receivable, net consisted of the following as of October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Trade accounts receivable $ 268,188 $ 191,871 Construction contract receivables 53,647 47,179 Retention receivables 14,894 18,824 Receivables from related parties 877 1,339 Accounts receivable 337,606 259,213 Less: Allowance for doubtful accounts (4,255) (4,517) Accounts receivable, net $ 333,351 $ 254,696 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. Revenue by product for the three and nine months ended October 2, 2021 and September 26, 2020 is as follows: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Revenue by product*: Aggregates $ 160,317 $ 136,396 $ 431,201 $ 362,546 Cement 87,645 82,698 207,953 188,854 Ready-mix concrete 183,114 179,124 525,208 488,710 Asphalt 116,364 128,125 238,674 255,992 Paving and related services 112,671 136,191 257,966 280,446 Other 57,129 47,085 151,999 131,270 Total revenue $ 717,240 $ 709,619 $ 1,813,001 $ 1,707,818 *Revenue from liquid asphalt terminals is included in asphalt revenue. Accounts receivable, net consisted of the following as of October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Trade accounts receivable $ 268,188 $ 191,871 Construction contract receivables 53,647 47,179 Retention receivables 14,894 18,824 Receivables from related parties 877 1,339 Accounts receivable 337,606 259,213 Less: Allowance for doubtful accounts (4,255) (4,517) Accounts receivable, net $ 333,351 $ 254,696 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 | 9 Months Ended |
Oct. 02, 2021 | |
Inventory [Line Items] | |
INVENTORIES | INVENTORIES Inventories consisted of the following as of October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Aggregate stockpiles $ 132,325 $ 137,938 Finished goods 31,334 32,993 Work in process 9,189 9,281 Raw materials 22,464 20,096 Total $ 195,312 $ 200,308 |
Summit Materials, LLC | |
Inventory [Line Items] | |
INVENTORIES | INVENTORIES Inventories consisted of the following as of October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Aggregate stockpiles $ 132,325 $ 137,938 Finished goods 31,334 32,993 Work in process 9,189 9,281 Raw materials 22,464 20,096 Total $ 195,312 $ 200,308 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 9 Months Ended |
Oct. 02, 2021 | |
Schedule Of Accrued Expenses [Line Items] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following as of October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Interest $ 8,891 $ 21,860 Payroll and benefits 37,906 46,026 Finance lease obligations 17,424 24,601 Insurance 19,676 18,355 Non-income taxes 23,834 15,669 Deferred asset purchase payments 4,538 9,749 Professional fees 1,152 828 Other (1) 23,957 23,482 Total $ 137,378 $ 160,570 (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 October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Interest $ 8,891 $ 21,860 Payroll and benefits 37,906 46,026 Finance lease obligations 17,424 24,601 Insurance 19,676 18,355 Non-income taxes 24,065 15,900 Deferred asset purchase payments 4,538 9,749 Professional fees 1,152 828 Other (1) 23,957 23,482 Total $ 137,609 $ 160,801 _______________________________________________________________________ (1) Consists primarily of current portion of asset retirement obligations and miscellaneous accruals. |
DEBT
DEBT | 9 Months Ended |
Oct. 02, 2021 | |
Debt Instrument [Line Items] | |
DEBT | DEBT Debt consisted of the following as of October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Term Loan, due 2024: $611.5 million and $616.3 million, net of $0.7 million and $0.9 million discount at October 2, 2021 and January 2, 2021, respectively $ 610,830 $ 615,425 5 1 ⁄ 8 % Senior Notes, due 2025 — 300,000 6 1 ⁄ 2 % Senior Notes, due 2027 300,000 300,000 5 1 ⁄ 4 % Senior Notes, due 2029 700,000 700,000 Total 1,610,830 1,915,425 Current portion of long-term debt 6,354 6,354 Long-term debt $ 1,604,476 $ 1,909,071 The contractual payments of long-term debt, including current maturities, for the five years subsequent to October 2, 2021, are as follows: 2021 (three months) $ 1,588 2022 6,354 2023 6,354 2024 597,252 2025 — 2026 — Thereafter 1,000,000 Total 1,611,548 Less: Original issue net discount (718) Less: Capitalized loan costs (12,487) Total debt $ 1,598,343 Senior Notes — On September 27, 2021, Summit LLC and Summit Finance (together, 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 "2020 Indenture"). The 2020 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 2020 Indenture also contains customary events of default. Interest on the 2029 Notes is payable semi-annually on January 15 and July 15 of each year commencing on January 15, 2021. 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 2020 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 October 2, 2021 and January 2, 2021, the Company was in compliance with all covenants under the applicable indentures. Senior Secured Credit Facilities — Summit LLC has credit facilities that provide for term loans in an aggregate amount of $650.0 million and revolving credit commitments in an aggregate amount of $345.0 million (the “Senior Secured Credit Facilities”). Under the Senior Secured Credit Facilities, required principal repayments 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 2018 payment. The unpaid principal balance is due in full on the maturity date, which is November 21, 2024. The revolving credit facility bears interest per annum equal to, at Summit LLC’s option, either (i) a base rate determined by reference to the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate of Bank of America, N.A. and (c) LIBOR plus 1.00%, plus an applicable margin of 2.00% for base rate loans or (ii) a LIBOR rate determined by reference to Reuters prior to the interest period relevant to such borrowing adjusted for certain additional costs plus an applicable margin of 3.00% for LIBOR rate loans. The maturity date with respect to revolving credit commitments under the revolving credit facility is February 25, 2024. There were no outstanding borrowings under the revolving credit facility as of October 2, 2021 and January 2, 2021, with borrowing capacity of $329.1 million remaining as of October 2, 2021, which is net of $15.9 million of outstanding letters of credit. The outstanding letters of credit are renewed annually and support required bonding on construction projects, large leases, workers compensation claims 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 October 2, 2021 and January 2, 2021, Summit LLC was in compliance with all financial covenants. 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, 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 nine months ended October 2, 2021 and September 26, 2020: Deferred financing fees Balance—January 2, 2021 $ 18,367 Amortization (2,510) Write off of deferred financing fees (2,116) Balance—October 2, 2021 $ 13,741 Balance—December 28, 2019 $ 15,436 Loan origination fees 9,565 Amortization (2,499) Write off of deferred financing fees (3,338) Balance—September 26, 2020 $ 19,164 Other —On January 15, 2015, the Company’s wholly-owned subsidiary in British Columbia, Canada entered into an agreement with HSBC Bank Canada for a (i) $6.0 million Canadian dollar (“CAD”) revolving credit commitment to be used for operating activities that bears interest per annum equal to the bank’s prime rate plus 0.20%, (ii) $0.5 million CAD revolving credit commitment to be used for capital equipment that bears interest per annum at the bank’s prime rate plus 0.90% and (iii) $0.3 million CAD revolving credit commitment to provide guarantees on behalf of that subsidiary. There were no amounts outstanding under this agreement as of October 2, 2021 or January 2, 2021. |
Summit Materials, LLC | |
Debt Instrument [Line Items] | |
DEBT | DEBT Debt consisted of the following as of October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Term Loan, due 2024: $611.5 million and $616.3 million, net of $0.7 million and $0.9 million discount at October 2, 2021 and January 2, 2021, respectively $ 610,830 $ 615,425 5 1/8 % Senior Notes, due 2025 — 300,000 6 1/2 % Senior Notes, due 2027 300,000 300,000 5 1/4 % Senior Notes, due 2029 700,000 700,000 Total 1,610,830 1,915,425 Current portion of long-term debt 6,354 6,354 Long-term debt $ 1,604,476 $ 1,909,071 The contractual payments of long-term debt, including current maturities, for the five years subsequent to October 2, 2021, are as follows: 2021 (three months) $ 1,588 2022 6,354 2023 6,354 2024 597,252 2025 — 2026 — Thereafter 1,000,000 Total 1,611,548 Less: Original issue net discount (718) Less: Capitalized loan costs (12,487) Total debt $ 1,598,343 Senior Notes —On September 27, 2021, Summit LLC and Summit Finance (together, 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 "2020 Indenture"). The 2020 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 2020 Indenture also contains customary events of default. Interest on the 2029 Notes is payable semi-annually on January 15 and July 15 of each year commencing on January 15, 2021. 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 2020 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 October 2, 2021 and January 2, 2021, the Company was in compliance with all covenants under the applicable indentures. Senior Secured Credit Facilities — Summit LLC has credit facilities that provide for term loans in an aggregate amount of $650.0 million and revolving credit commitments in an aggregate amount of $345.0 million (the “Senior Secured Credit Facilities”). Under the Senior Secured Credit Facilities, required principal repayments 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 2018 payment. The unpaid principal balance is due in full on the maturity date, which is November 21, 2024. The revolving credit facility bears interest per annum equal to, at Summit LLC’s option, either (i) a base rate determined by reference to the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate of Bank of America, N.A. and (c) LIBOR plus 1.00%, plus an applicable margin of 2.00% for base rate loans or (ii) a LIBOR rate determined by reference to Reuters prior to the interest period relevant to such borrowing adjusted for certain additional costs plus an applicable margin of 3.00% for LIBOR rate loans. The maturity date with respect to revolving credit commitments under the revolving credit facility is February 25, 2024. There were no outstanding borrowings under the revolving credit facility as of October 2, 2021 and January 2, 2021, with borrowing capacity of $329.1 million remaining as of October 2, 2021, which is net of $15.9 million of outstanding letters of credit. The outstanding letters of credit are renewed annually and support required bonding on construction projects, large leases, workers compensation claims 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 October 2, 2021 and January 2, 2021, Summit LLC was in compliance with all financial covenants. 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, 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 nine months ended October 2, 2021 and September 26, 2020: Deferred financing fees Balance—January 2, 2021 $ 18,367 Amortization (2,510) Write off of deferred financing fees (2,116) Balance—October 2, 2021 $ 13,741 Balance - December 28, 2019 $ 15,436 Loan origination fees 9,565 Amortization (2,499) Write off of deferred financing fees (3,338) Balance - September 26, 2020 $ 19,164 Other —On January 15, 2015, the Company’s wholly-owned subsidiary in British Columbia, Canada entered into an agreement with HSBC Bank Canada for a (i) $6.0 million Canadian dollar (“CAD”) revolving credit commitment to be used for operating activities that bears interest per annum equal to the bank’s prime rate plus 0.20%, (ii) $0.5 million CAD revolving credit commitment to be used for capital equipment that bears interest per annum at the bank’s prime rate plus 0.90% and (iii) $0.3 million CAD revolving credit commitment to provide guarantees on behalf of that subsidiary. There were no amounts outstanding under this agreement as of October 2, 2021 or January 2, 2021. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Oct. 02, 2021 | |
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 accounts. Our income tax expense was $20.5 million and $33.5 million in the three and nine months ended October 2, 2021, respectively, and our income tax benefit was $(19.6) million and $(25.3) million in the three and nine months ended September 26, 2020, respectively. The effective tax rate for Summit Inc. differs from the federal statutory tax rate primarily due to (1) unrecognized tax benefits in 2020, (2) state taxes, (3) tax depletion expense in excess of the expense recorded under U.S. GAAP, (4) the minority interest in the Summit Holdings partnership that is allocated outside of the Company and (5) various other items such as limitations on meals and entertainment, certain stock compensation and other costs. In the first quarter of 2020, we recorded the impact of the Coronavirus Aid, Relief and Economic Stability Act ("CARES Act") enacted into law in late March 2020, which reduced our unrecognized tax benefits by approximately $9.5 million. In the third quarter of 2020, final regulations were issued clarifying portions of the Tax Cuts and Jobs Act of 2017 ("TCJA"). Under the provisions of the final regulations, we reversed unrecognized tax benefits of $32.9 million in the third quarter of 2020. As of October 2, 2021 and January 2, 2021, Summit Inc. had a valuation allowance of $1.7 million, which relates to certain deferred tax assets in taxable entities where realization is not more likely than not. No material interest or penalties were recognized in income tax expense during the three and nine months ended October 2, 2021 and September 26, 2020. Tax Receivable Agreement —The Company is party to a TRA with certain current and former holders of LP Units 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. In the nine months ended October 2, 2021, 1,440,983 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. These exchanges resulted in net new deferred tax assets of approximately $10.8 million. As we determined that the deferred tax assets created from these exchanges are realizable and payment under the TRA is considered probable, we have recorded 85% of the increase in deferred tax assets as TRA liability and the remainder as an adjustment to additional paid in capital. As of October 2, 2021 and January 2, 2021, we had recorded $330.9 million and $321.7 million of TRA liability, respectively. 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 in New York, New York. Summit Holdings did not make any tax distributions in the nine months ended October 2, 2021 and September 26, 2020. |
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 parent company and is generally not subject to federal or state income tax. However, certain subsidiary entities file federal, state and Canadian income tax returns due to their status as taxable entities in the respective jurisdiction. The effective income tax rate for the C Corporations differs from the statutory federal rate primarily due to (1) tax depletion expense in excess of the expense recorded under U.S. GAAP, (2) state income taxes and the effect of graduated tax rates and (3) various other items, such as limitations on meals and entertainment and other costs. 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 three and nine months ended October 2, 2021 and September 26, 2020. We recognized uncertain tax benefits in the three and nine months ended March 28, 2020 related to the passage of the Coronavirus Aid, Relief and Economic Stability Act (“CARES Act”) on March 25, 2020. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Oct. 02, 2021 | |
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 earnings per share: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Net income attributable to Summit Inc. $ 74,204 $ 90,730 $ 108,346 $ 102,815 Weighted average shares of Class A stock outstanding 118,272,955 114,116,564 117,040,207 113,943,292 Add: Nonvested restricted stock awards of retirement eligible shares 200,575 320,343 218,224 145,155 Weighted average basic shares outstanding 118,473,530 114,436,907 117,258,431 114,088,447 Basic earnings per share $ 0.63 $ 0.79 $ 0.92 $ 0.90 Diluted net income attributable to Summit Inc. $ 74,204 $ 90,730 $ 108,346 $ 102,815 Weighted average shares of Class A stock outstanding 118,272,955 114,116,564 117,040,207 113,943,292 Add: stock options 125,164 — 310,990 — Add: warrants 14,405 — 17,573 — Add: restricted stock units 680,980 263,886 812,702 450,353 Add: performance stock units 198,142 91,721 179,143 63,631 Weighted average dilutive shares outstanding 119,291,646 114,472,171 118,360,615 114,457,276 Diluted earnings per share $ 0.62 $ 0.79 $ 0.92 $ 0.90 Excluded from the above calculations were the shares noted below as they were antidilutive: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Antidilutive shares: LP Units 1,594,272 3,053,115 2,031,090 3,086,819 Time-vesting stock options — 2,095,929 — 2,095,929 Warrants — 100,037 — 100,037 Time-vesting restricted stock units — — — — Market-based restricted stock units — — — — |
STOCKHOLDERS' EQUITY_MEMBERS' I
STOCKHOLDERS' EQUITY/MEMBERS' INTEREST | 9 Months Ended |
Oct. 02, 2021 | |
Schedule of Capitalization, Equity [Line Items] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY During the nine months ended October 2, 2021 and September 26, 2020, certain limited partners of Summit Holdings exchanged 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. LP Units Total Summit Inc. Balance — January 2, 2021 114,390,595 2,873,170 117,263,765 97.5 % Exchanges during period 1,440,983 (1,440,983) — Stock option exercises 1,744,256 — 1,744,256 Other equity transactions 989,116 — 989,116 Balance — October 2, 2021 118,564,950 1,432,187 119,997,137 98.8 % Balance — December 28, 2019 113,309,385 3,249,657 116,559,042 97.2 % Exchanges during period 196,542 (196,542) — Stock option exercises 14,404 — 14,404 Other equity transactions 603,580 — 603,580 Balance — September 26, 2020 114,123,911 3,053,115 117,177,026 97.4 % Summit Inc. is Summit Holdings’ primary beneficiary and thus consolidates Summit Holdings in its consolidated financial statements with a corresponding noncontrolling interest reclassification, which was 1.2% and 2.5% as of October 2, 2021 and January 2, 2021, respectively. Accumulated other comprehensive income (loss) —The changes in each component of accumulated other comprehensive income (loss) consisted of the following: Change in Foreign currency Accumulated Balance — January 2, 2021 $ 533 $ 4,670 $ 5,203 Foreign currency translation adjustment, net of tax — 467 467 Balance — October 2, 2021 $ 533 $ 5,137 $ 5,670 Balance — December 28, 2019 $ 2,171 $ 1,277 $ 3,448 Foreign currency translation adjustment, net of tax — (2,473) (2,473) Balance — September 26, 2020 $ 2,171 $ (1,196) $ 975 |
Summit Materials, LLC | |
Schedule of Capitalization, Equity [Line Items] | |
MEMBERS' INTEREST | MEMBERS’ INTEREST 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 Cash flow hedge comprehensive retirement plans adjustments adjustments (loss) income Balance — January 2, 2021 $ (8,546) $ (10,037) $ — $ (18,583) Foreign currency translation adjustment — 682 — 682 Balance — October 2, 2021 $ (8,546) $ (9,355) $ — $ (17,901) Balance — December 28, 2019 $ (6,317) $ (14,654) $ — $ (20,971) Foreign currency translation adjustment — (3,395) — (3,395) Balance — September 26, 2020 $ (6,317) $ (18,049) $ — $ (24,366) |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Oct. 02, 2021 | |
Schedule Of Cash Flow Supplemental [Line Items] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information is as follows: Nine months ended October 2, 2021 September 26, 2020 Cash payments: Interest $ 77,890 $ 86,427 Payments for income taxes, net 6,694 1,131 Operating cash payments on operating leases 7,894 8,372 Operating cash payments on finance leases 1,722 2,402 Finance cash payments on finance leases 13,739 11,528 Non cash financing activities: Right of use assets obtained in exchange for operating lease obligations $ 6,476 $ 2,931 Right of use assets obtained in exchange for finance leases obligations 600 17,605 Exchange of LP Units to shares of Class A common stock 43,796 4,648 |
Summit Materials, LLC | |
Schedule Of Cash Flow Supplemental [Line Items] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information is as follows: Nine months ended October 2, 2021 September 26, 2020 Cash payments: Interest $ 77,890 $ 86,427 Payments for income taxes, net 6,694 1,131 Operating cash payments on operating leases 7,894 8,372 Operating cash payments on finance leases 1,722 2,402 Finance cash payments on finance leases 13,739 11,528 Non cash financing activities: Right of use assets obtained in exchange for operating lease obligations $ 6,476 $ 2,931 Right of use assets obtained in exchange for finance leases obligations 600 17,605 |
LEASES
LEASES | 9 Months Ended |
Oct. 02, 2021 | |
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: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Operating lease cost $ 1,755 $ 2,478 $ 5,175 $ 7,576 Variable lease cost 90 90 263 253 Short-term lease cost 12,373 14,335 30,517 33,369 Financing lease cost: Amortization of right-of-use assets 2,168 3,439 7,835 9,307 Interest on lease liabilities 475 780 1,689 2,329 Total lease cost $ 16,861 $ 21,122 $ 45,479 $ 52,834 October 2, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 27,339 $ 28,543 Current operating lease liabilities $ 6,818 $ 8,188 Noncurrent operating lease liabilities 21,596 21,500 Total operating lease liabilities $ 28,414 $ 29,688 Finance leases: Property and equipment, gross $ 69,115 $ 92,679 Less accumulated depreciation (29,387) (32,828) Property and equipment, net $ 39,728 $ 59,851 Current finance lease liabilities $ 17,424 $ 24,601 Long-term finance lease liabilities 18,249 31,727 Total finance lease liabilities $ 35,673 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.1 8.7 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.3 % Finance leases 5.3 % 5.2 % Maturities of lease liabilities, as of October 2, 2021, were as follows: Operating Leases Finance Leases 2021 (three months) $ 2,103 $ 3,950 2022 7,489 18,668 2023 5,830 7,386 2024 3,662 3,209 2025 2,444 2,583 2026 1,794 990 Thereafter 12,976 1,843 Total lease payments 36,298 38,629 Less imputed interest (7,884) (2,956) Present value of lease payments $ 28,414 $ 35,673 |
