STOCKHOLDERS' EQUITY/MEMBERS' INTEREST

3 Months Ended

Apr. 02, 2022

Schedule of Capitalization, Equity [Line Items]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

During 2021, certain limited partners of Summit Holdings exchanged their LP Units for shares of Class A common stock of Summit Inc.

In March 2022, our Board of Directors authorized a share repurchase program, whereby we can repurchase up to $250 million of our Class A common stock. During the first quarter of 2022, we repurchased 1.5 million shares of Class A common stock for $47.5 million. These shares were retired upon purchase.

The following table summarizes the changes in our ownership of Summit Holdings:

	Summit Inc. Shares (Class A)	LP Units	Total	Summit Inc. Ownership Percentage
Balance — January 1, 2022	118,705,108	1,314,006	120,019,114	98.9	%
Stock option exercises	1,589	—	1,589
Repurchases of common stock	(1,506,878)	—	(1,506,878)
Other equity transactions	842,029	—	842,029
Balance — April 2, 2022	118,041,848	1,314,006	119,355,854	98.9	%
Balance — January 2, 2021	114,390,595	2,873,170	117,263,765	97.5	%
Exchanges during period	711,794	(711,794)	—
Stock option exercises	863,338	—	863,338
Other equity transactions	678,605	—	678,605
Balance — April 3, 2021	116,644,332	2,161,376	118,805,708	98.2	%

Summit Inc. is Summit Holdings’ primary beneficiary and thus consolidates Summit Holdings in its consolidated financial statements with a corresponding noncontrolling interest reclassification, which was 1.1% and 1.1% as of April 2, 2022 and January 1, 2022, respectively.

Accumulated other comprehensive income (loss) —The changes in each component of accumulated other comprehensive income (loss) consisted of the following:

	Change in  retirement plans		Foreign currency  translation  adjustments		Accumulated  other  comprehensive  income (loss)
Balance — January 1, 2022	$	1,508	$	5,575	$	7,083
Foreign currency translation adjustment, net of tax	—		1,306		1,306
Balance — April 2, 2022	$	1,508	$	6,881	$	8,389
Balance — January 2, 2021	$	533	$	4,670	$	5,203
Foreign currency translation adjustment, net of tax	—		1,635		1,635
Balance — April 3, 2021	$	533	$	6,305	$	6,838

Summit Materials, LLC

Schedule of Capitalization, Equity [Line Items]

MEMBERS' INTEREST

MEMBERS’ INTEREST

Accumulated other comprehensive income (loss) —The changes in each component of accumulated other comprehensive income (loss) consisted of the following:

							Accumulated
			Foreign currency				other
	Change in		translation		Cash flow hedge		comprehensive
	retirement plans		adjustments		adjustments		(loss) income
Balance — January 1, 2022	$	(7,243)	$	(8,783)	$	—	$	(16,026)
Foreign currency translation adjustment	—		1,744		—		1,744
Balance — April 2, 2022	$	(7,243)	$	(7,039)	$	—	$	(14,282)
Balance — January 2, 2021	$	(8,546)	$	(10,037)	$	—	$	(18,583)
Foreign currency translation adjustment	—		2,126		—		2,126
Balance — April 3, 2021	$	(8,546)	$	(7,911)	$	—	$	(16,457)