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Summit Materials (SUM)

Cover

Cover - shares6 Months Ended
Jul. 03, 2021Aug. 02, 2021
Document Information [Line Items]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateJul. 3,
2021
Document Transition Reportfalse
Entity File Number001-36873
Entity Registrant NameSUMMIT MATERIALS, INC.
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number47-1984212
Entity Address, Address Line One1550 Wynkoop Street
Entity Address, Address Line Two3rd Floor
Entity Address, City or TownDenver
Entity Address, State or ProvinceCO
Entity Address, Postal Zip Code80202
City Area Code303
Local Phone Number893-0012
Title of 12(b) SecurityClass A Common Stock (par value $.01 per share)
Trading SymbolSUM
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Central Index Key0001621563
Amendment Flagfalse
Current Fiscal Year End Date--01-01
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ2
Common Class A
Document Information [Line Items]
Entity common stock, shares outstanding (in shares)118,021,330
Common Class B
Document Information [Line Items]
Entity common stock, shares outstanding (in shares)99
Summit Materials, LLC
Document Information [Line Items]
Entity File Number333-187556
Entity Registrant NameSUMMIT MATERIALS, LLC
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number26-4138486
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryNon-accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Central Index Key0001571371
Amendment Flagfalse
Current Fiscal Year End Date--01-01
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in ThousandsJul. 03, 2021Jan. 02, 2021
Current assets:
Cash and cash equivalents $ 469,097 $ 418,181
Accounts receivable, net316,615 254,696
Costs and estimated earnings in excess of billings28,717 8,666
Inventories198,217 200,308
Other current assets15,271 11,428
Total current assets1,027,917 893,279
Property, plant and equipment, less accumulated depreciation, depletion and amortization (July 3, 2021 - $1,184,841 and January 2, 2021 - $1,132,925)1,865,841 1,850,169
Goodwill1,176,351 1,201,291
Intangible assets, less accumulated amortization (July 3, 2021 - $13,366 and January 2, 2021 - $11,864)71,409 47,852
Deferred tax assets, less valuation allowance (July 3, 2021 - $1,675 and January 2, 2021 - $1,675)226,722 231,877
Operating lease right-of-use assets28,164 28,543
Other assets55,981 55,000
Total assets4,452,385 4,308,011
Current liabilities:
Current portion of debt6,354 6,354
Current portion of acquisition-related liabilities13,519 10,265
Accounts payable152,285 120,813
Accrued expenses150,154 160,570
Current operating lease liabilities7,019 8,188
Billings in excess of costs and estimated earnings12,524 16,499
Total current liabilities341,855 322,689
Long-term debt1,890,697 1,892,347
Acquisition-related liabilities32,815 12,246
Tax receivable agreement liability328,812 321,680
Noncurrent operating lease liabilities22,316 21,500
Other noncurrent liabilities140,968 121,281
Total liabilities2,757,463 2,691,743
Commitments and contingencies
Stockholders’ equity/Member's interest
Additional paid-in capital1,313,414 1,264,681
Accumulated earnings360,914 326,772
Accumulated other comprehensive income8,866 5,203
Stockholders’ equity1,684,374 1,597,801
Noncontrolling interest in Summit Holdings10,548 18,467
Total stockholders’ equity1,694,922 1,616,268
Total liabilities and stockholders’ equity/member's interest4,452,385 4,308,011
Summit Materials, LLC
Current assets:
Cash and cash equivalents469,097 418,181
Accounts receivable, net316,615 254,696
Costs and estimated earnings in excess of billings28,717 8,666
Inventories198,217 200,308
Other current assets15,271 11,428
Total current assets1,027,917 893,279
Property, plant and equipment, less accumulated depreciation, depletion and amortization (July 3, 2021 - $1,184,841 and January 2, 2021 - $1,132,925)1,865,841 1,850,169
Goodwill1,177,351 1,202,291
Intangible assets, less accumulated amortization (July 3, 2021 - $13,366 and January 2, 2021 - $11,864)71,409 47,852
Operating lease right-of-use assets28,164 28,543
Other assets55,981 55,000
Total assets4,226,663 4,077,134
Current liabilities:
Current portion of debt6,354 6,354
Current portion of acquisition-related liabilities13,519 7,827
Accounts payable152,896 121,422
Accrued expenses150,384 160,801
Current operating lease liabilities7,019 8,188
Billings in excess of costs and estimated earnings12,524 16,499
Total current liabilities342,696 321,091
Long-term debt1,890,697 1,892,347
Acquisition-related liabilities32,815 12,246
Noncurrent operating lease liabilities22,316 21,500
Other noncurrent liabilities189,548 167,182
Total liabilities2,478,072 2,414,366
Stockholders’ equity/Member's interest
Members' equity1,498,251 1,459,211
Accumulated earnings264,165 222,140
Accumulated other comprehensive income(13,825)(18,583)
Total member's interest1,748,591 1,662,768
Total liabilities and stockholders’ equity/member's interest4,226,663 4,077,134
Common Class A
Stockholders’ equity/Member's interest
Common stock1,180 1,145
Common Class B
Stockholders’ equity/Member's interest
Common stock $ 0 $ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in ThousandsJul. 03, 2021Jan. 02, 2021
Accumulated depreciation, depletion and amortization $ 1,184,841 $ 1,132,925
Accumulated amortization13,366 11,864
Valuation allowance1,675 1,675
Summit Materials, LLC
Accumulated depreciation, depletion and amortization1,184,841 1,132,925
Accumulated amortization $ 13,366 $ 11,864
Common Class A
Common stock, par value (usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares)1,000,000,000 1,000,000,000
Common stock, shares issued (in shares)117,955,888 114,390,595
Common stock, shares outstanding (in shares)117,955,888 114,390,595
Common Class B
Common stock, par value (usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares)250,000,000 250,000,000
Common stock, shares issued (in shares)99 99
Common stock, shares outstanding (in shares)99

