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GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION
 9 Months Ended
Oct. 02, 2021
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 2, 2021
     
  Non-  
 Issuers
Guarantors 
Guarantors 
Eliminations 
Consolidated
Assets     
Current assets:     
Cash and cash equivalents$241,285 $1,818 $17,660 $(2,680)$258,083 
Accounts receivable, net63 309,930 23,507 (149)333,351 
Intercompany receivables375,735 1,587,227 — (1,962,962)— 
Cost and estimated earnings in excess of billings— 32,632 1,549 — 34,181 
Inventories— 189,170 6,142 — 195,312 
Other current assets3,272 9,799 784 — 13,855 
Total current assets620,355 2,130,576 49,642 (1,965,791)834,782 
Property, plant and equipment, net6,382 1,744,803 89,954 — 1,841,139 
Goodwill— 1,115,340 60,515 — 1,175,855 
Intangible assets, net— 65,358 4,980 — 70,338 
Operating lease right-of-use assets1,908 20,381 5,050 — 27,339 
Other assets4,322,784 216,523 1,102 (4,482,602)57,807 
Total assets$4,951,429 $5,292,981 $211,243 $(6,448,393)$4,007,260 
Liabilities and Members' Interest
Current liabilities:
Current portion of debt$6,354 $— $— $— $6,354 
Current portion of acquisition-related liabilities— 12,809 — — 12,809 
Accounts payable5,054 138,423 13,202 (149)156,530 
Accrued expenses39,884 98,013 2,392 (2,680)137,609 
Current operating lease liabilities967 5,153 698 — 6,818 
Intercompany payables1,462,313 498,077 2,572 (1,962,962)— 
Billings in excess of costs and estimated earnings— 10,852 779 — 11,631 
Total current liabilities1,514,572 763,327 19,643 (1,965,791)331,751 
Long-term debt1,591,989 — — — 1,591,989 
Acquisition-related liabilities— 33,223 — — 33,223 
Noncurrent operating lease liabilities1,832 15,562 4,202 — 21,596 
Other noncurrent liabilities4,846 230,981 119,105 (164,421)190,511 
Total liabilities3,113,239 1,043,093 142,950 (2,130,212)2,169,070 
Total members' interest1,838,190 4,249,888 68,293 (4,318,181)1,838,190 
Total liabilities and members' interest$4,951,429 $5,292,981 $211,243 $(6,448,393)$4,007,260 
        
Condensed Consolidating Balance Sheets
January 2, 2021
 
     
  Non-  
 Issuers
Guarantors 
Guarantors 
Eliminations 
Consolidated
Assets     
Current assets:     
Cash and cash equivalents$401,074 $10,287 $10,461 $(3,641)$418,181 
Accounts receivable, net4 230,199 24,384 109 254,696 
Intercompany receivables404,459 1,303,293 — (1,707,752)— 
Cost and estimated earnings in excess of billings— 7,504 1,162 — 8,666 
Inventories— 193,417 6,891 — 200,308 
Other current assets2,840 6,797 1,791 — 11,428 
Total current assets808,377 1,751,497 44,689 (1,711,284)893,279 
Property, plant and equipment, net9,410 1,746,045 94,714 — 1,850,169 
Goodwill— 1,142,083 60,208 — 1,202,291 
Intangible assets, net— 47,852 — — 47,852 
Operating lease right-of-use assets2,615 21,880 4,048 — 28,543 
Other assets4,022,729 207,699 493 (4,175,921)55,000 
Total assets$4,843,131 $4,917,056 $204,152 $(5,887,205)$4,077,134 
Liabilities and Members' Interest
Current liabilities:
Current portion of debt$6,354 $— $— $— $6,354 
Current portion of acquisition-related liabilities— 7,827 — — 7,827 
Accounts payable3,889 108,805 8,619 109 121,422 
Accrued expenses54,108 106,320 4,014 (3,641)160,801 
Current operating lease liabilities913 6,114 1,161 — 8,188 
Intercompany payables1,215,043 485,401 7,308 (1,707,752)— 
Billings in excess of costs and estimated earnings— 15,508 991 — 16,499 
Total current liabilities1,280,307 729,975 22,093 (1,711,284)321,091 
Long-term debt1,892,347 — — — 1,892,347 
Acquisition-related liabilities— 12,246 — — 12,246 
Noncurrent operating lease liabilities2,567 16,062 2,871 — 21,500 
Other noncurrent liabilities5,142 208,540 117,921 (164,421)167,182 
Total liabilities3,180,363 966,823 142,885 (1,875,705)2,414,366 
Total members' interest1,662,768 3,950,233 61,267 (4,011,500)1,662,768 
Total liabilities and members' interest$4,843,131 $4,917,056 $204,152 $(5,887,205)$4,077,134 
Condensed Consolidating Statements of Operations
For the three months ended October 2, 2021

Non-
IssuersGuarantors Guarantors EliminationsConsolidated 
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 
Guarantors 
Eliminations
Consolidated 
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 Operations
For the three months ended September 26, 2020

Non-
IssuersGuarantors GuarantorsEliminationsConsolidated
Revenue$— $689,842 $23,780 $(4,003)$709,619 
Cost of revenue (excluding items shown separately below)— 489,318 16,277 (4,003)501,592 
General and administrative expenses23,955 23,952 1,449 — 49,356 
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
 
     
  Non-  
 Issuers
Guarantors 
GuarantorsEliminationsConsolidated
Revenue$— $1,659,526 $61,556 $(13,264)$1,707,818 
Cost of revenue (excluding items shown separately below)— 1,228,076 43,651 (13,264)1,258,463 
General and administrative expenses50,964 71,282 4,392 — 126,638 
Depreciation, depletion, amortization and accretion2,960 156,697 4,103 — 163,760 
Operating (loss) income(53,924)203,471 9,410 — 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 taxes85,698 226,556 5,359 (237,774)79,839 
Income tax expense (benefit)982 (7,383)1,524 — (4,877)
Net income attributable to Summit LLC$84,716 $233,939 $3,835 $(237,774)$84,716 
Comprehensive income attributable to member of Summit Materials, LLC$81,321 $233,939 $7,230 $(241,169)$81,321 
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 
Condensed Consolidating Statements of Cash Flows
For the nine months ended September 26, 2020
 
     
  Non-  
 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)
Financing 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