XML 53 R33.htm IDEA: XBRL DOCUMENT v3.24.1.u1
ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES (Tables)
 3 Months Ended
Mar. 30, 2024
Business Acquisition [Line Items]  
Schedule of Business Acquisition, Pro Forma Information
The following table includes unaudited pro forma financial information that presents the consolidated results of operations for the three months ended March 30, 2024 and April 1, 2023 as if the Transaction had occurred on January 1, 2023.

Q1 2024Q1 2023
Total Revenues$848,902 $835,396 
Net income attributable to Summit Inc.$(66,269)$(35,844)
The unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of the consolidated results of operations of the Company had the combination actually occurred on January 1, 2023, nor of the results of our future operations of the combined business. The pro forma results are based on the preliminary purchase price allocation and will be updated to reflect the final amounts as the allocation is finalized during the measurement period.

Fair value of consideration transferred
Cash consideration$1,145,463 
Fair value of stock consideration issued1,973,750 
Total fair value of consideration transferred$3,119,213 
Schedule of Assets Acquired and Liabilities Assumed The following table summarizes the preliminary allocation of the purchase price to the fair value of assets acquired and liabilities assumed.
Purchase Price$3,119,213 
Asset acquired:
Cash and cash equivalents97,153 
Accounts receivable, net156,195 
Inventories95,448 
Other current assets18,178 
Intangible assets, net100,000 
Property, plant and equipment, net2,447,340 
Operating lease right of use assets55,756 
Other assets52,684 
Liabilities assumed:
Accounts payable(113,929)
Accrued expenses(73,039)
Current operating lease liabilities(7,545)
Noncurrent operating lease liabilities(48,211)
Deferred tax liabilities(263,530)
Other noncurrent liabilities(166,233)
Fair value of identifiable net assets acquired2,350,267 
Goodwill$768,946 
The following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates:
Three months endedYear ended
March 30, 2024    December 30, 2023
Financial assets$1,740 $12,747 
Inventories161 6,251 
Property, plant and equipment15,170 125,207 
Other assets333 1,085 
Financial liabilities(903)(11,973)
Other long-term liabilities(407)(802)
Net assets acquired16,094 132,515 
Goodwill36,515 108,590 
Purchase price52,609 241,105 
Other— (1,597)
Net cash paid for acquisitions$52,609 $239,508 
Schedule Of Acquisitions By Region
The following table summarizes the Company’s other acquisitions by region and period:

Three months endedYear ended
March 30, 2024December 30, 2023
West*1 3 
East*— 1 
Cement*— — 
_______________________________________________________________________
* The combination with Argos USA affected all three reporting segments. In addition to the acquisition of all of the outstanding equity interests of Argos USA, we also acquired one aggregates-based operation in our West segment.
Schedule of Goodwill by Reportable Segment and in Total
Changes in the carrying amount of goodwill, by reportable segment, from December 30, 2023 to March 30, 2024 are summarized as follows:
 WestEastCement
Total  
Balance—December 30, 2023$658,704 $361,501 $204,656 $1,224,861 
Acquisitions (1)36,101 — 768,946 805,047 
Dispositions (2)— (37,938)— (37,938)
Foreign currency translation adjustments(1,488)— — (1,488)
Balance—March 30, 2024$693,317 $323,563 $973,602 $1,990,482 
_______________________________________________________________________
(1) Reflects goodwill from 2024 acquisitions and working capital adjustments from prior year acquisitions.
(2) Reflects goodwill derecognition from dispositions completed during 2024.
Schedule of Intangible Assets by Type and in Total The following table shows intangible assets by type and in total:
 March 30, 2024December 30, 2023
 Gross
 Carrying
 Amount		Accumulated
 Amortization		Net
 Carrying
 Amount		Gross
 Carrying
 Amount		Accumulated
 Amortization		Net
 Carrying
 Amount
Operating permits$38,677 $(6,089)$32,588 $38,677 $(5,691)$32,986 
Mineral leases17,375 (7,498)9,877 17,778 (7,676)10,102 
Reserve rights25,586 (5,226)20,360 25,586 (5,020)20,566 
Intellectual property21,400 (2,339)19,061 — — — 
Other104,884 (7,183)97,701 5,012 (585)4,427 
Total intangible assets$207,922 $(28,335)$179,587 $87,053 $(18,972)$68,081 
Schedule of Estimated Amortization Expense for Intangible Assets The estimated amortization expense for the intangible assets for each of the five years subsequent to March 30, 2024 is as follows:
2024 (nine months)$33,705 
202544,713 
202634,345 
20276,629 
20285,707 
20294,999 
Thereafter49,489 
Total$179,587 
Summit Materials, LLC  
Business Acquisition [Line Items]  
Schedule of Business Acquisition, Pro Forma Information
The following table includes unaudited pro forma financial information that presents the consolidated results of operations for the three months ended March 30, 2024 and April 1, 2023 as if the Transaction had occurred on January 1, 2023.
Q1 2024Q1 2023
Total Revenues$848,902 $835,396 
Net income attributable to Summit Inc.$(66,269)$(35,844)
The unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of the consolidated results of operations of the Company had the combination actually occurred on January 1, 2023, nor of the results of our future operations of the combined business. The pro forma results are based on the preliminary purchase price allocation and will be updated to reflect the final amounts as the allocation is finalized during the measurement period.