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jul. 03, 2021Jun. 27, 2020
Revenue:
Revenue $ 667,917 $ 631,009 $ 1,095,761 $ 998,199
Cost of revenue (excluding items shown separately below):
Net cost of revenue467,716 439,508 814,410 756,871
General and administrative expenses47,448 39,727 99,090 81,413
Depreciation, depletion, amortization and accretion58,233 53,928 114,569 105,706
Gain on sale of property, plant and equipment(1,403)(2,214)(3,172)(4,131)
Operating (loss) income95,923 100,060 70,864 58,340
Interest expense24,216 25,608 48,402 53,426
Loss (gain) on sale of businesses236 0 (15,432)0
Other income, net(4,695)(1,616)(9,584)(1,527)
Income from operations before taxes76,166 76,068 47,478 6,441
Income tax expense (benefit)18,408 17,181 12,965 (5,720)
Net income57,758 58,887 34,513 12,161
Net income attributable to Summit Holdings1,099 1,823 371 76
Net income (loss) attributable to Summit Inc/LLC56,659 57,064 34,142 12,085
Summit Materials, LLC
Revenue:
Revenue667,917 631,009 1,095,761 998,199
Cost of revenue (excluding items shown separately below):
Net cost of revenue467,716 439,508 814,410 756,871
General and administrative expenses47,448 39,727 99,090 81,413
Depreciation, depletion, amortization and accretion58,233 53,928 114,569 105,706
Gain on sale of property, plant and equipment(1,403)(2,214)(3,172)(4,131)
Operating (loss) income95,923 100,060 70,864 58,340
Interest expense24,216 25,546 48,340 53,246
Loss (gain) on sale of businesses236 0 (15,432)0
Other income, net(4,695)(1,616)(9,584)(1,527)
Income from operations before taxes76,166 76,130 47,540 6,621
Income tax expense (benefit)6,351 6,113 5,515 229
Net income69,815 70,017 42,025 6,392
Net income (loss) attributable to Summit Inc/LLC $ 69,815 $ 70,017 $ 42,025 $ 6,392
Common Class A
Earnings per share of Class A common stock:
Basic (usd per share) $ 0.48 $ 0.50 $ 0.29 $ 0.11
Diluted (usd per share) $ 0.48 $ 0.50 $ 0.29 $ 0.11
Weighted average shares of Class A common stock:
Basic (in shares)117,436,461 114,111,204 116,423,833 113,856,657
Diluted (in shares)118,585,398 114,137,857 117,832,026 114,252,268
Common Class A And Restricted Stock
Earnings per share of Class A common stock:
Basic (usd per share) $ 0.48 $ 0.50 $ 0.29 $ 0.11
Weighted average shares of Class A common stock:
Basic (in shares)117,637,036 114,111,204 116,650,881 113,856,657
Excluding delivery and subcontract revenue
Revenue:
Revenue $ 618,530 $ 575,240 $ 1,017,011 $ 917,646
Cost of revenue (excluding items shown separately below):
Net cost of revenue418,329 383,739 735,660 676,318
Excluding delivery and subcontract revenue | Summit Materials, LLC
Revenue:
Revenue618,530 575,240 1,017,011 917,646
Cost of revenue (excluding items shown separately below):
Net cost of revenue418,329 383,739 735,660 676,318
Product
Revenue:
Revenue527,800 488,260 882,034 793,567
Cost of revenue (excluding items shown separately below):
Net cost of revenue346,697 315,079 623,831 569,134
Product | Summit Materials, LLC
Revenue:
Revenue527,800 488,260 882,034 793,567
Cost of revenue (excluding items shown separately below):
Net cost of revenue346,697 315,079 623,831 569,134
Service
Revenue:
Revenue90,730 86,980 134,977 124,079
Cost of revenue (excluding items shown separately below):
Net cost of revenue71,632 68,660 111,829 107,184
Service | Summit Materials, LLC
Revenue:
Revenue90,730 86,980 134,977 124,079
Cost of revenue (excluding items shown separately below):
Net cost of revenue71,632 68,660 111,829 107,184
Delivery and subcontract revenue
Revenue:
Revenue49,387 55,769 78,750 80,553
Cost of revenue (excluding items shown separately below):
Net cost of revenue49,387 55,769 78,750 80,553
Delivery and subcontract revenue | Summit Materials, LLC
Revenue:
Revenue49,387 55,769 78,750 80,553
Cost of revenue (excluding items shown separately below):
Net cost of revenue $ 49,387 $ 55,769 $ 78,750 $ 80,553

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jul. 03, 2021Jun. 27, 2020
Comprehensive income (loss)
Net income $ 57,758 $ 58,887 $ 34,513 $ 12,161
Other comprehensive income (loss):
Foreign currency translation adjustment2,632 2,946 4,758 (5,413)
Less tax effect of other comprehensive (loss) income items(553)(721)(999)1,325
Other comprehensive income (loss)2,079 2,225 3,759 (4,088)
Comprehensive income59,837 61,112 38,272 8,073
Less comprehensive income (loss) attributable to Summit Holdings1,195 1,900 467 (67)
Comprehensive income attributable to Summit Inc.58,642 59,212 37,805 8,140
Summit Materials, LLC
Comprehensive income (loss)
Net income69,815 70,017 42,025 6,392
Other comprehensive income (loss):
Foreign currency translation adjustment2,632 2,946 4,758 (5,413)
Other comprehensive income (loss)2,632 2,946
Comprehensive income attributable to Summit Inc. $ 72,447 $ 72,963 $ 46,783 $ 979

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands6 Months Ended
Jul. 03, 2021Jun. 27, 2020
Cash flow from operating activities:
Net income $ 34,513 $ 12,161
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion118,430 111,278
Share-based compensation expense10,190 9,797
Net gain on asset and business disposals(18,390)(4,131)
Change in deferred tax asset, net2,743 (8,175)
Other92 1,244
Decrease (increase) in operating assets, net of acquisitions and dispositions:
Accounts receivable, net(60,829)(28,969)
Inventories(14,606)(27,391)
Costs and estimated earnings in excess of billings(21,475)(30,557)
Other current assets(3,925)654
Other assets4,927 6,420
(Decrease) increase in operating liabilities, net of acquisitions and dispositions:
Accounts payable26,858 15,410
Accrued expenses(4,496)4,681
Billings in excess of costs and estimated earnings(2,031)(1,253)
Tax receivable agreement liability7,132 993
Other liabilities(4,482)(461)
Net cash provided by operating activities74,651 61,701
Cash flow from investing activities:
Acquisitions, net of cash acquired(7,271)0
Purchases of property, plant and equipment(132,723)(105,724)
Proceeds from the sale of property, plant and equipment6,806 6,607
Proceeds from sale of businesses103,649 0
Other(27)1,629
Net cash used in investing activities(29,566)(97,488)
Cash flow from financing activities:
Payments on debt(17,433)(11,388)
Payments on acquisition-related liabilities(8,378)(9,703)
Proceeds from stock option exercises31,766 310
Other(417)(907)
Net cash provided by (used in) financing activities5,538 (21,688)
Impact of foreign currency on cash293 (437)
Net increase (decrease) in cash50,916 (57,912)
Cash and cash equivalents—beginning of period418,181 311,319
Cash and cash equivalents—end of period469,097 253,407
Summit Materials, LLC
Cash flow from operating activities:
Net income42,025 6,392
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion118,368 111,098
Share-based compensation expense10,190 9,797
Net gain on asset and business disposals(18,390)(4,131)
Change in deferred tax asset, net2,425 (1,233)
Other92 1,244
Decrease (increase) in operating assets, net of acquisitions and dispositions:
Accounts receivable, net(60,829)(28,969)
Inventories(14,606)(27,391)
Costs and estimated earnings in excess of billings(21,475)(30,557)
Other current assets(3,925)654
Other assets4,927 6,420
(Decrease) increase in operating liabilities, net of acquisitions and dispositions:
Accounts payable26,858 15,410
Accrued expenses(4,496)4,681
Billings in excess of costs and estimated earnings(2,031)(1,253)
Other liabilities(4,482)(461)
Net cash provided by operating activities74,651 61,701
Cash flow from investing activities:
Acquisitions, net of cash acquired(7,271)0
Purchases of property, plant and equipment(132,723)(105,724)
Proceeds from the sale of property, plant and equipment6,806 6,607
Proceeds from sale of businesses103,649 0
Other(27)1,629
Net cash used in investing activities(29,566)(97,488)
Cash flow from financing activities:
Capital contributions by member31,766 310
Payments on debt(17,433)(11,388)
Payments on acquisition-related liabilities(5,878)(7,203)
Distributions(2,500)(2,500)
Other(417)(907)
Net cash provided by (used in) financing activities5,538 (21,688)
Impact of foreign currency on cash293 (437)
Net increase (decrease) in cash50,916 (57,912)
Cash and cash equivalents—beginning of period418,181 311,319
Cash and cash equivalents—end of period $ 469,097 $ 253,407

