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LEASES
 3 Months Ended
Apr. 02, 2022
Lessee, Lease, Description [Line Items]  
LEASES LEASES
We lease construction and office equipment, distribution facilities and office space. Leases with an initial term of 12 months or less, including month to month leases, are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight line basis over the lease term. For lease agreements we have entered into or reassessed we combine lease and nonlease components. While we also own mineral leases for mining operations, those leases are outside the scope of Accounting Standards Update No. 2016-2, Leases (Topic 842). Assets acquired under finance leases are included in property, plant and equipment.

Many of our leases include options to purchase the leased equipment. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows:
Three months ended
April 2, 2022April 3, 2021
Operating lease cost$2,512 $1,727 
Variable lease cost113 72 
Short-term lease cost8,248 7,301 
Financing lease cost:
Amortization of right-of-use assets1,986 3,050 
Interest on lease liabilities369 657 
Total lease cost$13,228 $12,807 
April 2, 2022January 1, 2022
Supplemental balance sheet information related to leases:
Operating leases:
Operating lease right-of-use assets$28,766 $30,150 
Current operating lease liabilities$5,934 $6,497 
Noncurrent operating lease liabilities28,017 28,880 
Total operating lease liabilities$33,951 $35,377 
Finance leases:
Property and equipment, gross$63,040 $68,982 
Less accumulated depreciation(31,459)(31,404)
Property and equipment, net$31,581 $37,578 
Current finance lease liabilities$14,234 $17,624 
Long-term finance lease liabilities10,557 14,982 
Total finance lease liabilities$24,791 $32,606 
Weighted average remaining lease term (years):
Operating leases9.79.7
Finance lease2.52.3
Weighted average discount rate:
Operating leases4.4 %4.4 %
Finance leases5.1 %5.2 %
Maturities of lease liabilities, as of April 2, 2022, were as follows:
Operating LeasesFinance Leases
2022 (nine months)$5,352 $11,198 
20236,197 7,510 
20244,883 2,936 
20253,612 2,415 
20262,952 990 
20272,456 760 
Thereafter17,307 1,083 
Total lease payments42,759 26,892 
Less imputed interest(8,808)(2,101)
Present value of lease payments$33,951 $24,791 
LEASES LEASES
We lease construction and office equipment, distribution facilities and office space. Leases with an initial term of 12 months or less, including month to month leases, are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight line basis over the lease term. For lease agreements we have entered into or reassessed we combine lease and nonlease components. While we also own mineral leases for mining operations, those leases are outside the scope of Accounting Standards Update No. 2016-2, Leases (Topic 842). Assets acquired under finance leases are included in property, plant and equipment.

Many of our leases include options to purchase the leased equipment. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows:
Three months ended
April 2, 2022April 3, 2021
Operating lease cost$2,512 $1,727 
Variable lease cost113 72 
Short-term lease cost8,248 7,301 
Financing lease cost:
Amortization of right-of-use assets1,986 3,050 
Interest on lease liabilities369 657 
Total lease cost$13,228 $12,807 
April 2, 2022January 1, 2022
Supplemental balance sheet information related to leases:
Operating leases:
Operating lease right-of-use assets$28,766 $30,150 
Current operating lease liabilities$5,934 $6,497 
Noncurrent operating lease liabilities28,017 28,880 
Total operating lease liabilities$33,951 $35,377 
Finance leases:
Property and equipment, gross$63,040 $68,982 
Less accumulated depreciation(31,459)(31,404)
Property and equipment, net$31,581 $37,578 
Current finance lease liabilities$14,234 $17,624 
Long-term finance lease liabilities10,557 14,982 
Total finance lease liabilities$24,791 $32,606 
Weighted average remaining lease term (years):
Operating leases9.79.7
Finance lease2.52.3
Weighted average discount rate:
Operating leases4.4 %4.4 %
Finance leases5.1 %5.2 %
Maturities of lease liabilities, as of April 2, 2022, were as follows:
Operating LeasesFinance Leases
2022 (nine months)$5,352 $11,198 
20236,197 7,510 
20244,883 2,936 
20253,612 2,415 
20262,952 990 
20272,456 760 
Thereafter17,307 1,083 
Total lease payments42,759 26,892 
Less imputed interest(8,808)(2,101)
Present value of lease payments$33,951 $24,791 
Summit Materials, LLC  
Lessee, Lease, Description [Line Items]  
LEASES LEASES
We lease construction and office equipment, distribution facilities and office space. Leases with an initial term of 12 months or less, including month to month leases, are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight line basis over the lease term. For lease agreements we have entered into or reassessed, we combine lease and nonlease components. While we also own mineral leases for mining operations, those leases are outside the scope of Accounting Standards Update No. 2016-2, Leases (Topic 842). Assets acquired under finance leases are included in property, plant and equipment.

