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GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION
 3 Months Ended
Mar. 28, 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
March 28, 2020
 
 
 
 
100%
 
 
 
 
 
 
 
 
 
 
Owned
 
Non-
 
 
 
 
 
 
Issuers
 
Guarantors 
 
Guarantors 
 
Eliminations 
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
190,794

 
$
1,645

 
$
10,362

 
$
(3,687
)
 
$
199,114

Accounts receivable, net
 
—

 
216,747

 
14,645

 
(177
)
 
231,215

Intercompany receivables
 
414,855

 
893,871

 
—

 
(1,308,726
)
 
—

Cost and estimated earnings in excess of billings
 
—

 
10,522

 
797

 
—

 
11,319

Inventories
 
—

 
226,500

 
4,913

 
—

 
231,413

Other current assets
 
3,042

 
10,506

 
1,647

 
—

 
15,195

Total current assets
 
608,691

 
1,359,791

 
32,364

 
(1,312,590
)
 
688,256

Property, plant and equipment, net
 
11,067

 
1,700,780

 
56,856

 
—

 
1,768,703

Goodwill
 
—

 
1,142,063

 
54,494

 
—

 
1,196,557

Intangible assets, net
 
—

 
22,793

 
—

 
—

 
22,793

Operating lease right-of-use assets
 
3,144

 
23,071

 
4,312

 
—

 
30,527

Other assets
 
3,570,946

 
152,451

 
675

 
(3,675,562
)
 
48,510

Total assets
 
$
4,193,848

 
$
4,400,949

 
$
148,701

 
$
(4,988,152
)
 
$
3,755,346

Liabilities and Member’s Interest
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Current portion of debt
 
$
7,942

 
$
—

 
$
—

 
$
—

 
$
7,942

Current portion of acquisition-related liabilities
 
—

 
28,671

 
—

 
—

 
28,671

Accounts payable
 
3,949

 
112,763

 
6,426

 
(177
)
 
122,961

Accrued expenses
 
35,401

 
68,750

 
2,227

 
(3,687
)
 
102,691

Current operating lease liabilities
 
800

 
6,358

 
973

 
—

 
8,131

Intercompany payables
 
845,943

 
445,880

 
16,903

 
(1,308,726
)
 
—

Billings in excess of costs and estimated earnings
 
—

 
12,984

 
1,038

 
—

 
14,022

Total current liabilities
 
894,035

 
675,406

 
27,567

 
(1,312,590
)
 
284,418

Long-term debt
 
1,850,289

 
—

 
—

 
—

 
1,850,289

Acquisition-related liabilities
 
—

 
13,024

 
—

 
—

 
13,024

Noncurrent operating lease liabilities
 
3,258

 
16,854

 
3,168

 
—

 
23,280

Other noncurrent liabilities
 
3,293

 
196,100

 
78,989

 
(137,020
)
 
141,362

Total liabilities
 
2,750,875

 
901,384

 
109,724

 
(1,449,610
)
 
2,312,373

Total member's interest
 
1,442,973

 
3,499,565

 
38,977

 
(3,538,542
)
 
1,442,973

Total liabilities and member’s interest
 
$
4,193,848

 
$
4,400,949

 
$
148,701

 
$
(4,988,152
)
 
$
3,755,346

        
Condensed Consolidating Balance Sheets
December 28, 2019
 
 
 
 
 
100%
 
 
 
 
 
 
 
 
 
 
Owned
 
Non-
 
 
 
 
 
 
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 receivables
 
443,323

 
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 assets
 
1,763

 
10,308

 
1,760

 
—

 
13,831

Total current assets
 
747,560

 
1,404,319

 
36,620

 
(1,392,218
)
 
796,281

Property, plant and equipment, net
 
11,602

 
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 assets
 
3,316

 
24,551

 
4,910

 
—

 
32,777

Other assets
 
3,596,161

 
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 payable
 
4,588

 
103,812

 
8,603

 
(33
)
 
116,970

Accrued expenses
 
51,043

 
72,970

 
2,701

 
(6,477
)
 
120,237

Current operating lease liabilities
 
764

 
6,571

 
1,092

 
—

 
8,427

Intercompany payables
 
922,356

 
447,827

 
15,525

 
(1,385,708
)
 