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Changes in Stockholders' Equity / Members' Interest - USD ($) $ in ThousandsTotalSummit Materials, LLCCommon Class ACommon Class BMembers' equitySummit Materials, LLCAccumulated Earnings (Deficit)Accumulated Earnings (Deficit)Summit Materials, LLCAccumulated other comprehensive income (loss)Accumulated other comprehensive income (loss)Summit Materials, LLCCommon StockCommon Class ACommon StockCommon Class BAdditional Paid-in CapitalNoncontrolling Interest In Summit Holdings
Beginning balance at Dec. 28, 2019 $ 1,444,773 $ 188,805 $ 3,448 $ (20,971) $ 1,134 $ 0 $ 1,234,020 $ 17,366
Beginning balance at Dec. 28, 2019 $ 1,513,150 $ 1,432,718 $ 101,403 (20,971)
Beginning balance (in shares) at Dec. 28, 2019113,309,385 113,309,385 99
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net contributed capital310 310
Net (loss) income(46,726)(63,625)(44,979)(63,625)(1,747)
LP Unit exchanges (in shares)196,542
LP Unit exchanges0 $ 2 1,132 (1,134)
Other comprehensive (loss) income, net of tax(6,313)(8,359)(6,093)(8,359)(220)
Distributions(2,500)(2,500)
Stock option exercises (in shares)13,335
Stock option exercises310 $ 0 310
Share-based compensation4,905 4,905 4,905 4,905
Shares redeemed to settle taxes and other (in shares)591,335
Shares redeemed to settle taxes and other(1,090)(908)(908) $ 6 (1,096)
Ending balance at Mar. 28, 20201,395,859 143,826 (2,645) $ 1,142 $ 0 1,239,271 14,265
Ending balance at Mar. 28, 20201,442,973 1,434,525 37,778 (29,330)
Ending balance (in shares) at Mar. 28, 2020114,110,597 99
Beginning balance at Dec. 28, 20191,444,773 188,805 3,448 (20,971) $ 1,134 $ 0 1,234,020 17,366
Beginning balance at Dec. 28, 20191,513,150 1,432,718 101,403 (20,971)
Beginning balance (in shares) at Dec. 28, 2019113,309,385 113,309,385 99
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income12,161 6,392
LP Unit exchanges (in shares)196,542
Other comprehensive (loss) income, net of tax(4,088)
Stock option exercises (in shares)13,335
Shares redeemed to settle taxes and other (in shares)592,686
Ending balance at Jun. 27, 20201,461,863 200,890 (497)(26,384) $ 1,142 $ 0 1,244,163 16,165
Ending balance at Jun. 27, 20201,520,828 1,439,417 107,795 (26,384)
Ending balance (in shares) at Jun. 27, 2020114,111,948 114,111,948 99
Beginning balance at Mar. 28, 20201,395,859 143,826 (2,645) $ 1,142 $ 0 1,239,271 14,265
Beginning balance at Mar. 28, 20201,442,973 1,434,525 37,778 (29,330)
Beginning balance (in shares) at Mar. 28, 2020114,110,597 99
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income58,887 70,017 57,064 70,017 1,823
Other comprehensive (loss) income, net of tax2,225 2,946 2,148 2,946 77
Share-based compensation4,892 4,892 4,892 4,892
Shares redeemed to settle taxes and other (in shares)1,351
Shares redeemed to settle taxes and other0 $ 0 0 0
Ending balance at Jun. 27, 20201,461,863 200,890 (497)(26,384) $ 1,142 $ 0 1,244,163 16,165
Ending balance at Jun. 27, 20201,520,828 1,439,417 107,795 (26,384)
Ending balance (in shares) at Jun. 27, 2020114,111,948 114,111,948 99
Beginning balance at Jan. 02, 20211,616,268 326,772 5,203 (18,583) $ 1,145 $ 0 1,264,681 18,467
Beginning balance at Jan. 02, 20211,662,768 1,459,211 222,140 (18,583)
Beginning balance (in shares) at Jan. 02, 2021114,390,595 99 114,390,595 99
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net contributed capital15,920 15,920
Net (loss) income(23,245)(27,790)(22,517)(27,790)(728)
LP Unit exchanges (in shares)711,794
LP Unit exchanges0 $ 7 4,744 (4,751)
Other comprehensive (loss) income, net of tax1,680 2,126 1,635 2,126 45
Distributions(2,500)(2,500)
Stock option exercises (in shares)863,338
Stock option exercises15,920 $ 9 15,911
Share-based compensation5,363 5,363 5,363 5,363
Shares redeemed to settle taxes and other (in shares)678,605
Shares redeemed to settle taxes and other(1,426)(416)(416) $ 6 (1,432)
Ending balance at Apr. 03, 20211,614,560 304,255 6,838 $ 1,167 $ 0 1,289,267 13,033
Ending balance at Apr. 03, 20211,655,471 1,477,578 194,350 (16,457)
Ending balance (in shares) at Apr. 03, 2021116,644,332 99
Beginning balance at Jan. 02, 20211,616,268 326,772 5,203 (18,583) $ 1,145 $ 0 1,264,681 18,467
Beginning balance at Jan. 02, 20211,662,768 1,459,211 222,140 (18,583)
Beginning balance (in shares) at Jan. 02, 2021114,390,595 99 114,390,595 99
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income34,513 42,025
LP Unit exchanges (in shares)1,157,334
Other comprehensive (loss) income, net of tax3,759
Stock option exercises (in shares)1,710,818
Shares redeemed to settle taxes and other (in shares)697,141
Ending balance at Jul. 03, 20211,694,922 360,914 8,866 (13,825) $ 1,180 $ 0 1,313,414 10,548
Ending balance at Jul. 03, 20211,748,591 1,498,251 264,165 (13,825)
Ending balance (in shares) at Jul. 03, 2021117,955,888 99 117,955,888 99
Beginning balance at Apr. 03, 20211,614,560 304,255 6,838 $ 1,167 $ 0 1,289,267 13,033
Beginning balance at Apr. 03, 20211,655,471 1,477,578 194,350 (16,457)
Beginning balance (in shares) at Apr. 03, 2021116,644,332 99
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net contributed capital15,846 15,846
Net (loss) income57,758 69,815 56,659 69,815 1,099
LP Unit exchanges (in shares)445,540
LP Unit exchanges0 $ 4 3,631 (3,635)
Other comprehensive (loss) income, net of tax2,079 2,632 2,028 2,632 51
Stock option exercises (in shares)847,480
Stock option exercises15,845 $ 8 15,837
Share-based compensation4,827 4,827 4,827 4,827
Shares redeemed to settle taxes and other (in shares)18,536
Shares redeemed to settle taxes and other(147) $ 1 (148)
Ending balance at Jul. 03, 2021 $ 1,694,922 $ 360,914 $ 8,866 (13,825) $ 1,180 $ 0 $ 1,313,414 $ 10,548
Ending balance at Jul. 03, 2021 $ 1,748,591 $ 1,498,251 $ 264,165 $ (13,825)
Ending balance (in shares) at Jul. 03, 2021117,955,888 99 117,955,888 99

