Schedule of Condensed Consolidating Balance Sheets |
Condensed Consolidating Balance Sheets April 1, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Non- | | | | | | | Issuers | | Guarantors | | Guarantors | | Eliminations | | Consolidated | Assets | | | | | | | | | | | Current assets: | | | | | | | | | | | Cash and cash equivalents | | $ | 352,581 | | | $ | 2,713 | | | $ | 27,633 | | | $ | (3,470) | | | $ | 379,457 | | Accounts receivable, net | | 2,066 | | | 213,534 | | | 21,042 | | | (73) | | | 236,569 | | Intercompany receivables | | 320,454 | | | 1,935,271 | | | — | | | (2,255,725) | | | — | | Cost and estimated earnings in excess of billings | | — | | | 12,689 | | | 1,698 | | | — | | | 14,387 | | Inventories | | — | | | 228,260 | | | 6,304 | | | — | | | 234,564 | | Other current assets | | 11,751 | | | 13,094 | | | 1,068 | | | — | | | 25,913 | | Total current assets | | 686,852 | | | 2,405,561 | | | 57,745 | | | (2,259,268) | | | 890,890 | | Property, plant and equipment, net | | 23,419 | | | 1,762,834 | | | 81,159 | | | — | | | 1,867,412 | | Goodwill | | — | | | 1,103,845 | | | 56,680 | | | — | | | 1,160,525 | | Intangible assets, net | | — | | | 66,125 | | | 4,360 | | | — | | | 70,485 | | Operating lease right-of-use assets | | 4,463 | | | 27,447 | | | 4,728 | | | — | | | 36,638 | | Other assets | | 4,671,809 | | | 206,025 | | | 1,258 | | | (4,833,569) | | | 45,523 | | Total assets | | $ | 5,386,543 | | | $ | 5,571,837 | | | $ | 205,930 | | | $ | (7,092,837) | | | $ | 4,071,473 | | 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 payable | | 3,711 | | | 125,906 | | | 9,272 | | | (73) | | | 138,816 | | Accrued expenses | | 37,547 | | | 57,127 | | | 2,359 | | | (3,470) | | | 93,563 | | Current operating lease liabilities | | 981 | | | 5,841 | | | 693 | | | — | | | 7,515 | | Intercompany payables | | 1,731,965 | | | 521,961 | | | 1,799 | | | (2,255,725) | | | — | | Billings in excess of costs and estimated earnings | | — | | | 3,684 | | | 549 | | | — | | | 4,233 | | Total current liabilities | | 1,779,300 | | | 721,762 | | | 14,672 | | | (2,259,268) | | | 256,466 | | Long-term debt | | 1,487,783 | | | — | | | — | | | — | | | 1,487,783 | | Acquisition-related liabilities | | — | | | 22,939 | | | — | | | — | | | 22,939 | | Noncurrent operating lease liabilities | | 8,493 | | | 21,953 | | | 3,869 | | | — | | | 34,315 | | Other noncurrent liabilities | | 5,821 | | | 206,075 | | | 117,349 | | | (164,421) | | | 164,824 | | Total liabilities | | 3,281,397 | | | 972,729 | | | 135,890 | | | (2,423,689) | | | 1,966,327 | | Total members' interest | | 2,105,146 | | | 4,599,108 | | | 70,040 | | | (4,669,148) | | | 2,105,146 | | Total liabilities and members' interest | | $ | 5,386,543 | | | $ | 5,571,837 | | | $ | 205,930 | | | $ | (7,092,837) | | | $ | 4,071,473 | |
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, net | | 1,528 | | | 233,039 | | | 22,127 | | | (25) | | | 256,669 | | Intercompany receivables | | 329,744 | | | 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 assets | | 4,755 | | | 16,341 | | | 1,159 | | | — | | | 22,255 | | Total current assets | | 834,334 | | | 2,401,913 | | | 56,306 | | | (2,274,177) | | | 1,018,376 | | Property, plant and equipment, net | | 21,306 | | | 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 assets | | 4,665 | | | 28,310 | | | 4,914 | | | — | | | 37,889 | | Other assets | | 4,599,488 | | | 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 payable | | 3,553 | | | 93,096 | | | 7,806 | | | (25) | | | 104,430 | | Accrued expenses | | 54,417 | | | 70,433 | | | 2,876 | | | (7,018) | | | 120,708 | | Current operating lease liabilities | | 921 | | | 5,637 | | | 738 | | | — | | | 7,296 | | Intercompany payables | | 1,750,352 | | | 513,494 | | | 3,288 | | | (2,267,134) | | | — | | Billings in excess of costs and estimated earnings | | — | | | 4,956 | | | 783 | | | — | | | 5,739 | | Total current liabilities | | 1,814,339 | | | 701,334 | | | 