—

Billings in excess of costs and estimated earnings
 
—

 
12,183

 
1,681

 
—

 
13,864

Total current liabilities
 
986,693

 
673,563

 
29,602

 
(1,392,218
)
 
297,640

Long-term debt
 
1,851,057

 
—

 
—

 
—

 
1,851,057

Acquisition-related liabilities
 
—

 
17,666

 
—

 
—

 
17,666

Noncurrent operating lease liabilities
 
3,480

 
18,047

 
3,854

 
—

 
25,381

Other noncurrent liabilities
 
4,259

 
203,919

 
80,169

 
(137,018
)
 
151,329

Total liabilities
 
2,845,489

 
913,195

 
113,625

 
(1,529,236
)
 
2,343,073

Total member's interest
 
1,513,150

 
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 March 28, 2020
 
 
 
 
 
100%
 
 
 
 
 
 
 
 
 
 
Owned
 
Non-
 
 
 
 
 
 
Issuers
 
Guarantors 
 
Guarantors 
 
Eliminations
 
Consolidated 
Revenue
 
$
—

 
$
354,330

 
$
16,193

 
$
(3,333
)
 
$
367,190

Cost of revenue (excluding items shown separately below)
 
—

 
278,195

 
11,293

 
(3,333
)
 
286,155

General and administrative expenses
 
13,830

 
54,123

 
3,024

 
—

 
70,977

Depreciation, depletion, amortization and accretion
 
989

 
49,473

 
1,316

 
—

 
51,778

Operating (loss) income
 
(14,819
)
 
(27,461
)
 
560

 
—

 
(41,720
)
Other loss (income), net
 
15,292

 
(306
)
 
1,171

 
(16,068
)
 
89

Interest expense (income)
 
33,214

 
(6,714
)
 
1,200

 
—

 
27,700

Loss from operation before taxes
 
(63,325
)
 
(20,441
)
 
(1,811
)
 
16,068

 
(69,509
)
Income tax expense (benefit)
 
300

 
(5,717
)
 
(467
)
 
—

 
(5,884
)
Net loss attributable to Summit LLC
 
$
(63,625
)
 
$
(14,724
)
 
$
(1,344
)
 
$
16,068

 
$
(63,625
)
Comprehensive (loss) income attributable to member of Summit Materials, LLC
 
$
(71,984
)
 
$
(14,724
)
 
$
7,015

 
$
7,709

 
$
(71,984
)


Condensed Consolidating Statements of Operations
For the three months ended March 30, 2019
 
 
 
 
 
100%
 
 
 
 
 
 
 
 
 
 
Owned
 
Non-
 
 
 
 
 
 
Issuers
 
Guarantors 
 
Guarantors
 
Eliminations
 
Consolidated
Revenue
 
$
—

 
$
318,181

 
$
15,641

 
$
(1,183
)
 
$
332,639

Cost of revenue (excluding items shown separately below)
 
—

 
256,166

 
12,021

 
(1,183
)
 
267,004

General and administrative expenses
 
14,930

 
50,032

 
2,956

 
—

 
67,918

Depreciation, depletion, amortization and accretion
 
952

 
52,920

 
1,516

 
—

 
55,388

Operating loss
 
(15,882
)
 
(40,937
)
 
(852
)
 
—

 
(57,671
)
Other loss (income), net
 
43,611

 
(1,942
)
 
(403
)
 
(29,504
)
 
11,762

Interest expense (income)
 
31,697

 
(2,964
)
 
1,204

 
—

 
29,937

Loss from operation before taxes
 
(91,190
)
 
(36,031
)
 
(1,653
)
 
29,504

 
(99,370
)
Income tax expense (benefit)
 
374

 
(7,737
)
 
(443
)
 
—

 
(7,806
)
Net loss attributable to Summit LLC
 
$
(91,564
)
 
$
(28,294
)
 
$
(1,210
)
 
$
29,504

 
$
(91,564
)
Comprehensive loss attributable to member of Summit Materials, LLC
 
$
(89,372
)
 
$
(28,128
)
 
$
(3,568
)
 
$
31,696

 
$
(89,372
)


Condensed Consolidating Statements of Cash Flows
For the three months ended March 28, 2020
 
 
 
 
 
100%
 
 
 
 
 
 
 
 
 
 
Owned
 
Non-
 
 
 
 
 
