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LEASES
3 Months Ended
Apr. 01, 2023
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 1, 2023April 2, 2022
Operating lease cost$2,641 $2,512 
Variable lease cost30 113 
Short-term lease cost7,270 8,248 
Financing lease cost:
Amortization of right-of-use assets818 1,986 
Interest on lease liabilities148 369 
Total lease cost$10,907 $13,228 
April 1, 2023December 31, 2022
Supplemental balance sheet information related to leases:
Operating leases:
Operating lease right-of-use assets$36,638 $37,889 
Current operating lease liabilities$7,515 $7,296 
Noncurrent operating lease liabilities34,315 35,737 
Total operating lease liabilities$41,830 $43,033 
Finance leases:
Property and equipment, gross$24,565 $32,119 
Less accumulated depreciation(11,279)(14,992)
Property and equipment, net$13,286 $17,127 
Current finance lease liabilities$4,224 $6,959 
Long-term finance lease liabilities6,303 7,167 
Total finance lease liabilities$10,527 $14,126 
Weighted average remaining lease term (years):
Operating leases9.09.1
Finance lease3.52.8
Weighted average discount rate:
Operating leases4.7 %4.7 %
Finance leases5.6 %5.3 %
Maturities of lease liabilities, as of April 1, 2023, were as follows:
Operating LeasesFinance Leases
2023 (nine months)$6,929 $3,106 
20248,289 3,433 
20256,377 2,435 
20265,009 990 
20274,161 760 
20283,223 513 
Thereafter16,787 570 
Total lease payments50,775 11,807 
Less imputed interest(8,945)(1,280)
Present value of lease payments$41,830 $10,527 
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 1, 2023April 2, 2022
Operating lease cost$2,641 $2,512 
Variable lease cost30 113 
Short-term lease cost7,270 8,248 
Financing lease cost:
Amortization of right-of-use assets818 1,986 
Interest on lease liabilities148 369 
Total lease cost$10,907 $13,228 
April 1, 2023December 31, 2022
Supplemental balance sheet information related to leases:
Operating leases:
Operating lease right-of-use assets$36,638 $37,889 
Current operating lease liabilities$7,515 $7,296 
Noncurrent operating lease liabilities34,315 35,737 
Total operating lease liabilities$41,830 $43,033 
Finance leases:
Property and equipment, gross$24,565 $32,119 
Less accumulated depreciation(11,279)(14,992)
Property and equipment, net$13,286 $17,127 
Current finance lease liabilities$4,224 $6,959 
Long-term finance lease liabilities6,303 7,167 
Total finance lease liabilities$10,527 $14,126 
Weighted average remaining lease term (years):
Operating leases9.09.1
Finance lease3.52.8
Weighted average discount rate:
Operating leases4.7 %4.7 %
Finance leases5.6 %5.3 %
Maturities of lease liabilities, as of April 1, 2023, were as follows:
Operating LeasesFinance Leases
2023 (nine months)$6,929 $3,106 
20248,289 3,433 
20256,377 2,435 
20265,009 990 
20274,161 760 
20283,223 513 
Thereafter16,787 570 
Total lease payments50,775 11,807 
Less imputed interest(8,945)(1,280)
Present value of lease payments$41,830 $10,527 
Summit Materials, LLC  
Lessee, Lease, Description [Line Items]  
LEASES LEASESWe 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 1, 2023April 2, 2022
Operating lease cost$2,641$2,512 
Variable lease cost30113
Short-term lease cost7,2708,248
Financing lease cost:
Amortization of right-of-use assets8181,986
Interest on lease liabilities148369
Total lease cost$10,907$13,228
April 1, 2023December 31, 2022
Supplemental balance sheet information related to leases:
Operating leases:
Operating lease right-of-use assets$36,638$37,889
Current operating lease liabilities$7,515$7,296
Noncurrent operating lease liabilities34,31535,737
Total operating lease liabilities$41,830$43,033
Finance leases:
Property and equipment, gross$24,565$32,119
Less accumulated depreciation(11,279)(14,992)
Property and equipment, net$13,286$17,127
Current finance lease liabilities$4,224$6,959
Long-term finance lease liabilities6,3037,167
Total finance lease liabilities$10,527$14,126
Weighted average remaining lease term (years):
Operating leases9.09.1
Finance lease3.52.8
Weighted average discount rate:
Operating leases4.7 %4.7 %
Finance leases5.6 %5.3 %
Maturities of lease liabilities, as of April 1, 2023, were as follows:
Operating LeasesFinance Leases
2023 (nine months)$6,929$3,106
20248,2893,433
20256,3772,435
20265,009990
20274,161760
20283,223513
Thereafter16,787570
Total lease payments50,77511,807
Less imputed interest(8,945)(1,280)
Present value of lease payments$41,830$10,527
LEASES LEASESWe 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 1, 2023April 2, 2022
Operating lease cost$2,641$2,512 
Variable lease cost30113
Short-term lease cost7,2708,248
Financing lease cost:
Amortization of right-of-use assets8181,986
Interest on lease liabilities148369
Total lease cost$10,907$13,228
April 1, 2023December 31, 2022
Supplemental balance sheet information related to leases:
Operating leases:
Operating lease right-of-use assets$36,638$37,889
Current operating lease liabilities$7,515$7,296
Noncurrent operating lease liabilities34,31535,737
Total operating lease liabilities$41,830$43,033
Finance leases:
Property and equipment, gross$24,565$32,119
Less accumulated depreciation(11,279)(14,992)
Property and equipment, net$13,286$17,127
Current finance lease liabilities$4,224$6,959
Long-term finance lease liabilities6,3037,167
Total finance lease liabilities$10,527$14,126
Weighted average remaining lease term (years):
Operating leases9.09.1
Finance lease3.52.8
Weighted average discount rate:
Operating leases4.7 %4.7 %
Finance leases5.6 %5.3 %
Maturities of lease liabilities, as of April 1, 2023, were as follows:
Operating LeasesFinance Leases
2023 (nine months)$6,929$3,106
20248,2893,433
20256,3772,435
20265,009990
20274,161760
20283,223513
Thereafter16,787570
Total lease payments50,77511,807
Less imputed interest(8,945)(1,280)
Present value of lease payments$41,830$10,527