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GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION
 3 Months Ended
Apr. 02, 2022
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
April 2, 2022
     
  Non-  
 Issuers
Guarantors 
Guarantors 
Eliminations 
Consolidated
Assets     
Current assets:     
Cash and cash equivalents$270,487 $1,475 $19,412 $(3,982)$287,392 
Accounts receivable, net49 217,943 21,974 (127)239,839 
Intercompany receivables357,196 1,771,245 — (2,128,441)— 
Cost and estimated earnings in excess of billings— 11,947 776 — 12,723 
Inventories— 180,997 6,012 — 187,009 
Other current assets3,519 44,966 2,392 — 50,877 
Total current assets631,251 2,228,573 50,566 (2,132,550)777,840 
Property, plant and equipment, net11,384 1,665,426 89,784 — 1,766,594 
Goodwill— 1,085,924 61,352 — 1,147,276 
Intangible assets, net— 62,093 4,922 — 67,015 
Operating lease right-of-use assets5,376 18,058 5,332 — 28,766 
Other assets4,424,084 309,795 616 (4,589,113)145,382 
Total assets$5,072,095 $5,369,869 $212,572 $(6,721,663)$3,932,873 
Liabilities and Members' Interest
Current liabilities:
Current portion of debt$6,354 $— $— $— $6,354 
Current portion of acquisition-related liabilities— 13,078 — — 13,078 
Accounts payable5,524 130,424 11,081 (127)146,902 
Accrued expenses39,221 89,979 2,120 (3,982)127,338 
Current operating lease liabilities798 4,387 749 — 5,934 
Intercompany payables1,618,099 508,948 1,394 (2,128,441)— 
Billings in excess of costs and estimated earnings— 6,210 524 — 6,734 
Total current liabilities1,669,996 753,026 15,868 (2,132,550)306,340 
Long-term debt1,590,050 — — — 1,590,050 
Acquisition-related liabilities— 22,928 — — 22,928 
Noncurrent operating lease liabilities9,441 14,199 4,377 — 28,017 
Other noncurrent liabilities5,547 228,195 119,156 (164,421)188,477 
Total liabilities3,275,034 1,018,348 139,401 (2,296,971)2,135,812 
Total members' interest1,797,061 4,351,521 73,171 (4,424,692)1,797,061 
Total liabilities and members' interest$5,072,095 $5,369,869 $212,572 $(6,721,663)$3,932,873 
        
Condensed Consolidating Balance Sheets
January 1, 2022
 
     
  Non-  
 Issuers
Guarantors 
Guarantors 
Eliminations 
Consolidated
Assets     
Current assets:     
Cash and cash equivalents$365,044 $2,264 $18,337 $(4,684)$380,961 
Accounts receivable, net94 264,888 22,185 59 287,226 
Intercompany receivables366,619 1,746,909 — (2,113,528)— 
Cost and estimated earnings in excess of billings— 6,942 658 — 7,600 
Inventories— 175,211 5,549 — 180,760 
Other current assets3,036 8,920 1,107 — 13,063 
Total current assets734,793 2,205,134 47,836 (2,118,153)869,610 
Property, plant and equipment, net10,013 1,742,721 90,174 — 1,842,908 
Goodwill— 1,104,019 60,731 — 1,164,750 
Intangible assets, net— 64,466 4,930 — 69,396 
Operating lease right-of-use assets5,612 19,693 4,845 — 30,150 
Other assets4,417,039 220,500 576 (4,579,370)58,745 
Total assets$5,167,457 $5,356,533 $209,092 $(6,697,523)$4,035,559 
Liabilities and Members' Interest
Current liabilities:
Current portion of debt$6,354 $— $— $— $6,354 
Current portion of acquisition-related liabilities— 13,110 — — 13,110 
Accounts payable6,284 114,405 8,095 59 128,843 
Accrued expenses55,440 94,858 2,522 (4,684)148,136 
Current operating lease liabilities780 5,053 664 — 6,497 
Intercompany payables1,607,816 502,334 3,378 (2,113,528)— 
Billings in excess of costs and estimated earnings— 6,960 441 — 7,401 
Total current liabilities1,676,674 736,720 15,100 (2,118,153)310,341 
Long-term debt1,591,019 — — — 1,591,019 
Acquisition-related liabilities— 33,369 — — 33,369 
Noncurrent operating lease liabilities9,647 15,101 4,132 — 28,880 
Other noncurrent liabilities5,173 227,348 118,906 (164,421)187,006 
Total liabilities3,282,513 1,012,538 138,138 (2,282,574)2,150,615 
Total members' interest1,884,944 4,343,995 70,954 (4,414,949)1,884,944 
Total liabilities and members' interest$5,167,457 $5,356,533 $209,092 $(6,697,523)$4,035,559 
Condensed Consolidating Statements of Operations
For the three months ended April 2, 2022
 
