GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION - (Tables) - Summit Materials, LLC

9 Months Ended

Sep. 28, 2019

September 28, 2019



			100%
			Owned		Non-
	Issuers		Guarantors		Guarantors		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	178,242	$	2,197	$	7,069	$	(4,919	)	$	182,589
Accounts receivable, net	—		314,249		23,005		(194		)	337,060
Intercompany receivables	449,895		782,193		—		(1,232,088		)	—
Cost and estimated earnings in excess of billings	—		47,033		2,682		—			49,715
Inventories	—		193,195		3,820		—			197,015
Other current assets	1,811		9,382		844		—			12,037
Total current assets	629,948		1,348,249		37,420		(1,237,201		)	778,416
Property, plant and equipment, net	11,348		1,688,612		62,347		—			1,762,307
Goodwill	—		1,141,574		57,922		—			1,199,496
Intangible assets, net	—		24,446		—		—			24,446
Operating lease right-of-use assets	3,486		24,447		5,112		—			33,045
Other assets	3,499,351		160,937		799		(3,609,315		)	51,772
Total assets	$	4,144,133	$	4,388,265	$	163,600	$	(4,846,516	)	$	3,849,482
Liabilities and Member’s Interest
Current liabilities:
Current portion of debt	$	6,354	$	—	$	—	$	—		$	6,354
Current portion of acquisition-related liabilities	—		31,898		—		—			31,898
Accounts payable	3,318		138,284		11,435		(194		)	152,843
Accrued expenses	39,361		80,757		3,035		(4,919		)	118,234
Current operating lease liabilities	750		6,796		1,063		—			8,609
Intercompany payables	782,697		429,858		19,533		(1,232,088		)	—
Billings in excess of costs and estimated earnings	—		11,543		933		—			12,476
Total current liabilities	832,480		699,136		35,999		(1,237,201		)	330,414
Long-term debt	1,853,414		—		—		—			1,853,414
Acquisition-related liabilities	—		38,645		—		—			38,645
Noncurrent operating lease liabilities	3,674		17,684		3,971		—			25,329
Other noncurrent liabilities	3,901		205,384		78,749		(137,018		)	151,016
Total liabilities	2,693,469		960,849		118,719		(1,374,219		)	2,398,818
Total member's interest	1,450,664		3,427,416		44,881		(3,472,297		)	1,450,664
Total liabilities and member’s interest	$	4,144,133	$	4,388,265	$	163,600	$	(4,846,516	)	$	3,849,482

Condensed Consolidating Balance Sheets

December 29, 2018



			100%
			Owned		Non-
	Issuers		Guarantors		Guarantors		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	117,219	$	8,440	$	7,719	$	(4,870	)	$	128,508
Accounts receivable, net	—		199,538		15,165		(185		)	214,518
Intercompany receivables	500,765		624,427		—		(1,125,192		)	—
Cost and estimated earnings in excess of billings	—		17,711		891		—			18,602
Inventories	—		210,149		3,702		—			213,851
Other current assets	1,953		11,308		2,800		—			16,061
Total current assets	619,937		1,071,573		30,277		(1,130,247		)	591,540
Property, plant and equipment, net	13,300		1,709,083		57,749		—			1,780,132
Goodwill	—		1,136,785		56,243		—			1,193,028
Intangible assets, net	—		18,460		—		—			18,460
Other assets	3,292,851		154,080		947		(3,397,794		)	50,084
Total assets	$	3,926,088	$	4,089,981	$	145,216	$	(4,528,041	)	$	3,633,244
Liabilities and Member’s Interest
Current liabilities:
Current portion of debt	$	6,354	$	—	$	—	$	—		$	6,354
Current portion of acquisition-related liabilities	—		31,770		—		—			31,770
Accounts payable	4,712		92,132		12,349		(185		)	109,008
Accrued expenses	45,146		57,826		1,927		(4,870		)	100,029
Intercompany payables	673,175		436,564		15,453		(1,125,192		)	—
Billings in excess of costs and estimated earnings	—		11,347		493		—			11,840
Total current liabilities	729,387		629,639		30,222		(1,130,247		)	259,001
Long-term debt	1,807,502		—		—		—			1,807,502
Acquisition-related liabilities	—		45,354		—		—			45,354
Other noncurrent liabilities	3,768		226,137		77,368		(171,317		)	135,956
Total liabilities	2,540,657		901,130		107,590		(1,301,564		)	2,247,813
Total member's interest	1,385,431		3,188,851		37,626		(3,226,477		)	1,385,431
Total liabilities and member’s interest	$	3,926,088	$	4,089,981	$	145,216	$	(4,528,041	)	$	3,633,244

Condensed Consolidating Statements of Operations and Comprehensive Loss

Condensed Consolidating Statements of Operations

For the three months ended September 28, 2019



				100%
				Owned			Non-
	Issuers			Guarantors			Guarantors		Eliminations			Consolidated
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 expenses	13,603			46,816			2,676		—			63,095
Depreciation, depletion, amortization and accretion	1,042			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 taxes	85,487			145,882			4,252		(131,665		)	103,956
Income tax expense	288			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%
				Owned			Non-
	Issuers			Guarantors			Guarantors			Eliminations			Consolidated
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 expenses	37,887			146,136			8,341			—			192,364
Depreciation, depletion, amortization and accretion	2,986			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 taxes	48,250			202,844			5,469			(197,162		)	59,401
Income tax expense	1,114			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 Operations

