XML 47 R28.htm IDEA: XBRL DOCUMENT v3.23.2
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION
 6 Months Ended
Jul. 01, 2023
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
July 1, 2023
     
  Non-  
 Issuers
Guarantors 
Guarantors 
Eliminations 
Consolidated
Assets     
Current assets:     
Cash and cash equivalents$197,481 $5,698 $32,206 $(5,375)$230,010 
Accounts receivable, net603 341,501 28,491 (91)370,504 
Intercompany receivables311,267 1,985,385 — (2,296,652)— 
Cost and estimated earnings in excess of billings— 33,533 1,782 — 35,315 
Inventories— 239,848 6,427 — 246,275 
Other current assets11,596 11,143 1,459 — 24,198 
Total current assets520,947 2,617,108 70,365 (2,302,118)906,302 
Property, plant and equipment, net27,660 1,871,238 81,088 — 1,979,986 
Goodwill— 1,171,500 57,968 — 1,229,468 
Intangible assets, net— 65,279 4,435 — 69,714 
Operating lease right-of-use assets4,225 27,149 4,639 — 36,013 
Other assets5,016,546 216,720 810 (5,185,889)48,187 
Total assets$5,569,378 $5,968,994 $219,305 $(7,488,007)$4,269,670 
Liabilities and Members' Interest
Current liabilities:
Current portion of debt$5,096 $— $— $— $5,096 
Current portion of acquisition-related liabilities— 7,243 — — 7,243 
Accounts payable5,622 153,815 11,730 (91)171,076 
Accrued expenses64,653 82,359 3,108 (5,375)144,745 
Current operating lease liabilities946 6,099 662 — 7,707 
Intercompany payables1,776,656 516,160 3,836 (2,296,652)— 
Billings in excess of costs and estimated earnings— 6,313 741 — 7,054 
Total current liabilities1,852,973 771,989 20,077 (2,302,118)342,921 
Long-term debt1,487,289 — — — 1,487,289 
Acquisition-related liabilities— 23,503 — — 23,503 
Noncurrent operating lease liabilities8,315 21,355 3,893 — 33,563 
Other noncurrent liabilities5,497 208,578 117,436 (164,421)167,090 
Total liabilities3,354,074 1,025,425 141,406 (2,466,539)2,054,366 
Total members' interest2,215,304 4,943,569 77,899 (5,021,468)2,215,304 
Total liabilities and members' interest$5,569,378 $5,968,994 $219,305 $(7,488,007)$4,269,670 
        
Condensed Consolidating Balance Sheets
December 31, 2022
 
     
  Non-  
 Issuers
Guarantors 
Guarantors 
Eliminations 
Consolidated
Assets     
Current assets:     
Cash and cash equivalents$498,307 $2,864 $26,298 $(7,018)$520,451 
Accounts receivable, net1,528 233,039 22,127 (25)256,669 
Intercompany receivables329,744 1,937,390 — (2,267,134)— 
Cost and estimated earnings in excess of billings— 5,861 649 — 6,510 
Inventories— 206,418 6,073 — 212,491 
Other current assets4,755 16,341 1,159 — 22,255 
Total current assets834,334 2,401,913 56,306 (2,274,177)1,018,376 
Property, plant and equipment, net21,306 1,710,972 81,424 — 1,813,702 
Goodwill— 1,076,935 56,611 — 1,133,546 
Intangible assets, net— 66,972 4,412 — 71,384 
Operating lease right-of-use assets4,665 28,310 4,914 — 37,889 
Other assets4,599,488 204,644 1,220 (4,760,543)44,809 
Total assets$5,459,793 $5,489,746 $204,887 $(7,034,720)$4,119,706 
Liabilities and Members' Interest
Current liabilities:
Current portion of debt$5,096 $— $— $— $5,096 
Current portion of acquisition-related liabilities— 13,718 — — 13,718 
Accounts payable3,553 93,096 7,806 (25)104,430 
Accrued expenses54,417 70,433 2,876 (7,018)120,708 
Current operating lease liabilities921 5,637 738 — 7,296 
Intercompany payables1,750,352 513,494 3,288 (2,267,134)— 
Billings in excess of costs and estimated earnings— 4,956 783 — 5,739 
Total current liabilities1,814,339 701,334 15,491 (2,274,177)256,987 
Long-term debt1,488,569 — — — 1,488,569 
Acquisition-related liabilities— 29,051 — — 29,051 
Noncurrent operating lease liabilities8,726 22,871 4,140 — 35,737 
Other noncurrent liabilities5,009 208,185 117,439 (164,421)166,212 
Total liabilities3,316,643 961,441 137,070 (2,438,598)1,976,556 
Total members' interest2,143,150 4,528,305 67,817 (4,596,122)2,143,150 
Total liabilities and members' interest$5,459,793 $5,489,746 $204,887 $(7,034,720)$4,119,706 
Condensed Consolidating Statements of Operations
For the three months ended July 1, 2023