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: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Operating lease cost $ 1,755 $ 2,478 $ 5,175 $ 7,576 Variable lease cost 90 90 263 253 Short-term lease cost 12,373 14,335 30,517 33,369 Financing lease cost: Amortization of right-of-use assets 2,168 3,439 7,835 9,307 Interest on lease liabilities 475 780 1,689 2,329 Total lease cost $ 16,861 $ 21,122 $ 45,479 $ 52,834 October 2, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 27,339 $ 28,543 Current operating lease liabilities $ 6,818 $ 8,188 Noncurrent operating lease liabilities 21,596 21,500 Total operating lease liabilities $ 28,414 $ 29,688 Finance leases: Property and equipment, gross $ 69,115 $ 92,679 Less accumulated depreciation (29,387) (32,828) Property and equipment, net $ 39,728 $ 59,851 Current finance lease liabilities $ 17,424 $ 24,601 Long-term finance lease liabilities 18,249 31,727 Total finance lease liabilities $ 35,673 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.1 8.7 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.3 % Finance leases 5.3 % 5.2 % Maturities of lease liabilities, as of October 2, 2021, were as follows: Operating Leases Finance Leases 2021 (three months) $ 2,103 $ 3,950 2022 7,489 18,668 2023 5,830 7,386 2024 3,662 3,209 2025 2,444 2,583 2026 1,794 990 Thereafter 12,976 1,843 Total lease payments 36,298 38,629 Less imputed interest (7,884) (2,956) Present value of lease payments $ 28,414 $ 35,673 |
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: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Operating lease cost $ 1,755 $ 2,478 $ 5,175 $ 7,576 Variable lease cost 90 90 263 253 Short-term lease cost 12,373 14,335 30,517 33,369 Financing lease cost: Amortization of right-of-use assets 2,168 3,439 7,835 9,307 Interest on lease liabilities 475 780 1,689 2,329 Total lease cost $ 16,861 $ 21,122 $ 45,479 $ 52,834 October 2, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 27,339 $ 28,543 Current operating lease liabilities $ 6,818 $ 8,188 Noncurrent operating lease liabilities 21,596 21,500 Total operating lease liabilities $ 28,414 $ 29,688 Finance leases: Property and equipment, gross $ 69,115 $ 92,679 Less accumulated depreciation (29,387) (32,828) Property and equipment, net $ 39,728 $ 59,851 Current finance lease liabilities $ 17,424 $ 24,601 Long-term finance lease liabilities 18,249 31,727 Total finance lease liabilities $ 35,673 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.1 8.7 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.3 % Finance leases 5.3 % 5.2 % Maturities of lease liabilities, as of October 2, 2021, were as follows: Operating Leases Finance Leases 2021 (three months) $ 2,103 $ 3,950 2022 7,489 18,668 2023 5,830 7,386 2024 3,662 3,209 2025 2,444 2,583 2026 1,794 990 Thereafter 12,976 1,843 Total lease payments 36,298 38,629 Less imputed interest (7,884) (2,956) Present value of lease payments $ 28,414 $ 35,673 |
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: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Operating lease cost $ 1,755 $ 2,478 $ 5,175 $ 7,576 Variable lease cost 90 90 263 253 Short-term lease cost 12,373 14,335 30,517 33,369 Financing lease cost: Amortization of right-of-use assets 2,168 3,439 7,835 9,307 Interest on lease liabilities 475 780 1,689 2,329 Total lease cost $ 16,861 $ 21,122 $ 45,479 $ 52,834 October 2, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 27,339 $ 28,543 Current operating lease liabilities $ 6,818 $ 8,188 Noncurrent operating lease liabilities 21,596 21,500 Total operating lease liabilities $ 28,414 $ 29,688 Finance leases: Property and equipment, gross $ 69,115 $ 92,679 Less accumulated depreciation (29,387) (32,828) Property and equipment, net $ 39,728 $ 59,851 Current finance lease liabilities $ 17,424 $ 24,601 Long-term finance lease liabilities 18,249 31,727 Total finance lease liabilities $ 35,673 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.1 8.7 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.3 % Finance leases 5.3 % 5.2 % Maturities of lease liabilities, as of October 2, 2021, were as follows: Operating Leases Finance Leases 2021 (three months) $ 2,103 $ 3,950 2022 7,489 18,668 2023 5,830 7,386 2024 3,662 3,209 2025 2,444 2,583 2026 1,794 990 Thereafter 12,976 1,843 Total lease payments 36,298 38,629 Less imputed interest (7,884) (2,956) Present value of lease payments $ 28,414 $ 35,673 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Oct. 02, 2021 | |
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. The Company has asset retirement obligations arising from regulatory and contractual requirements to perform reclamation activities at the time certain quarries and landfills are closed. As of October 2, 2021 and January 2, 2021, $32.7 million and $33.6 million, respectively, were included in other noncurrent liabilities on the consolidated balance sheets and $9.6 million and $10.0 million, respectively, were included in accrued expenses for future reclamation costs. The total undiscounted anticipated costs for site reclamation as of October 2, 2021 and January 2, 2021 were $108.0 million and $112.8 million, respectively. 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. The Company has asset retirement obligations arising from regulatory and contractual requirements to perform reclamation activities at the time certain quarries and landfills are closed. As of October 2, 2021 and January 2, 2021, $32.7 million and $33.6 million, respectively, were included in other noncurrent liabilities on the consolidated balance sheets and $9.6 million and $10.0 million, respectively, were included in accrued expenses for future reclamation costs. The total undiscounted anticipated costs for site reclamation as of October 2, 2021 and January 2, 2021 were $108.0 million and $112.8 million, respectively. 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. |
FAIR VALUE
FAIR VALUE | 9 Months Ended |
Oct. 02, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
FAIR VALUE | FAIR VALUE 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 October 2, 2021 and January 2, 2021 was: October 2, 2021 January 2, 2021 Current portion of acquisition-related liabilities and Accrued expenses: Contingent consideration $ 554 $ 654 Acquisition-related liabilities and Other noncurrent liabilities: Contingent consideration $ 1,199 $ 1,209 The fair value of contingent consideration was based on unobservable, or Level 3, inputs, including projected probability-weighted cash payments and a 9.5% discount rate, which reflects a market discount rate. Changes in fair value may occur as a result of a change in actual or projected cash payments, the probability weightings applied by the Company to projected payments or a change in the discount rate. Significant increases or decreases in any of these inputs in isolation could result in a lower, or higher, fair value measurement. There were no material valuation adjustments to contingent consideration as of October 2, 2021 and September 26, 2020. 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 October 2, 2021 and January 2, 2021 was: October 2, 2021 January 2, 2021 Fair Value Carrying Value Fair Value Carrying Value Level 1 Long-term debt(1) $ 1,661,673 $ 1,610,830 $ 1,971,087 $ 1,915,425 Level 3 Current portion of deferred consideration and noncompete obligations(2) 12,255 12,255 9,611 9,611 Long term portion of deferred consideration and noncompete obligations(3) 32,024 32,024 11,037 11,037 (1) $6.4 million was included in current portion of debt as of October 2, 2021 and January 2, 2021. (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. The fair value of debt was determined based on observable, or Level 2, inputs, such as interest rates, bond yields and quoted prices in inactive markets. The fair values of the deferred consideration and noncompete obligations were determined based on unobservable, or Level 3, inputs, including the cash payment terms in the purchase agreements and a discount rate reflecting the Company’s credit risk. 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 | FAIR VALUE 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 October 2, 2021 and January 2, 2021 was: October 2, 2021 January 2, 2021 Current portion of acquisition-related liabilities and Accrued expenses: Contingent consideration $ 554 $ 654 Acquisition-related liabilities and Other noncurrent liabilities: Contingent consideration $ 1,199 $ 1,209 The fair value of contingent consideration was based on unobservable, or Level 3, inputs, including projected probability-weighted cash payments and a 9.5% discount rate, which reflects a market discount rate. Changes in fair value may occur as a result of a change in actual or projected cash payments, the probability weightings applied by the Company to projected payments or a change in the discount rate. Significant increases or decreases in any of these inputs in isolation could result in a lower, or higher, fair value measurement. There were no material valuation adjustments to contingent consideration as of October 2, 2021 and September 26, 2020. 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 October 2, 2021 and January 2, 2021 was: October 2, 2021 January 2, 2021 Fair Value Carrying Value Fair Value Carrying Value Level 1 Long-term debt(1) $ 1,661,673 $ 1,610,830 $ 1,971,087 $ 1,915,425 Level 3 Current portion of deferred consideration and noncompete obligations(2) 12,255 12,255 7,173 7,173 Long term portion of deferred consideration and noncompete obligations(3) 32,024 32,024 11,037 11,037 (1) $6.4 million was included in current portion of debt as of October 2, 2021 and January 2, 2021. (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. The fair value of debt was determined based on observable, or Level 2, inputs, such as interest rates, bond yields and quoted prices in inactive markets. The fair values of the deferred consideration and noncompete obligations were determined based on unobservable, or Level 3, inputs, including the cash payment terms in the purchase agreements and a discount rate reflecting the Company’s credit risk. 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 | 9 Months Ended |
Oct. 02, 2021 | |
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, our 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 operations before interest, taxes, depreciation, depletion, amortization, accretion, and share-based compensation, as well as various other non-recurring, non-cash amounts. Beginning with the first quarter of 2021, the Company no longer adjusts for transaction costs, as those costs are recurring cash payments, and are included in general and administrative expenses. The West and East segments have several 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 October 2, 2021 and January 2, 2021 and for the three and nine months ended October 2, 2021 and September 26, 2020: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Revenue*: West $ 369,250 $ 390,310 $ 958,351 $ 919,016 East 255,490 234,435 635,659 590,341 Cement 92,500 84,874 218,991 198,461 Total revenue $ 717,240 $ 709,619 $ 1,813,001 $ 1,707,818 *Intercompany sales are immaterial and the presentation above only reflects sales to external customers. Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Income from operations before taxes $ 95,891 $ 73,156 $ 143,369 $ 79,597 Interest expense 24,134 24,623 72,536 78,049 Depreciation, depletion and amortization 58,381 57,364 171,474 161,912 Accretion 701 690 2,177 1,848 Loss on debt financings 6,016 4,064 6,016 4,064 Loss (gain) on sale of businesses 113 — (15,319) — Non-cash compensation 4,685 13,322 14,875 23,119 Other 363 4,083 682 4,287 Total Adjusted EBITDA $ 190,284 $ 177,302 $ 395,810 $ 352,876 Total Adjusted EBITDA by Segment: West $ 92,303 $ 95,470 $ 211,722 $ 196,881 East 69,084 56,943 138,113 119,900 Cement 40,360 35,086 82,281 63,172 Corporate and other (11,463) (10,197) (36,306) (27,077) Total Adjusted EBITDA $ 190,284 $ 177,302 $ 395,810 $ 352,876 Nine months ended October 2, 2021 September 26, 2020 Purchases of property, plant and equipment West $ 85,137 $ 51,148 East 69,469 75,006 Cement 14,852 12,097 Total reportable segments 169,458 138,251 Corporate and other 612 1,755 Total purchases of property, plant and equipment $ 170,070 $ 140,006 Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Depreciation, depletion, amortization and accretion: West $ 24,796 $ 23,117 $ 75,287 $ 67,082 East 22,809 22,803 66,306 65,293 Cement 10,409 11,155 28,785 28,425 Total reportable segments 58,014 57,075 170,378 160,800 Corporate and other 1,068 979 3,273 2,960 Total depreciation, depletion, amortization and accretion $ 59,082 $ 58,054 $ 173,651 $ 163,760 October 2, 2021 January 2, 2021 Total assets: West $ 1,569,240 $ 1,503,382 East 1,316,659 1,303,742 Cement 863,858 850,835 Total reportable segments 3,749,757 3,657,959 Corporate and other 466,892 650,052 Total $ 4,216,649 $ 4,308,011 |
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, our 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 operations before interest, taxes, depreciation, depletion, amortization, accretion and share-based compensation, as well as various other non-recurring, non-cash amounts. Beginning with the first quarter of 2021, the Company no longer adjusts for transaction costs, as those costs are recurring cash payments, and are included in general and administrative expenses. The West and East segments have several 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 October 2, 2021 and January 2, 2021 and for the three and nine months ended October 2, 2021 and September 26, 2020: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Revenue*: West $ 369,250 $ 390,310 $ 958,351 $ 919,016 East 255,490 234,435 635,659 590,341 Cement 92,500 84,874 218,991 198,461 Total revenue $ 717,240 $ 709,619 $ 1,813,001 $ 1,707,818 *Intercompany sales are immaterial and the presentation above only reflects sales to external customers. Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Income from operations before taxes $ 95,891 $ 73,218 $ 143,431 $ 79,839 Interest expense 24,134 24,561 72,474 77,807 Depreciation, depletion and amortization 58,381 57,364 171,474 161,912 Accretion 701 690 2,177 1,848 Loss on debt financings 6,016 4,064 6,016 4,064 Loss (gain) on sale of businesses 113 — (15,319) — Non-cash compensation 4,685 13,322 14,875 23,119 Other 363 4,083 682 4,287 Total Adjusted EBITDA $ 190,284 $ 177,302 $ 395,810 $ 352,876 Total Adjusted EBITDA by Segment: West $ 92,303 $ 95,470 $ 211,722 $ 196,881 East 69,084 56,943 138,113 119,900 Cement 40,360 35,086 82,281 63,172 Corporate and other (11,463) (10,197) (36,306) (27,077) Total Adjusted EBITDA $ 190,284 $ 177,302 $ 395,810 $ 352,876 Nine months ended October 2, 2021 September 26, 2020 Purchases of property, plant and equipment West $ 85,137 $ 51,148 East 69,469 75,006 Cement 14,852 12,097 Total reportable segments 169,458 138,251 Corporate and other 612 1,755 Total purchases of property, plant and equipment $ 170,070 $ 140,006 Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Depreciation, depletion, amortization and accretion: West $ 24,796 $ 23,117 $ 75,287 $ 67,082 East 22,809 22,803 66,306 65,293 Cement 10,409 11,155 28,785 28,425 Total reportable segments 58,014 57,075 170,378 160,800 Corporate and other 1,068 979 3,273 2,960 Total depreciation, depletion, amortization and accretion $ 59,082 $ 58,054 $ 173,651 $ 163,760 October 2, 2021 January 2, 2021 Total assets: West $ 1,569,240 $ 1,503,382 East 1,316,659 1,303,742 Cement 863,858 850,835 Total reportable segments 3,749,757 3,657,959 Corporate and other 257,503 419,175 Total $ 4,007,260 $ 4,077,134 |
GUARANTOR AND NON-GUARANTOR FIN
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | 9 Months Ended |
Oct. 02, 2021 | |
Summit Materials, LLC | |
Guarantor and Non-Guarantor Financial Information | 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. Finance Corp. does not and will not have any assets or operations other than as may be incidental to its activities as a co-issuer of the Senior Notes and other indebtedness. 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 Guarantors in the form of dividends or loans. Additionally, there are no significant restrictions on a Guarantor’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 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 Guarantors or Non-Guarantors operated as independent entities. Condensed Consolidating Balance Sheets October 2, 2021 Non- Issuers Guarantors Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 241,285 $ 1,818 $ 17,660 $ (2,680) $ 258,083 Accounts receivable, net 63 309,930 23,507 (149) 333,351 Intercompany receivables 375,735 1,587,227 — (1,962,962) — Cost and estimated earnings in excess of billings — 32,632 1,549 — 34,181 Inventories — 189,170 6,142 — 195,312 Other current assets 3,272 9,799 784 — 13,855 Total current assets 620,355 2,130,576 49,642 (1,965,791) 834,782 Property, plant and equipment, net 6,382 1,744,803 89,954 — 1,841,139 Goodwill — 1,115,340 60,515 — 1,175,855 Intangible assets, net — 65,358 4,980 — 70,338 Operating lease right-of-use assets 1,908 20,381 5,050 — 27,339 Other assets 4,322,784 216,523 1,102 (4,482,602) 57,807 Total assets $ 4,951,429 $ 5,292,981 $ 211,243 $ (6,448,393) $ 4,007,260 Liabilities and Members' Interest Current liabilities: Current portion of debt $ 6,354 $ — $ — $ — $ 6,354 Current portion of acquisition-related liabilities — 12,809 — — 12,809 Accounts payable 5,054 138,423 13,202 (149) 156,530 Accrued expenses 39,884 98,013 2,392 (2,680) 137,609 Current operating lease liabilities 967 5,153 698 — 6,818 Intercompany payables 1,462,313 498,077 2,572 (1,962,962) — Billings in excess of costs and estimated earnings — 10,852 779 — 11,631 Total current liabilities 1,514,572 763,327 19,643 (1,965,791) 331,751 Long-term debt 1,591,989 — — — 1,591,989 Acquisition-related liabilities — 33,223 — — 33,223 Noncurrent operating lease liabilities 1,832 15,562 4,202 — 21,596 Other noncurrent liabilities 4,846 230,981 119,105 (164,421) 190,511 Total liabilities 3,113,239 1,043,093 142,950 (2,130,212) 2,169,070 Total members' interest 1,838,190 4,249,888 68,293 (4,318,181) 1,838,190 Total liabilities and members' interest $ 4,951,429 $ 5,292,981 $ 211,243 $ (6,448,393) $ 4,007,260 Condensed Consolidating Balance Sheets January 2, 2021 Non- Issuers Guarantors Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 401,074 $ 10,287 $ 10,461 $ (3,641) $ 418,181 Accounts receivable, net 4 230,199 24,384 109 254,696 Intercompany receivables 404,459 1,303,293 — (1,707,752) — Cost and estimated earnings in excess of billings — 7,504 1,162 — 8,666 Inventories — 193,417 6,891 — 200,308 Other current assets 2,840 6,797 1,791 — 11,428 Total current assets 808,377 1,751,497 44,689 (1,711,284) 893,279 Property, plant and equipment, net 9,410 1,746,045 94,714 — 1,850,169 Goodwill — 1,142,083 60,208 — 1,202,291 Intangible assets, net — 47,852 — — 47,852 Operating lease right-of-use assets 2,615 21,880 4,048 — 28,543 Other assets 4,022,729 207,699 493 (4,175,921) 55,000 Total assets $ 4,843,131 $ 4,917,056 $ 204,152 $ (5,887,205) $ 4,077,134 Liabilities and Members' Interest Current liabilities: Current portion of debt $ 6,354 $ — $ — $ — $ 6,354 Current portion of acquisition-related liabilities — 7,827 — — 7,827 Accounts payable 3,889 108,805 8,619 109 121,422 Accrued expenses 54,108 106,320 4,014 (3,641) 160,801 Current operating lease liabilities 913 6,114 1,161 — 8,188 Intercompany payables 1,215,043 485,401 7,308 (1,707,752) — Billings in excess of costs and estimated earnings — 15,508 991 — 16,499 Total current liabilities 1,280,307 729,975 22,093 (1,711,284) 321,091 Long-term debt 1,892,347 — — — 1,892,347 Acquisition-related liabilities — 12,246 — — 12,246 Noncurrent operating lease liabilities 2,567 16,062 2,871 — 21,500 Other noncurrent liabilities 5,142 208,540 117,921 (164,421) 167,182 Total liabilities 3,180,363 966,823 142,885 (1,875,705) 2,414,366 Total members' interest 1,662,768 3,950,233 61,267 (4,011,500) 1,662,768 Total liabilities and members' interest $ 4,843,131 $ 4,917,056 $ 204,152 $ (5,887,205) $ 4,077,134 Condensed Consolidating Statements of Operations For the three months ended October 2, 2021 Non- Issuers Guarantors Guarantors Eliminations Consolidated Revenue $ — $ 686,736 $ 34,655 $ (4,151) $ 717,240 Cost of revenue (excluding items shown separately below) — 465,966 25,121 (4,151) 486,936 General and administrative expenses 16,372 28,373 1,460 — 46,205 Depreciation, depletion, amortization and accretion 1,068 55,081 2,933 — 59,082 Operating (loss) income (17,440) 137,316 5,141 — 125,017 Other (income) loss, net (141,753) (1,044) 130 147,546 4,879 Interest expense (income) 35,033 (12,276) 1,377 — 24,134 Loss on sale of business — 113 — — 113 Income from operation before taxes 89,280 150,523 3,634 (147,546) 95,891 Income tax expense 405 5,634 977 — 7,016 Net income attributable to Summit LLC $ 88,875 $ 144,889 $ 2,657 $ (147,546) $ 88,875 Comprehensive income attributable to member of Summit Materials, LLC $ 84,799 $ 144,889 $ 6,733 $ (151,622) $ 84,799 Condensed Consolidating Statements of Operations For the nine months ended October 2, 2021 Non- Issuers Guarantors Guarantors Eliminations Consolidated Revenue $ — $ 1,735,193 $ 87,982 $ (10,174) $ 1,813,001 Cost of revenue (excluding items shown separately below) — 1,247,002 64,518 (10,174) 1,301,346 General and administrative expenses 51,555 87,968 2,600 — 142,123 Depreciation, depletion, amortization and accretion 3,273 161,783 8,595 — 173,651 Operating (loss) income (54,828) 238,440 