Fair value of consideration transferred
Cash consideration$1,145,463 
Fair value of stock consideration issued1,973,750 
Total fair value of consideration transferred$3,119,213 
Schedule of Assets Acquired and Liabilities Assumed The following table summarizes the preliminary allocation of the purchase price to the fair value of assets acquired and liabilities assumed.
Purchase Price$3,119,213 
Asset acquired:
Cash and cash equivalents97,153 
Accounts receivable, net156,195 
Inventories95,448 
Other current assets18,178 
Intangible assets, net100,000 
Property, plant and equipment, net2,447,340 
Operating lease right of use assets55,756 
Other assets52,684 
Liabilities assumed:
Accounts payable(113,929)
Accrued expenses(73,039)
Current operating lease liabilities(7,545)
Noncurrent operating lease liabilities(48,211)
Deferred tax liabilities(263,530)
Other noncurrent liabilities(166,233)
Fair value of identifiable net assets acquired2,350,267 
Goodwill$768,946 
The following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates:
Three months endedYear ended
March 30, 2024    December 30, 2023
Financial assets$1,740 $12,747 
Inventories161 6,251 
Property, plant and equipment15,170 125,207 
Other assets333 1,085 
Financial liabilities(903)(11,973)
Other long-term liabilities(407)(802)
Net assets acquired16,094 132,515 
Goodwill36,515 108,590 
Purchase price52,609 241,105 
Other— (1,597)
Net cash paid for acquisitions$52,609 $239,508 
Schedule Of Acquisitions By Region
The following table summarizes the Company’s other acquisitions by region and period:

Three months endedYear ended
March 30, 2024December 30, 2023
West*1 3 
East*— 1
Cement*— — 
_______________________________________________________________________
* The combination with Argos USA affected all three reporting segments. In addition to the acquisition of all of the outstanding equity interests of Argos USA, we also acquired one aggregates-based operation in our West segment.
Schedule of Goodwill by Reportable Segment and in Total
Changes in the carrying amount of goodwill, by reportable segment, from December 30, 2023 to March 30, 2024 are summarized as follows:
 WestEastCement
Total  
Balance—December 30, 2023$659,704 $361,501 $204,656 $1,225,861 
Acquisitions (1)36,101 — 768,946 805,047 
Dispositions (2)— (37,938)— (37,938)
Foreign currency translation adjustments(1,488)— — (1,488)
Balance—March 30, 2024$694,317 $323,563 $973,602 $1,991,482 
_______________________________________________________________________
(1) Reflects goodwill from 2024 acquisitions and working capital adjustments from prior year acquisitions.
(2) Reflects goodwill derecognition from dispositions completed during 2024.
Schedule of Intangible Assets by Type and in Total The following table shows intangible assets by type and in total:
 
 March 30, 2024December 30, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Operating permits$38,677 $(6,089)$32,588 $38,677 $(5,691)$32,986 
Mineral leases17,375 (7,498)9,877 17,778 (7,676)10,102 
Reserve rights25,586 (5,226)20,360 25,586 (5,020)20,566 
Intellectual property21,400 (2,339)19,061 — — — 
Other104,884 (7,183)97,701 5,012 (585)4,427 
Total intangible assets$207,922 $(28,335)$179,587 $87,053 $(18,972)$68,081 
Schedule of Estimated Amortization Expense for Intangible Assets The estimated amortization expense for the intangible assets for each of the five years subsequent to March 30, 2024 is as follows:
 
2024 (nine months)$33,705 
202544,713 
202634,345 
20276,629 
20285,707 
20294,999 
Thereafter49,489 
Total$179,587