Non-
IssuersGuarantors Guarantors EliminationsConsolidated 
Revenue$— $695,912 $34,801 $(1,563)$729,150 
Cost of revenue (excluding items shown separately below)— 469,869 24,097 (1,563)492,403 
General and administrative expenses18,653 32,007 1,667 — 52,327 
Depreciation, depletion, amortization and accretion1,034 50,918 2,835 — 54,787 
Operating (loss) income(19,687)143,118 6,202 — 129,633 
Other income, net(160,703)(1,271)(601)157,097 (5,478)
Interest expense (income)40,430 (13,898)1,370 — 27,902 
Income from operation before taxes100,586 158,287 5,433 (157,097)107,209 
Income tax expense496 5,146 1,477 — 7,119 
Net income attributable to Summit LLC$100,090 $153,141 $3,956 $(157,097)$100,090 
Comprehensive income attributable to member of Summit Materials, LLC$103,992 $153,141 $54 $(153,195)$103,992 

Condensed Consolidating Statements of Operations
For the six months ended July 1, 2023
 
     
  Non-  
 Issuers
Guarantors 
Guarantors 
Eliminations
Consolidated 
Revenue$— $1,104,334 $62,562 $(2,358)$1,164,538 
Cost of revenue (excluding items shown separately below)— 805,079 43,719 (2,358)846,440 
General and administrative expenses33,873 60,955 3,431 — 98,259 
Depreciation, depletion, amortization and accretion2,022 98,071 5,588 — 105,681 
Operating (loss) income(35,895)140,229 9,824 — 114,158 
Other income, net(179,850)(1,547)(1,109)171,811 (10,695)
Interest expense (income)80,276 (27,694)2,740 — 55,322 
Income from operation before taxes63,679 169,470 8,193 (171,811)69,531 
Income tax expense800 3,635 2,217 — 6,652 
Net income attributable to Summit LLC$62,879 $165,835 $5,976 $(171,811)$62,879 
Comprehensive income attributable to member of Summit Materials, LLC$66,984 $165,835 $1,871 $(167,706)$66,984 
Condensed Consolidating Statements of Operations
For the three months ended July 2, 2022

Non-
IssuersGuarantors GuarantorsEliminationsConsolidated
Revenue$— $656,952 $33,762 $(4,160)$686,554 
Cost of revenue (excluding items shown separately below)— 464,383 23,982 (4,160)484,205 
General and administrative expenses15,919 26,426 1,611 — 43,956 
Depreciation, depletion, amortization and accretion769 43,342 3,046 — 47,157 
Operating (loss) income(16,688)122,801 5,123 — 111,236 
Other (income) loss, net(166,798)(433)96 166,158 (977)
Interest expense (income)33,579 (14,350)1,370 — 20,599 
Gain on sale of business(126,601)(29,452)— — (156,053)
Income from operation before taxes243,132 167,036 3,657 (166,158)247,667 
Income tax expense1,031 3,548 987 — 5,566 
Net income attributable to Summit LLC$242,101 $163,488 $2,670 $(166,158)$242,101 
Comprehensive income attributable to member of Summit Materials, LLC$236,491 $163,488 $8,280 $(171,768)$236,491 

Condensed Consolidating Statements of Operations
For the six months ended July 2, 2022
 
