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GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION
 9 Months Ended
Sep. 26, 2020
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 Guarantor Subsidiaries in the form of dividends or loans. Additionally, there are no significant restrictions on a Guarantor Subsidiary’s ability to obtain funds from Summit LLC or its direct or indirect subsidiaries.
 
The following condensed consolidating balance sheets, statements of operations and cash flows are provided for the Issuers, the wholly-owned guarantors and the Non-Guarantors.
 
Earnings from subsidiaries are included in other income in the condensed consolidated statements of operations below. The financial information may not necessarily be indicative of the financial position, results of operations or cash flows had the guarantor or non-guarantor subsidiaries operated as independent entities.
Condensed Consolidating Balance Sheets
September 26, 2020
  100%   
  OwnedNon-  
 Issuers
Guarantors 
Guarantors 
Eliminations 
Consolidated
Assets     
Current assets:     
Cash and cash equivalents$277,052 $3,350 $12,943 $(4,588)$288,757 
Accounts receivable, net1 289,977 19,486 (87)309,377 
Intercompany receivables424,533 1,128,619 — (1,553,152)— 
Cost and estimated earnings in excess of billings— 40,711 3,290 — 44,001 
Inventories— 203,217 6,557 — 209,774 
Other current assets2,219 9,724 1,689 — 13,632 
Total current assets703,805 1,675,598 43,965 (1,557,827)865,541 
Property, plant and equipment, net10,383 1,691,382 61,301 — 1,763,066 
Goodwill— 1,222,786 81,300 — 1,304,086 
Intangible assets, net— 37,923 — — 37,923 
Operating lease right-of-use assets2,793 21,647 4,111 — 28,551 
Other assets3,922,503 197,286 671 (4,068,357)52,103 
Total assets$4,639,484 $4,846,622 $191,348 $(5,626,184)$4,051,270 
Liabilities and Member’s Interest
Current liabilities:
Current portion of debt$7,942 $— $— $— $7,942 
Current portion of acquisition-related liabilities— 29,592 — — 29,592 
Accounts payable5,935 135,658 8,580 (87)150,086 
Accrued expenses37,693 105,201 5,989 (4,588)144,295 
Current operating lease liabilities874 6,239 1,080 — 8,193 
Intercompany payables1,072,127 469,880 11,145 (1,553,152)— 
Billings in excess of costs and estimated earnings— 13,139 1,086 — 14,225 
Total current liabilities1,124,571 759,709 27,880 (1,557,827)354,333 
Long-term debt1,893,212 — — — 1,893,212 
Acquisition-related liabilities— 12,876 — — 12,876 
Noncurrent operating lease liabilities2,801 15,600 2,926 — 21,327 
Other noncurrent liabilities4,389 207,881 107,162 (164,421)155,011 
Total liabilities3,024,973 996,066 137,968 (1,722,248)2,436,759 
Total member's interest1,614,511 3,850,556 53,380 (3,903,936)1,614,511 
Total liabilities and member’s interest$4,639,484 $4,846,622 $191,348 $(5,626,184)$4,051,270 
        
Condensed Consolidating Balance Sheets
December 28, 2019
 
  100%   
  OwnedNon-  
 Issuers
Guarantors 
Guarantors 
Eliminations 
Consolidated
Assets     
Current assets:     
Cash and cash equivalents$302,474 $5,488 $9,834 $(6,477)$311,319 
Accounts receivable, net— 234,053 19,236 (33)253,256 
Intercompany receivables443,323 942,385 — (1,385,708)— 
Cost and estimated earnings in excess of billings— 12,291 797 — 13,088 
Inventories— 199,794 4,993 — 204,787 
Other current assets1,763 10,308 1,760 — 13,831 
Total current assets747,560 1,404,319 36,620 (1,392,218)796,281 
Property, plant and equipment, net11,602 1,674,443 61,404 — 1,747,449 
Goodwill— 1,142,063 58,636 — 1,200,699 
Intangible assets, net— 23,498 — — 23,498 
Operating lease right-of-use assets3,316 24,551 4,910 — 32,777 
Other assets3,596,161 168,314 734 (3,709,690)55,519 
Total assets$4,358,639 $4,437,188 $162,304 $(5,101,908)$3,856,223 
Liabilities and Member’s Interest
Current liabilities:
Current portion of debt$7,942 $— $— $— $7,942 
Current portion of acquisition-related liabilities— 30,200 — — 30,200 
Accounts payable4,588 103,812 8,603 (33)116,970 
Accrued expenses51,043 72,970 2,701 (6,477)120,237 
Current operating lease liabilities764 6,571 1,092 — 8,427 
Intercompany payables922,356 447,827 15,525 (1,385,708)— 
Billings in excess of costs and estimated earnings— 12,183 1,681 — 13,864 
Total current liabilities986,693 673,563 29,602 (1,392,218)297,640 
Long-term debt1,851,057 — — — 1,851,057 
Acquisition-related liabilities— 17,666 — — 17,666 
Noncurrent operating lease liabilities3,480 18,047 3,854 — 25,381 
Other noncurrent liabilities4,259 203,919 80,169 (137,018)151,329 
Total liabilities2,845,489 913,195 113,625 (1,529,236)2,343,073 
Total member's interest1,513,150 3,523,993 48,679 (3,572,672)1,513,150 
Total liabilities and member’s interest$4,358,639 $4,437,188 $162,304 $(5,101,908)$3,856,223 
Condensed Consolidating Statements of Operations
For the three months ended September 26, 2020