     
  Non-  
 Issuers
Guarantors 
Guarantors 
Eliminations
Consolidated 
Revenue$— $395,180 $27,097 $(1,330)$420,947 
Cost of revenue (excluding items shown separately below)— 334,264 20,446 (1,330)353,380 
General and administrative expenses17,304 31,672 1,693 — 50,669 
Depreciation, depletion, amortization and accretion750 47,496 2,947 — 51,193 
Operating (loss) income(18,054)(18,252)2,011 — (34,295)
Other income, net(5,919)(552)(7)5,782 (696)
Interest expense (income)33,902 (15,123)1,370 — 20,149 
Gain on sale of business— (14,205)— — (14,205)
(Loss) income from operation before taxes(46,037)11,628 648 (5,782)(39,543)
Income tax expense350 6,318 176 — 6,844 
Net (loss) income attributable to Summit LLC$(46,387)$5,310 $472 $(5,782)$(46,387)
Comprehensive (loss) income attributable to member of Summit Materials, LLC$(44,643)$5,310 $(1,272)$(4,038)$(44,643)

Condensed Consolidating Statements of Operations
For the three months ended April 3, 2021
 
     
  Non-  
 Issuers
Guarantors 
GuarantorsEliminationsConsolidated
Revenue$— $407,301 $22,811 $(2,268)$427,844 
Cost of revenue (excluding items shown separately below)— 331,844 17,118 (2,268)346,694 
General and administrative expenses18,591 29,849 1,433 — 49,873 
Depreciation, depletion, amortization and accretion1,104 52,566 2,666 — 56,336 
Operating (loss) income(19,695)(6,958)1,594 — (25,059)
Other income, net(25,560)(4,337)(481)25,489 (4,889)
Interest expense (income)33,291 (10,543)1,376 — 24,124 
(Loss) income from operation before taxes(27,426)23,590 699 (25,489)(28,626)
Income tax expense (benefit)364 (1,385)185 — (836)
Net (loss) income attributable to Summit LLC$(27,790)$24,975 $514 $(25,489)$(27,790)
Comprehensive (loss) income attributable to member of Summit Materials, LLC$(25,664)$24,975 $(1,612)$(23,363)$(25,664)
Condensed Consolidating Statements of Cash Flows
For the three months ended April 2, 2022
 
     
  Non-  
 Issuers
Guarantors 
GuarantorsEliminationsConsolidated
Net cash (used in) provided by operating activities$(48,551)$25,873 $5,965 $— $(16,713)
Cash flow from investing activities:
Purchase of property, plant and equipment(459)(55,522)(1,793)— (57,774)
Proceeds from the sale of property, plant, and equipment— 1,360 79 — 1,439 
Proceeds from the sale of a business— 47,821 — — 47,821 
Other— (857)— — (857)
Net cash used for investing activities(459)(7,198)(1,714)— (9,371)
Cash flow from financing activities:
Capital distributions to member(47,482)— — — (47,482)
Loans received from and payments made on loans from other Summit Companies4,703 (2,052)(3,353)702 — 
Payments on long-term debt(1,588)(6,015)— — (7,603)
Payments on acquisition-related liabilities— (11,397)— — (11,397)
Other(1,180)— — — (1,180)
Net cash used in financing activities(45,547)(19,464)(3,353)702 (67,662)
Impact of cash on foreign currency— — 177 — 177 
Net (decrease) increase in cash(94,557)(789)1,075 702 (93,569)
Cash — Beginning of period365,044 2,264 18,337 (4,684)380,961 
Cash — End of period$270,487 $1,475 $19,412 $(3,982)$287,392 
Condensed Consolidating Statements of Cash Flows
For the three months ended April 3, 2021
 
     
  Non-  
 Issuers
Guarantors 
GuarantorsEliminationsConsolidated
Net cash (used in) provided by operating activities$(44,988)$18,590 $5,080 $— $(21,318)
Cash flow from investing activities:
Purchase of property, plant and equipment(215)(67,795)(1,747)— (69,757)
Proceeds from the sale of property, plant, and equipment— 2,457 206 — 2,663 
Proceeds from the sale of a business— 33,077 — — 33,077 
Other— (483)— — (483)
Net cash used for investing activities(215)(32,744)(1,541)— (34,500)
Cash flow from financing activities:
Proceeds from investment by member15,920 — — — 15,920 
Loans received from and payments made on loans from other Summit Companies(21,350)22,390 (2,063)1,023 — 
Payments on long-term debt(1,589)(8,531)(50)— (10,170)
Payments on acquisition-related liabilities— (5,596)— — (5,596)
Distributions from partnership(2,500)— — — (2,500)
Other(416)— — — (416)
Net cash (used in) provided by financing activities(9,935)8,263 (2,113)1,023 (2,762)
Impact of cash on foreign currency— — 140 — 140 
Net (decrease) increase in cash(55,138)(5,891)1,566 1,023 (58,440)
Cash — Beginning of period401,074 10,287 10,461 (3,641)418,181 
Cash — End of period$345,936 $4,396 $12,027 $(2,618)$359,741