SUMMARY OF ORGANIZATION AND SIG

SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES6 Months Ended
Jul. 03, 2021
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items]
SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIESSUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Summit Materials, Inc. (“Summit Inc.” and, together with its subsidiaries, “Summit,” “we,” “us,” “our” or the “Company”) is a vertically-integrated construction materials company. The Company is engaged in the production and sale of aggregates, cement, ready-mix concrete, asphalt paving mix and concrete products and owns and operates quarries, sand and gravel pits, two cement plants, cement distribution terminals, ready-mix concrete plants, asphalt plants and landfill sites. It is also engaged in paving and related services. The Company’s three operating and reporting segments are the West, East and Cement segments. Substantially all of the Company’s construction materials, products and services are produced, consumed and performed outdoors, primarily in the spring, summer and fall. Seasonal changes and other weather-related conditions can affect the production and sales volumes of its products and delivery of services. Therefore, the financial results for any interim period are typically not indicative of the results expected for the full year. Furthermore, the Company’s sales and earnings are sensitive to national, regional and local economic conditions, weather conditions and to cyclical changes in construction spending, among other factors. Summit Inc. is a holding corporation operating and controlling all of the business and affairs of Summit Materials Holdings L.P. (“Summit Holdings”) and its subsidiaries and, through Summit Holdings, conducts its business. Summit Inc. owns the majority of the partnership interests of Summit Holdings (see Note 9, Stockholders’ Equity). Summit Materials, LLC (“Summit LLC”) an indirect wholly owned subsidiary of Summit Holdings, conducts the majority of our operations. Summit Materials Finance Corp. (“Summit Finance”), an indirect wholly owned subsidiary of Summit LLC, has jointly issued our Senior Notes as described below. Basis of Presentation —These unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto as of and for the year ended January 2, 2021. The Company continues to follow the accounting policies set forth in those audited consolidated financial statements. Management believes that these consolidated interim financial statements include all adjustments, normal and recurring in nature, that are necessary to present fairly the financial position of the Company as of July 3, 2021, the results of operations for the three and six months ended July 3, 2021 and June 27, 2020 and cash flows for the six months ended July 3, 2021 and June 27, 2020. Principles of Consolidation —The consolidated financial statements include the accounts of Summit Inc. and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated. For a summary of the changes in Summit Inc.’s ownership of Summit Holdings, see Note 9, Stockholders’ Equity. Use of Estimates —Preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, valuation of deferred tax assets, goodwill, intangibles and other long-lived assets, tax receivable agreement ("TRA") liability, pension and other postretirement obligations and asset retirement obligations. Estimates also include revenue earned on contracts and costs to complete contracts. Most of the Company’s paving and related services are performed under fixed unit-price contracts with state and local governmental entities. Management regularly evaluates its estimates and assumptions based on historical experience and other factors, including the current economic environment. As future events and their effects cannot be determined with precision, actual results can differ significantly from estimates made. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the Company’s consolidated financial statements when the change in estimate occurs. Business and Credit Concentrations— The Company’s operations are conducted primarily across 21 U.S. states and in British Columbia, Canada, with the most significant revenue generated in Texas, Utah, Kansas and Missouri. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers, and management does not believe that a significant concentration of credit exists with respect to any individual customer or group of customers. No single customer accounted for more than 10% of the Company’s total revenue in the three and six months ended July 3, 2021 or June 27, 2020. Revenue Recognition— We earn revenue from the sale of products, which primarily include aggregates, cement, ready-mix concrete and asphalt, but also include concrete products, and from the provision of services, which are primarily paving and related services. Products: Revenue for product sales is recognized when evidence of an arrangement exists and when control passes, which generally is when the product is shipped. Services: We earn revenue from the provision of services, which are primarily paving and related services, which are typically calculated using monthly progress based on the percentage of completion or a customer’s engineer review of progress. The majority of our construction service contracts are completed within one year, but may occasionally extend beyond this time frame. The majority of our construction service contracts are for work that occurs mostly during the spring, summer and fall. We generally measure progress toward completion on long-term paving and related services contracts based on the proportion of costs incurred to date relative to total estimated costs at completion. The percentage of completion method of accounting involves the use of various estimating techniques to project costs at completion, and in some cases includes estimates of recoveries asserted against the customer for changes in specifications or other disputes. Earnings per Share— The Company computes basic earnings per share attributable to stockholders by dividing income attributable to Summit Inc. by the weighted-average shares of Class A common stock outstanding. Diluted earnings per share reflects the potential dilution beyond shares for basic earnings per share that could occur if securities or other contracts to issue common stock were exercised, converted into common stock, or resulted in the issuance of common stock that would have shared in the Company’s earnings. Since the Class B common stock has no economic value, those shares are not included in the weighted-average common share amount for basic or diluted earnings per share. In addition, as the shares of Class A common stock are issued by Summit Inc., the earnings and equity interests of noncontrolling interests are not included in basic earnings per share. Prior Period Reclassifications — In the first half of 2021, we reclassified $29.4 million and $60.6 million of fixed overhead expenses related to production activities from general and administrative expenses to cost of revenue for the three and six months ended June 27, 2020, respectively, to conform to the current year presentation. In addition, we reclassified $2.2 million and $4.1 million of gain on sale of property, plant and equipment from general and administrative expenses to a separate line item included within operating loss, also to conform to the current year presentation. Lastly, we reclassified $0.3 million and $1.1 million of transaction costs from its own line item within operating income into general and administrative expenses for the three and six months ended June 27, 2020, respectively, to conform to the current year presentation. We believe these reclassifications enhance the comparability of our financial statements to others in the industry and had no material impact on previously reported operating income or Adjusted EBITDA, a non-GAAP measure described in Note 14, Segment Information, below. New Accounting Standards — In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which reduces the accounting complexity of implementing a cloud computing service arrangement. The ASU aligns the capitalization of implementation costs among hosting arrangements and costs incurred to develop internal-use software. We adopted this ASU in the first quarter of 2020 and the adoption of this ASU did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework Changes to The Disclosure Requirements for Defined Benefits Plans , which
Summit Materials, LLC
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items]
SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIESSUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Summit Materials, LLC (“Summit LLC” and, together with its subsidiaries, “Summit,” “we,” “us,” “our” or the “Company”) is a vertically-integrated construction materials company. The Company is engaged in the production and sale of aggregates, cement, ready-mix concrete, asphalt paving mix and concrete products and owns and operates quarries, sand and gravel pits, two cement plants, cement distribution terminals, ready-mix concrete plants, asphalt plants and landfill sites. It is also engaged in paving and related services. The Company’s three operating and reporting segments are the West, East and Cement segments. Substantially all of the Company’s construction materials, products and services are produced, consumed and performed outdoors, primarily in the spring, summer and fall. Seasonal changes and other weather-related conditions can affect the production and sales volumes of its products and delivery of services. Therefore, the financial results for any interim period are typically not indicative of the results expected for the full year. Furthermore, the Company’s sales and earnings are sensitive to national, regional and local economic conditions, weather conditions and to cyclical changes in construction spending, among other factors. Summit LLC is a wholly owned indirect subsidiary of Summit Materials Holdings L.P. (“Summit Holdings”), whose primary owner is Summit Materials, Inc. (“Summit Inc.”). Summit Inc. was formed as a Delaware corporation on September 23, 2014. Its sole material asset is a controlling equity interest in Summit Holdings. Pursuant to a reorganization into a holding company structure (the “Reorganization”) consummated in connection with Summit Inc.’s March 2015 initial public offering, Summit Inc. became a holding corporation operating and controlling all of the business and affairs of Summit Holdings and its subsidiaries, including Summit LLC. Basis of Presentation —These unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto as of and for the year ended January 2, 2021. The Company continues to follow the accounting policies set forth in those audited consolidated financial statements. Management believes that these consolidated interim financial statements include all adjustments, normal and recurring in nature, that are necessary to present fairly the financial position of the Company as of July 3, 2021, the results of operations for the three and six months ended July 3, 2021 and June 27, 2020 and cash flows for the six months ended July 3, 2021 and June 27, 2020. Use of Estimates —Preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, valuation of deferred tax assets, goodwill, intangibles and other long-lived assets, pension and other postretirement obligations and asset retirement obligations. Estimates also include revenue earned on contracts and costs to complete contracts. Most of the Company’s paving and related services are performed under fixed unit-price contracts with state and local governmental entities. Management regularly evaluates its estimates and assumptions based on historical experience and other factors, including the current economic environment. As future events and their effects cannot be determined with precision, actual results can differ significantly from estimates made. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the Company’s consolidated financial statements when the change in estimate occurs. Business and Credit Concentrations— The Company’s operations are conducted primarily across 21 U.S. states and in British Columbia, Canada, with the most significant revenue generated in Texas, Utah, Kansas and Missouri. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers, and management does not believe that a significant concentration of credit exists with respect to any individual customer or group of customers. No single customer accounted for more than 10% of the Company’s total revenue in the three and six months ended July 3, 2021 or June 27, 2020. Revenue Recognition— We earn revenue from the sale of products, which primarily include aggregates, cement, ready-mix concrete and asphalt, but also include concrete products, and from the provision of services, which are primarily paving and related services. Products: Revenue for product sales is recognized when evidence of an arrangement exists and when control passes, which generally is when the product is shipped. Services: We earn revenue from the provision of services, which are primarily paving and related services, which are typically calculated using monthly progress based on the percentage of completion or a customer’s engineer review of progress. The majority of our construction service contracts are completed within one year, but may occasionally extend beyond this time frame. The majority of our construction service contracts are for work that occurs mostly during the spring, summer and fall. We generally measure progress toward completion on long-term paving and related services contracts based on the proportion of costs incurred to date relative to total estimated costs at completion. The percentage of completion method of accounting involves the use of various estimating techniques to project costs at completion, and in some cases includes estimates of recoveries asserted against the customer for changes in specifications or other disputes. Prior Period Reclassifications —In the first half of 2021, we reclassified $29.4 million and $60.6 million of fixed overhead expenses related to production activities from general and administrative expenses to cost of revenue for the three and six months ended June 27, 2020, respectively, to conform to the current year presentation. In addition, we reclassified $2.2 million and $4.1 million of gain on sale of property, plant and equipment from general and administrative expenses to a separate line item included within operating loss, also to conform to the current year presentation. Lastly, we reclassified $0.3 million and $1.1 million of transaction costs from its own line item within operating income into general and administrative expenses for the three and six months ended June 27, 2020, respectively, to conform to the current year presentation. We believe these reclassifications enhance the comparability of our financial statements to others in the industry and had no material impact on previously reported operating income or Adjusted EBITDA, a non-GAAP measure described in Note 13, Segment Information, below. New Accounting Standards— In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which reduces the accounting complexity of implementing a cloud computing service arrangement. The ASU aligns the capitalization of implementation costs among hosting arrangements and costs incurred to develop internal-use software. We adopted this ASU in the first quarter of 2020 and the adoption of this ASU did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework Changes to The Disclosure Requirements for Defined Benefits Plans, which modifies the disclosure requirements of employer-sponsored defined benefit and other postretirement benefits plans. The ASU is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. We adopted this ASU in the fourth quarter of 2020 and the adoption of this ASU did not have a material impact on the consolidated financial statements.

