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GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION
6 Months Ended
Jul. 03, 2021
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 3, 2021
     
  Non-  
 Issuers
Guarantors 
Guarantors 
Eliminations 
Consolidated
Assets     
Current assets:     
Cash and cash equivalents$451,966 $4,518 $15,487 $(2,874)$469,097 
Accounts receivable, net— 291,397 25,223 (5)316,615 
Intercompany receivables388,109 1,446,287 — (1,834,396)— 
Cost and estimated earnings in excess of billings— 27,826 891 — 28,717 
Inventories— 191,956 6,261 — 198,217 
Other current assets3,077 10,258 1,936 — 15,271 
Total current assets843,152 1,972,242 49,798 (1,837,275)1,027,917 
Property, plant and equipment, net7,262 1,764,414 94,165 — 1,865,841 
Goodwill— 1,115,340 62,011 — 1,177,351 
Intangible assets, net— 66,248 5,161 — 71,409 
Operating lease right-of-use assets2,082 20,806 5,276 — 28,164 
Other assets4,179,481 216,667 392 (4,340,559)55,981 
Total assets$5,031,977 $5,155,717 $216,803 $(6,177,834)$4,226,663 
Liabilities and Members' Interest
Current liabilities:
Current portion of debt$6,354 $— $— $— $6,354 
Current portion of acquisition-related liabilities— 13,519 — — 13,519 
Accounts payable2,366 139,489 11,046 (5)152,896 
Accrued expenses56,504 94,416 2,338 (2,874)150,384 
Current operating lease liabilities949 5,276 794 — 7,019 
Intercompany payables1,318,610 507,536 8,250 (1,834,396)— 
Billings in excess of costs and estimated earnings— 11,823 701 — 12,524 
Total current liabilities1,384,783 772,059 23,129 (1,837,275)342,696 
Long-term debt1,890,697 — — — 1,890,697 
Acquisition-related liabilities— 32,815 — — 32,815 
Noncurrent operating lease liabilities2,082 15,886 4,348 — 22,316 
Other noncurrent liabilities5,824 228,532 119,613 (164,421)189,548 
Total liabilities3,283,386 1,049,292 147,090 (2,001,696)2,478,072 
Total members' interest1,748,591 4,106,425 69,713 (4,176,138)1,748,591 
Total liabilities and members' interest$5,031,977 $5,155,717 $216,803 $(6,177,834)$4,226,663 
        
Condensed Consolidating Balance Sheets
January 2, 2021
 
     
  Non-  
 Issuers
Guarantors 
Guarantors 
Eliminations 
Consolidated
Assets     
Current assets:     
Cash and cash equivalents$401,074 $10,287 $10,461 $(3,641)$418,181 
Accounts receivable, net230,199 24,384 109 254,696 
Intercompany receivables404,459 1,303,293 — (1,707,752)— 
Cost and estimated earnings in excess of billings— 7,504 1,162 — 8,666 
Inventories— 193,417 6,891 — 200,308 
Other current assets2,840 6,797 1,791 — 11,428 
Total current assets808,377 1,751,497 44,689 (1,711,284)893,279 
Property, plant and equipment, net9,410 1,746,045 94,714 — 1,850,169 
Goodwill— 1,142,083 60,208 — 1,202,291 
Intangible assets, net— 47,852 — — 47,852 
Operating lease right-of-use assets2,615 21,880 4,048 — 28,543 
Other assets4,022,729 207,699 493 (4,175,921)55,000 
Total assets$4,843,131 $4,917,056 $204,152 $(5,887,205)$4,077,134 
Liabilities and Members' Interest
Current liabilities:
Current portion of debt$6,354 $— $— $— $6,354 
Current portion of acquisition-related liabilities— 7,827 — — 7,827 
Accounts payable3,889 108,805 8,619 109 121,422 
Accrued expenses54,108 106,320 4,014 (3,641)160,801 
Current operating lease liabilities913 6,114 1,161 — 8,188 
Intercompany payables1,215,043 485,401 7,308 (1,707,752)— 
Billings in excess of costs and estimated earnings— 15,508 991 — 16,499 
Total current liabilities1,280,307 729,975 22,093 (1,711,284)321,091 
Long-term debt1,892,347 — — — 1,892,347 
Acquisition-related liabilities— 12,246 — — 12,246 
Noncurrent operating lease liabilities2,567 16,062 2,871 — 21,500 
Other noncurrent liabilities5,142 208,540 117,921 (164,421)167,182 
Total liabilities3,180,363 966,823 142,885 (1,875,705)2,414,366 
Total members' interest1,662,768 3,950,233 61,267 (4,011,500)1,662,768 
Total liabilities and members' interest$4,843,131 $4,917,056 $204,152 $(5,887,205)$4,077,134 
Condensed Consolidating Statements of Operations
For the three months ended July 3, 2021