Many of our leases include options to purchase the leased equipment. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows:
Three months ended
April 2, 2022April 3, 2021
Operating lease cost$2,512$1,727 
Variable lease cost11372
Short-term lease cost8,2487,301
Financing lease cost:
Amortization of right-of-use assets1,9863,050
Interest on lease liabilities369657
Total lease cost$13,228$12,807
April 2, 2022January 1, 2022
Supplemental balance sheet information related to leases:
Operating leases:
Operating lease right-of-use assets$28,766$30,150
Current operating lease liabilities$5,934$6,497
Noncurrent operating lease liabilities28,01728,880
Total operating lease liabilities$33,951$35,377
Finance leases:
Property and equipment, gross$63,040$68,982
Less accumulated depreciation(31,459)(31,404)
Property and equipment, net$31,581$37,578
Current finance lease liabilities$14,234$17,624
Long-term finance lease liabilities10,55714,982
Total finance lease liabilities$24,791$32,606
Weighted average remaining lease term (years):
Operating leases9.79.7
Finance lease2.52.3
Weighted average discount rate:
Operating leases4.4 %4.4 %
Finance leases5.1 %5.2 %
Maturities of lease liabilities, as of April 2, 2022, were as follows:
Operating LeasesFinance Leases
2022 (nine months)$5,352$11,198
20236,1977,510
20244,8832,936
20253,6122,415
20262,952990
20272,456760
Thereafter17,3071,083
Total lease payments42,75926,892
Less imputed interest(8,808)(2,101)
Present value of lease payments$33,951$24,791
LEASES LEASES
We lease construction and office equipment, distribution facilities and office space. Leases with an initial term of 12 months or less, including month to month leases, are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight line basis over the lease term. For lease agreements we have entered into or reassessed, we combine lease and nonlease components. While we also own mineral leases for mining operations, those leases are outside the scope of Accounting Standards Update No. 2016-2, Leases (Topic 842). Assets acquired under finance leases are included in property, plant and equipment.

Many of our leases include options to purchase the leased equipment. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows:
Three months ended
April 2, 2022April 3, 2021
Operating lease cost$2,512$1,727 
Variable lease cost11372
Short-term lease cost8,2487,301
Financing lease cost:
Amortization of right-of-use assets1,9863,050
Interest on lease liabilities369657
Total lease cost$13,228$12,807
April 2, 2022January 1, 2022
Supplemental balance sheet information related to leases:
Operating leases:
Operating lease right-of-use assets$28,766$30,150
Current operating lease liabilities$5,934$6,497
Noncurrent operating lease liabilities28,01728,880
Total operating lease liabilities$33,951$35,377
Finance leases:
Property and equipment, gross$63,040$68,982
Less accumulated depreciation(31,459)(31,404)
Property and equipment, net$31,581$37,578
Current finance lease liabilities$14,234$17,624
Long-term finance lease liabilities10,55714,982
Total finance lease liabilities$24,791$32,606
Weighted average remaining lease term (years):
Operating leases9.79.7
Finance lease2.52.3
Weighted average discount rate:
Operating leases4.4 %4.4 %
Finance leases5.1 %5.2 %
Maturities of lease liabilities, as of April 2, 2022, were as follows:
Operating LeasesFinance Leases
2022 (nine months)$5,352$11,198
20236,1977,510
20244,8832,936
20253,6122,415
20262,952990
20272,456760
Thereafter17,3071,083
Total lease payments42,75926,892
Less imputed interest(8,808)(2,101)
Present value of lease payments$33,951$24,791