ACQUISITIONS, DISPOSTIONS, GOOD

ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES6 Months Ended
Jul. 03, 2021
Business Acquisition [Line Items]
ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLESACQUISITIONS, DISPOSITIONS, GOODWILL AND INTANGIBLES The Company has completed numerous acquisitions since its formation, which have been financed through a combination of debt and equity funding and available cash. The operations of each acquisition have been included in the Company’s consolidated results of operations since the respective closing dates of the acquisitions. The Company measures all assets acquired and liabilities assumed at their acquisition-date fair value. Goodwill acquired during a business combination has an indefinite life and is not amortized. The following table summarizes the Company’s acquisitions by region and period: Six months ended Year ended July 3, 2021 January 2, 2021 West — 2 East 2 1 The purchase price allocation, primarily the valuation of property, plant and equipment for the acquisitions completed during the six months ended July 3, 2021, as well as the acquisitions completed during 2020 that occurred after June 27, 2020, have not yet been finalized due to the recent timing of the acquisitions, status of the valuation of property, plant and equipment and finalization of related tax returns. The following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates: Six months ended Year ended July 3, 2021 January 2, 2021 Financial assets $ — $ 8,696 Inventories 173 2,856 Property, plant and equipment 7,786 130,042 Intangible assets 702 — Other assets — 2,790 Financial liabilities (96) (4,469) Other long-term liabilities (145) (16,069) Net assets acquired 8,420 123,846 Goodwill — — Purchase price 8,420 123,846 Acquisition-related liabilities (1,149) — Other — (369) Net cash paid for acquisitions $ 7,271 $ 123,477 Changes in the carrying amount of goodwill, by reportable segment, from January 2, 2021 to July 3, 2021 are summarized as follows: West East Cement Total Balance—January 2, 2021 $ 586,209 $ 410,426 $ 204,656 $ 1,201,291 Dispositions (1) (16,222) (10,520) — (26,742) Foreign currency translation adjustments 1,802 — — 1,802 Balance—July 3, 2021 $ 571,789 $ 399,906 $ 204,656 $ 1,176,351 _______________________________________________________________________ (1) Reflects goodwill derecognition from dispositions completed during the six months ended July 3, 2021. The Company’s intangible assets subject to amortization are primarily composed of operating permits, mineral lease agreements and reserve rights. Operating permits relate to permitting and zoning rights acquired outside of a business combination. The assets related to mineral lease agreements reflect the submarket royalty rates paid under agreements, primarily for extracting aggregates. The values were determined as of the respective acquisition dates by a comparison of market-royalty rates. The reserve rights relate to aggregate reserves to which the Company has the rights of ownership, but does not own the reserves. The intangible assets are amortized on a straight-line basis over the lives of the leases or permits. The following table shows intangible assets by type and in total: July 3, 2021 January 2, 2021 Gross Accumulated Net Gross Accumulated Net Operating permits $ 33,671 $ (1,876) $ 31,795 $ 33,671 $ (1,207) $ 32,464 Mineral leases 19,927 (8,143) 11,784 19,225 (7,571) 11,654 Reserve rights 25,586 (2,917) 22,669 6,234 (2,504) 3,730 Other 5,591 (430) 5,161 586 (582) 4 Total intangible assets $ 84,775 $ (13,366) $ 71,409 $ 59,716 $ (11,864) $ 47,852 Amortization expense totaled $0.9 million and $1.8 million for the three and six months ended July 3, 2021, respectively, and $0.9 million and $1.6 million for the three and six months ended June 27, 2020, respectively. The estimated amortization expense for the intangible assets for each of the five years subsequent to July 3, 2021 is as follows: 2021 (six months) $ 2,072 2022 4,152 2023 4,018 2024 3,923 2025 3,878 2026 3,734 Thereafter 49,632 Total $ 71,409 In the first half of 2021, as part of the Company's strategy to rationalize assets, the Company sold four businesses in the East segment and one in the West segment, resulting in cash proceeds of $103.6 million and a total gain on disposition of $15.4 million.
Summit Materials, LLC
Business Acquisition [Line Items]
ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLESACQUISITIONS, DISPOSITIONS, GOODWILL AND INTANGIBLES The Company has completed numerous acquisitions since its formation, which have been financed through a combination of debt and equity funding and available cash. The operations of each acquisition have been included in the Company’s consolidated results of operations since the respective closing dates of the acquisitions. The Company measures all assets acquired and liabilities assumed at their acquisition-date fair value. Goodwill acquired during a business combination has an indefinite life and is not amortized. The following table summarizes the Company’s acquisitions by region and period: Six months ended Year ended July 3, 2021 January 2, 2021 West — 2 East 2 1 The purchase price allocation, primarily the valuation of property, plant and equipment for the acquisitions completed during the six months ended July 3, 2021, as well as the acquisitions completed during 2020 that occurred after June 27, 2020, have not yet been finalized due to the recent timing of the acquisitions, status of the valuation of property, plant and equipment and finalization of related tax returns. The following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates: Six months ended Year ended July 3, 2021 January 2, 2021 Financial assets $ — $ 8,696 Inventories 173 2,856 Property, plant and equipment 7,786 130,042 Intangible assets 702 — Other assets — 2,790 Financial liabilities (96) (4,469) Other long-term liabilities (145) (16,069) Net assets acquired 8,420 123,846 Goodwill — — Purchase price 8,420 123,846 Acquisition-related liabilities (1,149) — Other — (369) Net cash paid for acquisitions $ 7,271 $ 123,477 Changes in the carrying amount of goodwill, by reportable segment, from January 2, 2021 to July 3, 2021 are summarized as follows: West East Cement Total Balance—January 2, 2021 $ 587,209 $ 410,426 $ 204,656 $ 1,202,291 Dispositions (1) (16,222) (10,520) — (26,742) Foreign currency translation adjustments 1,802 — — 1,802 Balance—July 3, 2021 $ 572,789 $ 399,906 $ 204,656 $ 1,177,351 _______________________________________________________________________ (1) Reflects goodwill derecognition from dispositions completed during the six months ended July 3, 2021. The Company’s intangible assets subject to amortization are primarily composed of operating permits, mineral lease agreements and reserve rights. Operating permits relate to permitting and zoning rights acquired outside of a business combination. The assets related to mineral lease agreements reflect the submarket royalty rates paid under agreements, primarily for extracting aggregates. The values were determined as of the respective acquisition dates by a comparison of market-royalty rates. The reserve rights relate to aggregate reserves to which the Company has the rights of ownership, but does not own the reserves. The intangible assets are amortized on a straight-line basis over the lives of the leases or permits. The following table shows intangible assets by type and in total: July 3, 2021 January 2, 2021 Gross Accumulated Net Gross Accumulated Net Operating permits $ 33,671 $ (1,876) $ 31,795 $ 33,671 $ (1,207) $ 32,464 Mineral leases 19,927 (8,143) 11,784 19,225 (7,571) 11,654 Reserve rights 25,586 (2,917) 22,669 6,234 (2,504) 3,730 Other 5,591 (430) 5,161 586 (582) 4 Total intangible assets $ 84,775 $ (13,366) $ 71,409 $ 59,716 $ (11,864) $ 47,852 Amortization expense totaled $0.9 million and $1.8 million for the three and six months ended July 3, 2021, respectively, and $0.9 million and $1.6 million for the three and six months ended June 27, 2020, respectively. The estimated amortization expense for the intangible assets for each of the five years subsequent to July 3, 2021 is as follows: 2021 (six months) $ 2,072 2022 4,152 2023 4,018 2024 3,923 2025 3,878 2026 3,734 Thereafter 49,632 Total $ 71,409 In the first half of 2021, as part of the Company's strategy to rationalize assets, the Company sold four businesses in the East segment and one in the West segment, resulting in cash proceeds of $103.6 million and a total gain on disposition of $15.4 million.

REVENUE RECOGNITION

REVENUE RECOGNITION6 Months Ended
Jul. 03, 2021
Revenue from External Customer [Line Items]
REVENUE RECOGNITIONREVENUE RECOGNITION We derive our revenue predominantly by selling construction materials, products and providing paving and related services. Construction materials consist of aggregates and cement. Products consist of related downstream products, including ready-mix concrete, asphalt paving mix and concrete products. Paving and related service revenue is generated primarily from the asphalt paving services that we provide. Revenue by product for the three and six months ended July 3, 2021 and June 27, 2020 is as follows: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Revenue by product*: Aggregates $ 153,496 $ 129,989 $ 270,884 $ 226,150 Cement 82,169 73,293 120,308 106,156 Ready-mix concrete 183,861 167,882 342,094 309,586 Asphalt 93,935 104,661 122,310 127,867 Paving and related services 102,080 110,829 145,295 144,255 Other 52,376 44,355 94,870 84,185 Total revenue $ 667,917 $ 631,009 $ 1,095,761 $ 998,199 *Revenue from liquid asphalt terminals is included in asphalt revenue. Accounts receivable, net consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Trade accounts receivable $ 258,192 $ 191,871 Construction contract receivables 47,672 47,179 Retention receivables 14,826 18,824 Receivables from related parties 434 1,339 Accounts receivable 321,124 259,213 Less: Allowance for doubtful accounts (4,509) (4,517) Accounts receivable, net $ 316,615 $ 254,696 Retention receivables are amounts earned by the Company but held by customers until paving and related service contracts and projects are near completion or fully completed. Amounts are generally billed and collected within one year.
Summit Materials, LLC
Revenue from External Customer [Line Items]
REVENUE RECOGNITIONREVENUE RECOGNITION We derive our revenue predominantly by selling construction materials, products and providing paving and related services. Construction materials consist of aggregates and cement. Products consist of related downstream products, including ready-mix concrete, asphalt paving mix and concrete products. Paving and related service revenue is generated primarily from the asphalt paving services that we provide. Revenue by product for the three and six months ended July 3, 2021 and June 27, 2020 is as follows: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Revenue by product*: Aggregates $ 153,496 $ 129,989 $ 270,884 $ 226,150 Cement 82,169 73,293 120,308 106,156 Ready-mix concrete 183,861 167,882 342,094 309,586 Asphalt 93,935 104,661 122,310 127,867 Paving and related services 102,080 110,829 145,295 144,255 Other 52,376 44,355 94,870 84,185 Total revenue $ 667,917 $ 631,009 $ 1,095,761 $ 998,199 *Revenue from liquid asphalt terminals is included in asphalt revenue. Accounts receivable, net consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Trade accounts receivable $ 258,192 $ 191,871 Construction contract receivables 47,672 47,179 Retention receivables 14,826 18,824 Receivables from related parties 434 1,339 Accounts receivable 321,124 259,213 Less: Allowance for doubtful accounts (4,509) (4,517) Accounts receivable, net $ 316,615 $ 254,696 Retention receivables are amounts earned by the Company but held by customers until paving and related service contracts and projects are near completion or fully completed. Amounts are generally billed and collected within one year.