12,269 — 195,881 Other income, net (290,566) (9,784) (563) 296,208 (4,705) Interest expense (income) 102,981 (34,635) 4,128 — 72,474 Gain on sale of business — (15,319) — — (15,319) Income from operation before taxes 132,757 298,178 8,704 (296,208) 143,431 Income tax expense 1,857 8,314 2,360 — 12,531 Net income attributable to Summit LLC $ 130,900 $ 289,864 $ 6,344 $ (296,208) $ 130,900 Comprehensive income attributable to member of Summit Materials, LLC $ 131,582 $ 289,864 $ 5,662 $ (295,526) $ 131,582 Condensed Consolidating Statements of Operations For the three months ended September 26, 2020 Non- Issuers Guarantors Guarantors Eliminations Consolidated Revenue $ — $ 689,842 $ 23,780 $ (4,003) $ 709,619 Cost of revenue (excluding items shown separately below) — 489,318 16,277 (4,003) 501,592 General and administrative expenses 23,955 23,952 1,449 — 49,356 Depreciation, depletion, amortization and accretion 980 55,542 1,532 — 58,054 Operating (loss) income (24,935) 121,030 4,522 — 100,617 Other (income) loss, net (134,672) (889) (276) 138,675 2,838 Interest expense (income) 31,170 (7,990) 1,381 — 24,561 Income from operation before taxes 78,567 129,909 3,417 (138,675) 73,218 Income tax expense (benefit) 243 (6,286) 937 — (5,106) Net income attributable to Summit LLC $ 78,324 $ 136,195 $ 2,480 $ (138,675) $ 78,324 Comprehensive income attributable to member of Summit Materials, LLC $ 80,342 $ 136,195 $ 462 $ (136,657) $ 80,342 Condensed Consolidating Statements of Operations For the nine months ended September 26, 2020 Non- Issuers Guarantors Guarantors Eliminations Consolidated Revenue $ — $ 1,659,526 $ 61,556 $ (13,264) $ 1,707,818 Cost of revenue (excluding items shown separately below) — 1,228,076 43,651 (13,264) 1,258,463 General and administrative expenses 50,964 71,282 4,392 — 126,638 Depreciation, depletion, amortization and accretion 2,960 156,697 4,103 — 163,760 Operating (loss) income (53,924) 203,471 9,410 — 158,957 Other (income) loss, net (235,001) (1,733) 271 237,774 1,311 Interest expense (income) 95,379 (21,352) 3,780 — 77,807 Income from operation before taxes 85,698 226,556 5,359 (237,774) 79,839 Income tax expense (benefit) 982 (7,383) 1,524 — (4,877) Net income attributable to Summit LLC $ 84,716 $ 233,939 $ 3,835 $ (237,774) $ 84,716 Comprehensive income attributable to member of Summit Materials, LLC $ 81,321 $ 233,939 $ 7,230 $ (241,169) $ 81,321 Condensed Consolidating Statements of Cash Flows For the nine months ended October 2, 2021 Non- Issuers Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities $ (121,357) $ 304,403 $ 24,327 $ — $ 207,373 Cash flow from investing activities: Acquisitions, net of cash acquired — (7,263) — — (7,263) Purchase of property, plant and equipment (612) (161,224) (8,234) — (170,070) Proceeds from the sale of property, plant, and equipment — 8,168 659 — 8,827 Proceeds from the sale of a business — 103,649 — — 103,649 Other — (459) — — (459) Net cash used for investing activities (612) (57,129) (7,575) — (65,316) Cash flow from financing activities: Proceeds from investment by member 29,650 2,766 — — 32,416 Loans received from and payments made on loans from other Summit Companies 240,746 (232,861) (8,846) 961 — Payments on long-term debt (304,765) (18,393) (644) — (323,802) Payments on acquisition-related liabilities — (7,255) — — (7,255) Distributions from partnership (2,500) — — — (2,500) Other (951) — — — (951) Net cash used in financing activities (37,820) (255,743) (9,490) 961 (302,092) Impact of cash on foreign currency — — (63) — (63) Net (decrease) increase in cash (159,789) (8,469) 7,199 961 (160,098) Cash — Beginning of period 401,074 10,287 10,461 (3,641) 418,181 Cash — End of period $ 241,285 $ 1,818 $ 17,660 $ (2,680) $ 258,083 Condensed Consolidating Statements of Cash Flows For the nine months ended September 26, 2020 Non- Issuers Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities $ (110,054) $ 288,198 $ 39,895 $ — $ 218,039 Cash flow from investing activities: Acquisitions, net of cash acquired — (92,085) (31,110) — (123,195) Purchase of property, plant and equipment (1,755) (136,670) (1,581) — (140,006) Proceeds from the sale of property, plant, and equipment — 8,708 140 — 8,848 Other — 1,395 — — 1,395 Net cash used for investing activities (1,755) (218,652) (32,551) — (252,958) Cash flow from financing activities: Proceeds from investment by member (91,856) 87,925 4,260 — 329 Net proceeds from debt issuance 700,000 — — — 700,000 Loans received from and payments made on loans from other Summit Companies 145,896 (139,650) (8,135) 1,889 — Payments on long-term debt (654,765) (11,983) (144) — (666,892) Payments on acquisition-related liabilities — (7,891) — — (7,891) Financing costs (9,565) — — — (9,565) Distributions from partnership (2,500) — — — (2,500) Other (823) (85) — — (908) Net cash provided by (used in) financing activities 86,387 (71,684) (4,019) 1,889 12,573 Impact of cash on foreign currency — — (216) — (216) Net (decrease) increase in cash (25,422) (2,138) 3,109 1,889 (22,562) Cash — Beginning of period 302,474 5,488 9,834 (6,477) 311,319 Cash — End of period $ 277,052 $ 3,350 $ 12,943 $ (4,588) $ 288,757 |
SUMMARY OF ORGANIZATION AND S_2
SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - (Policies) | 9 Months Ended |
Oct. 02, 2021 | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |
Basis of Presentation | Basis of Presentation —These unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto as of and for the year ended January 2, 2021. The Company continues to follow the accounting policies set forth in those audited consolidated financial statements. Management believes that these consolidated interim financial statements include all adjustments, normal and recurring in nature, that are necessary to present fairly the financial position of the Company as of October 2, 2021, the results of operations for the three and nine months ended October 2, 2021 and September 26, 2020 and cash flows for the nine months ended October 2, 2021 and September 26, 2020. |
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. For a summary of the changes in Summit Inc.’s ownership of Summit Holdings, see Note 9, Stockholders’ Equity. |
Use of Estimates | Use of Estimates —Preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, 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 | 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, Kansas and Missouri. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers, and management does not believe that 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 the three and nine months ended October 2, 2021 or September 26, 2020. |
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 from the provision of services, which are primarily paving and related services. Products: Revenue for product sales is recognized when evidence of an arrangement exists and when control passes, which generally is when the product is shipped. Services: We earn revenue from the provision of services, which are primarily paving and related services, which are typically calculated using monthly progress based on the percentage of completion or a customer’s engineer review of progress. 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 are for work that occurs mostly 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. |
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. |
Prior Period Reclassifications | Prior Period Reclassifications — We reclassified $32.6 million and $93.1 million of fixed overhead expenses related to production activities from general and administrative expenses to cost of revenue for the three and nine months ended September 26, 2020, respectively, to conform to the current year presentation. In addition, we reclassified $1.6 million and $5.7 million of gain on sale of property, plant and equipment from general and administrative expenses to a separate line item included within operating income, also to conform to the current year presentation. Lastly, we reclassified $0.4 million and $1.5 million of transaction costs from its own line item within operating income into general and administrative expenses for the three and nine months ended September 26, 2020, respectively, to conform to the current year presentation. We believe these reclassifications enhance the comparability of our financial statements to others in the industry and had no material impact on previously reported operating income or Adjusted EBITDA, a non-GAAP measure described in Note 14, Segment Information, below. |
New Accounting Standards | New Accounting Standards — In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which reduces the accounting complexity of implementing a cloud computing service arrangement. The ASU aligns the capitalization of implementation costs among hosting arrangements and costs incurred to develop internal-use software. We adopted this ASU in the first quarter of 2020 and the adoption of this ASU did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework Changes to The Disclosure Requirements for Defined Benefits Plans , which |
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. |
Summit Materials, LLC | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |
Basis of Presentation | Basis of Presentation —These unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto as of and for the year ended January 2, 2021. The Company continues to follow the accounting policies set forth in those audited consolidated financial statements. Management believes that these consolidated interim financial statements include all adjustments, normal and recurring in nature, that are necessary to present fairly the financial position of the Company as of October 2, 2021, the results of operations for the three and nine months ended October 2, 2021 and September 26, 2020 and cash flows for the nine months ended October 2, 2021 and September 26, 2020. |
Use of Estimates | Use of Estimates —Preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, 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, Kansas and Missouri. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers, and management does not believe that 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 the three and nine months ended October 2, 2021 or September 26, 2020. |
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 from the provision of services, which are primarily paving and related services. Products: Revenue for product sales is recognized when evidence of an arrangement exists and when control passes, which generally is when the product is shipped. Services: We earn revenue from the provision of services, which are primarily paving and related services, which are typically calculated using monthly progress based on the percentage of completion or a customer’s engineer review of progress. 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 are for work that occurs mostly 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. The percentage of completion 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. |
Prior Period Reclassifications | Prior Period Reclassifications —We reclassified $32.6 million and $93.1 million of fixed overhead expenses related to production activities from general and administrative expenses to cost of revenue for the three and nine months ended September 26, 2020, respectively, to conform to the current year presentation. In addition, we reclassified $1.6 million and $5.7 million of gain on sale of property, plant and equipment from general and administrative expenses to a separate line item included within operating income, also to conform to the current year presentation. Lastly, we reclassified $0.4 million and $1.5 million of transaction costs from its own line item within operating income into general and administrative expenses for the three and nine months ended September 26, 2020, respectively, to conform to the current year presentation. We believe these reclassifications enhance the comparability of our financial statements to others in the industry and had no material impact on previously reported operating income or Adjusted EBITDA, a non-GAAP measure described in Note 13, Segment Information, below. |
New Accounting Standards | New Accounting Standards— In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which reduces the accounting complexity of implementing a cloud computing service arrangement. The ASU aligns the capitalization of implementation costs among hosting arrangements and costs incurred to develop internal-use software. We adopted this ASU in the first quarter of 2020 and the adoption of this ASU did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework Changes to The Disclosure Requirements for Defined Benefits Plans, which modifies the disclosure requirements of employer-sponsored defined benefit and other postretirement benefits plans. The ASU is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. We adopted this ASU in the fourth quarter of 2020 and the adoption of this ASU did not have a material impact on the consolidated financial statements. |
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. |
ACQUISITIONS, DISPOSTIONS, GO_2
ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES - (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, Number of Acquisitions by Region | The following table summarizes the Company’s acquisitions by region and period: Nine months ended Year ended October 2, 2021 January 2, 2021 West — 2 East 2 1 |
Schedule of Recognized Identified 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: Nine months ended Year ended October 2, 2021 January 2, 2021 Financial assets $ — $ 8,696 Inventories 173 2,856 Property, plant and equipment 7,958 130,042 Intangible assets 702 — Other assets — 2,790 Financial liabilities (121) (4,469) Other long-term liabilities (300) (16,069) Net assets acquired 8,412 123,846 Goodwill — — Purchase price 8,412 123,846 Acquisition-related liabilities (1,149) — Other — (369) Net cash paid for acquisitions $ 7,263 $ 123,477 |
Goodwill by Reportable Segment and in Total | Changes in the carrying amount of goodwill, by reportable segment, from January 2, 2021 to October 2, 2021 are summarized as follows: West East Cement Total Balance—January 2, 2021 $ 586,209 $ 410,426 $ 204,656 $ 1,201,291 Dispositions (1) (16,222) (10,520) — (26,742) Foreign currency translation adjustments 306 — — 306 Balance—October 2, 2021 $ 570,293 $ 399,906 $ 204,656 $ 1,174,855 _______________________________________________________________________ (1) Reflects goodwill derecognition from dispositions completed during the nine months ended October 2, 2021. |
Intangible Assets by Type and in Total | The following table shows intangible assets by type and in total: October 2, 2021 January 2, 2021 Gross Accumulated Net Gross Accumulated Net Operating permits $ 33,671 $ (2,206) $ 31,465 $ 33,671 $ (1,207) $ 32,464 Mineral leases 19,927 (8,497) 11,430 19,225 (7,571) 11,654 Reserve rights 25,586 (3,123) 22,463 6,234 (2,504) 3,730 Other 5,463 (483) 4,980 586 (582) 4 Total intangible assets $ 84,647 $ (14,309) $ 70,338 $ 59,716 $ (11,864) $ 47,852 |
Estimated Amortization Expense for Intangible Assets | The estimated amortization expense for the intangible assets for each of the five years subsequent to October 2, 2021 is as follows: 2021 (three months) $ 1,034 2022 4,141 2023 4,008 2024 3,913 2025 3,868 2026 3,724 Thereafter 49,650 Total $ 70,338 |
Summit Materials, LLC | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, Number of Acquisitions by Region | The following table summarizes the Company’s acquisitions by region and period: Nine months ended Year ended October 2, 2021 January 2, 2021 West — 2 East 2 1 |
Schedule of Recognized Identified 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: Nine months ended Year ended October 2, 2021 January 2, 2021 Financial assets $ — $ 8,696 Inventories 173 2,856 Property, plant and equipment 7,958 130,042 Intangible assets 702 — Other assets — 2,790 Financial liabilities (121) (4,469) Other long-term liabilities (300) (16,069) Net assets acquired 8,412 123,846 Goodwill — — Purchase price 8,412 123,846 Acquisition-related liabilities (1,149) — Other — (369) Net cash paid for acquisitions $ 7,263 $ 123,477 |
Goodwill by Reportable Segment and in Total | Changes in the carrying amount of goodwill, by reportable segment, from January 2, 2021 to October 2, 2021 are summarized as follows: West East Cement Total Balance—January 2, 2021 $ 587,209 $ 410,426 $ 204,656 $ 1,202,291 Dispositions (1) (16,222) (10,520) — (26,742) Foreign currency translation adjustments 306 — — 306 Balance—October 2, 2021 $ 571,293 $ 399,906 $ 204,656 $ 1,175,855 _______________________________________________________________________ (1) Reflects goodwill derecognition from dispositions completed during the nine months ended October 2, 2021. |
Intangible Assets by Type and in Total | The following table shows intangible assets by type and in total: October 2, 2021 January 2, 2021 Gross Accumulated Net Gross Accumulated Net Operating permits $ 33,671 $ (2,206) $ 31,465 $ 33,671 $ (1,207) $ 32,464 Mineral leases 19,927 (8,497) 11,430 19,225 (7,571) 11,654 Reserve rights 25,586 (3,123) 22,463 6,234 (2,504) 3,730 Other 5,463 (483) 4,980 586 (582) 4 Total intangible assets $ 84,647 $ (14,309) $ 70,338 $ 59,716 $ (11,864) $ 47,852 |
Estimated Amortization Expense for Intangible Assets | The estimated amortization expense for the intangible assets for each of the five years subsequent to October 2, 2021 is as follows: 2021 (three months) $ 1,034 2022 4,141 2023 4,008 2024 3,913 2025 3,868 2026 3,724 Thereafter 49,650 Total $ 70,338 |
REVENUE RECOGNITION - (Tables)
REVENUE RECOGNITION - (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Revenue from External Customer [Line Items] | |
Revenue by Product | Revenue by product for the three and nine months ended October 2, 2021 and September 26, 2020 is as follows: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Revenue by product*: Aggregates $ 160,317 $ 136,396 $ 431,201 $ 362,546 Cement 87,645 82,698 207,953 188,854 Ready-mix concrete 183,114 179,124 525,208 488,710 Asphalt 116,364 128,125 238,674 255,992 Paving and related services 112,671 136,191 257,966 280,446 Other 57,129 47,085 151,999 131,270 Total revenue $ 717,240 $ 709,619 $ 1,813,001 $ 1,707,818 *Revenue from liquid asphalt terminals is included in asphalt revenue. |
Summary of Accounts Receivable, Net | Accounts receivable, net consisted of the following as of October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Trade accounts receivable $ 268,188 $ 191,871 Construction contract receivables 53,647 47,179 Retention receivables 14,894 18,824 Receivables from related parties 877 1,339 Accounts receivable 337,606 259,213 Less: Allowance for doubtful accounts (4,255) (4,517) Accounts receivable, net $ 333,351 $ 254,696 |
Summit Materials, LLC | |
Revenue from External Customer [Line Items] | |
Revenue by Product | Revenue by product for the three and nine months ended October 2, 2021 and September 26, 2020 is as follows: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Revenue by product*: Aggregates $ 160,317 $ 136,396 $ 431,201 $ 362,546 Cement 87,645 82,698 207,953 188,854 Ready-mix concrete 183,114 179,124 525,208 488,710 Asphalt 116,364 128,125 238,674 255,992 Paving and related services 112,671 136,191 257,966 280,446 Other 57,129 47,085 151,999 131,270 Total revenue $ 717,240 $ 709,619 $ 1,813,001 $ 1,707,818 *Revenue from liquid asphalt terminals is included in asphalt revenue. |
Summary of Accounts Receivable, Net | Accounts receivable, net consisted of the following as of October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Trade accounts receivable $ 268,188 $ 191,871 Construction contract receivables 53,647 47,179 Retention receivables 14,894 18,824 Receivables from related parties 877 1,339 Accounts receivable 337,606 259,213 Less: Allowance for doubtful accounts (4,255) (4,517) Accounts receivable, net $ 333,351 $ 254,696 |
INVENTORIES - (Tables)
INVENTORIES - (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Inventory [Line Items] | |
Components of Inventories | Inventories consisted of the following as of October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Aggregate stockpiles $ 132,325 $ 137,938 Finished goods 31,334 32,993 Work in process 9,189 9,281 Raw materials 22,464 20,096 Total $ 195,312 $ 200,308 |
Summit Materials, LLC | |
Inventory [Line Items] | |
Components of Inventories | Inventories consisted of the following as of October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Aggregate stockpiles $ 132,325 $ 137,938 Finished goods 31,334 32,993 Work in process 9,189 9,281 Raw materials 22,464 20,096 Total $ 195,312 $ 200,308 |
ACCRUED EXPENSES - (Tables)
ACCRUED EXPENSES - (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Schedule Of Accrued Expenses [Line Items] | |
Components of Accrued Expenses | Accrued expenses consisted of the following as of October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Interest $ 8,891 $ 21,860 Payroll and benefits 37,906 46,026 Finance lease obligations 17,424 24,601 Insurance 19,676 18,355 Non-income taxes 23,834 15,669 Deferred asset purchase payments 4,538 9,749 Professional fees 1,152 828 Other (1) 23,957 23,482 Total $ 137,378 $ 160,570 (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 October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Interest $ 8,891 $ 21,860 Payroll and benefits 37,906 46,026 Finance lease obligations 17,424 24,601 Insurance 19,676 18,355 Non-income taxes 24,065 15,900 Deferred asset purchase payments 4,538 9,749 Professional fees 1,152 828 Other (1) 23,957 23,482 Total $ 137,609 $ 160,801 _______________________________________________________________________ (1) Consists primarily of current portion of asset retirement obligations and miscellaneous accruals. |
DEBT - (Tables)
DEBT - (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Debt Instrument [Line Items] | |
