LEASES
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3 Months Ended |
Apr. 01, 2023 |
Lessee, Lease, Description [Line Items] |
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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, 2023 | | April 2, 2022 | Operating lease cost | | | | | $ | 2,641 | | | $ | 2,512 | | Variable lease cost | | | | | 30 | | | 113 | | Short-term lease cost | | | | | 7,270 | | | 8,248 | | Financing lease cost: | | | | | | | | Amortization of right-of-use assets | | | | | 818 | | | 1,986 | | Interest on lease liabilities | | | | | 148 | | | 369 | | Total lease cost | | | | | $ | 10,907 | | | $ | 13,228 | | | | | | April 1, 2023 | | December 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 liabilities | 34,315 | | | 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 liabilities | 6,303 | | | 7,167 | | Total finance lease liabilities | $ | 10,527 | | | $ | 14,126 | | | Weighted average remaining lease term (years): | Operating leases | 9.0 | | 9.1 | Finance lease | 3.5 | | 2.8 | | Weighted average discount rate: | Operating leases | 4.7 | % | | 4.7 | % | Finance leases | 5.6 | % | | 5.3 | % | | Maturities of lease liabilities, as of April 1, 2023, were as follows: | | Operating Leases | | Finance Leases | 2023 (nine months) | $ | 6,929 | | | $ | 3,106 | | 2024 | 8,289 | | | 3,433 | | 2025 | 6,377 | | | 2,435 | | 2026 | 5,009 | | | 990 | | 2027 | 4,161 | | | 760 | | 2028 | 3,223 | | | 513 | | Thereafter | 16,787 | | | 570 | | Total lease payments | 50,775 | | | 11,807 | | Less imputed interest | (8,945) | | | (1,280) | | Present value of lease payments | $ | 41,830 | | | $ | 10,527 | |
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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, 2023 | | April 2, 2022 | Operating lease cost | | | | | $ | 2,641 | | | $ | 2,512 | | Variable lease cost | | | | | 30 | | | 113 | | Short-term lease cost | | | | | 7,270 | | | 8,248 | | Financing lease cost: | | | | | | | | Amortization of right-of-use assets | | | | | 818 | | | 1,986 | | Interest on lease liabilities | | | | | 148 | | | 369 | | Total lease cost | | | | | $ | 10,907 | | | $ | 13,228 | | | | | | April 1, 2023 | | December 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 liabilities | 34,315 | | | 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 liabilities | 6,303 | | | 7,167 | | Total finance lease liabilities | $ | 10,527 | | | $ | 14,126 | | | Weighted average remaining lease term (years): | Operating leases | 9.0 | | 9.1 | Finance lease | 3.5 | | 2.8 | | Weighted average discount rate: | Operating leases | 4.7 | % | | 4.7 | % | Finance leases | 5.6 | % | | 5.3 | % | | Maturities of lease liabilities, as of April 1, 2023, were as follows: | | Operating Leases | | Finance Leases | 2023 (nine months) | $ | 6,929 | | | $ | 3,106 | | 2024 | 8,289 | | | 3,433 | | 2025 | 6,377 | | | 2,435 | | 2026 | 5,009 | | | 990 | | 2027 | 4,161 | | | 760 | | 2028 | 3,223 | | | 513 | | Thereafter | 16,787 | | | 570 | | Total lease payments | 50,775 | | | 11,807 | | Less imputed interest | (8,945) | | | (1,280) | | Present value of lease payments | $ | 41,830 | | | $ | 10,527 | |
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Summit Materials, LLC |
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Lessee, Lease, Description [Line Items] |
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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, 2023 | | April 2, 2022 | Operating lease cost | | | | | $ | 2,641 | | $ | 2,512 | | Variable lease cost | | | | | 30 | | 113 | Short-term lease cost | | | | | 7,270 | | 8,248 | Financing lease cost: | | | | | | | | Amortization of right-of-use assets | | | | | 818 | | 1,986 | Interest on lease liabilities | | | | | 148 | | 369 | Total lease cost | | | | | $ | 10,907 | | $ | 13,228 | | | | | April 1, 2023 | | December 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 liabilities | 34,315 | | 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 liabilities | 6,303 | | 7,167 | Total finance lease liabilities | $ | 10,527 | | $ | 14,126 | | | | | Weighted average remaining lease term (years): | | | | Operating leases | 9.0 | | 9.1 | Finance lease | 3.5 | | 2.8 | | | | | Weighted average discount rate: | | | | Operating leases | 4.7 | % | | 4.7 | % | Finance leases | 5.6 | % | | 5.3 | % | | | | | Maturities of lease liabilities, as of April 1, 2023, were as follows: | | | | | Operating Leases | | Finance Leases | 2023 (nine months) | $ | 6,929 | | $ | 3,106 | 2024 | 8,289 | | 3,433 | 2025 | 6,377 | | 2,435 | 2026 | 5,009 | | 990 | 2027 | 4,161 | | 760 | 2028 | 3,223 | | 513 | Thereafter | 16,787 | | 570 | Total lease payments | 50,775 | | 11,807 | Less imputed interest | (8,945) | | (1,280) | Present value of lease payments | $ | 41,830 | | $ | 10,527 |
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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, 2023 | | April 2, 2022 | Operating lease cost | | | | | $ | 2,641 | | $ | 2,512 | | Variable lease cost | | | | | 30 | | 113 | Short-term lease cost | | | | | 7,270 | | 8,248 | Financing lease cost: | | | | | | | | Amortization of right-of-use assets | | | | | 818 | | 1,986 | Interest on lease liabilities | | | | | 148 | | 369 | Total lease cost | | | | | $ | 10,907 | | $ | 13,228 | | | | | April 1, 2023 | | December 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 liabilities | 34,315 | | 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 liabilities | 6,303 | | 7,167 | Total finance lease liabilities | $ | 10,527 | | $ | 14,126 | | | | | Weighted average remaining lease term (years): | | | | Operating leases | 9.0 | | 9.1 | Finance lease | 3.5 | | 2.8 | | | | | Weighted average discount rate: | | | | Operating leases | 4.7 | % | | 4.7 | % | Finance leases | 5.6 | % | | 5.3 | % | | | | | Maturities of lease liabilities, as of April 1, 2023, were as follows: | | | | | Operating Leases | | Finance Leases | 2023 (nine months) | $ | 6,929 | | $ | 3,106 | 2024 | 8,289 | | 3,433 | 2025 | 6,377 | | 2,435 | 2026 | 5,009 | | 990 | 2027 | 4,161 | | 760 | 2028 | 3,223 | | 513 | Thereafter | 16,787 | | 570 | Total lease payments | 50,775 | | 11,807 | Less imputed interest | (8,945) | | (1,280) | Present value of lease payments | $ | 41,830 | | $ | 10,527 |
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