     
  Non-  
 Issuers
Guarantors 
GuarantorsEliminationsConsolidated
Revenue$— $1,052,132 $60,859 $(5,490)$1,107,501 
Cost of revenue (excluding items shown separately below)— 798,647 44,428 (5,490)837,585 
General and administrative expenses33,223 58,099 3,303 — 94,625 
Depreciation, depletion, amortization and accretion1,518 90,839 5,993 — 98,350 
Operating (loss) income(34,741)104,547 7,135 — 76,941 
Other (income) loss, net(172,716)(986)89 171,940 (1,673)
Interest expense (income)67,481 (29,473)2,740 — 40,748 
Gain on sale of business(126,601)(43,657)— — (170,258)
Income from operation before taxes197,095 178,663 4,306 (171,940)208,124 
Income tax expense1,381 9,866 1,163 — 12,410 
Net income attributable to Summit LLC$195,714 $168,797 $3,143 $(171,940)$195,714 
Comprehensive income attributable to member of Summit Materials, LLC$191,848 $168,797 $7,009 $(175,806)$191,848 
Condensed Consolidating Statements of Cash Flows
For the six months ended July 1, 2023
 
     
  Non-  
 Issuers
Guarantors 
GuarantorsEliminationsConsolidated
Net cash (used in) provided by operating activities$(62,840)$146,620 $10,262 $— $94,042 
Cash flow from investing activities:
Acquisitions, net of cash acquired— (237,666)— — (237,666)
Purchase of property, plant and equipment(6,350)(117,310)(3,233)— (126,893)
Proceeds from the sale of property, plant, and equipment— 5,435 325 — 5,760 
Other— (1,852)— — (1,852)
Net cash used in investing activities(6,350)(351,393)(2,908)— (360,651)
Cash flow from financing activities:
Capital distributions to member(239,264)239,348 — — 84 
Loans received from and payments made on loans from other Summit Companies13,332 (12,997)(1,978)1,643 — 
Payments on long-term debt(2,548)(4,172)— — (6,720)
Payments on acquisition-related liabilities— (11,539)— — (11,539)
Debt issuance costs(1,566)— — — (1,566)
Other(1,590)(3,033)(215)— (4,838)
Net cash (used in) provided by financing activities(231,636)207,607 (2,193)1,643 (24,579)
Impact of cash on foreign currency— — 747 — 747 
Net (decrease) increase in cash(300,826)2,834 5,908 1,643 (290,441)
Cash — Beginning of period498,307 2,864 26,298 (7,018)520,451 
Cash — End of period$197,481 $5,698 $32,206 $(5,375)$230,010 
Condensed Consolidating Statements of Cash Flows
For the six months ended July 2, 2022
 
     
  Non-  
 Issuers
Guarantors 
GuarantorsEliminationsConsolidated
Net cash (used in) provided by operating activities$(63,758)$73,145 $6,867 $— $16,254 
Cash flow from investing activities:
Acquisitions, net of cash acquired— (1,933)— — (1,933)
Purchase of property, plant and equipment(5,657)(121,589)(2,334)— (129,580)
Proceeds from the sale of property, plant, and equipment— 5,182 245 — 5,427 
Proceeds from the sale of a business— 341,741 — — 341,741 
Other— (1,098)— — (1,098)
Net cash (used in) provided by investing activities(5,657)222,303 (2,089)— 214,557 
Cash flow from financing activities:
Capital distributions to member(49,319)1,933 — — (47,386)
Loans received from and payments made on loans from other Summit Companies275,632 (273,262)(2,991)621 — 
Payments on long-term debt(75,553)(11,268)— — (86,821)
Payments on acquisition-related liabilities— (11,577)— — (11,577)
Distributions from partnership(25)— — — (25)
Other(187)— — — (187)
Net cash provided by (used in) financing activities150,548 (294,174)(2,991)621 (145,996)
Impact of cash on foreign currency— — (461)— (461)
Net increase in cash81,133 1,274 1,326 621 84,354 
Cash — Beginning of period365,044 2,264 18,337 (4,684)380,961 
Cash — End of period$446,177 $3,538 $19,663 $(4,063)$465,315