Schedule of Debt | Debt consisted of the following as of October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Term Loan, due 2024: $611.5 million and $616.3 million, net of $0.7 million and $0.9 million discount at October 2, 2021 and January 2, 2021, respectively $ 610,830 $ 615,425 5 1 ⁄ 8 % Senior Notes, due 2025 — 300,000 6 1 ⁄ 2 % Senior Notes, due 2027 300,000 300,000 5 1 ⁄ 4 % Senior Notes, due 2029 700,000 700,000 Total 1,610,830 1,915,425 Current portion of long-term debt 6,354 6,354 Long-term debt $ 1,604,476 $ 1,909,071 |
Schedule of Contractual Payments of Long-Term Debt | The contractual payments of long-term debt, including current maturities, for the five years subsequent to October 2, 2021, are as follows: 2021 (three months) $ 1,588 2022 6,354 2023 6,354 2024 597,252 2025 — 2026 — Thereafter 1,000,000 Total 1,611,548 Less: Original issue net discount (718) Less: Capitalized loan costs (12,487) Total debt $ 1,598,343 |
Summary of Activity for Deferred Financing Fees | The following table presents the activity for the deferred financing fees for the nine months ended October 2, 2021 and September 26, 2020: Deferred financing fees Balance—January 2, 2021 $ 18,367 Amortization (2,510) Write off of deferred financing fees (2,116) Balance—October 2, 2021 $ 13,741 Balance—December 28, 2019 $ 15,436 Loan origination fees 9,565 Amortization (2,499) Write off of deferred financing fees (3,338) Balance—September 26, 2020 $ 19,164 |
Summit Materials, LLC | |
Debt Instrument [Line Items] | |
Schedule of Debt | Debt consisted of the following as of October 2, 2021 and January 2, 2021: October 2, 2021 January 2, 2021 Term Loan, due 2024: $611.5 million and $616.3 million, net of $0.7 million and $0.9 million discount at October 2, 2021 and January 2, 2021, respectively $ 610,830 $ 615,425 5 1/8 % Senior Notes, due 2025 — 300,000 6 1/2 % Senior Notes, due 2027 300,000 300,000 5 1/4 % Senior Notes, due 2029 700,000 700,000 Total 1,610,830 1,915,425 Current portion of long-term debt 6,354 6,354 Long-term debt $ 1,604,476 $ 1,909,071 |
Schedule of Contractual Payments of Long-Term Debt | The contractual payments of long-term debt, including current maturities, for the five years subsequent to October 2, 2021, are as follows: 2021 (three months) $ 1,588 2022 6,354 2023 6,354 2024 597,252 2025 — 2026 — Thereafter 1,000,000 Total 1,611,548 Less: Original issue net discount (718) Less: Capitalized loan costs (12,487) Total debt $ 1,598,343 |
Summary of Activity for Deferred Financing Fees | The following table presents the activity for the deferred financing fees for the nine months ended October 2, 2021 and September 26, 2020: Deferred financing fees Balance—January 2, 2021 $ 18,367 Amortization (2,510) Write off of deferred financing fees (2,116) Balance—October 2, 2021 $ 13,741 Balance - December 28, 2019 $ 15,436 Loan origination fees 9,565 Amortization (2,499) Write off of deferred financing fees (3,338) Balance - September 26, 2020 $ 19,164 |
EARNINGS PER SHARE - (Tables)
EARNINGS PER SHARE - (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic Earnings Per Share | The following table shows the calculation of basic and diluted earnings per share: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Net income attributable to Summit Inc. $ 74,204 $ 90,730 $ 108,346 $ 102,815 Weighted average shares of Class A stock outstanding 118,272,955 114,116,564 117,040,207 113,943,292 Add: Nonvested restricted stock awards of retirement eligible shares 200,575 320,343 218,224 145,155 Weighted average basic shares outstanding 118,473,530 114,436,907 117,258,431 114,088,447 Basic earnings per share $ 0.63 $ 0.79 $ 0.92 $ 0.90 Diluted net income attributable to Summit Inc. $ 74,204 $ 90,730 $ 108,346 $ 102,815 Weighted average shares of Class A stock outstanding 118,272,955 114,116,564 117,040,207 113,943,292 Add: stock options 125,164 — 310,990 — Add: warrants 14,405 — 17,573 — Add: restricted stock units 680,980 263,886 812,702 450,353 Add: performance stock units 198,142 91,721 179,143 63,631 Weighted average dilutive shares outstanding 119,291,646 114,472,171 118,360,615 114,457,276 Diluted earnings per share $ 0.62 $ 0.79 $ 0.92 $ 0.90 |
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: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Antidilutive shares: LP Units 1,594,272 3,053,115 2,031,090 3,086,819 Time-vesting stock options — 2,095,929 — 2,095,929 Warrants — 100,037 — 100,037 Time-vesting restricted stock units — — — — Market-based restricted stock units — — — — |
STOCKHOLDERS' EQUITY_MEMBERS'_2
STOCKHOLDERS' EQUITY/MEMBERS' INTEREST - (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Schedule of Capitalization, Equity [Line Items] | |
Schedule of changes in ownership of Summit Holdings | The following table summarizes the changes in our ownership of Summit Holdings: Summit Inc. LP Units Total Summit Inc. Balance — January 2, 2021 114,390,595 2,873,170 117,263,765 97.5 % Exchanges during period 1,440,983 (1,440,983) — Stock option exercises 1,744,256 — 1,744,256 Other equity transactions 989,116 — 989,116 Balance — October 2, 2021 118,564,950 1,432,187 119,997,137 98.8 % Balance — December 28, 2019 113,309,385 3,249,657 116,559,042 97.2 % Exchanges during period 196,542 (196,542) — Stock option exercises 14,404 — 14,404 Other equity transactions 603,580 — 603,580 Balance — September 26, 2020 114,123,911 3,053,115 117,177,026 97.4 % |
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: Change in Foreign currency Accumulated Balance — January 2, 2021 $ 533 $ 4,670 $ 5,203 Foreign currency translation adjustment, net of tax — 467 467 Balance — October 2, 2021 $ 533 $ 5,137 $ 5,670 Balance — December 28, 2019 $ 2,171 $ 1,277 $ 3,448 Foreign currency translation adjustment, net of tax — (2,473) (2,473) Balance — September 26, 2020 $ 2,171 $ (1,196) $ 975 |
Summit Materials, LLC | |
Schedule of Capitalization, Equity [Line Items] | |
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 Cash flow hedge comprehensive retirement plans adjustments adjustments (loss) income Balance — January 2, 2021 $ (8,546) $ (10,037) $ — $ (18,583) Foreign currency translation adjustment — 682 — 682 Balance — October 2, 2021 $ (8,546) $ (9,355) $ — $ (17,901) Balance — December 28, 2019 $ (6,317) $ (14,654) $ — $ (20,971) Foreign currency translation adjustment — (3,395) — (3,395) Balance — September 26, 2020 $ (6,317) $ (18,049) $ — $ (24,366) |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION - (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Schedule Of Cash Flow Supplemental [Line Items] | |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information is as follows: Nine months ended October 2, 2021 September 26, 2020 Cash payments: Interest $ 77,890 $ 86,427 Payments for income taxes, net 6,694 1,131 Operating cash payments on operating leases 7,894 8,372 Operating cash payments on finance leases 1,722 2,402 Finance cash payments on finance leases 13,739 11,528 Non cash financing activities: Right of use assets obtained in exchange for operating lease obligations $ 6,476 $ 2,931 Right of use assets obtained in exchange for finance leases obligations 600 17,605 Exchange of LP Units to shares of Class A common stock 43,796 4,648 |
Summit Materials, LLC | |
Schedule Of Cash Flow Supplemental [Line Items] | |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information is as follows: Nine months ended October 2, 2021 September 26, 2020 Cash payments: Interest $ 77,890 $ 86,427 Payments for income taxes, net 6,694 1,131 Operating cash payments on operating leases 7,894 8,372 Operating cash payments on finance leases 1,722 2,402 Finance cash payments on finance leases 13,739 11,528 Non cash financing activities: Right of use assets obtained in exchange for operating lease obligations $ 6,476 $ 2,931 Right of use assets obtained in exchange for finance leases obligations 600 17,605 |
LEASES - (Tables)
LEASES - (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Lessee, Lease, Description [Line Items] | |
Schedule of Lease Cost | The components of lease expense were as follows: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Operating lease cost $ 1,755 $ 2,478 $ 5,175 $ 7,576 Variable lease cost 90 90 263 253 Short-term lease cost 12,373 14,335 30,517 33,369 Financing lease cost: Amortization of right-of-use assets 2,168 3,439 7,835 9,307 Interest on lease liabilities 475 780 1,689 2,329 Total lease cost $ 16,861 $ 21,122 $ 45,479 $ 52,834 October 2, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 27,339 $ 28,543 Current operating lease liabilities $ 6,818 $ 8,188 Noncurrent operating lease liabilities 21,596 21,500 Total operating lease liabilities $ 28,414 $ 29,688 Finance leases: Property and equipment, gross $ 69,115 $ 92,679 Less accumulated depreciation (29,387) (32,828) Property and equipment, net $ 39,728 $ 59,851 Current finance lease liabilities $ 17,424 $ 24,601 Long-term finance lease liabilities 18,249 31,727 Total finance lease liabilities $ 35,673 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.1 8.7 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.3 % Finance leases 5.3 % 5.2 % Maturities of lease liabilities, as of October 2, 2021, were as follows: Operating Leases Finance Leases 2021 (three months) $ 2,103 $ 3,950 2022 7,489 18,668 2023 5,830 7,386 2024 3,662 3,209 2025 2,444 2,583 2026 1,794 990 Thereafter 12,976 1,843 Total lease payments 36,298 38,629 Less imputed interest (7,884) (2,956) Present value of lease payments $ 28,414 $ 35,673 |
Schedule of Lease Assets and Liabilities | The components of lease expense were as follows: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Operating lease cost $ 1,755 $ 2,478 $ 5,175 $ 7,576 Variable lease cost 90 90 263 253 Short-term lease cost 12,373 14,335 30,517 33,369 Financing lease cost: Amortization of right-of-use assets 2,168 3,439 7,835 9,307 Interest on lease liabilities 475 780 1,689 2,329 Total lease cost $ 16,861 $ 21,122 $ 45,479 $ 52,834 October 2, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 27,339 $ 28,543 Current operating lease liabilities $ 6,818 $ 8,188 Noncurrent operating lease liabilities 21,596 21,500 Total operating lease liabilities $ 28,414 $ 29,688 Finance leases: Property and equipment, gross $ 69,115 $ 92,679 Less accumulated depreciation (29,387) (32,828) Property and equipment, net $ 39,728 $ 59,851 Current finance lease liabilities $ 17,424 $ 24,601 Long-term finance lease liabilities 18,249 31,727 Total finance lease liabilities $ 35,673 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.1 8.7 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.3 % Finance leases 5.3 % 5.2 % Maturities of lease liabilities, as of October 2, 2021, were as follows: Operating Leases Finance Leases 2021 (three months) $ 2,103 $ 3,950 2022 7,489 18,668 2023 5,830 7,386 2024 3,662 3,209 2025 2,444 2,583 2026 1,794 990 Thereafter 12,976 1,843 Total lease payments 36,298 38,629 Less imputed interest (7,884) (2,956) Present value of lease payments $ 28,414 $ 35,673 |
Schedule of Finance Lease Liability Maturities | The components of lease expense were as follows: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Operating lease cost $ 1,755 $ 2,478 $ 5,175 $ 7,576 Variable lease cost 90 90 263 253 Short-term lease cost 12,373 14,335 30,517 33,369 Financing lease cost: Amortization of right-of-use assets 2,168 3,439 7,835 9,307 Interest on lease liabilities 475 780 1,689 2,329 Total lease cost $ 16,861 $ 21,122 $ 45,479 $ 52,834 October 2, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 27,339 $ 28,543 Current operating lease liabilities $ 6,818 $ 8,188 Noncurrent operating lease liabilities 21,596 21,500 Total operating lease liabilities $ 28,414 $ 29,688 Finance leases: Property and equipment, gross $ 69,115 $ 92,679 Less accumulated depreciation (29,387) (32,828) Property and equipment, net $ 39,728 $ 59,851 Current finance lease liabilities $ 17,424 $ 24,601 Long-term finance lease liabilities 18,249 31,727 Total finance lease liabilities $ 35,673 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.1 8.7 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.3 % Finance leases 5.3 % 5.2 % Maturities of lease liabilities, as of October 2, 2021, were as follows: Operating Leases Finance Leases 2021 (three months) $ 2,103 $ 3,950 2022 7,489 18,668 2023 5,830 7,386 2024 3,662 3,209 2025 2,444 2,583 2026 1,794 990 Thereafter 12,976 1,843 Total lease payments 36,298 38,629 Less imputed interest (7,884) (2,956) Present value of lease payments $ 28,414 $ 35,673 |
Schedule of Operating Lease Liability Maturities | The components of lease expense were as follows: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Operating lease cost $ 1,755 $ 2,478 $ 5,175 $ 7,576 Variable lease cost 90 90 263 253 Short-term lease cost 12,373 14,335 30,517 33,369 Financing lease cost: Amortization of right-of-use assets 2,168 3,439 7,835 9,307 Interest on lease liabilities 475 780 1,689 2,329 Total lease cost $ 16,861 $ 21,122 $ 45,479 $ 52,834 October 2, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 27,339 $ 28,543 Current operating lease liabilities $ 6,818 $ 8,188 Noncurrent operating lease liabilities 21,596 21,500 Total operating lease liabilities $ 28,414 $ 29,688 Finance leases: Property and equipment, gross $ 69,115 $ 92,679 Less accumulated depreciation (29,387) (32,828) Property and equipment, net $ 39,728 $ 59,851 Current finance lease liabilities $ 17,424 $ 24,601 Long-term finance lease liabilities 18,249 31,727 Total finance lease liabilities $ 35,673 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.1 8.7 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.3 % Finance leases 5.3 % 5.2 % Maturities of lease liabilities, as of October 2, 2021, were as follows: Operating Leases Finance Leases 2021 (three months) $ 2,103 $ 3,950 2022 7,489 18,668 2023 5,830 7,386 2024 3,662 3,209 2025 2,444 2,583 2026 1,794 990 Thereafter 12,976 1,843 Total lease payments 36,298 38,629 Less imputed interest (7,884) (2,956) Present value of lease payments $ 28,414 $ 35,673 |
Summit Materials, LLC | |
Lessee, Lease, Description [Line Items] | |
Schedule of Lease Cost | The components of lease expense were as follows: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Operating lease cost $ 1,755 $ 2,478 $ 5,175 $ 7,576 Variable lease cost 90 90 263 253 Short-term lease cost 12,373 14,335 30,517 33,369 Financing lease cost: Amortization of right-of-use assets 2,168 3,439 7,835 9,307 Interest on lease liabilities 475 780 1,689 2,329 Total lease cost $ 16,861 $ 21,122 $ 45,479 $ 52,834 October 2, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 27,339 $ 28,543 Current operating lease liabilities $ 6,818 $ 8,188 Noncurrent operating lease liabilities 21,596 21,500 Total operating lease liabilities $ 28,414 $ 29,688 Finance leases: Property and equipment, gross $ 69,115 $ 92,679 Less accumulated depreciation (29,387) (32,828) Property and equipment, net $ 39,728 $ 59,851 Current finance lease liabilities $ 17,424 $ 24,601 Long-term finance lease liabilities 18,249 31,727 Total finance lease liabilities $ 35,673 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.1 8.7 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.3 % Finance leases 5.3 % 5.2 % Maturities of lease liabilities, as of October 2, 2021, were as follows: Operating Leases Finance Leases 2021 (three months) $ 2,103 $ 3,950 2022 7,489 18,668 2023 5,830 7,386 2024 3,662 3,209 2025 2,444 2,583 2026 1,794 990 Thereafter 12,976 1,843 Total lease payments 36,298 38,629 Less imputed interest (7,884) (2,956) Present value of lease payments $ 28,414 $ 35,673 |
Schedule of Lease Assets and Liabilities | The components of lease expense were as follows: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Operating lease cost $ 1,755 $ 2,478 $ 5,175 $ 7,576 Variable lease cost 90 90 263 253 Short-term lease cost 12,373 14,335 30,517 33,369 Financing lease cost: Amortization of right-of-use assets 2,168 3,439 7,835 9,307 Interest on lease liabilities 475 780 1,689 2,329 Total lease cost $ 16,861 $ 21,122 $ 45,479 $ 52,834 October 2, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 27,339 $ 28,543 Current operating lease liabilities $ 6,818 $ 8,188 Noncurrent operating lease liabilities 21,596 21,500 Total operating lease liabilities $ 28,414 $ 29,688 Finance leases: Property and equipment, gross $ 69,115 $ 92,679 Less accumulated depreciation (29,387) (32,828) Property and equipment, net $ 39,728 $ 59,851 Current finance lease liabilities $ 17,424 $ 24,601 Long-term finance lease liabilities 18,249 31,727 Total finance lease liabilities $ 35,673 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.1 8.7 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.3 % Finance leases 5.3 % 5.2 % Maturities of lease liabilities, as of October 2, 2021, were as follows: Operating Leases Finance Leases 2021 (three months) $ 2,103 $ 3,950 2022 7,489 18,668 2023 5,830 7,386 2024 3,662 3,209 2025 2,444 2,583 2026 1,794 990 Thereafter 12,976 1,843 Total lease payments 36,298 38,629 Less imputed interest (7,884) (2,956) Present value of lease payments $ 28,414 $ 35,673 |
Schedule of Finance Lease Liability Maturities | The components of lease expense were as follows: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Operating lease cost $ 1,755 $ 2,478 $ 5,175 $ 7,576 Variable lease cost 90 90 263 253 Short-term lease cost 12,373 14,335 30,517 33,369 Financing lease cost: Amortization of right-of-use assets 2,168 3,439 7,835 9,307 Interest on lease liabilities 475 780 1,689 2,329 Total lease cost $ 16,861 $ 21,122 $ 45,479 $ 52,834 October 2, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 27,339 $ 28,543 Current operating lease liabilities $ 6,818 $ 8,188 Noncurrent operating lease liabilities 21,596 21,500 Total operating lease liabilities $ 28,414 $ 29,688 Finance leases: Property and equipment, gross $ 69,115 $ 92,679 Less accumulated depreciation (29,387) (32,828) Property and equipment, net $ 39,728 $ 59,851 Current finance lease liabilities $ 17,424 $ 24,601 Long-term finance lease liabilities 18,249 31,727 Total finance lease liabilities $ 35,673 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.1 8.7 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.3 % Finance leases 5.3 % 5.2 % Maturities of lease liabilities, as of October 2, 2021, were as follows: Operating Leases Finance Leases 2021 (three months) $ 2,103 $ 3,950 2022 7,489 18,668 2023 5,830 7,386 2024 3,662 3,209 2025 2,444 2,583 2026 1,794 990 Thereafter 12,976 1,843 Total lease payments 36,298 38,629 Less imputed interest (7,884) (2,956) Present value of lease payments $ 28,414 $ 35,673 |
Schedule of Operating Lease Liability Maturities | The components of lease expense were as follows: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Operating lease cost $ 1,755 $ 2,478 $ 5,175 $ 7,576 Variable lease cost 90 90 263 253 Short-term lease cost 12,373 14,335 30,517 33,369 Financing lease cost: Amortization of right-of-use assets 2,168 3,439 7,835 9,307 Interest on lease liabilities 475 780 1,689 2,329 Total lease cost $ 16,861 $ 21,122 $ 45,479 $ 52,834 October 2, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 27,339 $ 28,543 Current operating lease liabilities $ 6,818 $ 8,188 Noncurrent operating lease liabilities 21,596 21,500 Total operating lease liabilities $ 28,414 $ 29,688 Finance leases: Property and equipment, gross $ 69,115 $ 92,679 Less accumulated depreciation (29,387) (32,828) Property and equipment, net $ 39,728 $ 59,851 Current finance lease liabilities $ 17,424 $ 24,601 Long-term finance lease liabilities 18,249 31,727 Total finance lease liabilities $ 35,673 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.1 8.7 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.3 % Finance leases 5.3 % 5.2 % Maturities of lease liabilities, as of October 2, 2021, were as follows: Operating Leases Finance Leases 2021 (three months) $ 2,103 $ 3,950 2022 7,489 18,668 2023 5,830 7,386 2024 3,662 3,209 2025 2,444 2,583 2026 1,794 990 Thereafter 12,976 1,843 Total lease payments 36,298 38,629 Less imputed interest (7,884) (2,956) Present value of lease payments $ 28,414 $ 35,673 |
FAIR VALUE - (Tables)
FAIR VALUE - (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
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 October 2, 2021 and January 2, 2021 was: October 2, 2021 January 2, 2021 Current portion of acquisition-related liabilities and Accrued expenses: Contingent consideration $ 554 $ 654 Acquisition-related liabilities and Other noncurrent liabilities: Contingent consideration $ 1,199 $ 1,209 |
Schedule of Carrying Value and Fair Value of Financial Instruments | The carrying value and fair value of these financial instruments as of October 2, 2021 and January 2, 2021 was: October 2, 2021 January 2, 2021 Fair Value Carrying Value Fair Value Carrying Value Level 1 Long-term debt(1) $ 1,661,673 $ 1,610,830 $ 1,971,087 $ 1,915,425 Level 3 Current portion of deferred consideration and noncompete obligations(2) 12,255 12,255 9,611 9,611 Long term portion of deferred consideration and noncompete obligations(3) 32,024 32,024 11,037 11,037 (1) $6.4 million was included in current portion of debt as of October 2, 2021 and January 2, 2021. (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 October 2, 2021 and January 2, 2021 was: October 2, 2021 January 2, 2021 Current portion of acquisition-related liabilities and Accrued expenses: Contingent consideration $ 554 $ 654 Acquisition-related liabilities and Other noncurrent liabilities: Contingent consideration $ 1,199 $ 1,209 |
Schedule of Carrying Value and Fair Value of Financial Instruments | The carrying value and fair value of these financial instruments as of October 2, 2021 and January 2, 2021 was: October 2, 2021 January 2, 2021 Fair Value Carrying Value Fair Value Carrying Value Level 1 Long-term debt(1) $ 1,661,673 $ 1,610,830 $ 1,971,087 $ 1,915,425 Level 3 Current portion of deferred consideration and noncompete obligations(2) 12,255 12,255 7,173 7,173 Long term portion of deferred consideration and noncompete obligations(3) 32,024 32,024 11,037 11,037 (1) $6.4 million was included in current portion of debt as of October 2, 2021 and January 2, 2021. (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) | 9 Months Ended |
