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Schedule I - SiteOne Landscape Supply, Inc.’s Condensed Financial Statements
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule I - SiteOne Landscape Supply, Inc.’s Condensed Financial Statements
SiteOne Landscape Supply, Inc.
Parent Company Only
Condensed Balance Sheets
(In millions, except share data)

December 31, 2023January 1, 2023
Assets
Investment in wholly-owned subsidiary$1,485.7 $1,302.4 
Deferred tax asset (Note 3)0.4 0.5 
Total assets$1,486.1 $1,302.9 
Liabilities and Stockholders' Equity
Total liabilities$— $— 
Stockholders' equity:
Common stock, par value $0.01; 1,000,000,000 shares authorized; 45,404,091 and 45,148,312 shares issued, and 45,082,070 and 44,916,291 shares outstanding at December 31, 2023 and January 1, 2023, respectively
0.5 0.5 
Additional paid-in capital601.8 577.1 
Retained earnings916.3 742.9 
Accumulated other comprehensive income4.2 7.7 
Treasury stock, at cost, 322,021 and 232,021 shares at December 31, 2023 and January 1, 2023, respectively
(36.7)(25.3)
Total stockholders' equity1,486.1 1,302.9 
Total liabilities and stockholders' equity$1,486.1 $1,302.9 
See Notes to Condensed Financial Statements.
SiteOne Landscape Supply, Inc.
Parent Company Only
Condensed Statements of Operations and Comprehensive Income
(In millions)

For the year
January 2, 2023January 3, 2022January 4, 2021
to December 31, 2023to January 1, 2023to January 2, 2022
Equity in Net income of subsidiary$173.4 $245.4 $238.4 
Income before taxes173.4 245.4 238.4 
Net income$173.4 $245.4 $238.4 
Other comprehensive (loss) income, net of tax(3.5)9.9 4.1 
Comprehensive income$169.9 $255.3 $242.5 
See Notes to Condensed Financial Statements.
SiteOne Landscape Supply, Inc.
Parent Company Only
Condensed Statements of Cash Flows
(In millions)