INVENTORIES

INVENTORIES6 Months Ended
Jul. 03, 2021
Inventory [Line Items]
INVENTORIESINVENTORIES Inventories consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Aggregate stockpiles $ 130,525 $ 137,938 Finished goods 36,296 32,993 Work in process 7,044 9,281 Raw materials 24,352 20,096 Total $ 198,217 $ 200,308
Summit Materials, LLC
Inventory [Line Items]
INVENTORIESINVENTORIES Inventories consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Aggregate stockpiles $ 130,525 $ 137,938 Finished goods 36,296 32,993 Work in process 7,044 9,281 Raw materials 24,352 20,096 Total $ 198,217 $ 200,308

ACCRUED EXPENSES

ACCRUED EXPENSES6 Months Ended
Jul. 03, 2021
Schedule Of Accrued Expenses [Line Items]
ACCRUED EXPENSESACCRUED EXPENSES Accrued expenses consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Interest $ 24,510 $ 21,860 Payroll and benefits 34,139 46,026 Finance lease obligations 19,361 24,601 Insurance 20,073 18,355 Non-income taxes 21,156 15,669 Deferred asset purchase payments 4,167 9,749 Professional fees 1,526 828 Other (1) 25,222 23,482 Total $ 150,154 $ 160,570 (1) Consists primarily of current portion of asset retirement obligations and miscellaneous accruals.
Summit Materials, LLC
Schedule Of Accrued Expenses [Line Items]
ACCRUED EXPENSESACCRUED EXPENSES Accrued expenses consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Interest $ 24,510 $ 21,860 Payroll and benefits 34,139 46,026 Finance lease obligations 19,361 24,601 Insurance 20,073 18,355 Non-income taxes 21,386 15,900 Deferred asset purchase payments 4,167 9,749 Professional fees 1,526 828 Other (1) 25,222 23,482 Total $ 150,384 $ 160,801 _______________________________________________________________________ (1) Consists primarily of current portion of asset retirement obligations and miscellaneous accruals.