Oct. 02, 2021 | |
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 October 2, 2021 and January 2, 2021 and for the three and nine months ended October 2, 2021 and September 26, 2020: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Revenue*: West $ 369,250 $ 390,310 $ 958,351 $ 919,016 East 255,490 234,435 635,659 590,341 Cement 92,500 84,874 218,991 198,461 Total revenue $ 717,240 $ 709,619 $ 1,813,001 $ 1,707,818 *Intercompany sales are immaterial and the presentation above only reflects sales to external customers. Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Income from operations before taxes $ 95,891 $ 73,156 $ 143,369 $ 79,597 Interest expense 24,134 24,623 72,536 78,049 Depreciation, depletion and amortization 58,381 57,364 171,474 161,912 Accretion 701 690 2,177 1,848 Loss on debt financings 6,016 4,064 6,016 4,064 Loss (gain) on sale of businesses 113 — (15,319) — Non-cash compensation 4,685 13,322 14,875 23,119 Other 363 4,083 682 4,287 Total Adjusted EBITDA $ 190,284 $ 177,302 $ 395,810 $ 352,876 Total Adjusted EBITDA by Segment: West $ 92,303 $ 95,470 $ 211,722 $ 196,881 East 69,084 56,943 138,113 119,900 Cement 40,360 35,086 82,281 63,172 Corporate and other (11,463) (10,197) (36,306) (27,077) Total Adjusted EBITDA $ 190,284 $ 177,302 $ 395,810 $ 352,876 Nine months ended October 2, 2021 September 26, 2020 Purchases of property, plant and equipment West $ 85,137 $ 51,148 East 69,469 75,006 Cement 14,852 12,097 Total reportable segments 169,458 138,251 Corporate and other 612 1,755 Total purchases of property, plant and equipment $ 170,070 $ 140,006 Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Depreciation, depletion, amortization and accretion: West $ 24,796 $ 23,117 $ 75,287 $ 67,082 East 22,809 22,803 66,306 65,293 Cement 10,409 11,155 28,785 28,425 Total reportable segments 58,014 57,075 170,378 160,800 Corporate and other 1,068 979 3,273 2,960 Total depreciation, depletion, amortization and accretion $ 59,082 $ 58,054 $ 173,651 $ 163,760 October 2, 2021 January 2, 2021 Total assets: West $ 1,569,240 $ 1,503,382 East 1,316,659 1,303,742 Cement 863,858 850,835 Total reportable segments 3,749,757 3,657,959 Corporate and other 466,892 650,052 Total $ 4,216,649 $ 4,308,011 |
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 October 2, 2021 and January 2, 2021 and for the three and nine months ended October 2, 2021 and September 26, 2020: Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Revenue*: West $ 369,250 $ 390,310 $ 958,351 $ 919,016 East 255,490 234,435 635,659 590,341 Cement 92,500 84,874 218,991 198,461 Total revenue $ 717,240 $ 709,619 $ 1,813,001 $ 1,707,818 *Intercompany sales are immaterial and the presentation above only reflects sales to external customers. Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Income from operations before taxes $ 95,891 $ 73,218 $ 143,431 $ 79,839 Interest expense 24,134 24,561 72,474 77,807 Depreciation, depletion and amortization 58,381 57,364 171,474 161,912 Accretion 701 690 2,177 1,848 Loss on debt financings 6,016 4,064 6,016 4,064 Loss (gain) on sale of businesses 113 — (15,319) — Non-cash compensation 4,685 13,322 14,875 23,119 Other 363 4,083 682 4,287 Total Adjusted EBITDA $ 190,284 $ 177,302 $ 395,810 $ 352,876 Total Adjusted EBITDA by Segment: West $ 92,303 $ 95,470 $ 211,722 $ 196,881 East 69,084 56,943 138,113 119,900 Cement 40,360 35,086 82,281 63,172 Corporate and other (11,463) (10,197) (36,306) (27,077) Total Adjusted EBITDA $ 190,284 $ 177,302 $ 395,810 $ 352,876 Nine months ended October 2, 2021 September 26, 2020 Purchases of property, plant and equipment West $ 85,137 $ 51,148 East 69,469 75,006 Cement 14,852 12,097 Total reportable segments 169,458 138,251 Corporate and other 612 1,755 Total purchases of property, plant and equipment $ 170,070 $ 140,006 Three months ended Nine months ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Depreciation, depletion, amortization and accretion: West $ 24,796 $ 23,117 $ 75,287 $ 67,082 East 22,809 22,803 66,306 65,293 Cement 10,409 11,155 28,785 28,425 Total reportable segments 58,014 57,075 170,378 160,800 Corporate and other 1,068 979 3,273 2,960 Total depreciation, depletion, amortization and accretion $ 59,082 $ 58,054 $ 173,651 $ 163,760 October 2, 2021 January 2, 2021 Total assets: West $ 1,569,240 $ 1,503,382 East 1,316,659 1,303,742 Cement 863,858 850,835 Total reportable segments 3,749,757 3,657,959 Corporate and other 257,503 419,175 Total $ 4,007,260 $ 4,077,134 |
GUARANTOR AND NON-GUARANTOR F_2
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION - (Tables) - Summit Materials, LLC | 9 Months Ended |
Oct. 02, 2021 | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets October 2, 2021 Non- Issuers Guarantors Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 241,285 $ 1,818 $ 17,660 $ (2,680) $ 258,083 Accounts receivable, net 63 309,930 23,507 (149) 333,351 Intercompany receivables 375,735 1,587,227 — (1,962,962) — Cost and estimated earnings in excess of billings — 32,632 1,549 — 34,181 Inventories — 189,170 6,142 — 195,312 Other current assets 3,272 9,799 784 — 13,855 Total current assets 620,355 2,130,576 49,642 (1,965,791) 834,782 Property, plant and equipment, net 6,382 1,744,803 89,954 — 1,841,139 Goodwill — 1,115,340 60,515 — 1,175,855 Intangible assets, net — 65,358 4,980 — 70,338 Operating lease right-of-use assets 1,908 20,381 5,050 — 27,339 Other assets 4,322,784 216,523 1,102 (4,482,602) 57,807 Total assets $ 4,951,429 $ 5,292,981 $ 211,243 $ (6,448,393) $ 4,007,260 Liabilities and Members' Interest Current liabilities: Current portion of debt $ 6,354 $ — $ — $ — $ 6,354 Current portion of acquisition-related liabilities — 12,809 — — 12,809 Accounts payable 5,054 138,423 13,202 (149) 156,530 Accrued expenses 39,884 98,013 2,392 (2,680) 137,609 Current operating lease liabilities 967 5,153 698 — 6,818 Intercompany payables 1,462,313 498,077 2,572 (1,962,962) — Billings in excess of costs and estimated earnings — 10,852 779 — 11,631 Total current liabilities 1,514,572 763,327 19,643 (1,965,791) 331,751 Long-term debt 1,591,989 — — — 1,591,989 Acquisition-related liabilities — 33,223 — — 33,223 Noncurrent operating lease liabilities 1,832 15,562 4,202 — 21,596 Other noncurrent liabilities 4,846 230,981 119,105 (164,421) 190,511 Total liabilities 3,113,239 1,043,093 142,950 (2,130,212) 2,169,070 Total members' interest 1,838,190 4,249,888 68,293 (4,318,181) 1,838,190 Total liabilities and members' interest $ 4,951,429 $ 5,292,981 $ 211,243 $ (6,448,393) $ 4,007,260 Condensed Consolidating Balance Sheets January 2, 2021 Non- Issuers Guarantors Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 401,074 $ 10,287 $ 10,461 $ (3,641) $ 418,181 Accounts receivable, net 4 230,199 24,384 109 254,696 Intercompany receivables 404,459 1,303,293 — (1,707,752) — Cost and estimated earnings in excess of billings — 7,504 1,162 — 8,666 Inventories — 193,417 6,891 — 200,308 Other current assets 2,840 6,797 1,791 — 11,428 Total current assets 808,377 1,751,497 44,689 (1,711,284) 893,279 Property, plant and equipment, net 9,410 1,746,045 94,714 — 1,850,169 Goodwill — 1,142,083 60,208 — 1,202,291 Intangible assets, net — 47,852 — — 47,852 Operating lease right-of-use assets 2,615 21,880 4,048 — 28,543 Other assets 4,022,729 207,699 493 (4,175,921) 55,000 Total assets $ 4,843,131 $ 4,917,056 $ 204,152 $ (5,887,205) $ 4,077,134 Liabilities and Members' Interest Current liabilities: Current portion of debt $ 6,354 $ — $ — $ — $ 6,354 Current portion of acquisition-related liabilities — 7,827 — — 7,827 Accounts payable 3,889 108,805 8,619 109 121,422 Accrued expenses 54,108 106,320 4,014 (3,641) 160,801 Current operating lease liabilities 913 6,114 1,161 — 8,188 Intercompany payables 1,215,043 485,401 7,308 (1,707,752) — Billings in excess of costs and estimated earnings — 15,508 991 — 16,499 Total current liabilities 1,280,307 729,975 22,093 (1,711,284) 321,091 Long-term debt 1,892,347 — — — 1,892,347 Acquisition-related liabilities — 12,246 — — 12,246 Noncurrent operating lease liabilities 2,567 16,062 2,871 — 21,500 Other noncurrent liabilities 5,142 208,540 117,921 (164,421) 167,182 Total liabilities 3,180,363 966,823 142,885 (1,875,705) 2,414,366 Total members' interest 1,662,768 3,950,233 61,267 (4,011,500) 1,662,768 Total liabilities and members' interest $ 4,843,131 $ 4,917,056 $ 204,152 $ (5,887,205) $ 4,077,134 |
Condensed Consolidating Statements of Operations | Condensed Consolidating Statements of Operations For the nine months ended October 2, 2021 Non- Issuers Guarantors Guarantors Eliminations Consolidated Revenue $ — $ 1,735,193 $ 87,982 $ (10,174) $ 1,813,001 Cost of revenue (excluding items shown separately below) — 1,247,002 64,518 (10,174) 1,301,346 General and administrative expenses 51,555 87,968 2,600 — 142,123 Depreciation, depletion, amortization and accretion 3,273 161,783 8,595 — 173,651 Operating (loss) income (54,828) 238,440 12,269 — 195,881 Other income, net (290,566) (9,784) (563) 296,208 (4,705) Interest expense (income) 102,981 (34,635) 4,128 — 72,474 Gain on sale of business — (15,319) — — (15,319) Income from operation before taxes 132,757 298,178 8,704 (296,208) 143,431 Income tax expense 1,857 8,314 2,360 — 12,531 Net income attributable to Summit LLC $ 130,900 $ 289,864 $ 6,344 $ (296,208) $ 130,900 Comprehensive income attributable to member of Summit Materials, LLC $ 131,582 $ 289,864 $ 5,662 $ (295,526) $ 131,582 Condensed Consolidating Statements of Operations For the three months ended September 26, 2020 Non- Issuers Guarantors Guarantors Eliminations Consolidated Revenue $ — $ 689,842 $ 23,780 $ (4,003) $ 709,619 Cost of revenue (excluding items shown separately below) — 489,318 16,277 (4,003) 501,592 General and administrative expenses 23,955 23,952 1,449 — 49,356 Depreciation, depletion, amortization and accretion 980 55,542 1,532 — 58,054 Operating (loss) income (24,935) 121,030 4,522 — 100,617 Other (income) loss, net (134,672) (889) (276) 138,675 2,838 Interest expense (income) 31,170 (7,990) 1,381 — 24,561 Income from operation before taxes 78,567 129,909 3,417 (138,675) 73,218 Income tax expense (benefit) 243 (6,286) 937 — (5,106) Net income attributable to Summit LLC $ 78,324 $ 136,195 $ 2,480 $ (138,675) $ 78,324 Comprehensive income attributable to member of Summit Materials, LLC $ 80,342 $ 136,195 $ 462 $ (136,657) $ 80,342 Condensed Consolidating Statements of Operations For the nine months ended September 26, 2020 Non- Issuers Guarantors Guarantors Eliminations Consolidated Revenue $ — $ 1,659,526 $ 61,556 $ (13,264) $ 1,707,818 Cost of revenue (excluding items shown separately below) — 1,228,076 43,651 (13,264) 1,258,463 General and administrative expenses 50,964 71,282 4,392 — 126,638 Depreciation, depletion, amortization and accretion 2,960 156,697 4,103 — 163,760 Operating (loss) income (53,924) 203,471 9,410 — 158,957 Other (income) loss, net (235,001) (1,733) 271 237,774 1,311 Interest expense (income) 95,379 (21,352) 3,780 — 77,807 Income from operation before taxes 85,698 226,556 5,359 (237,774) 79,839 Income tax expense (benefit) 982 (7,383) 1,524 — (4,877) Net income attributable to Summit LLC $ 84,716 $ 233,939 $ 3,835 $ (237,774) $ 84,716 Comprehensive income attributable to member of Summit Materials, LLC $ 81,321 $ 233,939 $ 7,230 $ (241,169) $ 81,321 |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows For the nine months ended October 2, 2021 Non- Issuers Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities $ (121,357) $ 304,403 $ 24,327 $ — $ 207,373 Cash flow from investing activities: Acquisitions, net of cash acquired — (7,263) — — (7,263) Purchase of property, plant and equipment (612) (161,224) (8,234) — (170,070) Proceeds from the sale of property, plant, and equipment — 8,168 659 — 8,827 Proceeds from the sale of a business — 103,649 — — 103,649 Other — (459) — — (459) Net cash used for investing activities (612) (57,129) (7,575) — (65,316) Cash flow from financing activities: Proceeds from investment by member 29,650 2,766 — — 32,416 Loans received from and payments made on loans from other Summit Companies 240,746 (232,861) (8,846) 961 — Payments on long-term debt (304,765) (18,393) (644) — (323,802) Payments on acquisition-related liabilities — (7,255) — — (7,255) Distributions from partnership (2,500) — — — (2,500) Other (951) — — — (951) Net cash used in financing activities (37,820) (255,743) (9,490) 961 (302,092) Impact of cash on foreign currency — — (63) — (63) Net (decrease) increase in cash (159,789) (8,469) 7,199 961 (160,098) Cash — Beginning of period 401,074 10,287 10,461 (3,641) 418,181 Cash — End of period $ 241,285 $ 1,818 $ 17,660 $ (2,680) $ 258,083 Condensed Consolidating Statements of Cash Flows For the nine months ended September 26, 2020 Non- Issuers Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities $ (110,054) $ 288,198 $ 39,895 $ — $ 218,039 Cash flow from investing activities: Acquisitions, net of cash acquired — (92,085) (31,110) — (123,195) Purchase of property, plant and equipment (1,755) (136,670) (1,581) — (140,006) Proceeds from the sale of property, plant, and equipment — 8,708 140 — 8,848 Other — 1,395 — — 1,395 Net cash used for investing activities (1,755) (218,652) (32,551) — (252,958) Cash flow from financing activities: Proceeds from investment by member (91,856) 87,925 4,260 — 329 Net proceeds from debt issuance 700,000 — — — 700,000 Loans received from and payments made on loans from other Summit Companies 145,896 (139,650) (8,135) 1,889 — Payments on long-term debt (654,765) (11,983) (144) — (666,892) Payments on acquisition-related liabilities — (7,891) — — (7,891) Financing costs (9,565) — — — (9,565) Distributions from partnership (2,500) — — — (2,500) Other (823) (85) — — (908) Net cash provided by (used in) financing activities 86,387 (71,684) (4,019) 1,889 12,573 Impact of cash on foreign currency — — (216) — (216) Net (decrease) increase in cash (25,422) (2,138) 3,109 1,889 (22,562) Cash — Beginning of period 302,474 5,488 9,834 (6,477) 311,319 Cash — End of period $ 277,052 $ 3,350 $ 12,943 $ (4,588) $ 288,757 |
SUMMARY OF ORGANIZATION AND S_3
SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - General Information (Details) | 9 Months Ended |
Oct. 02, 2021segmentcementPlant | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |
Number of operating segments | 3 |
Number of reportable segments | 3 |
Cement plant | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |
Number of plants | cementPlant | 2 |
Summit Materials, LLC | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |
Number of operating segments | 3 |
Number of reportable segments | 3 |
Summit Materials, LLC | Cement plant | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |
Number of plants | cementPlant | 2 |
SUMMARY OF ORGANIZATION AND S_4
SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Business and Credit Concentration, Tax Receivable Agreement (Details) | Oct. 02, 2021state |
Business and Credit Concentrations | |
Number of states in which the entity operates | 21 |
Summit Materials, LLC | |
Business and Credit Concentrations | |
Number of states in which the entity operates | 21 |
SUMMARY OF ORGANIZATION AND S_5
SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Prior Period Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Reclassification [Line Items] | ||||
Net cost of revenue | $ 486,936 | $ 501,592 | $ 1,301,346 | $ 1,258,463 |
General and administrative expenses | (47,364) | (50,972) | (146,454) | (132,385) |
Gain on sale of property, plant and equipment | 1,159 | 1,616 | 4,331 | 5,747 |
General and administrative expenses | 47,364 | 50,972 | 146,454 | 132,385 |
Summit Materials, LLC | ||||
Reclassification [Line Items] | ||||
Net cost of revenue | 486,936 | 501,592 | 1,301,346 | 1,258,463 |
General and administrative expenses | (47,364) | (50,972) | (146,454) | (132,385) |
Gain on sale of property, plant and equipment | 1,159 | 1,616 | 4,331 | 5,747 |
General and administrative expenses | $ 47,364 | 50,972 | $ 146,454 | 132,385 |
Revision of Prior Period, Reclassification, Adjustment | ||||
Reclassification [Line Items] | ||||
Net cost of revenue | 32,600 | 93,100 | ||
Gain on sale of property, plant and equipment | 1,600 | 5,700 | ||
Transaction costs | 400 | 1,500 | ||
Revision of Prior Period, Reclassification, Adjustment | Summit Materials, LLC | ||||
Reclassification [Line Items] | ||||
Net cost of revenue | 32,600 | 93,100 | ||
Gain on sale of property, plant and equipment | 1,600 | 5,700 | ||
Transaction costs | 400 | 1,500 | ||
Revision of Prior Period, Reclassification, Adjustment Out, Fixed Overhead Expenses | ||||
Reclassification [Line Items] | ||||
General and administrative expenses | 32,600 | 93,100 | ||
General and administrative expenses | (32,600) | (93,100) | ||
Revision of Prior Period, Reclassification, Adjustment Out, Fixed Overhead Expenses | Summit Materials, LLC | ||||
Reclassification [Line Items] | ||||
General and administrative expenses | 32,600 | 93,100 | ||
General and administrative expenses | (32,600) | (93,100) | ||
Prior Period, Reclassification, Adjustment Out, Gain On Sale Of Property | ||||
Reclassification [Line Items] | ||||
General and administrative expenses | 1,600 | 5,700 | ||
General and administrative expenses | (1,600) | (5,700) | ||
Prior Period, Reclassification, Adjustment Out, Gain On Sale Of Property | Summit Materials, LLC | ||||
Reclassification [Line Items] | ||||
General and administrative expenses | 1,600 | 5,700 | ||
General and administrative expenses | (1,600) | (5,700) | ||
Revision of Prior Period, Reclassification, Adjustment In, Transaction Costs | ||||
Reclassification [Line Items] | ||||
General and administrative expenses | (400) | (1,500) | ||
General and administrative expenses | 400 | 1,500 | ||
Revision of Prior Period, Reclassification, Adjustment In, Transaction Costs | Summit Materials, LLC | ||||
Reclassification [Line Items] | ||||
General and administrative expenses | (400) | (1,500) | ||
General and administrative expenses | $ 400 | $ 1,500 |
ACQUISITIONS, DISPOSTIONS, GO_3
ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES - Summary of Number of Acquisitions by Segment (Details) - acquisition | 9 Months Ended | 12 Months Ended |
Oct. 02, 2021 | Jan. 02, 2021 | |
West | ||
Business Acquisition [Line Items] | ||
Number of businesses acquired | 0 | 2 |
West | Summit Materials, LLC | ||
Business Acquisition [Line Items] | ||
Number of businesses acquired | 0 | 2 |
East | ||
Business Acquisition [Line Items] | ||
Number of businesses acquired | 2 | 1 |
East | Summit Materials, LLC | ||
Business Acquisition [Line Items] | ||
Number of businesses acquired | 2 | 1 |
ACQUISITIONS, DISPOSTIONS, GO_4
ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES - Schedule of Business Combination Recognizable Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 02, 2021 | Jan. 02, 2021 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 1,174,855 | $ 1,201,291 |
Summit Materials, LLC | ||
Business Acquisition [Line Items] | ||
Goodwill | 1,175,855 | 1,202,291 |
Series of Individually Immaterial Business Acquisitions | ||
Business Acquisition [Line Items] | ||
Financial assets | 0 | 8,696 |
Inventories | 173 | 2,856 |
Property, plant and equipment | 7,958 | 130,042 |
Intangible assets | 702 | 0 |
Other assets | 0 | 2,790 |
Financial liabilities | (121) | (4,469) |
Other long-term liabilities | (300) | (16,069) |
Net assets acquired | 8,412 | 123,846 |
Goodwill | 0 | 0 |
Purchase price | 8,412 | 123,846 |
Acquisition-related liabilities | (1,149) | 0 |
Other | 0 | (369) |
Net cash paid for acquisitions | 7,263 | 123,477 |
Series of Individually Immaterial Business Acquisitions | Summit Materials, LLC | ||
Business Acquisition [Line Items] | ||
Financial assets | 0 | 8,696 |
Inventories | 173 | 2,856 |
Property, plant and equipment | 7,958 | 130,042 |
Intangible assets | 702 | 0 |
Other assets | 0 | 2,790 |
Financial liabilities | (121) | (4,469) |
Other long-term liabilities | (300) | (16,069) |
Net assets acquired | 8,412 | 123,846 |
Goodwill | 0 | 0 |
Purchase price | 8,412 | 123,846 |
Acquisition-related liabilities | (1,149) | 0 |
Other | 0 | (369) |
Net cash paid for acquisitions | $ 7,263 | $ 123,477 |
ACQUISITIONS, DISPOSTIONS, GO_5
ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES - Summary of Goodwill by Reportable Segments (Details) $ in Thousands | 9 Months Ended |
Oct. 02, 2021USD ($) | |
Goodwill [Roll Forward] | |
Balance—January 2, 2021 | $ 1,201,291 |
Dispositions | (26,742) |
Foreign currency translation adjustments | 306 |
Balance—October 2, 2021 | 1,174,855 |
West | |
Goodwill [Roll Forward] | |
Balance—January 2, 2021 | 586,209 |
Dispositions | (16,222) |
Foreign currency translation adjustments | 306 |
Balance—October 2, 2021 | 570,293 |
East | |
Goodwill [Roll Forward] | |
Balance—January 2, 2021 | 410,426 |
Dispositions | (10,520) |
Foreign currency translation adjustments | 0 |
Balance—October 2, 2021 | 399,906 |
Cement | |
Goodwill [Roll Forward] | |
Balance—January 2, 2021 | 204,656 |
Dispositions | 0 |
Foreign currency translation adjustments | 0 |
Balance—October 2, 2021 | 204,656 |
Summit Materials, LLC | |
Goodwill [Roll Forward] | |
Balance—January 2, 2021 | 1,202,291 |
Dispositions | (26,742) |
Foreign currency translation adjustments | 306 |
Balance—October 2, 2021 | 1,175,855 |
Summit Materials, LLC | West | |
Goodwill [Roll Forward] | |
Balance—January 2, 2021 | 587,209 |
Dispositions | (16,222) |
Foreign currency translation adjustments | 306 |
Balance—October 2, 2021 | 571,293 |
Summit Materials, LLC | East | |
Goodwill [Roll Forward] | |
Balance—January 2, 2021 | 410,426 |
Dispositions | (10,520) |
Foreign currency translation adjustments | 0 |
Balance—October 2, 2021 | 399,906 |
Summit Materials, LLC | Cement | |
Goodwill [Roll Forward] | |
Balance—January 2, 2021 | 204,656 |
Dispositions | 0 |
Foreign currency translation adjustments | 0 |