Non-
IssuersGuarantors Guarantors EliminationsConsolidated 
Revenue$— $641,156 $30,516 $(3,755)$667,917 
Cost of revenue (excluding items shown separately below)— 449,192 22,279 (3,755)467,716 
General and administrative expenses16,591 29,747 (293)— 46,045 
Depreciation, depletion, amortization and accretion1,100 54,137 2,996 — 58,233 
Operating (loss) income(17,691)108,080 5,534 — 95,923 
Other income, net(123,251)(4,404)(212)123,172 (4,695)
Interest expense (income)34,657 (11,816)1,375 — 24,216 
Loss on sale of business— 236 — — 236 
Income from operation before taxes70,903 124,064 4,371 (123,172)76,166 
Income tax expense1,088 4,065 1,198 — 6,351 
Net income attributable to Summit LLC$69,815 $119,999 $3,173 $(123,172)$69,815 
Comprehensive income attributable to member of Summit Materials, LLC$72,447 $119,999 $541 $(120,540)$72,447 

Condensed Consolidating Statements of Operations
For the six months ended July 3, 2021
 
     
  Non-  
 Issuers
Guarantors 
Guarantors 
Eliminations
Consolidated 
Revenue$— $1,048,457 $53,327 $(6,023)$1,095,761 
Cost of revenue (excluding items shown separately below)— 781,036 39,397 (6,023)814,410 
General and administrative expenses35,183 59,595 1,140 — 95,918 
Depreciation, depletion, amortization and accretion2,205 106,702 5,662 — 114,569 
Operating (loss) income(37,388)101,124 7,128 — 70,864 
Other income, net(148,812)(8,741)(693)148,662 (9,584)
Interest expense (income)67,947 (22,358)2,751 — 48,340 
Gain on sale of business— (15,432)— — (15,432)
Income from operation before taxes43,477 147,655 5,070 (148,662)47,540 
Income tax expense1,452 2,680 1,383 — 5,515 
Net income attributable to Summit LLC$42,025 $144,975 $3,687 $(148,662)$42,025 
Comprehensive income (loss) attributable to member of Summit Materials, LLC$46,783 $144,975 $(1,071)$(143,904)$46,783 
Condensed Consolidating Statements of Operations
For the three months ended June 27, 2020

Non-
IssuersGuarantors GuarantorsEliminationsConsolidated
Revenue$— $615,354 $21,583 $(5,928)$631,009 
Cost of revenue (excluding items shown separately below)— 430,649 14,787 (5,928)439,508 
General and administrative expenses13,179 23,120 1,214 — 37,513 
Depreciation, depletion, amortization and accretion991 51,683 1,254 — 53,928 
Operating (loss) income(14,170)109,902 4,328 — 100,060 
Other income, net(115,620)(538)(624)115,166 (1,616)
Interest expense (income)30,995 (6,648)1,199 — 25,546 
Income from operation before taxes70,455 117,088 3,753 (115,166)76,130 
Income tax expense438 4,621 1,054 — 6,113 
Net income attributable to Summit LLC$70,017 $112,467 $2,699 $(115,166)$70,017 
Comprehensive income (loss) attributable to member of Summit Materials, LLC$72,963 $112,467 $(247)$(112,220)$72,963 