15,491 | | | (2,274,177) | | | 256,987 | | Long-term debt | | 1,488,569 | | | — | | | — | | | — | | | 1,488,569 | | Acquisition-related liabilities | | — | | | 29,051 | | | — | | | — | | | 29,051 | | Noncurrent operating lease liabilities | | 8,726 | | | 22,871 | | | 4,140 | | | — | | | 35,737 | | Other noncurrent liabilities | | 5,009 | | | 208,185 | | | 117,439 | | | (164,421) | | | 166,212 | | Total liabilities | | 3,316,643 | | | 961,441 | | | 137,070 | | | (2,438,598) | | | 1,976,556 | | Total members' interest | | 2,143,150 | | | 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 | |
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Schedule of Condensed Consolidating Statements of Operations |
Condensed Consolidating Statements of Operations For the three months ended April 1, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Non- | | | | | | | Issuers | | Guarantors | | Guarantors | | Eliminations | | Consolidated | Revenue | | $ | — | | | $ | 408,422 | | | $ | 27,761 | | | $ | (795) | | | $ | 435,388 | | Cost of revenue (excluding items shown separately below) | | — | | | 335,210 | | | 19,622 | | | (795) | | | 354,037 | | General and administrative expenses | | 15,221 | | | 28,947 | | | 1,764 | | | — | | | 45,932 | | Depreciation, depletion, amortization and accretion | | 988 | | | 47,153 | | | 2,753 | | | — | | | 50,894 | | Operating (loss) income | | (16,209) | | | (2,888) | | | 3,622 | | | — | | | (15,475) | | Other income, net | | (19,147) | | | (277) | | | (508) | | | 14,715 | | | (5,217) | | Interest expense (income) | | 39,845 | | | (13,795) | | | 1,370 | | | — | | | 27,420 | | | | | | | | | | | | | (Loss) income from operation before taxes | | (36,907) | | | 11,184 | | | 2,760 | | | (14,715) | | | (37,678) | | Income tax expense (benefit) | | 304 | | | (1,510) | | | 739 | | | — | | | (467) | | Net (loss) income attributable to Summit LLC | | $ | (37,211) | | | $ | 12,694 | | | $ | 2,021 | | | $ | (14,715) | | | $ | (37,211) | | Comprehensive (loss) income attributable to member of Summit Materials, LLC | | $ | (37,008) | | | $ | 12,694 | | | $ | 1,818 | | | $ | (14,512) | | | $ | (37,008) | |
Condensed Consolidating Statements of Operations For the three months ended April 2, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Non- | | | | | | | Issuers | | Guarantors | | Guarantors | | Eliminations | | Consolidated | Revenue | | $ | — | | | $ | 395,180 | | | $ | 27,097 | | | $ | (1,330) | | | $ | 420,947 | | Cost of revenue (excluding items shown separately below) | | — | | | 334,264 | | | 20,446 | | | (1,330) | | | 353,380 | | General and administrative expenses | | 17,304 | | | 31,672 | | | 1,693 | | | — | | | 50,669 | | Depreciation, depletion, amortization and accretion | | 750 | | | 47,496 | | | 2,947 | | | — | | | 51,193 | | Operating (loss) income | | (18,054) | | | (18,252) | | | 2,011 | | | — | | | (34,295) | | Other income, net | | (5,919) | | | (552) | | | (7) | | | 5,782 | | | (696) | | Interest expense (income) | | 33,902 | | | (15,123) | | | 1,370 | | | — | | | 20,149 | | Gain on sale of business | | — | | | (14,205) | | | — | | | — | | | (14,205) | | (Loss) income from operation before taxes | | (46,037) | | | 11,628 | | | 648 | | | (5,782) | | | (39,543) | | Income tax expense | | 350 | | | 6,318 | | | 176 | | | — | | | 6,844 | | Net (loss) income attributable to Summit LLC | | $ | (46,387) | | | $ | 5,310 | | | $ | 472 | | | $ | (5,782) | | | $ | (46,387) | | Comprehensive (loss) income attributable to member of Summit Materials, LLC | | $ | (44,643) | | | $ | 5,310 | | | $ | (1,272) | | | $ | (4,038) | | | $ | (44,643) | |
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Schedule of Condensed Consolidating Statements of Cash Flows |
