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GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION
 9 Months Ended
Oct. 01, 2022
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 1, 2022
     
  Non-  
 Issuers
Guarantors 
Guarantors 
Eliminations 
Consolidated
Assets     
Current assets:     
Cash and cash equivalents$417,784 $1,800 $22,651 $(4,936)$437,299 
Accounts receivable, net884 335,650 27,517 (95)363,956 
Intercompany receivables338,861 1,824,615 — (2,163,476)— 
Cost and estimated earnings in excess of billings— 30,929 2,639 — 33,568 
Inventories— 196,350 6,433 — 202,783 
Other current assets4,969 15,215 1,153 — 21,337 
Total current assets762,498 2,404,559 60,393 (2,168,507)1,058,943 
Property, plant and equipment, net15,610 1,674,139 78,645 — 1,768,394 
Goodwill— 1,076,936 55,828 — 1,132,764 
Intangible assets, net— 62,868 4,385 — 67,253 
Operating lease right-of-use assets4,902 21,124 5,031 — 31,057 
Other assets4,467,294 198,135 875 (4,624,226)42,078 
Total assets$5,250,304 $5,437,761 $205,157 $(6,792,733)$4,100,489 
Liabilities and Members' Interest
Current liabilities:
Current portion of debt$6,354 $— $— $— $6,354 
Current portion of acquisition-related liabilities— 12,215 — — 12,215 
Accounts payable2,462 151,916 12,309 (95)166,592 
Accrued expenses36,384 90,110 3,085 (4,936)124,643 
Current operating lease liabilities834 4,892 755 — 6,481 
Intercompany payables1,646,848 514,590 2,038 (2,163,476)— 
Billings in excess of costs and estimated earnings— 6,314 829 — 7,143 
Total current liabilities1,692,882 780,037 19,016 (2,168,507)323,428 
Long-term debt1,492,429 — — — 1,492,429 
Acquisition-related liabilities— 23,953 — — 23,953 
Noncurrent operating lease liabilities9,013 16,778 4,154 — 29,945 
Other noncurrent liabilities4,754 221,041 118,134 (164,421)179,508 
Total liabilities3,199,078 1,041,809 141,304 (2,332,928)2,049,263 
Total members' interest2,051,226 4,395,952 63,853 (4,459,805)2,051,226 
Total liabilities and members' interest$5,250,304 $5,437,761 $205,157 $(6,792,733)$4,100,489 
        
Condensed Consolidating Balance Sheets
January 1, 2022
 
     
  Non-  
 Issuers
Guarantors 
Guarantors 
Eliminations 
Consolidated
Assets     
Current assets:     
Cash and cash equivalents$365,044 $2,264 $18,337 $(4,684)$380,961 
Accounts receivable, net94 264,888 22,185 59 287,226 
Intercompany receivables366,619 1,746,909 — (2,113,528)— 
Cost and estimated earnings in excess of billings— 6,942 658 — 7,600 
Inventories— 175,211 5,549 — 180,760 
Other current assets3,036 8,920 1,107 — 13,063 
Total current assets734,793 2,205,134 47,836 (2,118,153)869,610 
Property, plant and equipment, net10,013 1,742,721 90,174 — 1,842,908 
Goodwill— 1,104,019 60,731 — 1,164,750 
Intangible assets, net— 64,466 4,930 — 69,396 
Operating lease right-of-use assets5,612 19,693 4,845 — 30,150 
Other assets4,417,039 220,500 576 (4,579,370)58,745 
Total assets$5,167,457 $5,356,533 $209,092 $(6,697,523)$4,035,559 
Liabilities and Members' Interest
Current liabilities:
Current portion of debt$6,354 $— $— $— $6,354 
Current portion of acquisition-related liabilities— 13,110 — — 13,110 
Accounts payable6,284 114,405 8,095 59 128,843 
Accrued expenses55,440 94,858 2,522 (4,684)148,136 
Current operating lease liabilities780 5,053 664 — 6,497 
Intercompany payables1,607,816 502,334 3,378 (2,113,528)— 
Billings in excess of costs and estimated earnings— 6,960 441 — 7,401 
Total current liabilities1,676,674 736,720 15,100 (2,118,153)310,341 
Long-term debt1,591,019 — — — 1,591,019 
Acquisition-related liabilities— 33,369 — — 33,369 
Noncurrent operating lease liabilities9,647 15,101 4,132 — 28,880 
Other noncurrent liabilities5,173 227,348 118,906 (164,421)187,006 
Total liabilities3,282,513 1,012,538 138,138 (2,282,574)2,150,615 
Total members' interest1,884,944 4,343,995 70,954 (4,414,949)1,884,944 
Total liabilities and members' interest$5,167,457 $5,356,533 $209,092 $(6,697,523)$4,035,559 
Condensed Consolidating Statements of Operations
For the three months ended October 1, 2022