Condensed Consolidating Statements of Operations
For the six months ended June 27, 2020
 
     
  Non-  
 Issuers
Guarantors 
GuarantorsEliminationsConsolidated
Revenue$— $969,685 $37,775 $(9,261)$998,199 
Cost of revenue (excluding items shown separately below)— 738,759 27,373 (9,261)756,871 
General and administrative expenses27,008 47,331 2,943 — 77,282 
Depreciation, depletion, amortization and accretion1,981 101,155 2,570 — 105,706 
Operating (loss) income(28,989)82,440 4,889 — 58,340 
Other (income) loss, net(100,328)(845)547 99,099 (1,527)
Interest expense (income)64,209 (13,362)2,399 — 53,246 
Income from operation before taxes7,130 96,647 1,943 (99,099)6,621 
Income tax expense (benefit)738 (1,096)587 — 229 
Net income attributable to Summit LLC$6,392 $97,743 $1,356 $(99,099)$6,392 
Comprehensive income attributable to member of Summit Materials, LLC$979 $97,743 $6,769 $(104,512)$979 
Condensed Consolidating Statements of Cash Flows
For the six months ended July 3, 2021
 
     
  Non-  
 Issuers
Guarantors 
GuarantorsEliminationsConsolidated
Net cash (used in) provided by operating activities$(68,790)$131,106 $12,335 $— $74,651 
Cash flow from investing activities:
Acquisitions, net of cash acquired— (7,271)— — (7,271)
Purchase of property, plant and equipment(425)(126,378)(5,920)— (132,723)
Proceeds from the sale of property, plant, and equipment— 6,280 526 — 6,806 
Proceeds from the sale of a business— 103,649 — — 103,649 
Other— (27)— — (27)
Net cash used for investing activities(425)(23,747)(5,394)— (29,566)
Cash flow from financing activities:
Proceeds from investment by member28,993 2,773 — — 31,766 
Loans received from and payments made on loans from other Summit Companies97,208 (96,177)(1,798)767 — 
Payments on long-term debt(3,177)(13,846)(410)— (17,433)
Payments on acquisition-related liabilities— (5,878)— — (5,878)
Distributions from partnership(2,500)— — — (2,500)
Other(417)— — — (417)
Net cash provided by (used in) financing activities120,107 (113,128)(2,208)767 5,538 
Impact of cash on foreign currency— — 293 — 293 
Net increase (decrease) in cash50,892 (5,769)5,026 767 50,916 
Cash — Beginning of period401,074 10,287 10,461 (3,641)418,181 
Cash — End of period$451,966 $4,518 $15,487 $(2,874)$469,097 
Condensed Consolidating Statements of Cash Flows
For the six months ended June 27, 2020
 
     
  Non-  
 Issuers
Guarantors 
GuarantorsEliminationsConsolidated
Net cash (used in) provided by operating activities$(68,485)$120,740 $9,446 $— $61,701 
Cash flow from investing activities:
Purchase of property, plant and equipment(957)(103,551)(1,216)— (105,724)
Proceeds from the sale of property, plant, and equipment— 6,557 50 — 6,607 
Other— 1,629 — — 1,629 
Net cash used for investing activities(957)(95,365)(1,166)— (97,488)
Cash flow from financing activities:
Proceeds from investment by member310 — — — 310 
Loans received from and payments made on loans from other Summit Companies17,825 (12,014)(5,949)138 — 
Payments on long-term debt(3,177)(8,114)(97)— (11,388)
Payments on acquisition-related liabilities— (7,203)— — (7,203)
Distributions from partnership(2,500)— — — (2,500)
Other(822)(85)— — (907)
Net cash provided by (used in) financing activities11,636 (27,416)(6,046)138 (21,688)
Impact of cash on foreign currency— — (437)— (437)
Net (decrease) increase in cash(57,806)(2,041)1,797 138 (57,912)
Cash — Beginning of period302,474 5,488 9,834 (6,477)311,319 
Cash — End of period$244,668 $3,447 $11,631 $(6,339)$253,407