Balance—October 2, 2021 | $ 204,656 |
ACQUISITIONS, DISPOSTIONS, GO_6
ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES - Intangible Assets By Type (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Jan. 02, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 84,647 | $ 59,716 |
Accumulated Amortization | (14,309) | (11,864) |
Net Carrying Amount | 70,338 | 47,852 |
Operating permits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 33,671 | 33,671 |
Accumulated Amortization | (2,206) | (1,207) |
Net Carrying Amount | 31,465 | 32,464 |
Mineral leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 19,927 | 19,225 |
Accumulated Amortization | (8,497) | (7,571) |
Net Carrying Amount | 11,430 | 11,654 |
Reserve rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 25,586 | 6,234 |
Accumulated Amortization | (3,123) | (2,504) |
Net Carrying Amount | 22,463 | 3,730 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,463 | 586 |
Accumulated Amortization | (483) | (582) |
Net Carrying Amount | 4,980 | 4 |
Summit Materials, LLC | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 84,647 | 59,716 |
Accumulated Amortization | (14,309) | (11,864) |
Net Carrying Amount | 70,338 | 47,852 |
Summit Materials, LLC | Operating permits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 33,671 | 33,671 |
Accumulated Amortization | (2,206) | (1,207) |
Net Carrying Amount | 31,465 | 32,464 |
Summit Materials, LLC | Mineral leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 19,927 | 19,225 |
Accumulated Amortization | (8,497) | (7,571) |
Net Carrying Amount | 11,430 | 11,654 |
Summit Materials, LLC | Reserve rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 25,586 | 6,234 |
Accumulated Amortization | (3,123) | (2,504) |
Net Carrying Amount | 22,463 | 3,730 |
Summit Materials, LLC | Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,463 | 586 |
Accumulated Amortization | (483) | (582) |
Net Carrying Amount | $ 4,980 | $ 4 |
ACQUISITIONS, DISPOSTIONS, GO_7
ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES - Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Jan. 02, 2021 | |
Business Acquisition [Line Items] | |||||
Amortization expense | $ 900 | $ 700 | $ 2,800 | $ 2,300 | |
Estimated amortization expense | |||||
2021 (three months) | 1,034 | 1,034 | |||
2022 | 4,141 | 4,141 | |||
2023 | 4,008 | 4,008 | |||
2024 | 3,913 | 3,913 | |||
2025 | 3,868 | 3,868 | |||
2026 | 3,724 | 3,724 | |||
Thereafter | 49,650 | 49,650 | |||
Intangible assets, net | 70,338 | 70,338 | $ 47,852 | ||
Summit Materials, LLC | |||||
Business Acquisition [Line Items] | |||||
Amortization expense | 900 | $ 700 | 2,800 | $ 2,300 | |
Estimated amortization expense | |||||
2021 (three months) | 1,034 | 1,034 | |||
2022 | 4,141 | 4,141 | |||
2023 | 4,008 | 4,008 | |||
2024 | 3,913 | 3,913 | |||
2025 | 3,868 | 3,868 | |||
2026 | 3,724 | 3,724 | |||
Thereafter | 49,650 | 49,650 | |||
Intangible assets, net | $ 70,338 | $ 70,338 | $ 47,852 |
ACQUISITIONS, DISPOSTIONS, GO_8
ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021USD ($) | Sep. 26, 2020USD ($) | Oct. 02, 2021USD ($)business | Sep. 26, 2020USD ($) | |
Business Acquisition [Line Items] | ||||
Proceeds from sale of businesses | $ | $ 103,649 | $ 0 | ||
Gain on sale of business | $ | $ (113) | $ 0 | $ 15,319 | 0 |
East | ||||
Business Acquisition [Line Items] | ||||
Number of businesses sold | business | 4 | |||
West | ||||
Business Acquisition [Line Items] | ||||
Number of businesses sold | business | 1 | |||
Summit Materials, LLC | ||||
Business Acquisition [Line Items] | ||||
Proceeds from sale of businesses | $ | $ 103,649 | 0 | ||
Gain on sale of business | $ | $ (113) | $ 0 | $ 15,319 | $ 0 |
Summit Materials, LLC | East | ||||
Business Acquisition [Line Items] | ||||
Number of businesses sold | business | 4 | |||
Summit Materials, LLC | West | ||||
Business Acquisition [Line Items] | ||||
Number of businesses sold | business | 1 |
REVENUE RECOGNITION - By Produc
REVENUE RECOGNITION - By Product (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Revenue from External Customer [Line Items] | ||||
Total revenue | $ 717,240 | $ 709,619 | $ 1,813,001 | $ 1,707,818 |
Aggregates | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 160,317 | 136,396 | 431,201 | 362,546 |
Cement | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 87,645 | 82,698 | 207,953 | 188,854 |
Ready-mix concrete | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 183,114 | 179,124 | 525,208 | 488,710 |
Asphalt | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 116,364 | 128,125 | 238,674 | 255,992 |
Paving and related services | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 112,671 | 136,191 | 257,966 | 280,446 |
Other | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 57,129 | 47,085 | 151,999 | 131,270 |
Summit Materials, LLC | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 717,240 | 709,619 | 1,813,001 | 1,707,818 |
Summit Materials, LLC | Aggregates | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 160,317 | 136,396 | 431,201 | 362,546 |
Summit Materials, LLC | Cement | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 87,645 | 82,698 | 207,953 | 188,854 |
Summit Materials, LLC | Ready-mix concrete | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 183,114 | 179,124 | 525,208 | 488,710 |
Summit Materials, LLC | Asphalt | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 116,364 | 128,125 | 238,674 | 255,992 |
Summit Materials, LLC | Paving and related services | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 112,671 | 136,191 | 257,966 | 280,446 |
Summit Materials, LLC | Other | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | $ 57,129 | $ 47,085 | $ 151,999 | $ 131,270 |
REVENUE RECOGNITION - Summary o
REVENUE RECOGNITION - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 02, 2021 | Jan. 02, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade accounts receivable | $ 268,188 | $ 191,871 |
Construction contract receivables | 53,647 | 47,179 |
Retention receivables | 14,894 | 18,824 |
Receivables from related parties | 877 | 1,339 |
Accounts receivable | 337,606 | 259,213 |
Less: Allowance for doubtful accounts | (4,255) | (4,517) |
Accounts receivable, net | $ 333,351 | 254,696 |
Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
General collection and billing period for retention receivables | 1 year | |
Summit Materials, LLC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade accounts receivable | $ 268,188 | 191,871 |
Construction contract receivables | 53,647 | 47,179 |
Retention receivables | 14,894 | 18,824 |
Receivables from related parties | 877 | 1,339 |
Accounts receivable | 337,606 | 259,213 |
Less: Allowance for doubtful accounts | (4,255) | (4,517) |
Accounts receivable, net | $ 333,351 | $ 254,696 |
Summit Materials, LLC | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
General collection and billing period for retention receivables | 1 year |
INVENTORIES - Components of Inv
INVENTORIES - Components of Inventories (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Jan. 02, 2021 |
Inventory [Line Items] | ||
Aggregate stockpiles | $ 132,325 | $ 137,938 |
Finished goods | 31,334 | 32,993 |
Work in process | 9,189 | 9,281 |
Raw materials | 22,464 | 20,096 |
Total | 195,312 | 200,308 |
Summit Materials, LLC | ||
Inventory [Line Items] | ||
Aggregate stockpiles | 132,325 | 137,938 |
Finished goods | 31,334 | 32,993 |
Work in process | 9,189 | 9,281 |
Raw materials | 22,464 | 20,096 |
Total | $ 195,312 | $ 200,308 |
ACCRUED EXPENSES - Components o
ACCRUED EXPENSES - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Jan. 02, 2021 |
Schedule Of Accrued Expenses [Line Items] | ||
Interest | $ 8,891 | $ 21,860 |
Payroll and benefits | 37,906 | 46,026 |
Finance lease obligations | 17,424 | 24,601 |
Insurance | 19,676 | 18,355 |
Non-income taxes | 23,834 | 15,669 |
Deferred asset purchase payments | 4,538 | 9,749 |
Professional fees | 1,152 | 828 |
Other | 23,957 | 23,482 |
Accrued expenses | 137,378 | 160,570 |
Summit Materials, LLC | ||
Schedule Of Accrued Expenses [Line Items] | ||
Interest | 8,891 | 21,860 |
Payroll and benefits | 37,906 | 46,026 |
Finance lease obligations | 17,424 | 24,601 |
Insurance | 19,676 | 18,355 |
Non-income taxes | 24,065 | 15,900 |
Deferred asset purchase payments | 4,538 | 9,749 |
Professional fees | 1,152 | 828 |
Other | 23,957 | 23,482 |
Accrued expenses | $ 137,609 | $ 160,801 |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Jan. 02, 2021 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,610,830 | $ 1,915,425 |
Current portion of debt | 6,354 | 6,354 |
Long-term debt | 1,604,476 | 1,909,071 |
Gross amount | 1,611,548 | |
Debt discount | $ 718 | |
5 1/8% Senior Notes, due 2025 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate (as a percent) | 5.125% | |
Summit Materials, LLC | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1,610,830 | 1,915,425 |
Current portion of debt | 6,354 | 6,354 |
Long-term debt | 1,604,476 | 1,909,071 |
Gross amount | 1,611,548 | |
Debt discount | $ 718 | |
Summit Materials, LLC | 5 1/8% Senior Notes, due 2025 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate (as a percent) | 5.125% | |
Senior Notes | Term Loan, due 2024 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 610,830 | 615,425 |
Gross amount | 611,500 | 616,300 |
Debt discount | 700 | 900 |
Senior Notes | 5 1/8% Senior Notes, due 2025 | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 300,000 |
Senior Notes | 6 1/2% Senior Notes, due 2027 | ||
Debt Instrument [Line Items] | ||
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 Instrument [Line Items] | ||
Total debt | $ 700,000 | 700,000 |
Debt instrument interest rate (as a percent) | 5.25% | |
Senior Notes | Summit Materials, LLC | Term Loan, due 2024 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 610,830 | 615,425 |
Gross amount | 611,500 | 616,300 |
Debt discount | 700 | 900 |
Senior Notes | Summit Materials, LLC | 5 1/8% Senior Notes, due 2025 | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 300,000 |
Senior Notes | Summit Materials, LLC | 6 1/2% Senior Notes, due 2027 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 300,000 | 300,000 |
Debt instrument interest rate (as a percent) | 6.50% | |
Senior Notes | Summit Materials, LLC | 5 1/4% Senior Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 700,000 | $ 700,000 |
Debt instrument interest rate (as a percent) | 5.25% |
DEBT - Schedule of Contractual
DEBT - Schedule of Contractual Payments of Long-Term Debt (Details) $ in Thousands | Oct. 02, 2021USD ($) |
Debt Instrument [Line Items] | |
2021 (three months) | $ 1,588 |
2022 | 6,354 |
2023 | 6,354 |
2024 | 597,252 |
2025 | 0 |
2026 | 0 |
Thereafter | 1,000,000 |
Total | 1,611,548 |
Less: Original issue net discount | (718) |
Less: Capitalized loan costs | (12,487) |
Total debt | 1,598,343 |
Summit Materials, LLC | |
Debt Instrument [Line Items] | |
2021 (three months) | 1,588 |
2022 | 6,354 |
2023 | 6,354 |
2024 | 597,252 |
2025 | 0 |
2026 | 0 |
Thereafter | 1,000,000 |
Total | 1,611,548 |
Less: Original issue net discount | (718) |
Less: Capitalized loan costs | (12,487) |
Total debt | $ 1,598,343 |
DEBT - Senior Notes (Details)
DEBT - Senior Notes (Details) - USD ($) | Sep. 27, 2021 | Aug. 11, 2020 | Mar. 15, 2019 | Oct. 02, 2021 | Oct. 02, 2021 | Sep. 26, 2020 | Jan. 02, 2021 |
Debt Instrument [Line Items] | |||||||
Write off of deferred financing fees | $ 2,116,000 | $ 3,338,000 | |||||
Long-term debt | $ 1,610,830,000 | 1,610,830,000 | $ 1,915,425,000 | ||||
Proceeds from debt issuances | $ 0 | 700,000,000 | |||||
5 1/8% Senior Notes, due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes, interest rate (as a percent) | 5.125% | 5.125% | |||||
Issuers | 5 1/8% Senior Notes, due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Debt redeemed | $ 300,000,000 | ||||||
Senior notes, interest rate (as a percent) | 5.125% | ||||||
Redemption charges | $ 6,000,000 | ||||||
Redemption premium | 3,900,000 | ||||||
Write off of deferred financing fees | 2,100,000 | ||||||
Issuers | 5 1/4% Senior Notes Due 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes, interest rate (as a percent) | 5.25% | ||||||
Long-term debt | $ 700,000,000 | ||||||
Proceeds from debt issuances | $ 690,400,000 | ||||||
Issuers | 6 1/2% Senior Notes, due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes, interest rate (as a percent) | 6.50% | ||||||
Long-term debt | $ 300,000,000 | ||||||
Summit Materials, LLC | |||||||
Debt Instrument [Line Items] | |||||||
Write off of deferred financing fees | $ 2,116,000 | 3,338,000 | |||||
Long-term debt | $ 1,610,830,000 | 1,610,830,000 | 1,915,425,000 | ||||
Proceeds from debt issuances | $ 0 | $ 700,000,000 | |||||
Summit Materials, LLC | 5 1/8% Senior Notes, due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes, interest rate (as a percent) | 5.125% | 5.125% | |||||
Senior Notes | 5 1/8% Senior Notes, due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 0 | $ 0 | 300,000,000 | ||||
Senior Notes | 5 1/4% Senior Notes Due 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes, interest rate (as a percent) | 5.25% | 5.25% | |||||
Long-term debt | $ 700,000,000 | $ 700,000,000 | 700,000,000 | ||||
Senior Notes | 6 1/2% Senior Notes, due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes, interest rate (as a percent) | 6.50% | 6.50% | |||||
Long-term debt | $ 300,000,000 | $ 300,000,000 | 300,000,000 | ||||
Senior Notes | Issuers | 5 1/4% Senior Notes Due 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of par value of senior notes | 100.00% | ||||||
Senior Notes | Issuers | 6 1/2% Senior Notes, due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of par value of senior notes | 100.00% | ||||||
Proceeds net of related fees and expenses | $ 296,300,000 | ||||||
Senior Notes | Summit Materials, LLC | 5 1/8% Senior Notes, due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 0 | $ 0 | 300,000,000 | ||||
Senior Notes | Summit Materials, LLC | 5 1/4% Senior Notes Due 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes, interest rate (as a percent) | 5.25% | 5.25% | |||||
Long-term debt | $ 700,000,000 | $ 700,000,000 | 700,000,000 | ||||
Senior Notes | Summit Materials, LLC | 6 1/2% Senior Notes, due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes, interest rate (as a percent) | 6.50% | 6.50% | |||||
Long-term debt | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 |
DEBT - Senior Secured Credit Fa
DEBT - Senior Secured Credit Facilities (Details) - Summit Materials, LLC - USD ($) | 9 Months Ended | |
Oct. 02, 2021 | Jan. 02, 2021 | |
Term Loan, due 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 650,000,000 | |
Quarterly principal repayments percentage | 0.25% | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 345,000,000 | |
Amount outstanding | 0 | $ 0 |
Remaining borrowing capacity | $ 329,100,000 | |
Revolving Credit Facility | Federal funds rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.50% | |
Revolving Credit Facility | LIBOR Plus 1% | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | |
Percentage added to base rate | 1.00% | |
Revolving Credit Facility | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.00% | |
Letter of Credit | ||
Debt Instrument [Line Items] | ||
Amount outstanding | $ 15,900,000 | |
Senior Secured Credit Facilities | ||
Debt Instrument [Line Items] | ||
First lien leverage ratio | 4.75 |
DEBT - Summary of Activity for
DEBT - Summary of Activity for Deferred Financing Fees (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 02, 2021 | Sep. 26, 2020 | |
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Accumulated Amortization [Roll Forward] | ||
Beginning balance | $ 18,367 | $ 15,436 |
Loan origination fees | 9,565 | |
Amortization | (2,510) | (2,499) |
Write off of deferred financing fees | (2,116) | (3,338) |
Ending balance | 13,741 | 19,164 |
Summit Materials, LLC | ||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Accumulated Amortization [Roll Forward] | ||
Beginning balance | 18,367 | 15,436 |
Loan origination fees | 9,565 | |
Amortization | (2,510) | (2,499) |
Write off of deferred financing fees | (2,116) | (3,338) |
Ending balance | $ 13,741 | $ 19,164 |
DEBT - Other (Details)
DEBT - Other (Details) - CAD ($) | Jan. 15, 2015 | Oct. 02, 2021 | Jan. 02, 2021 |
Canadian subsidiary credit agreement, Operating activities | |||
Debt Instrument [Line Items] | |||
Revolving credit commitment | $ 6,000,000 | ||
Canadian subsidiary credit agreement, Capital equipment | |||
Debt Instrument [Line Items] | |||
Revolving credit commitment | 500,000 | ||
Canadian subsidiary credit agreement, Guarantees | |||
Debt Instrument [Line Items] | |||
Revolving credit commitment | $ 300,000 | ||
Canadian subsidiary credit agreement | |||
Debt Instrument [Line Items] | |||
Amount outstanding | $ 0 | $ 0 | |
Prime rate | Canadian subsidiary credit agreement, Operating activities | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.20% | ||
Prime rate | Canadian subsidiary credit agreement, Capital equipment | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.90% | ||
Summit Materials, LLC | Canadian subsidiary credit agreement, Operating activities | |||
Debt Instrument [Line Items] | |||
Revolving credit commitment | $ 6,000,000 | ||
Summit Materials, LLC | Canadian subsidiary credit agreement, Capital equipment | |||
Debt Instrument [Line Items] | |||
Revolving credit commitment | 500,000 | ||
Summit Materials, LLC | Canadian subsidiary credit agreement, Guarantees | |||
Debt Instrument [Line Items] | |||
Revolving credit commitment | $ 300,000 | ||
Summit Materials, LLC | Canadian subsidiary credit agreement | |||
Debt Instrument [Line Items] | |||
Amount outstanding | $ 0 | $ 0 | |
Summit Materials, LLC | Prime rate | Canadian subsidiary credit agreement, Operating activities | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.20% | ||
Summit Materials, LLC | Prime rate | Canadian subsidiary credit agreement, Capital equipment | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.90% |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Oct. 02, 2021 | Sep. 26, 2020 | Mar. 28, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Jan. 02, 2021 | |
Income Taxes [Line Items] | ||||||
Income tax expense (benefit) | $ 20,513,000 | $ (19,613,000) | $ 33,478,000 | $ (25,333,000) | ||
Unrecognized tax benefits, decrease due to CARES Act | (32,900,000) | $ 9,500,000 | ||||
Valuation allowance | 1,675,000 | 1,675,000 | $ 1,675,000 | |||
Income tax provision, interest or penalties recognized | 0 | 0 | 0 | 0 | ||
Deferred tax asset, Investment in limited partnership | 10,800,000 | 10,800,000 | ||||
Tax receivable agreement liability | 330,871,000 | 330,871,000 | 321,680,000 | |||
Tax Receivable Agreement | ||||||
Income Taxes [Line Items] | ||||||
Tax receivable agreement liability | 330,900,000 | 330,900,000 | $ 321,700,000 | |||
Summit Holdings LP | ||||||
Income Taxes [Line Items] | ||||||
Distributions to LP Unitholders | $ 0 | 0 | ||||
Summit Holdings LP | Tax Receivable Agreement | ||||||
Income Taxes [Line Items] | ||||||
Percentage of benefits to be paid on tax receivable agreement | 85.00% | |||||
Summit Materials, LLC | ||||||
Income Taxes [Line Items] | ||||||
Income tax expense (benefit) | 7,016,000 | (5,106,000) | $ 12,531,000 | (4,877,000) | ||
Income tax provision, interest or penalties recognized | $ 0 | $ 0 | $ 0 | $ 0 | ||
Common Class A | ||||||
Income Taxes [Line Items] | ||||||
Exchanges during period (in shares) | 1,440,983 | 196,542 |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - Schedule of Basic to Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Reconciliation of basic to diluted loss per share | ||||
Net income attributable to Summit Inc. | $ 74,204 | $ 90,730 | $ 108,346 | $ 102,815 |
Diluted net income attributable to Summit Inc. | $ 74,204 | $ 90,730 | $ 108,346 | $ 102,815 |
LP Units | ||||
Reconciliation of basic to diluted loss per share | ||||
Anti dilutive shares excluded from calculation of earnings per share (in shares) | 1,594,272 | 3,053,115 | 2,031,090 | 3,086,819 |
Add: stock options | ||||
Reconciliation of basic to diluted loss per share | ||||
Anti dilutive shares excluded from calculation of earnings per share (in shares) | 0 | 2,095,929 | 0 | 2,095,929 |
Warrants | ||||
Reconciliation of basic to diluted loss per share | ||||
Anti dilutive shares excluded from calculation of earnings per share (in shares) | 0 | 100,037 | 0 | 100,037 |
Time-vesting restricted stock units | ||||
Reconciliation of basic to diluted loss per share | ||||
Anti dilutive shares excluded from calculation of earnings per share (in shares) | 0 | 0 | 0 | 0 |
Market-based restricted stock units | ||||
Reconciliation of basic to diluted loss per share | ||||
Anti dilutive shares excluded from calculation of earnings per share (in shares) | 0 | 0 | 0 | 0 |
Restricted Stock | ||||
Reconciliation of basic to diluted loss per share | ||||
Add: Nonvested restricted stock awards of retirement eligible shares (in shares) | 200,575 | 320,343 | 218,224 | 145,155 |
Common Class A | ||||
Reconciliation of basic to diluted loss per share | ||||
Weighted average shares of Class A stock outstanding (in shares) | 118,272,955 | 114,116,564 | 117,040,207 | 113,943,292 |
Weighted average basic shares outstanding (in shares) | 118,272,955 | 114,116,564 | 117,040,207 | 113,943,292 |
Basic (usd per share) | $ 0.63 | $ 0.79 | $ 0.92 | $ 0.90 |
Add: warrants (in shares) | 14,405 | 0 | 17,573 | 0 |
Weighted average dilutive shares outstanding (in shares) | 119,291,646 | 114,472,171 | 118,360,615 | 114,457,276 |
Diluted earnings (loss) per share (usd per share) | $ 0.62 | $ 0.79 | $ 0.92 | $ 0.90 |
Common Class A | Add: stock options | ||||
Reconciliation of basic to diluted loss per share | ||||
Add: share-based payment arrangements (in shares) | 125,164 | 0 | 310,990 | 0 |
Common Class A | Add: restricted stock units | ||||
Reconciliation of basic to diluted loss per share | ||||
Add: share-based payment arrangements (in shares) | 680,980 | 263,886 | 812,702 | 450,353 |