 
Issuers
 
Guarantors 
 
Guarantors
 
Eliminations
 
Consolidated
Net cash (used in) provided by operating activities
 
$
(51,401
)
 
$
10,349

 
$
2,121

 
$
—

 
$
(38,931
)
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment
 
(454
)
 
(60,423
)
 
(952
)
 
—

 
(61,829
)
Proceeds from the sale of property, plant, and equipment
 
—

 
3,140

 
20

 
—

 
3,160

Other
 
—

 
1,801

 
—

 
—

 
1,801

Net cash used for investing activities
 
(454
)
 
(55,482
)
 
(932
)
 
—

 
(56,868
)
Cash flow from financing activities:
 


 


 


 


 


Proceeds from investment by member
 
310

 
—

 
—

 
—

 
310

Loans received from and payments made on loans from other Summit Companies
 
(55,225
)
 
52,247

 
188

 
2,790

 
—

Payments on long-term debt
 
(1,588
)
 
(3,856
)
 
(49
)
 
—

 
(5,493
)
Payments on acquisition-related liabilities
 
—

 
(7,015
)
 
—

 
—

 
(7,015
)
Distributions from partnership
 
(2,500
)
 
—

 
—

 
—

 
(2,500
)
Other
 
(822
)
 
(86
)
 
—

 
—

 
(908
)
Net cash (used in) provided by financing activities
 
(59,825
)
 
41,290

 
139

 
2,790

 
(15,606
)
Impact of cash on foreign currency
 
—

 
—

 
(800
)
 
—

 
(800
)
Net (decrease) increase in cash
 
(111,680
)
 
(3,843
)
 
528

 
2,790

 
(112,205
)
Cash — Beginning of period
 
302,474

 
5,488

 
9,834

 
(6,477
)
 
311,319

Cash — End of period
 
$
190,794

 
$
1,645

 
$
10,362

 
$
(3,687
)
 
$
199,114
























Condensed Consolidating Statements of Cash Flows
For the three months ended March 30, 2019
 
 
 
 
 
100%
 
 
 
 
 
 
 
 
 
 
Owned
 
Non-
 
 
 
 
 
 
Issuers
 
Guarantors 
 
Guarantors
 
Eliminations
 
Consolidated
Net cash (used in) provided by operating activities
 
$
(57,399
)
 
$
26,570

 
$
153

 
$
—

 
$
(30,676
)
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
 
Acquisitions, net of cash acquired
 
—

 
(2,842
)
 
—

 
—

 
(2,842
)
Purchase of property, plant and equipment
 
(492
)
 
(57,326
)
 
(4,370
)
 
—

 
(62,188
)
Proceeds from the sale of property, plant, and equipment
 
—

 
2,791

 
6

 
—

 
2,797

Other
 
—

 
(178
)
 
—

 
—

 
(178
)
Net cash used for investing activities
 
(492
)
 
(57,555
)
 
(4,364
)
 
—

 
(62,411
)
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
 
Proceeds from investment by member
 
(2,075
)
 
2,841

 
—

 
—

 
766

Net proceeds from debt issuance
 
300,000

 
—

 
—

 
—

 
300,000

Loans received from and payments made on loans from other Summit Companies
 
(26,242
)
 
30,576

 
113

 
(4,447
)
 
—

Payments on long-term debt
 
(253,178
)
 
(3,076
)
 
(79
)
 
—

 
(256,333
)
Payments on acquisition-related liabilities
 
—

 
(6,433
)
 
—

 
—

 
(6,433
)
Financing costs
 
(5,774
)
 
—

 
—

 
—

 
(5,774
)
Distributions from partnership
 
(2,500
)
 
—

 
—

 
—

 
(2,500
)
Other
 
(465
)
 
(36
)
 
—

 
—

 
(501
)
Net cash provided by financing activities
 
9,766

 
23,872

 
34

 
(4,447
)
 
29,225

Impact of cash on foreign currency
 
—

 
—

 
191

 
—

 
191

Net decrease in cash
 
(48,125
)
 
(7,113
)
 
(3,986
)
 
(4,447
)
 
(63,671
)
Cash — Beginning of period
 
117,219

 
8,440

 
7,719

 
(4,870
)
 
128,508

Cash — End of period
 
$
69,094

 
$
1,327

 
$
3,733

 
$
(9,317
)
 
$
64,837