STOCKHOLDERS' EQUITY/MEMBERS' INTEREST

6 Months Ended

Jul. 01, 2023

Schedule of Capitalization, Equity [Line Items]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

During 2023, 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. As of July 1, 2023, there was $149.0 million available for purchase, upon which they will be retired.

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 — December 31, 2022	118,408,655	1,312,004	119,720,659	98.9	%
Exchanges during period	2,000	(2,000)	—
Stock option exercises	4,240	—	4,240
Other equity transactions	471,379	—	471,379
Balance — July 1, 2023	118,886,274	1,310,004	120,196,278	98.9	%
Balance — January 1, 2022	120,684,322	1,314,006	121,998,328	98.9	%
Stock option exercises	6,518	—	6,518
Repurchases of common stock	(1,506,878)	—	(1,506,878)
Other equity transactions	909,864	—	909,864
Balance — July 2, 2022	120,093,826	1,314,006	121,407,832	98.9	%

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 July 1, 2023 and December 31, 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 — December 31, 2022	$	6,356	$	(3,272)	$	3,084
Foreign currency translation adjustment, net of tax	—		3,242		3,242
Balance — July 1, 2023	$	6,356	$	(30)	$	6,326
Balance — January 1, 2022	$	1,508	$	5,575	$	7,083
Foreign currency translation adjustment, net of tax	—		(2,890)		(2,890)
Balance — July 2, 2022	$	1,508	$	2,685	$	4,193

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		comprehensive
	retirement plans		adjustments		(loss) income
Balance — December 31, 2022	$	(762)	$	(20,614)	$	(21,376)
Foreign currency translation adjustment	—		4,105		4,105
Balance — July 1, 2023	$	(762)	$	(16,509)	$	(17,271)
Balance — January 1, 2022	$	(7,243)	$	(8,783)	$	(16,026)
Foreign currency translation adjustment	—		(3,866)		(3,866)
Balance — July 2, 2022	$	(7,243)	$	(12,649)	$	(19,892)