Common Class A | Add: performance stock units | ||||
Reconciliation of basic to diluted loss per share | ||||
Add: share-based payment arrangements (in shares) | 198,142 | 91,721 | 179,143 | 63,631 |
Common Class A And Restricted Stock | ||||
Reconciliation of basic to diluted loss per share | ||||
Weighted average shares of Class A stock outstanding (in shares) | 118,473,530 | 114,436,907 | 117,258,431 | 114,088,447 |
Weighted average basic shares outstanding (in shares) | 118,473,530 | 114,436,907 | 117,258,431 | 114,088,447 |
Basic (usd per share) | $ 0.63 | $ 0.79 | $ 0.92 | $ 0.90 |
STOCKHOLDERS' EQUITY_MEMBERS'_3
STOCKHOLDERS' EQUITY/MEMBERS' INTEREST - Equity Offerings (Details) - shares | 9 Months Ended | |||
Oct. 02, 2021 | Sep. 26, 2020 | Jan. 02, 2021 | Dec. 28, 2019 | |
Common Class A | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance (in shares) | 114,390,595 | 113,309,385 | ||
Exchanges during period (in shares) | 1,440,983 | 196,542 | ||
Stock option exercises (in shares) | 1,744,256 | 14,404 | ||
Other equity transactions (in shares) | 989,116 | 603,580 | ||
Ending balance (in shares) | 118,564,950 | 114,123,911 | ||
Summit Materials, Inc. and Summit Holdings, LP | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance (in shares) | 117,263,765 | 116,559,042 | ||
Exchanges during period (in shares) | 0 | 0 | ||
Stock option exercises (in shares) | 1,744,256 | 14,404 | ||
Other equity transactions (in shares) | 989,116 | 603,580 | ||
Ending balance (in shares) | 119,997,137 | 117,177,026 | ||
LP Units | Summit Holdings LP | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Number of LP Units outstanding, beginning balance (in shares) | 2,873,170 | 3,249,657 | ||
Number of LP Units exchanged (in shares) | (1,440,983) | (196,542) | ||
Number of LP Units outstanding, ending balance (in shares) | 1,432,187 | 3,053,115 | ||
Summit Holdings LP | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Noncontrolling interest elimination (as a percent) | 1.20% | 2.50% | ||
Summit Materials Inc | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Ownership percentage | 98.80% | 97.40% | 97.50% | 97.20% |
STOCKHOLDERS' EQUITY_MEMBERS'_4
STOCKHOLDERS' EQUITY/MEMBERS' INTEREST - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 02, 2021 | Sep. 26, 2020 | |
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance | $ 1,616,268 | $ 1,444,773 |
Foreign currency translation adjustment, net of tax | 467 | (2,473) |
Ending balance | 1,771,764 | 1,569,496 |
Summit Materials, LLC | ||
Changes in each component of accumulated other comprehensive loss | ||
Foreign currency translation adjustment, net of tax | 682 | (3,395) |
Change in retirement plans | ||
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance | 533 | 2,171 |
Ending balance | 533 | 2,171 |
Change in retirement plans | Summit Materials, LLC | ||
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance | (8,546) | (6,317) |
Ending balance | (8,546) | (6,317) |
Foreign currency translation adjustments | ||
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance | 4,670 | 1,277 |
Foreign currency translation adjustment, net of tax | 467 | (2,473) |
Ending balance | 5,137 | (1,196) |
Foreign currency translation adjustments | Summit Materials, LLC | ||
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance | (10,037) | (14,654) |
Foreign currency translation adjustment, net of tax | 682 | (3,395) |
Ending balance | (9,355) | (18,049) |
Cash flow hedge adjustments | Summit Materials, LLC | ||
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance | 0 | 0 |
Ending balance | 0 | 0 |
Accumulated other comprehensive income (loss) | ||
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance | 5,203 | 3,448 |
Ending balance | 5,670 | 975 |
Accumulated other comprehensive income (loss) | Summit Materials, LLC | ||
Changes in each component of accumulated other comprehensive loss | ||
Beginning balance | (18,583) | (20,971) |
Ending balance | $ (17,901) | $ (24,366) |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 02, 2021 | Sep. 26, 2020 | |
Cash payments: | ||
Interest | $ 77,890 | $ 86,427 |
Payments for income taxes, net | 6,694 | 1,131 |
Operating cash payments on operating leases | 7,894 | 8,372 |
Operating cash payments on finance leases | 1,722 | 2,402 |
Finance cash payments on finance leases | 13,739 | 11,528 |
Non cash financing activities: | ||
Right of use assets obtained in exchange for operating lease obligations | 6,476 | 2,931 |
Right of use assets obtained in exchange for finance leases obligations | 600 | 17,605 |
Exchange of LP Units to shares of Class A common stock | 43,796 | 4,648 |
Summit Materials, LLC | ||
Cash payments: | ||
Interest | 77,890 | 86,427 |
Payments for income taxes, net | 6,694 | 1,131 |
Operating cash payments on operating leases | 7,894 | 8,372 |
Operating cash payments on finance leases | 1,722 | 2,402 |
Finance cash payments on finance leases | 13,739 | 11,528 |
Non cash financing activities: | ||
Right of use assets obtained in exchange for operating lease obligations | 6,476 | 2,931 |
Right of use assets obtained in exchange for finance leases obligations | $ 600 | $ 17,605 |
LEASES - Operating and Finance
LEASES - Operating and Finance Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Jan. 02, 2021 | |
Lease, Cost [Abstract] | |||||
Operating lease cost | $ 1,755 | $ 2,478 | $ 5,175 | $ 7,576 | |
Variable lease cost | 90 | 90 | 263 | 253 | |
Short-term lease cost | 12,373 | 14,335 | 30,517 | 33,369 | |
Financing lease cost: | |||||
Amortization of right-of-use assets | 2,168 | 3,439 | 7,835 | 9,307 | |
Interest on lease liabilities | 475 | 780 | 1,689 | 2,329 | |
Total lease cost | 16,861 | 21,122 | 45,479 | 52,834 | |
Operating leases: | |||||
Operating lease right-of-use assets | 27,339 | 27,339 | $ 28,543 | ||
Current operating lease liabilities | 6,818 | 6,818 | 8,188 | ||
Noncurrent operating lease liabilities | 21,596 | 21,596 | 21,500 | ||
Total operating lease liabilities | 28,414 | 28,414 | 29,688 | ||
Finance leases: | |||||
Property and equipment, gross | 69,115 | 69,115 | 92,679 | ||
Less accumulated depreciation | $ (29,387) | $ (29,387) | $ (32,828) | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, plant and equipment and finance lease right-of-use asset, net | Property, plant and equipment and finance lease right-of-use asset, net | Property, plant and equipment and finance lease right-of-use asset, net | ||
Property and equipment, net | $ 39,728 | $ 39,728 | $ 59,851 | ||
Current finance lease liabilities | 17,424 | 17,424 | 24,601 | ||
Long-term finance lease liabilities | 18,249 | 18,249 | 31,727 | ||
Total finance lease liabilities | $ 35,673 | $ 35,673 | $ 56,328 | ||
Weighted average remaining lease term (years): | |||||
Operating leases | 9 years 1 month 6 days | 9 years 1 month 6 days | 8 years 8 months 12 days | ||
Finance lease | 2 years 6 months | 2 years 6 months | 2 years 4 months 24 days | ||
Weighted average discount rate: | |||||
Operating leases | 5.00% | 5.00% | 5.30% | ||
Finance leases | 5.30% | 5.30% | 5.20% | ||
Operating Leases | |||||
2021 (three months) | $ 2,103 | $ 2,103 | |||
2022 | 7,489 | 7,489 | |||
2023 | 5,830 | 5,830 | |||
2024 | 3,662 | 3,662 | |||
2025 | 2,444 | 2,444 | |||
2026 | 1,794 | 1,794 | |||
Thereafter | 12,976 | 12,976 | |||
Total lease payments | 36,298 | 36,298 | |||
Less imputed interest | (7,884) | (7,884) | |||
Present value of lease payments | 28,414 | 28,414 | $ 29,688 | ||
Finance Leases | |||||
2021 (three months) | 3,950 | 3,950 | |||
2022 | 18,668 | 18,668 | |||
2023 | 7,386 | 7,386 | |||
2024 | 3,209 | 3,209 | |||
2025 | 2,583 | 2,583 | |||
2026 | 990 | 990 | |||
Thereafter | 1,843 | 1,843 | |||
Total lease payments | 38,629 | 38,629 | |||
Less imputed interest | (2,956) | (2,956) | |||
Present value of lease payments | 35,673 | 35,673 | 56,328 | ||
Summit Materials, LLC | |||||
Lease, Cost [Abstract] | |||||
Operating lease cost | 1,755 | 2,478 | 5,175 | 7,576 | |
Variable lease cost | 90 | 90 | 263 | 253 | |
Short-term lease cost | 12,373 | 14,335 | 30,517 | 33,369 | |
Financing lease cost: | |||||
Amortization of right-of-use assets | 2,168 | 3,439 | 7,835 | 9,307 | |
Interest on lease liabilities | 475 | 780 | 1,689 | 2,329 | |
Total lease cost | 16,861 | $ 21,122 | 45,479 | $ 52,834 | |
Operating leases: | |||||
Operating lease right-of-use assets | 27,339 | 27,339 | 28,543 | ||
Current operating lease liabilities | 6,818 | 6,818 | 8,188 | ||
Noncurrent operating lease liabilities | 21,596 | 21,596 | 21,500 | ||
Total operating lease liabilities | 28,414 | 28,414 | 29,688 | ||
Finance leases: | |||||
Property and equipment, gross | 69,115 | 69,115 | 92,679 | ||
Less accumulated depreciation | $ (29,387) | $ (29,387) | $ (32,828) | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, plant and equipment and finance lease right-of-use asset, net | Property, plant and equipment and finance lease right-of-use asset, net | Property, plant and equipment and finance lease right-of-use asset, net | ||
Property and equipment, net | $ 39,728 | $ 39,728 | $ 59,851 | ||
Current finance lease liabilities | 17,424 | 17,424 | 24,601 | ||
Long-term finance lease liabilities | 18,249 | 18,249 | 31,727 | ||
Total finance lease liabilities | $ 35,673 | $ 35,673 | $ 56,328 | ||
Weighted average remaining lease term (years): | |||||
Operating leases | 9 years 1 month 6 days | 9 years 1 month 6 days | 8 years 8 months 12 days | ||
Finance lease | 2 years 6 months | 2 years 6 months | 2 years 4 months 24 days | ||
Weighted average discount rate: | |||||
Operating leases | 5.00% | 5.00% | 5.30% | ||
Finance leases | 5.30% | 5.30% | 5.20% | ||
Operating Leases | |||||
2021 (three months) | $ 2,103 | $ 2,103 | |||
2022 | 7,489 | 7,489 | |||
2023 | 5,830 | 5,830 | |||
2024 | 3,662 | 3,662 | |||
2025 | 2,444 | 2,444 | |||
2026 | 1,794 | 1,794 | |||
Thereafter | 12,976 | 12,976 | |||
Total lease payments | 36,298 | 36,298 | |||
Less imputed interest | (7,884) | (7,884) | |||
Present value of lease payments | 28,414 | 28,414 | $ 29,688 | ||
Finance Leases | |||||
2021 (three months) | 3,950 | 3,950 | |||
2022 | 18,668 | 18,668 | |||
2023 | 7,386 | 7,386 | |||
2024 | 3,209 | 3,209 | |||
2025 | 2,583 | 2,583 | |||
2026 | 990 | 990 | |||
Thereafter | 1,843 | 1,843 | |||
Total lease payments | 38,629 | 38,629 | |||
Less imputed interest | (2,956) | (2,956) | |||
Present value of lease payments | $ 35,673 | $ 35,673 | $ 56,328 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Oct. 02, 2021 | Jan. 02, 2021 | |
Loss Contingencies [Line Items] | ||
Anticipated costs | $ 108 | $ 112.8 |
Term of purchase commitments | 1 year | |
Site Restoration Obligations | Other noncurrent liabilities | ||
Loss Contingencies [Line Items] | ||
Site restoration obligation, non-current | $ 32.7 | 33.6 |
Site Restoration Obligations | Accrued expenses. | ||
Loss Contingencies [Line Items] | ||
Site restoration obligation, current | $ 9.6 | 10 |
Summit Materials, LLC | ||
Loss Contingencies [Line Items] | ||
Term of purchase commitments | 1 year | |
Summit Materials, LLC | Site Restoration Obligations | ||
Loss Contingencies [Line Items] | ||
Anticipated costs | $ 108 | 112.8 |
Summit Materials, LLC | Site Restoration Obligations | Other noncurrent liabilities | ||
Loss Contingencies [Line Items] | ||
Site restoration obligation, non-current | 32.7 | 33.6 |
Summit Materials, LLC | Site Restoration Obligations | Accrued expenses. | ||
Loss Contingencies [Line Items] | ||
Site restoration obligation, current | $ 9.6 | $ 10 |
FAIR VALUE - Fair Value Measure
FAIR VALUE - Fair Value Measurements (Details) - Level 3 $ in Thousands | 9 Months Ended | ||
Oct. 02, 2021USD ($) | Sep. 26, 2020USD ($) | Jan. 02, 2021USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Current portion of acquisition-related liabilities and accrued expenses - contingent consideration | $ 554 | $ 654 | |
Acquisition-related liabilities and other noncurrent liabilities - contingent consideration | 1,199 | 1,209 | |
Adjustment to contingent consideration | 0 | $ 0 | |
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 | 554 | 654 | |
Acquisition-related liabilities and other noncurrent liabilities - contingent consideration | 1,199 | $ 1,209 | |
Adjustment to contingent consideration | $ 0 | $ 0 | |
Discount Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration fair value measurement input | 0.095 | ||
Discount Rate | Summit Materials, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration fair value measurement input | 0.095 |
FAIR VALUE - Carrying Value and
FAIR VALUE - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Jan. 02, 2021 |
Financial Instruments | ||
Current portion of debt | $ 6,354 | $ 6,354 |
Summit Materials, LLC | ||
Financial Instruments | ||
Current portion of debt | 6,354 | 6,354 |
Level 1 | ||
Financial Instruments | ||
Current portion of debt | 6,400 | 6,400 |
Level 1 | Fair Value | ||
Financial Instruments | ||
Long-term debt | 1,661,673 | 1,971,087 |
Level 1 | Carrying Value | ||
Financial Instruments | ||
Long-term debt | 1,610,830 | 1,915,425 |
Level 1 | Summit Materials, LLC | ||
Financial Instruments | ||
Current portion of debt | 6,400 | 6,400 |
Level 1 | Summit Materials, LLC | Fair Value | ||
Financial Instruments | ||
Long-term debt | 1,661,673 | 1,971,087 |
Level 1 | Summit Materials, LLC | Carrying Value | ||
Financial Instruments | ||
Long-term debt | 1,610,830 | 1,915,425 |
Level 3 | Fair Value | ||
Financial Instruments | ||
Current portion of deferred consideration and noncompete obligations | 12,255 | 9,611 |
Long term portion of deferred consideration and noncompete obligations | 32,024 | 11,037 |
Level 3 | Carrying Value | ||
Financial Instruments | ||
Current portion of deferred consideration and noncompete obligations | 12,255 | 9,611 |
Long term portion of deferred consideration and noncompete obligations | 32,024 | 11,037 |
Level 3 | Summit Materials, LLC | Fair Value | ||
Financial Instruments | ||
Current portion of deferred consideration and noncompete obligations | 12,255 | 7,173 |
Long term portion of deferred consideration and noncompete obligations | 32,024 | 11,037 |
Level 3 | Summit Materials, LLC | Carrying Value | ||
Financial Instruments | ||
Current portion of deferred consideration and noncompete obligations | 12,255 | 7,173 |
Long term portion of deferred consideration and noncompete obligations | $ 32,024 | $ 11,037 |
SEGMENT INFORMATION - Financial
SEGMENT INFORMATION - Financial Data (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2021USD ($) | Sep. 26, 2020USD ($) | Oct. 02, 2021USD ($)segment | Sep. 26, 2020USD ($) | Jan. 02, 2021USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of operating segments | segment | 3 | ||||
Number of reportable segments | segment | 3 | ||||
Total revenue | $ 717,240 | $ 709,619 | $ 1,813,001 | $ 1,707,818 | |
Income from operations before taxes | 95,891 | 73,156 | 143,369 | 79,597 | |
Interest expense | 24,134 | 24,623 | 72,536 | 78,049 | |
Depreciation, depletion and amortization | 58,381 | 57,364 | 171,474 | 161,912 | |
Accretion | 701 | 690 | 2,177 | 1,848 | |
Loss on debt financings | 6,016 | 4,064 | 6,016 | 4,064 | |
Loss (gain) on sale of businesses | 113 | 0 | (15,319) | 0 | |
Non-cash compensation | 4,685 | 13,322 | 14,875 | 23,119 | |
Other | 363 | 4,083 | 682 | 4,287 | |
Total Adjusted EBITDA | 190,284 | 177,302 | 395,810 | 352,876 | |
Total purchases of property, plant and equipment | 170,070 | 140,006 | |||
Total depreciation, depletion, amortization and accretion | 59,082 | 58,054 | 173,651 | 163,760 | |
Total assets | 4,216,649 | 4,216,649 | $ 4,308,011 | ||
Operating segment | |||||
Segment Reporting Information [Line Items] | |||||
Total purchases of property, plant and equipment | 169,458 | 138,251 | |||
Total depreciation, depletion, amortization and accretion | 58,014 | 57,075 | 170,378 | 160,800 | |
Total assets | 3,749,757 | 3,749,757 | 3,657,959 | ||
Corporate, Non-Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total Adjusted EBITDA | (11,463) | (10,197) | (36,306) | (27,077) | |
Total purchases of property, plant and equipment | 612 | 1,755 | |||
Total depreciation, depletion, amortization and accretion | 1,068 | 979 | 3,273 | 2,960 | |
Total assets | 466,892 | 466,892 | 650,052 | ||
West | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 369,250 | 390,310 | 958,351 | 919,016 | |
West | Operating segment | |||||
Segment Reporting Information [Line Items] | |||||
Total Adjusted EBITDA | 92,303 | 95,470 | 211,722 | 196,881 | |
Total purchases of property, plant and equipment | 85,137 | 51,148 | |||
Total depreciation, depletion, amortization and accretion | 24,796 | 23,117 | 75,287 | 67,082 | |
Total assets | 1,569,240 | 1,569,240 | 1,503,382 | ||
East | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 255,490 | 234,435 | 635,659 | 590,341 | |
East | Operating segment | |||||
Segment Reporting Information [Line Items] | |||||
Total Adjusted EBITDA | 69,084 | 56,943 | 138,113 | 119,900 | |
Total purchases of property, plant and equipment | 69,469 | 75,006 | |||
Total depreciation, depletion, amortization and accretion | 22,809 | 22,803 | 66,306 | 65,293 | |
Total assets | 1,316,659 | 1,316,659 | 1,303,742 | ||
Cement | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 92,500 | 84,874 | 218,991 | 198,461 | |
Cement | Operating segment | |||||
Segment Reporting Information [Line Items] | |||||
Total Adjusted EBITDA | 40,360 | 35,086 | 82,281 | 63,172 | |
Total purchases of property, plant and equipment | 14,852 | 12,097 | |||
Total depreciation, depletion, amortization and accretion | 10,409 | 11,155 | 28,785 | 28,425 | |
Total assets | 863,858 | $ 863,858 | 850,835 | ||
Summit Materials, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Number of operating segments | segment | 3 | ||||
Number of reportable segments | segment | 3 | ||||
Total revenue | 717,240 | 709,619 | $ 1,813,001 | 1,707,818 | |
Income from operations before taxes | 95,891 | 73,218 | 143,431 | 79,839 | |
Interest expense | 24,134 | 24,561 | 72,474 | 77,807 | |
Depreciation, depletion and amortization | 58,381 | 57,364 | 171,474 | 161,912 | |
Accretion | 701 | 690 | 2,177 | 1,848 | |
Loss on debt financings | 6,016 | 4,064 | 6,016 | 4,064 | |
Loss (gain) on sale of businesses | 113 | 0 | (15,319) | 0 | |
Non-cash compensation | 4,685 | 13,322 | 14,875 | 23,119 | |
Other | 363 | 4,083 | 682 | 4,287 | |
Total Adjusted EBITDA | 190,284 | 177,302 | 395,810 | 352,876 | |
Total purchases of property, plant and equipment | 170,070 | 140,006 | |||
Total depreciation, depletion, amortization and accretion | 59,082 | 58,054 | 173,651 | 163,760 | |
Total assets | 4,007,260 | 4,007,260 | 4,077,134 | ||
Summit Materials, LLC | Operating segment | |||||
Segment Reporting Information [Line Items] | |||||
Total purchases of property, plant and equipment | 169,458 | 138,251 | |||
Total depreciation, depletion, amortization and accretion | 58,014 | 57,075 | 170,378 | 160,800 | |
Total assets | 3,749,757 | 3,749,757 | 3,657,959 | ||
Summit Materials, LLC | Corporate, Non-Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total Adjusted EBITDA | (11,463) | (10,197) | (36,306) | (27,077) | |
Total purchases of property, plant and equipment | 612 | 1,755 | |||
Total depreciation, depletion, amortization and accretion | 1,068 | 979 | 3,273 | 2,960 | |
Total assets | 257,503 | 257,503 | 419,175 | ||
Summit Materials, LLC | West | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 369,250 | 390,310 | 958,351 | 919,016 | |
Summit Materials, LLC | West | Operating segment | |||||
Segment Reporting Information [Line Items] | |||||
Total Adjusted EBITDA | 92,303 | 95,470 | 211,722 | 196,881 | |
Total purchases of property, plant and equipment | 85,137 | 51,148 | |||
Total depreciation, depletion, amortization and accretion | 24,796 | 23,117 | 75,287 | 67,082 | |
Total assets | 1,569,240 | 1,569,240 | 1,503,382 | ||
Summit Materials, LLC | East | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 255,490 | 234,435 | 635,659 | 590,341 | |
Summit Materials, LLC | East | Operating segment | |||||
Segment Reporting Information [Line Items] | |||||
Total Adjusted EBITDA | 69,084 | 56,943 | 138,113 | 119,900 | |
Total purchases of property, plant and equipment | 69,469 | 75,006 | |||
Total depreciation, depletion, amortization and accretion | 22,809 | 22,803 | 66,306 | 65,293 | |
Total assets | 1,316,659 | 1,316,659 | 1,303,742 | ||
Summit Materials, LLC | Cement | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 92,500 | 84,874 | 218,991 | 198,461 | |
Summit Materials, LLC | Cement | Operating segment | |||||
Segment Reporting Information [Line Items] | |||||
Total Adjusted EBITDA | 40,360 | 35,086 | 82,281 | 63,172 | |
Total purchases of property, plant and equipment | 14,852 | 12,097 | |||
Total depreciation, depletion, amortization and accretion | 10,409 | $ 11,155 | 28,785 | $ 28,425 | |
Total assets | $ 863,858 | $ 863,858 | $ 850,835 |
GUARANTOR AND NON-GUARANTOR F_3
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION - Schedule of Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Jul. 03, 2021 | Apr. 03, 2021 | Jan. 02, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 |
Current assets: | ||||||||
Cash and cash equivalents | $ 258,083 | $ 418,181 | ||||||
Accounts receivable, net | 333,351 | 254,696 | ||||||
Cost and estimated earnings in excess of billings | 34,181 | 8,666 | ||||||
Inventories | 195,312 | 200,308 | ||||||
Other current assets | 13,855 | 11,428 | ||||||
Total current assets | 834,782 | 893,279 | ||||||
Property, plant and equipment and finance lease right-of-use asset, net | 1,841,139 | 1,850,169 | ||||||
Goodwill | 1,174,855 | 1,201,291 | ||||||
Intangible assets, net | 70,338 | 47,852 | ||||||
Operating lease right-of-use assets | 27,339 | 28,543 | ||||||
Other assets | 57,807 | 55,000 | ||||||
Total assets | 4,216,649 | 4,308,011 | ||||||
Current liabilities: | ||||||||
Current portion of debt | 6,354 | 6,354 | ||||||
Current portion of acquisition-related liabilities | 12,809 | 10,265 | ||||||
Accounts payable | 155,919 | 120,813 | ||||||