Non-
IssuersGuarantors Guarantors EliminationsConsolidated 
Revenue$— $718,510 $37,112 $(2,875)$752,747 
Cost of revenue (excluding items shown separately below)— 511,848 25,963 (2,875)534,936 
General and administrative expenses9,138 27,717 1,761 — 38,616 
Depreciation, depletion, amortization and accretion822 48,442 2,869 — 52,133 
Operating (loss) income(9,960)130,503 6,519 — 127,062 
Other income, net(147,353)(399)(106)144,575 (3,283)
Interest expense (income)35,536 (14,926)1,370 — 21,980 
(Gain) loss on sale of business(5,120)1,005 — — (4,115)
Income from operation before taxes106,977 144,823 5,255 (144,575)112,480 
Income tax expense1,644 4,119 1,384 — 7,147 
Net income attributable to Summit LLC$105,333 $140,704 $3,871 $(144,575)$105,333 
Comprehensive income attributable to member of Summit Materials, LLC$95,086 $140,704 $14,118 $(154,822)$95,086 

Condensed Consolidating Statements of Operations
For the nine months ended October 1, 2022
 
     
  Non-  
 Issuers
Guarantors 
Guarantors 
Eliminations
Consolidated 
Revenue$— $1,770,642 $97,972 $(8,366)$1,860,248 
Cost of revenue (excluding items shown separately below)— 1,310,495 70,392 (8,366)1,372,521 
General and administrative expenses42,360 85,816 5,065 — 133,241 
Depreciation, depletion, amortization and accretion2,341 139,280 8,862 — 150,483 
Operating (loss) income(44,701)235,051 13,653 — 204,003 
Other income, net(320,069)(1,384)(17)316,514 (4,956)
Interest expense (income)103,017 (44,399)4,110 — 62,728 
Gain on sale of business(131,721)(42,652)— — (174,373)
Income from operation before taxes304,072 323,486 9,560 (316,514)320,604 
Income tax expense3,025 13,985 2,547 — 19,557 
Net income attributable to Summit LLC$301,047 $309,501 $7,013 $(316,514)$301,047 
Comprehensive income attributable to member of Summit Materials, LLC$286,934 $309,501 $21,126 $(330,627)$286,934 
Condensed Consolidating Statements of Operations
For the three months ended October 2, 2021

Non-
IssuersGuarantors GuarantorsEliminationsConsolidated
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 expenses16,372 28,373 1,460 — 46,205 
Depreciation, depletion, amortization and accretion1,068 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 taxes89,280 150,523 3,634 (147,546)95,891 
Income tax expense405 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 
GuarantorsEliminationsConsolidated
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 expenses51,555 87,968 2,600 — 142,123 
Depreciation, depletion, amortization and accretion3,273 161,783 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 taxes132,757 298,178 8,704 (296,208)143,431 
Income tax expense1,857 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 Cash Flows
For the nine months ended October 1, 2022
 
     
  Non-  
 Issuers
Guarantors 
GuarantorsEliminationsConsolidated
Net cash (used in) provided by operating activities$(109,265)$225,563 $15,282 $— $131,580 
Cash flow from investing activities:
Acquisitions, net of cash acquired— (1,933)— — (1,933)
Purchase of property, plant and equipment(7,927)(177,028)(4,053)— (189,008)
Proceeds from the sale of property, plant, and equipment— 8,033 265 — 8,298 
Proceeds from the sale of a business5,924 367,866 — — 373,790 
Other— (2,214)— — (2,214)
Net cash (used for) provided by investing activities(2,003)194,724 (3,788)— 188,933 
Cash flow from financing activities:
Capital distributions to member(102,713)1,932 — — (100,781)
Loans received from and payments made on loans from other Summit Companies402,030 (396,330)(5,448)(252)— 
Payments on long-term debt(100,400)(13,369)— — (113,769)
Payments on acquisition-related liabilities— (12,964)— — (12,964)
Distributions from partnership(34,155)— — — (34,155)
Other(754)(20)— — (774)
Net cash provided by (used in) financing activities164,008 (420,751)(5,448)(252)(262,443)
Impact of cash on foreign currency— — (1,732)— (1,732)
Net increase (decrease) in cash52,740 (464)4,314 (252)56,338 
Cash — Beginning of period365,044 2,264 18,337 (4,684)380,961 
Cash — End of period$417,784 $1,800 $22,651 $(4,936)$437,299 
Condensed Consolidating Statements of Cash Flows
For the nine months ended October 2, 2021
 
     
  Non-  
 Issuers
Guarantors 
GuarantorsEliminationsConsolidated
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 member29,650 2,766 — — 32,416 
Loans received from and payments made on loans from other Summit Companies240,746 (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 period401,074 10,287 10,461 (3,641)418,181 
Cash — End of period$241,285 $1,818 $17,660 $(2,680)$258,083