100%
OwnedNon-
IssuersGuarantors Guarantors EliminationsConsolidated 
Revenue$— $689,842 $23,780 $(4,003)$709,619 
Cost of revenue (excluding items shown separately below)— 458,028 14,979 (4,003)469,004 
General and administrative expenses23,955 55,242 2,747 — 81,944 
Depreciation, depletion, amortization and accretion980 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 taxes78,567 129,909 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
 
  100%   
  OwnedNon-  
 Issuers
Guarantors 
Guarantors 
Eliminations
Consolidated 
Revenue$— $1,659,526 $61,556 $(13,264)$1,707,818 
Cost of revenue (excluding items shown separately below)— 1,138,689 39,892 (13,264)1,165,317 
General and administrative expenses50,964 160,670 8,150 — 219,784 
Depreciation, depletion, amortization and accretion2,960 156,697 4,103 — 163,760 
Operating (loss) income(53,924)203,470 9,411 — 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 taxes85,698 226,555 5,360 (237,774)79,839 
Income tax expense (benefit)982 (7,383)1,524 — (4,877)
Net income attributable to Summit LLC$84,716 $233,938 $3,836 $(237,774)$84,716 
Comprehensive income attributable to member of Summit Materials, LLC$81,321 $233,938 $7,231 $(241,169)$81,321 
Condensed Consolidating Statements of Operations
For the three months ended September 28, 2019

100%
OwnedNon-
IssuersGuarantors GuarantorsEliminationsConsolidated
Revenue$— $706,999 $29,186 $(4,103)$732,082 
Cost of revenue (excluding items shown separately below)— 467,595 19,487 (4,103)482,979 
General and administrative expenses13,603 46,816 2,676 — 63,095 
Depreciation, depletion, amortization and accretion1,042 52,739 1,346 — 55,127 
Operating (loss) income(14,645)139,849 5,677 — 130,881 
Other (income) loss, net(132,261)(1,501)222 131,665 (1,875)
Interest expense (income)32,129 (4,532)1,203 — 28,800 
Income from operation before taxes85,487 145,882 4,252 (131,665)103,956 
Income tax expense288 17,325 1,144 — 18,757 
Net income attributable to Summit LLC$85,199 $128,557 $3,108 $(131,665)$85,199 
Comprehensive income attributable to member of Summit Materials, LLC$84,026 $128,402 $4,436 $(132,838)$84,026 

Condensed Consolidating Statements of Operations
For the nine months ended September 28, 2019
 
  100%   
  OwnedNon-  
 Issuers
Guarantors 
GuarantorsEliminationsConsolidated
Revenue$— $1,603,338 $70,321 $(8,047)$1,665,612 
Cost of revenue (excluding items shown separately below)— 1,114,401 49,122 (8,047)1,155,476 
General and administrative expenses37,887 146,136 8,341 — 192,364 
Depreciation, depletion, amortization and accretion2,986 156,827 4,327 — 164,140 
Operating (loss) income(40,873)185,974 8,531 — 153,632 
Other (income) loss, net(183,971)(6,427)(553)197,162 6,211 
Interest expense (income)94,848 (10,443)3,615 — 88,020 
Income from operation before taxes48,250 202,844 5,469 (197,162)59,401 
Income tax expense1,114 9,673 1,478 — 12,265 
Net income attributable to Summit LLC$47,136 $193,171 $3,991 $(197,162)$47,136 
Comprehensive income attributable to member of Summit Materials, LLC$50,251 $193,319 $728 $(194,047)$50,251 
Condensed Consolidating Statements of Cash Flows
For the nine months ended September 26, 2020
 
  100%   
  OwnedNon-  
 Issuers
Guarantors 
GuarantorsEliminationsConsolidated
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 issuance700,000 — — — 700,000 
Loans received from and payments made on loans from other Summit Companies145,896 (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)
Debt issuance costs(9,565)— — — (9,565)
Distributions from partnership(2,500)— — — (2,500)
Other(823)(85)— — (908)
Net cash provided by (used in) financing activities86,387 (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 period302,474 5,488 9,834 (6,477)311,319 
Cash — End of period$277,052 $3,350 $12,943 $(4,588)$288,757 
Condensed Consolidating Statements of Cash Flows
For the nine months ended September 28, 2019
 
  100%   
  OwnedNon-  
 Issuers
Guarantors 
GuarantorsEliminationsConsolidated
Net cash (used in) provided by operating activities$(85,516)$241,172 $8,187 $— $163,843 
Cash flow from investing activities:
Acquisitions, net of cash acquired— (2,842)— — (2,842)
Purchase of property, plant and equipment(1,166)(129,170)(9,426)— (139,762)
Proceeds from the sale of property, plant, and equipment— 12,950 85 — 13,035 
Other— (207)— — (207)
Net cash used for investing activities(1,166)(119,269)(9,341)— (129,776)
Cash flow from financing activities:
Proceeds from investment by member(35,581)38,140 — — 2,559 
Net proceeds from debt issuance300,000 — — — 300,000 
Loans received from and payments made on loans from other Summit Companies147,325 (147,782)506 (49)— 
Payments on long-term debt(254,765)(9,965)(176)— (264,906)
Payments on acquisition-related liabilities— (8,500)— — (8,500)
Financing costs(6,312)— — — (6,312)
Distributions from partnership(2,500)— — — (2,500)
Other(462)(39)— — (501)
Net cash provided by (used in) financing activities147,705 (128,146)330 (49)19,840 
Impact of cash on foreign currency— — 174 — 174 
Net increase (decrease) in cash61,023 (6,243)(650)(49)54,081 
Cash — Beginning of period117,219 8,440 7,719 (4,870)128,508 
Cash — End of period$178,242 $2,197 $7,069 $(4,919)$182,589