Condensed Consolidating Statements of Cash Flows For the three months ended April 1, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Non- | | | | | | | Issuers | | Guarantors | | Guarantors | | Eliminations | | Consolidated | Net cash (used in) provided by operating activities | | $ | (55,528) | | | $ | 49,394 | | | $ | 6,469 | | | $ | — | | | $ | 335 | | Cash flow from investing activities: | | | | | | | | | | | Acquisitions, net of cash acquired | | — | | | (55,477) | | | — | | | — | | | (55,477) | | Purchase of property, plant and equipment | | (2,895) | | | (58,356) | | | (2,333) | | | — | | | (63,584) | | Proceeds from the sale of property, plant, and equipment | | — | | | 1,777 | | | — | | | — | | | 1,777 | | | | | | | | | | | | | Other | | — | | | (1,045) | | | — | | | — | | | (1,045) | | Net cash (used for) provided by investing activities | | (2,895) | | | (113,101) | | | (2,333) | | | — | | | (118,329) | | Cash flow from financing activities: | | | | | | | | | | | Capital distributions to member | | (55,870) | | | 55,885 | | | — | | | — | | | 15 | | | | | | | | | | | | | | | | | | | | | | | | Loans received from and payments made on loans from other Summit Companies | | (25,853) | | | 24,951 | | | (2,646) | | | 3,548 | | | — | | Payments on long-term debt | | (1,274) | | | (3,140) | | | — | | | — | | | (4,414) | | | | | | | | | | | | | Payments on acquisition-related liabilities | | — | | | (11,374) | | | — | | | — | | | (11,374) | | Debt issuance costs | | (1,566) | | | — | | | — | | | — | | | (1,566) | | | | | | | | | | | | | Other | | (2,740) | | | (2,766) | | | (213) | | | — | | | (5,719) | | Net cash (used in) provided by financing activities | | (87,303) | | | 63,556 | | | (2,859) | | | 3,548 | | | (23,058) | | Impact of cash on foreign currency | | — | | | — | | | 58 | | | — | | | 58 | | Net (decrease) increase in cash | | (145,726) | | | (151) | | | 1,335 | | | 3,548 | | | (140,994) | | Cash — Beginning of period | | 498,307 | | | 2,864 | | | 26,298 | | | (7,018) | | | 520,451 | | Cash — End of period | | $ | 352,581 | | | $ | 2,713 | | | $ | 27,633 | | | $ | (3,470) | | | $ | 379,457 | |
Condensed Consolidating Statements of Cash Flows For the three months ended April 2, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Non- | | | | | | | Issuers | | Guarantors | | Guarantors | | Eliminations | | Consolidated | Net cash (used in) provided by operating activities | | $ | (48,551) | | | $ | 25,873 | | | $ | 5,965 | | | $ | — | | | $ | (16,713) | | Cash flow from investing activities: | | | | | | | | | | | | | | | | | | | | | | Purchase of property, plant and equipment | | (459) | | | (55,522) | | | (1,793) | | | — | | | (57,774) | | Proceeds from the sale of property, plant, and equipment | | — | | | 1,360 | | | 79 | | | — | | | 1,439 | | Proceeds from the sale of a business | | — | | | 47,821 | | | — | | | — | | | 47,821 | | Other | | — | | | (857) | | | — | | | — | | | (857) | | Net cash used for investing activities | | (459) | | | (7,198) | | | (1,714) | | | — | | | (9,371) | | Cash flow from financing activities: | | | | | | | | | | | Capital distributions to member | | (47,482) | | | — | | | — | | | — | | | (47,482) | | | | | | | | | | | | | Loans received from and payments made on loans from other Summit Companies | | 4,703 | | | (2,052) | | | (3,353) | | | 702 | | | — | | Payments on long-term debt | | (1,588) | | | (6,015) | | | — | | | — | | | (7,603) | | Payments on acquisition-related liabilities | | — | | | (11,397) | | | — | | | — | | | (11,397) | | | | | | | | | | | | | | | | | | | | | | | | Other | | (1,180) | | | — | | | — | | | — | | | (1,180) | | Net cash used in financing activities | | (45,547) | | | (19,464) | | | (3,353) | | | 702 | | | (67,662) | | Impact of cash on foreign currency | | — | | | — | | | 177 | | | — | | | 177 | | Net (decrease) increase in cash | | (94,557) | | | (789) | | | 1,075 | | | 702 | | | (93,569) | | Cash — Beginning of period | | 365,044 | | | 2,264 | | | 18,337 | | | (4,684) | | | 380,961 | | Cash — End of period | | $ | 270,487 | | | $ | 1,475 | | | $ | 19,412 | | | $ | (3,982) | | | $ | 287,392 | |
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