For the year
January 2, 2023January 3, 2022January 4, 2021
to December 31, 2023to January 1, 2023to January 2, 2022
Cash Flows from Operating Activities:
Net income $173.4 $245.4 $238.4 
Adjustments to reconcile Net income to net cash provided by operating activities:
Equity in Net income of subsidiary(173.4)(245.4)(238.4)
Net cash provided by operating activities$— $— $— 
Cash Flows from Investing Activities:
Distribution to subsidiary— — — 
Distribution received from subsidiary12.0 24.4 — 
Net cash provided by investing activities$12.0 $24.4 $— 
Cash Flows from Financing Activities:
Equity proceeds from common stock— — — 
Repurchases of common stock(12.0)(24.4)— 
Net cash used in financing activities$(12.0)$(24.4)$— 
Net change in cash and cash equivalents— — — 
Cash and cash equivalents:
Beginning— — — 
Ending$— $— $— 
See Notes to Condensed Financial Statements.
Note 1. Description of SiteOne Landscape Supply, Inc.
SiteOne Landscape Supply, Inc. (“Holdings” or the “Parent”) indirectly owns 100% of the membership interest in SiteOne Landscape Supply Holding, LLC (“Landscape Holding” or “subsidiary”), which it acquired from Deere & Company on December 23, 2013 (the “Closing Date”) in exchange for its common stock initially representing 40% of the outstanding capital stock (on an as-converted basis). In addition, Holdings issued cumulative convertible participating redeemable preferred stock (“Redeemable Convertible Preferred Stock”) to Clayton, Dubilier & Rice, LLC (“CD&R”) initially representing 60% of its remaining outstanding capital stock (on an as-converted basis) (both events collectively referred to herein as the “CD&R Acquisition”). On May 2, 2016, Holdings paid a one-time special cash dividend to all existing stockholders as of April 29, 2016. CD&R received $112.4 million in accordance with its right to participate in all distributions to common stock on an as-converted basis, in accordance with its right as a preferred stockholder. On the day prior to the closing of the initial public offering, all of the then-outstanding Redeemable Convertible Preferred Stock converted into shares of common stock, resulting in the issuance by Holdings of an additional 25,303,164 shares of common stock. On December 5, 2016, May 1, 2017, and July 26, 2017, Holdings completed secondary offerings of its common stock in which Deere and CD&R were the sole sellers. Following consummation of the secondary offering on July 26, 2017, CD&R and Deere no longer have an ownership interest in Holdings. Holdings has no significant operations or assets other than its indirect ownership of the equity of Landscape Holding. Accordingly, Holdings is dependent upon distributions from Landscape Holding to fund its obligations. However, under the terms of Landscape Holding’s credit agreements governing Landscape Holding’s ABL Facility and New Term Loans, Landscape Holding’s ability to pay dividends or lend to Holdings is restricted. Landscape Holding has no obligation to pay dividends to Holdings except to pay specified amounts to Holdings in order to fund the payment of Holdings’ tax obligations.
Share Repurchase Program
On October 20, 2022, Holdings’ Board of Directors authorized Holdings to repurchase, at any time or from time to time, shares of Holdings’ common stock having an aggregate purchase price not to exceed $400.0 million pursuant to a Rule 10b5-1 plan and/or pursuant to open market or accelerated share repurchase arrangements, tender offers, or privately negotiated transactions. The repurchase authorization does not have an expiration date and may be amended, suspended, or terminated by Holdings’ Board of Directors at any time.
The following table summarizes the activity under the share repurchase program during the periods presented.
Fiscal YearTotal Number of
Shares Purchased		Average Price Paid
Per Share		Amount Remaining
(in millions)
2022211,110$118.40 $375.0 
202390,000$126.21 $363.6 
Note 2. Basis of Presentation
The accompanying Condensed Parent Company Only Financial Statements include Holdings’ amounts and its investment in subsidiary since the Closing Date under the equity method, and do not present the financial statements of Holdings and its subsidiary on a consolidated basis. Under the equity method, investment in subsidiary is stated at cost plus contributions and equity in undistributed income (loss) of subsidiary less distributions received since the date of acquisition. The condensed Parent Company Only Financial Statements should be read in conjunction with SiteOne Landscape Supply, Inc. Consolidated Financial Statements and their accompanying Notes to Consolidated Financial Statements.
Note 3. Income Taxes
In connection with the CD&R Acquisition, transaction expenses of $9.8 million were recorded within the period ended December 29, 2013. Of the $9.8 million of transaction expenses, $3.7 million were not deductible for tax purposes and the remaining $6.1 million ($2.2 million tax-effected) were capitalized for tax purposes as a deferred tax asset. Amortization of the deferred tax asset for the years ended December 31, 2023 and January 1, 2023 was $0.4 million ($0.1 million tax-effected) and $0.4 million ($0.1 million tax-effected), respectively, which gives rise to a net operating loss and current tax benefit that offsets the deferred tax expense by the same amount. As of December 31, 2023, the deferred tax asset related to these transaction expenses has a balance of $0.4 million.
In August 2022, the Inflation Reduction Act of 2022 was enacted, which, among other things, implemented a 15% corporate alternative minimum tax on book income of certain large corporations effective for tax years beginning after December 31, 2022, and imposes a 1% excise tax on corporate stock repurchases after December 31, 2022. The legislation has not had a material impact on Holdings’ consolidated financial statements and related disclosures.
Effective for tax years beginning after December 31, 2021, the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures immediately in the year incurred and requires taxpayers to amortize such expenditures over five years. The legislation has not had a material impact on Holdings’ consolidated financial statements and related disclosures.
In March 2020, the Coronavirus Aid, Relief, and Economic Security Act was enacted which included several changes to existing U.S. tax laws that impacted Holdings, most notably the limitation on U.S. interest deductibility, the ability to defer the payment of qualifying employer payroll taxes to December 31, 2021 and December 31, 2022, and certain changes to the depreciable life of qualified improvement property