For the three months ended September 29, 2018



				100%
				Owned			Non-
	Issuers			Guarantors			Guarantors			Eliminations			Consolidated
Revenue	$	—		$	668,145		$	28,064		$	(1,548	)	$	694,661
Cost of revenue (excluding items shown separately below)	—			452,394			20,957			(1,548		)	471,803
General and administrative expenses	10,951			46,910			2,856			—			60,717
Depreciation, depletion, amortization and accretion	574			52,213			1,187			—			53,974
Operating (loss) income	(11,525		)	116,628			3,064			—			108,167
Other income, net	(132,382		)	(3,019		)	(236		)	132,266			(3,371		)
Interest expense (income)	29,396			(1,882		)	1,206			—			28,720
Gain on sale of business	—			(12,108		)	—			—			(12,108		)
Income from operation before taxes	91,461			133,637			2,094			(132,266		)	94,926
Income tax expense	1,034			2,898			567			—			4,499
Net income attributable to Summit LLC	$	90,427		$	130,739		$	1,527		$	(132,266	)	$	90,427
Comprehensive income (loss) attributable to member of Summit Materials, LLC	$	92,484		$	130,652		$	(443	)	$	(130,209	)	$	92,484

Condensed Consolidating Statements of Operations

For the nine months ended September 29, 2018



				100%
				Owned			Non-
	Issuers			Guarantors			Guarantors			Eliminations			Consolidated
Revenue	$	—		$	1,548,960		$	65,597		$	(4,585	)	$	1,609,972
Cost of revenue (excluding items shown separately below)	—			1,087,150			48,031			(4,585		)	1,130,596
General and administrative expenses	45,175			141,372			8,245			—			194,792
Depreciation, depletion, amortization and accretion	1,919			145,135			3,609			—			150,663
Operating (loss) income	(47,094		)	175,303			5,712			—			133,921
Other income, net	(204,677		)	(10,563		)	(87		)	203,534			(11,793		)
Interest expense (income)	87,924			(5,447		)	3,589			—			86,066
Gain on sale of business	—			(12,108		)	—			—			(12,108		)
Income from operation before taxes	69,659			203,421			2,210			(203,534		)	71,756
Income tax expense	1,226			1,481			616			—			3,323
Net income attributable to Summit LLC	$	68,433		$	201,940		$	1,594		$	(203,534	)	$	68,433
Comprehensive income attributable to member of Summit Materials, LLC	$	66,697		$	200,497		$	4,773		$	(205,270	)	$	66,697

Condensed Consolidating Statements of Cash Flows

For the nine months ended September 28, 2019



				100%
				Owned			Non-
	Issuers			Guarantors			Guarantors			Eliminations			Consolidated
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 issuance	300,000			—			—			—			300,000
Loans received from and payments made on loans from other Summit Companies	147,325			(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		)
Debt issuance costs	(6,312		)	—			—			—			(6,312		)
Distributions from partnership	(2,500		)	—			—			—			(2,500		)
Other	(462		)	(39		)	—			—			(501		)
Net cash provided by (used in) financing activities	147,705			(128,146		)	330			(49		)	19,840
Impact of cash on foreign currency	—			—			174			—			174
Net increase (decrease) in cash	61,023			(6,243		)	(650		)	(49		)	54,081
Cash — Beginning of period	117,219			8,440			7,719			(4,870		)	128,508
Cash — End of period	$	178,242		$	2,197		$	7,069		$	(4,919	)	$	182,589

Condensed Consolidating Statements of Cash Flows

For the nine months ended September 29, 2018



				100%
				Owned			Non-
	Issuers			Guarantors			Guarantors			Eliminations			Consolidated
Net cash (used in) provided by operating activities	$	(107,736	)	$	173,597		$	4,696		$	—		$	70,557
Cash flow from investing activities:
Acquisitions, net of cash acquired	—			(210,894		)	—			—			(210,894		)
Purchase of property, plant and equipment	(5,946		)	(156,016		)	(21,790		)	—			(183,752		)
Proceeds from the sale of property, plant, and equipment	—			18,257			169			—			18,426
Proceeds from the sale of a business	—			21,564			—			—			21,564
Other	—			2,660			—			—			2,660
Net cash used for investing activities	(5,946		)	(324,429		)	(21,621		)	—			(351,996		)
Cash flow from financing activities:
Proceeds from investment by member	(112,386		)	128,001			—			—			15,615
Net proceeds from debt issuance	64,500			—			—			—			64,500
Loans received from and payments made on loans from other Summit Companies	(60,387		)	58,052			6,215			(3,880		)	—
Payments on long-term debt	(69,265		)	(9,701		)	(61		)	—			(79,027		)
Payments on acquisition-related liabilities	—			(32,821		)	—			—			(32,821		)
Financing costs	(550		)	—			—			—			(550		)
Distributions from partnership	(2,569		)	—			—			—			(2,569		)
Other	(873		)	(1,007		)	(33		)	—			(1,913		)
Net cash (used in) provided by financing activities	(181,530		)	142,524			6,121			(3,880		)	(36,765		)
Impact of cash on foreign currency	—			—			(422		)	—			(422		)
Net decrease in cash	(295,212		)	(8,308		)	(11,226		)	(3,880		)	(318,626		)
Cash — Beginning of period	370,741			10,254			14,933			(12,372		)	383,556
Cash — End of period	$	75,529		$	1,946		$	3,707		$	(16,252	)	$	64,930