DEBT

DEBT6 Months Ended
Jul. 03, 2021
Debt Instrument [Line Items]
DEBTDEBT Debt consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Term Loan, due 2024: $613.1 million and $616.3 million, net of $0.8 million and $0.9 million discount at July 3, 2021 and January 2, 2021, respectively $ 612,362 $ 615,425 5 1 ⁄ 8 % Senior Notes, due 2025 300,000 300,000 6 1 ⁄ 2 % Senior Notes, due 2027 300,000 300,000 5 1 ⁄ 4 % Senior Notes, due 2029 700,000 700,000 Total 1,912,362 1,915,425 Current portion of long-term debt 6,354 6,354 Long-term debt $ 1,906,008 $ 1,909,071 The contractual payments of long-term debt, including current maturities, for the five years subsequent to July 3, 2021, are as follows: 2021 (six months) $ 3,177 2022 6,354 2023 6,354 2024 597,252 2025 300,000 2026 — Thereafter 1,000,000 Total 1,913,137 Less: Original issue net discount (775) Less: Capitalized loan costs (15,311) Total debt $ 1,897,051 Senior Notes —On August 11, 2020, Summit LLC and Summit Finance (together, the “Issuers”) issued $700.0 million in aggregate principal amount of 5.250% senior notes due January 15, 2029 (the “2029 Notes”). The 2029 Notes were issued at 100.0% of their par value with proceeds of $690.4 million, net of related fees and expenses. The 2029 Notes were issued under an indenture dated August 11, 2020 (the "2020 Indenture"). The 2020 Indenture contains covenants limiting, among other things, Summit LLC and its restricted subsidiaries’ ability to incur additional indebtedness or issue certain preferred shares, pay dividends, redeem stock or make other distributions, make certain investments, sell or transfer certain assets, create liens, consolidate, merge, sell or otherwise dispose of all or substantially all of its assets, enter into certain transactions with affiliates, and designate subsidiaries as unrestricted subsidiaries. The 2020 Indenture also contains customary events of default. Interest on the 2029 Notes is payable semi-annually on January 15 and July 15 of each year commencing on January 15, 2021. On March 15, 2019, the Issuers issued $300.0 million in aggregate principal amount of 6.500% senior notes due March 15, 2027 (the “2027 Notes”). The 2027 Notes were issued at 100.0% of their par value with proceeds of $296.3 million, net of related fees and expenses. The 2027 Notes were issued under an indenture dated March 25, 2019, the terms of which are generally consistent with the 2020 Indenture. Interest on the 2027 Notes is payable semi-annually on March 15 and September 15 of each year commencing on September 15, 2019. In 2017, the Issuers issued $300.0 million of 5.125% senior notes due June 1, 2025 (the “2025 Notes”). The 2025 Notes were issued at 100.0% of their par value with proceeds of $295.4 million, net of related fees and expenses. The 2025 Notes were issued under an indenture dated June 1, 2017, the terms of which are generally consistent with the 2020 Indenture. Interest on the 2025 Notes is payable semi-annually on June 1 and December 1 of each year commencing on December 1, 2017. As of July 3, 2021 and January 2, 2021, the Company was in compliance with all financial covenants under the applicable indentures. Senior Secured Credit Facilities — Summit LLC has credit facilities that provide for term loans in an aggregate amount of $650.0 million and revolving credit commitments in an aggregate amount of $345.0 million (the “Senior Secured Credit Facilities”). Under the Senior Secured Credit Facilities, required principal repayments of 0.25% of the refinanced aggregate amount of term debt are due on the last business day of each March, June, September and December commencing with the March 2018 payment. The unpaid principal balance is due in full on the maturity date, which is November 21, 2024. The revolving credit facility bears interest per annum equal to, at Summit LLC’s option, either (i) a base rate determined by reference to the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate of Bank of America, N.A. and (c) LIBOR plus 1.00%, plus an applicable margin of 2.00% for base rate loans or (ii) a LIBOR rate determined by reference to Reuters prior to the interest period relevant to such borrowing adjusted for certain additional costs plus an applicable margin of 3.00% for LIBOR rate loans. The maturity date with respect to revolving credit commitments under the revolving credit facility is February 25, 2024. There were no outstanding borrowings under the revolving credit facility as of July 3, 2021 and January 2, 2021, with borrowing capacity of $329.1 million remaining as of July 3, 2021, which is net of $15.9 million of outstanding letters of credit. The outstanding letters of credit are renewed annually and support required bonding on construction projects, large leases, workers compensation claims and the Company’s insurance liabilities. Summit LLC’s Consolidated First Lien Net Leverage Ratio, as such term is defined in the Credit Agreement, should be no greater than 4.75:1.0 as of each quarter-end. As of July 3, 2021 and January 2, 2021, Summit LLC was in compliance with all financial covenants. Summit LLC’s wholly-owned domestic subsidiary companies, subject to certain exclusions and exceptions, are named as subsidiary guarantors of the Senior Notes and the Senior Secured Credit Facilities. In addition, Summit LLC has pledged substantially all of its assets as collateral, subject to certain exclusions and exceptions, for the Senior Secured Credit Facilities. The following table presents the activity for the deferred financing fees for the six months ended July 3, 2021 and June 27, 2020: Deferred financing fees Balance—January 2, 2021 $ 18,367 Amortization (1,673) Balance—July 3, 2021 $ 16,694 Balance—December 28, 2019 $ 15,436 Amortization (1,665) Balance—June 27, 2020 $ 13,771 Other —On January 15, 2015, the Company’s wholly-owned subsidiary in British Columbia, Canada entered into an agreement with HSBC Bank Canada for a (i) $6.0 million Canadian dollar (“CAD”) revolving credit commitment to be used for operating activities that bears interest per annum equal to the bank’s prime rate plus 0.20%, (ii) $0.5 million CAD revolving credit commitment to be used for capital equipment that bears interest per annum at the bank’s prime rate plus 0.90% and (iii) $0.3 million CAD revolving credit commitment to provide guarantees on behalf of that subsidiary. There were no amounts outstanding under this agreement as of July 3, 2021 or January 2, 2021.
Summit Materials, LLC
Debt Instrument [Line Items]