Accrued expenses | 137,378 | 160,570 | ||||||
Current operating lease liabilities | 6,818 | 8,188 | ||||||
Billings in excess of costs and estimated earnings | 11,631 | 16,499 | ||||||
Total current liabilities | 330,909 | 322,689 | ||||||
Long-term debt | 1,591,989 | 1,892,347 | ||||||
Acquisition-related liabilities | 33,223 | 12,246 | ||||||
Noncurrent operating lease liabilities | 21,596 | 21,500 | ||||||
Other noncurrent liabilities | 136,297 | 121,281 | ||||||
Total liabilities | 2,444,885 | 2,691,743 | ||||||
Total liabilities and stockholders’ equity/member's interest | 4,216,649 | 4,308,011 | ||||||
Summit Materials, LLC | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 258,083 | 418,181 | ||||||
Accounts receivable, net | 333,351 | 254,696 | ||||||
Intercompany receivables | 0 | 0 | ||||||
Cost and estimated earnings in excess of billings | 34,181 | 8,666 | ||||||
Inventories | 195,312 | 200,308 | ||||||
Other current assets | 13,855 | 11,428 | ||||||
Total current assets | 834,782 | 893,279 | ||||||
Property, plant and equipment and finance lease right-of-use asset, net | 1,841,139 | 1,850,169 | ||||||
Goodwill | 1,175,855 | 1,202,291 | ||||||
Intangible assets, net | 70,338 | 47,852 | ||||||
Operating lease right-of-use assets | 27,339 | 28,543 | ||||||
Other assets | 57,807 | 55,000 | ||||||
Total assets | 4,007,260 | 4,077,134 | ||||||
Current liabilities: | ||||||||
Current portion of debt | 6,354 | 6,354 | ||||||
Current portion of acquisition-related liabilities | 12,809 | 7,827 | ||||||
Accounts payable | 156,530 | 121,422 | ||||||
Accrued expenses | 137,609 | 160,801 | ||||||
Current operating lease liabilities | 6,818 | 8,188 | ||||||
Intercompany payables | 0 | 0 | ||||||
Billings in excess of costs and estimated earnings | 11,631 | 16,499 | ||||||
Total current liabilities | 331,751 | 321,091 | ||||||
Long-term debt | 1,591,989 | 1,892,347 | ||||||
Acquisition-related liabilities | 33,223 | 12,246 | ||||||
Noncurrent operating lease liabilities | 21,596 | 21,500 | ||||||
Other noncurrent liabilities | 190,511 | 167,182 | ||||||
Total liabilities | 2,169,070 | 2,414,366 | ||||||
Total member's interest | 1,838,190 | $ 1,748,591 | $ 1,655,471 | 1,662,768 | $ 1,614,511 | $ 1,520,828 | $ 1,442,973 | $ 1,513,150 |
Total liabilities and stockholders’ equity/member's interest | 4,007,260 | 4,077,134 | ||||||
Summit Materials, LLC | Eliminations | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | (2,680) | (3,641) | ||||||
Accounts receivable, net | (149) | 109 | ||||||
Intercompany receivables | (1,962,962) | (1,707,752) | ||||||
Cost and estimated earnings in excess of billings | 0 | 0 | ||||||
Inventories | 0 | 0 | ||||||
Other current assets | 0 | 0 | ||||||
Total current assets | (1,965,791) | (1,711,284) | ||||||
Property, plant and equipment and finance lease right-of-use asset, net | 0 | 0 | ||||||
Goodwill | 0 | 0 | ||||||
Intangible assets, net | 0 | 0 | ||||||
Operating lease right-of-use assets | 0 | 0 | ||||||
Other assets | (4,482,602) | (4,175,921) | ||||||
Total assets | (6,448,393) | (5,887,205) | ||||||
Current liabilities: | ||||||||
Current portion of debt | 0 | 0 | ||||||
Current portion of acquisition-related liabilities | 0 | 0 | ||||||
Accounts payable | (149) | 109 | ||||||
Accrued expenses | (2,680) | (3,641) | ||||||
Current operating lease liabilities | 0 | 0 | ||||||
Intercompany payables | (1,962,962) | (1,707,752) | ||||||
Billings in excess of costs and estimated earnings | 0 | 0 | ||||||
Total current liabilities | (1,965,791) | (1,711,284) | ||||||
Long-term debt | 0 | 0 | ||||||
Acquisition-related liabilities | 0 | 0 | ||||||
Noncurrent operating lease liabilities | 0 | 0 | ||||||
Other noncurrent liabilities | (164,421) | (164,421) | ||||||
Total liabilities | (2,130,212) | (1,875,705) | ||||||
Total member's interest | (4,318,181) | (4,011,500) | ||||||
Total liabilities and stockholders’ equity/member's interest | (6,448,393) | (5,887,205) | ||||||
Summit Materials, LLC | Issuers | Reportable Legal Entities | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 241,285 | 401,074 | ||||||
Accounts receivable, net | 63 | 4 | ||||||
Intercompany receivables | 375,735 | 404,459 | ||||||
Cost and estimated earnings in excess of billings | 0 | 0 | ||||||
Inventories | 0 | 0 | ||||||
Other current assets | 3,272 | 2,840 | ||||||
Total current assets | 620,355 | 808,377 | ||||||
Property, plant and equipment and finance lease right-of-use asset, net | 6,382 | 9,410 | ||||||
Goodwill | 0 | 0 | ||||||
Intangible assets, net | 0 | 0 | ||||||
Operating lease right-of-use assets | 1,908 | 2,615 | ||||||
Other assets | 4,322,784 | 4,022,729 | ||||||
Total assets | 4,951,429 | 4,843,131 | ||||||
Current liabilities: | ||||||||
Current portion of debt | 6,354 | 6,354 | ||||||
Current portion of acquisition-related liabilities | 0 | 0 | ||||||
Accounts payable | 5,054 | 3,889 | ||||||
Accrued expenses | 39,884 | 54,108 | ||||||
Current operating lease liabilities | 967 | 913 | ||||||
Intercompany payables | 1,462,313 | 1,215,043 | ||||||
Billings in excess of costs and estimated earnings | 0 | 0 | ||||||
Total current liabilities | 1,514,572 | 1,280,307 | ||||||
Long-term debt | 1,591,989 | 1,892,347 | ||||||
Acquisition-related liabilities | 0 | 0 | ||||||
Noncurrent operating lease liabilities | 1,832 | 2,567 | ||||||
Other noncurrent liabilities | 4,846 | 5,142 | ||||||
Total liabilities | 3,113,239 | 3,180,363 | ||||||
Total member's interest | 1,838,190 | 1,662,768 | ||||||
Total liabilities and stockholders’ equity/member's interest | 4,951,429 | 4,843,131 | ||||||
Summit Materials, LLC | 100% Owned Guarantors | Reportable Legal Entities | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 1,818 | 10,287 | ||||||
Accounts receivable, net | 309,930 | 230,199 | ||||||
Intercompany receivables | 1,587,227 | 1,303,293 | ||||||
Cost and estimated earnings in excess of billings | 32,632 | 7,504 | ||||||
Inventories | 189,170 | 193,417 | ||||||
Other current assets | 9,799 | 6,797 | ||||||
Total current assets | 2,130,576 | 1,751,497 | ||||||
Property, plant and equipment and finance lease right-of-use asset, net | 1,744,803 | 1,746,045 | ||||||
Goodwill | 1,115,340 | 1,142,083 | ||||||
Intangible assets, net | 65,358 | 47,852 | ||||||
Operating lease right-of-use assets | 20,381 | 21,880 | ||||||
Other assets | 216,523 | 207,699 | ||||||
Total assets | 5,292,981 | 4,917,056 | ||||||
Current liabilities: | ||||||||
Current portion of debt | 0 | 0 | ||||||
Current portion of acquisition-related liabilities | 12,809 | 7,827 | ||||||
Accounts payable | 138,423 | 108,805 | ||||||
Accrued expenses | 98,013 | 106,320 | ||||||
Current operating lease liabilities | 5,153 | 6,114 | ||||||
Intercompany payables | 498,077 | 485,401 | ||||||
Billings in excess of costs and estimated earnings | 10,852 | 15,508 | ||||||
Total current liabilities | 763,327 | 729,975 | ||||||
Long-term debt | 0 | 0 | ||||||
Acquisition-related liabilities | 33,223 | 12,246 | ||||||
Noncurrent operating lease liabilities | 15,562 | 16,062 | ||||||
Other noncurrent liabilities | 230,981 | 208,540 | ||||||
Total liabilities | 1,043,093 | 966,823 | ||||||
Total member's interest | 4,249,888 | 3,950,233 | ||||||
Total liabilities and stockholders’ equity/member's interest | 5,292,981 | 4,917,056 | ||||||
Summit Materials, LLC | Non-Guarantors | Reportable Legal Entities | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 17,660 | 10,461 | ||||||
Accounts receivable, net | 23,507 | 24,384 | ||||||
Intercompany receivables | 0 | 0 | ||||||
Cost and estimated earnings in excess of billings | 1,549 | 1,162 | ||||||
Inventories | 6,142 | 6,891 | ||||||
Other current assets | 784 | 1,791 | ||||||
Total current assets | 49,642 | 44,689 | ||||||
Property, plant and equipment and finance lease right-of-use asset, net | 89,954 | 94,714 | ||||||
Goodwill | 60,515 | 60,208 | ||||||
Intangible assets, net | 4,980 | 0 | ||||||
Operating lease right-of-use assets | 5,050 | 4,048 | ||||||
Other assets | 1,102 | 493 | ||||||
Total assets | 211,243 | 204,152 | ||||||
Current liabilities: | ||||||||
Current portion of debt | 0 | 0 | ||||||
Current portion of acquisition-related liabilities | 0 | 0 | ||||||
Accounts payable | 13,202 | 8,619 | ||||||
Accrued expenses | 2,392 | 4,014 | ||||||
Current operating lease liabilities | 698 | 1,161 | ||||||
Intercompany payables | 2,572 | 7,308 | ||||||
Billings in excess of costs and estimated earnings | 779 | 991 | ||||||
Total current liabilities | 19,643 | 22,093 | ||||||
Long-term debt | 0 | 0 | ||||||
Acquisition-related liabilities | 0 | 0 | ||||||
Noncurrent operating lease liabilities | 4,202 | 2,871 | ||||||
Other noncurrent liabilities | 119,105 | 117,921 | ||||||
Total liabilities | 142,950 | 142,885 | ||||||
Total member's interest | 68,293 | 61,267 | ||||||
Total liabilities and stockholders’ equity/member's interest | $ 211,243 | $ 204,152 |
GUARANTOR AND NON-GUARANTOR F_4
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION - Schedule of Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Condensed Consolidating Statements of Operations | ||||
Revenue | $ 717,240 | $ 709,619 | $ 1,813,001 | $ 1,707,818 |
Cost of revenue (excluding items shown separately below) | 486,936 | 501,592 | 1,301,346 | 1,258,463 |
Depreciation, depletion, amortization and accretion | 59,082 | 58,054 | 173,651 | 163,760 |
Operating (loss) income | 125,017 | 100,617 | 195,881 | 158,957 |
Loss (gain) on sale of businesses | 113 | 0 | (15,319) | 0 |
Income from operations before taxes | 95,891 | 73,156 | 143,369 | 79,597 |
Income tax expense (benefit) | 20,513 | (19,613) | 33,478 | (25,333) |
Net income (loss) attributable to Summit Inc/LLC | 74,204 | 90,730 | 108,346 | 102,815 |
Comprehensive income attributable to member of Summit Materials, LLC | 71,008 | 92,202 | 108,813 | 100,342 |
Summit Materials, LLC | ||||
Condensed Consolidating Statements of Operations | ||||
Revenue | 717,240 | 709,619 | 1,813,001 | 1,707,818 |
Cost of revenue (excluding items shown separately below) | 486,936 | 501,592 | 1,301,346 | 1,258,463 |
General and administrative expenses | 46,205 | 49,356 | 142,123 | 126,638 |
Depreciation, depletion, amortization and accretion | 59,082 | 58,054 | 173,651 | 163,760 |
Operating (loss) income | 125,017 | 100,617 | 195,881 | 158,957 |
Other (income) loss, net | 4,879 | 2,838 | (4,705) | 1,311 |
Interest expense (income) | 24,134 | 24,561 | 72,474 | 77,807 |
Loss (gain) on sale of businesses | 113 | 0 | (15,319) | 0 |
Income from operations before taxes | 95,891 | 73,218 | 143,431 | 79,839 |
Income tax expense (benefit) | 7,016 | (5,106) | 12,531 | (4,877) |
Net income (loss) attributable to Summit Inc/LLC | 88,875 | 78,324 | 130,900 | 84,716 |
Comprehensive income attributable to member of Summit Materials, LLC | 84,799 | 80,342 | 131,582 | 81,321 |
Summit Materials, LLC | Eliminations | ||||
Condensed Consolidating Statements of Operations | ||||
Revenue | (4,151) | (4,003) | (10,174) | (13,264) |
Cost of revenue (excluding items shown separately below) | (4,151) | (4,003) | (10,174) | (13,264) |
General and administrative expenses | 0 | 0 | 0 | 0 |
Depreciation, depletion, amortization and accretion | 0 | 0 | 0 | 0 |
Operating (loss) income | 0 | 0 | 0 | 0 |
Other (income) loss, net | 147,546 | 138,675 | 296,208 | 237,774 |
Interest expense (income) | 0 | 0 | 0 | 0 |
Loss (gain) on sale of businesses | 0 | 0 | ||
Income from operations before taxes | (147,546) | (138,675) | (296,208) | (237,774) |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Summit Inc/LLC | (147,546) | (138,675) | (296,208) | (237,774) |
Comprehensive income attributable to member of Summit Materials, LLC | (151,622) | (136,657) | (295,526) | (241,169) |
Issuers | Summit Materials, LLC | Reportable Legal Entities | ||||
Condensed Consolidating Statements of Operations | ||||
Revenue | 0 | 0 | 0 | 0 |
Cost of revenue (excluding items shown separately below) | 0 | 0 | 0 | 0 |
General and administrative expenses | 16,372 | 23,955 | 51,555 | 50,964 |
Depreciation, depletion, amortization and accretion | 1,068 | 980 | 3,273 | 2,960 |
Operating (loss) income | (17,440) | (24,935) | (54,828) | (53,924) |
Other (income) loss, net | (141,753) | (134,672) | (290,566) | (235,001) |
Interest expense (income) | 35,033 | 31,170 | 102,981 | 95,379 |
Loss (gain) on sale of businesses | 0 | 0 | ||
Income from operations before taxes | 89,280 | 78,567 | 132,757 | 85,698 |
Income tax expense (benefit) | 405 | 243 | 1,857 | 982 |
Net income (loss) attributable to Summit Inc/LLC | 88,875 | 78,324 | 130,900 | 84,716 |
Comprehensive income attributable to member of Summit Materials, LLC | 84,799 | 80,342 | 131,582 | 81,321 |
100% Owned Guarantors | Summit Materials, LLC | Reportable Legal Entities | ||||
Condensed Consolidating Statements of Operations | ||||
Revenue | 686,736 | 689,842 | 1,735,193 | 1,659,526 |
Cost of revenue (excluding items shown separately below) | 465,966 | 489,318 | 1,247,002 | 1,228,076 |
General and administrative expenses | 28,373 | 23,952 | 87,968 | 71,282 |
Depreciation, depletion, amortization and accretion | 55,081 | 55,542 | 161,783 | 156,697 |
Operating (loss) income | 137,316 | 121,030 | 238,440 | 203,471 |
Other (income) loss, net | (1,044) | (889) | (9,784) | (1,733) |
Interest expense (income) | (12,276) | (7,990) | (34,635) | (21,352) |
Loss (gain) on sale of businesses | 113 | (15,319) | ||
Income from operations before taxes | 150,523 | 129,909 | 298,178 | 226,556 |
Income tax expense (benefit) | 5,634 | (6,286) | 8,314 | (7,383) |
Net income (loss) attributable to Summit Inc/LLC | 144,889 | 136,195 | 289,864 | 233,939 |
Comprehensive income attributable to member of Summit Materials, LLC | 144,889 | 136,195 | 289,864 | 233,939 |
Non-Guarantors | Summit Materials, LLC | Reportable Legal Entities | ||||
Condensed Consolidating Statements of Operations | ||||
Revenue | 34,655 | 23,780 | 87,982 | 61,556 |
Cost of revenue (excluding items shown separately below) | 25,121 | 16,277 | 64,518 | 43,651 |
General and administrative expenses | 1,460 | 1,449 | 2,600 | 4,392 |
Depreciation, depletion, amortization and accretion | 2,933 | 1,532 | 8,595 | 4,103 |
Operating (loss) income | 5,141 | 4,522 | 12,269 | 9,410 |
Other (income) loss, net | 130 | (276) | (563) | 271 |
Interest expense (income) | 1,377 | 1,381 | 4,128 | 3,780 |
Loss (gain) on sale of businesses | 0 | 0 | ||
Income from operations before taxes | 3,634 | 3,417 | 8,704 | 5,359 |
Income tax expense (benefit) | 977 | 937 | 2,360 | 1,524 |
Net income (loss) attributable to Summit Inc/LLC | 2,657 | 2,480 | 6,344 | 3,835 |
Comprehensive income attributable to member of Summit Materials, LLC | $ 6,733 | $ 462 | $ 5,662 | $ 7,230 |
GUARANTOR AND NON-GUARANTOR F_5
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION - Schedule of Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 02, 2021 | Sep. 26, 2020 | |
Condensed Consolidating Statements of Operations | ||
Net cash (used in) provided by operating activities | $ 207,373 | $ 218,039 |
Cash flow from investing activities: | ||
Acquisitions, net of cash acquired | (7,263) | (123,195) |
Purchase of property, plant and equipment | (170,070) | (140,006) |
Proceeds from the sale of property, plant, and equipment | 8,827 | 8,848 |
Proceeds from sale of businesses | 103,649 | 0 |
Other | (459) | 1,395 |
Net cash used in investing activities | (65,316) | (252,958) |
Cash flow from financing activities: | ||
Net proceeds from debt issuance | 0 | 700,000 |
Payments on long-term debt | (323,802) | (666,892) |
Payments on acquisition-related liabilities | (9,755) | (10,391) |
Financing costs | 0 | (9,565) |
Other | (951) | (908) |
Net cash (used in) provided by financing activities | (302,092) | 12,573 |
Impact of foreign currency on cash | (63) | (216) |
Net decrease in cash | (160,098) | (22,562) |
Cash and cash equivalents—beginning of period | 418,181 | 311,319 |
Cash and cash equivalents—end of period | 258,083 | 288,757 |
Summit Materials, LLC | ||
Condensed Consolidating Statements of Operations | ||
Net cash (used in) provided by operating activities | 207,373 | 218,039 |
Cash flow from investing activities: | ||
Acquisitions, net of cash acquired | (7,263) | (123,195) |
Purchase of property, plant and equipment | (170,070) | (140,006) |
Proceeds from the sale of property, plant, and equipment | 8,827 | 8,848 |
Proceeds from sale of businesses | 103,649 | 0 |
Other | (459) | 1,395 |
Net cash used in investing activities | (65,316) | (252,958) |
Cash flow from financing activities: | ||
Proceeds from investment by member | 32,416 | 329 |
Net proceeds from debt issuance | 0 | 700,000 |
Loans received from and payments made on loans from other Summit Companies | 0 | 0 |
Payments on long-term debt | (323,802) | (666,892) |
Payments on acquisition-related liabilities | (7,255) | (7,891) |
Financing costs | 0 | (9,565) |
Distributions | (2,500) | (2,500) |
Other | (951) | (908) |
Net cash (used in) provided by financing activities | (302,092) | 12,573 |
Impact of foreign currency on cash | (63) | (216) |
Net decrease in cash | (160,098) | (22,562) |
Cash and cash equivalents—beginning of period | 418,181 | 311,319 |
Cash and cash equivalents—end of period | 258,083 | 288,757 |
Summit Materials, LLC | Eliminations | ||
Condensed Consolidating Statements of Operations | ||
Net cash (used in) provided by operating activities | 0 | 0 |
Cash flow from investing activities: | ||
Acquisitions, net of cash acquired | 0 | 0 |
Purchase of property, plant and equipment | 0 | 0 |
Proceeds from the sale of property, plant, and equipment | 0 | 0 |
Proceeds from sale of businesses | 0 | |
Other | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flow from financing activities: | ||
Proceeds from investment by member | 0 | 0 |
Net proceeds from debt issuance | 0 | |
Loans received from and payments made on loans from other Summit Companies | 961 | 1,889 |
Payments on long-term debt | 0 | 0 |
Payments on acquisition-related liabilities | 0 | 0 |
Financing costs | 0 | |
Distributions | 0 | 0 |
Other | 0 | 0 |
Net cash (used in) provided by financing activities | 961 | 1,889 |
Impact of foreign currency on cash | 0 | 0 |
Net decrease in cash | 961 | 1,889 |
Cash and cash equivalents—beginning of period | (3,641) | (6,477) |
Cash and cash equivalents—end of period | (2,680) | (4,588) |
Summit Materials, LLC | Issuers | Reportable Legal Entities | ||
Condensed Consolidating Statements of Operations | ||
Net cash (used in) provided by operating activities | (121,357) | (110,054) |
Cash flow from investing activities: | ||
Acquisitions, net of cash acquired | 0 | 0 |
Purchase of property, plant and equipment | (612) | (1,755) |
Proceeds from the sale of property, plant, and equipment | 0 | 0 |
Proceeds from sale of businesses | 0 | |
Other | 0 | 0 |
Net cash used in investing activities | (612) | (1,755) |
Cash flow from financing activities: | ||
Proceeds from investment by member | 29,650 | (91,856) |
Net proceeds from debt issuance | 700,000 | |
Loans received from and payments made on loans from other Summit Companies | 240,746 | 145,896 |
Payments on long-term debt | (304,765) | (654,765) |
Payments on acquisition-related liabilities | 0 | 0 |
Financing costs | (9,565) | |
Distributions | (2,500) | (2,500) |
Other | (951) | (823) |
Net cash (used in) provided by financing activities | (37,820) | 86,387 |
Impact of foreign currency on cash | 0 | 0 |
Net decrease in cash | (159,789) | (25,422) |
Cash and cash equivalents—beginning of period | 401,074 | 302,474 |
Cash and cash equivalents—end of period | 241,285 | 277,052 |
Summit Materials, LLC | 100% Owned Guarantors | Reportable Legal Entities | ||
Condensed Consolidating Statements of Operations | ||
Net cash (used in) provided by operating activities | 304,403 | 288,198 |
Cash flow from investing activities: | ||
Acquisitions, net of cash acquired | (7,263) | (92,085) |
Purchase of property, plant and equipment | (161,224) | (136,670) |
Proceeds from the sale of property, plant, and equipment | 8,168 | 8,708 |
Proceeds from sale of businesses | 103,649 | |
Other | (459) | 1,395 |
Net cash used in investing activities | (57,129) | (218,652) |
Cash flow from financing activities: | ||
Proceeds from investment by member | 2,766 | 87,925 |
Net proceeds from debt issuance | 0 | |
Loans received from and payments made on loans from other Summit Companies | (232,861) | (139,650) |
Payments on long-term debt | (18,393) | (11,983) |
Payments on acquisition-related liabilities | (7,255) | (7,891) |
Financing costs | 0 | |
Distributions | 0 | 0 |
Other | 0 | (85) |
Net cash (used in) provided by financing activities | (255,743) | (71,684) |
Impact of foreign currency on cash | 0 | 0 |
Net decrease in cash | (8,469) | (2,138) |
Cash and cash equivalents—beginning of period | 10,287 | 5,488 |
Cash and cash equivalents—end of period | 1,818 | 3,350 |
Summit Materials, LLC | Non-Guarantors | Reportable Legal Entities | ||
Condensed Consolidating Statements of Operations | ||
Net cash (used in) provided by operating activities | 24,327 | 39,895 |
Cash flow from investing activities: | ||
Acquisitions, net of cash acquired | 0 | (31,110) |
Purchase of property, plant and equipment | (8,234) | (1,581) |
Proceeds from the sale of property, plant, and equipment | 659 | 140 |
Proceeds from sale of businesses | 0 | |
Other | 0 | 0 |
Net cash used in investing activities | (7,575) | (32,551) |
Cash flow from financing activities: | ||
Proceeds from investment by member | 0 | 4,260 |
Net proceeds from debt issuance | 0 | |
Loans received from and payments made on loans from other Summit Companies | (8,846) | (8,135) |
Payments on long-term debt | (644) | (144) |
Payments on acquisition-related liabilities | 0 | 0 |
Financing costs | 0 | |
Distributions | 0 | 0 |
Other | 0 | 0 |
Net cash (used in) provided by financing activities | (9,490) | (4,019) |
Impact of foreign currency on cash | (63) | (216) |
Net decrease in cash | 7,199 | 3,109 |
Cash and cash equivalents—beginning of period | 10,461 | 9,834 |
Cash and cash equivalents—end of period | $ 17,660 | $ 12,943 |