DEBTDEBT Debt consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Term Loan, due 2024: $613.1 million and $616.3 million, net of $0.8 million and $0.9 million discount at July 3, 2021 and January 2, 2021, respectively $ 612,362 $ 615,425 5 1/8 % Senior Notes, due 2025 300,000 300,000 6 1/2 % Senior Notes, due 2027 300,000 300,000 5 1/4 % Senior Notes, due 2029 700,000 700,000 Total 1,912,362 1,915,425 Current portion of long-term debt 6,354 6,354 Long-term debt $ 1,906,008 $ 1,909,071 The contractual payments of long-term debt, including current maturities, for the five years subsequent to July 3, 2021, are as follows: 2021 (six months) $ 3,177 2022 6,354 2023 6,354 2024 597,252 2025 300,000 2026 — Thereafter 1,000,000 Total 1,913,137 Less: Original issue net discount (775) Less: Capitalized loan costs (15,311) Total debt $ 1,897,051 Senior Notes —On August 11, 2020, Summit LLC and Summit Finance (together, the “Issuers”) issued $700.0 million in aggregate principal amount of 5.250% senior notes due January 15, 2029 (the “2029 Notes”). The 2029 Notes were issued at 100.0% of their par value with proceeds of $690.4 million, net of related fees and expenses. The 2029 Notes were issued under an indenture dated August 11, 2020 (the "2020 Indenture"). The 2020 Indenture contains covenants limiting, among other things, Summit LLC and its restricted subsidiaries’ ability to incur additional indebtedness or issue certain preferred shares, pay dividends, redeem stock or make other distributions, make certain investments, sell or transfer certain assets, create liens, consolidate, merge, sell or otherwise dispose of all or substantially all of its assets, enter into certain transactions with affiliates, and designate subsidiaries as unrestricted subsidiaries. The 2020 Indenture also contains customary events of default. Interest on the 2029 Notes is payable semi-annually on January 15 and July 15 of each year commencing on January 15, 2021. On March 15, 2019, the Issuers issued $300.0 million in aggregate principal amount of 6.500% senior notes due March 15, 2027 (the “2027 Notes”). The 2027 Notes were issued at 100.0% of their par value with proceeds of $296.3 million, net of related fees and expenses. The 2027 Notes were issued under an indenture dated March 25, 2019, the terms of which are generally consistent with the 2020 Indenture. Interest on the 2027 Notes is payable semi-annually on March 15 and September 15 of each year commencing on September 15, 2019. In 2017, the Issuers issued $300.0 million of 5.125% senior notes due June 1, 2025 (the “2025 Notes”). The 2025 Notes were issued at 100.0% of their par value with proceeds of $295.4 million, net of related fees and expenses. The 2025 Notes were issued under an indenture dated June 1, 2017, the terms of which are generally consistent with the 2020 Indenture. Interest on the 2025 Notes is payable semi-annually on June 1 and December 1 of each year commencing on December 1, 2017. As of July 3, 2021 and January 2, 2021, the Company was in compliance with all financial covenants under the applicable indentures. Senior Secured Credit Facilities — Summit LLC has credit facilities that provide for term loans in an aggregate amount of $650.0 million and revolving credit commitments in an aggregate amount of $345.0 million (the “Senior Secured Credit Facilities”). Under the Senior Secured Credit Facilities, required principal repayments of 0.25% of the refinanced aggregate amount of term debt are due on the last business day of each March, June, September and December commencing with the March 2018 payment. The unpaid principal balance is due in full on the maturity date, which is November 21, 2024. The revolving credit facility bears interest per annum equal to, at Summit LLC’s option, either (i) a base rate determined by reference to the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate of Bank of America, N.A. and (c) LIBOR plus 1.00%, plus an applicable margin of 2.00% for base rate loans or (ii) a LIBOR rate determined by reference to Reuters prior to the interest period relevant to such borrowing adjusted for certain additional costs plus an applicable margin of 3.00% for LIBOR rate loans. The maturity date with respect to revolving credit commitments under the revolving credit facility is February 25, 2024. There were no outstanding borrowings under the revolving credit facility as of July 3, 2021 and January 2, 2021, with borrowing capacity of $329.1 million remaining as of July 3, 2021, which is net of $15.9 million of outstanding letters of credit. The outstanding letters of credit are renewed annually and support required bonding on construction projects, large leases, workers compensation claims and the Company’s insurance liabilities. Summit LLC’s Consolidated First Lien Net Leverage Ratio, as such term is defined in the Credit Agreement, should be no greater than 4.75:1.0 as of each quarter-end. As of July 3, 2021 and January 2, 2021, Summit LLC was in compliance with all financial covenants. Summit LLC’s wholly-owned domestic subsidiary companies, subject to certain exclusions and exceptions, are named as subsidiary guarantors of the Senior Notes and the Senior Secured Credit Facilities. In addition, Summit LLC has pledged substantially all of its assets as collateral, subject to certain exclusions and exceptions, for the Senior Secured Credit Facilities. The following table presents the activity for the deferred financing fees for the six months ended July 3, 2021 and June 27, 2020: Deferred financing fees Balance—January 2, 2021 $ 18,367 Amortization (1,673) Balance—July 3, 2021 $ 16,694 Balance - December 28, 2019 $ 15,436 Amortization (1,665) Balance - June 27, 2020 $ 13,771 Other —On January 15, 2015, the Company’s wholly-owned subsidiary in British Columbia, Canada entered into an agreement with HSBC Bank Canada for a (i) $6.0 million Canadian dollar (“CAD”) revolving credit commitment to be used for operating activities that bears interest per annum equal to the bank’s prime rate plus 0.20%, (ii) $0.5 million CAD revolving credit commitment to be used for capital equipment that bears interest per annum at the bank’s prime rate plus 0.90% and (iii) $0.3 million CAD revolving credit commitment to provide guarantees on behalf of that subsidiary. There were no amounts outstanding under this agreement as of July 3, 2021 or January 2, 2021.

INCOME TAXES

INCOME TAXES6 Months Ended
Jul. 03, 2021
Income Taxes [Line Items]
INCOME TAXESINCOME TAXES Summit Inc.’s tax provision includes its proportional share of Summit Holdings’ tax attributes. Summit Holdings’ subsidiaries are primarily limited liability companies but do include certain entities organized as C corporations and a Canadian subsidiary. The tax attributes related to the limited liability companies are passed on to Summit Holdings and then to its partners, including Summit Inc. The tax attributes associated with the C corporation and Canadian subsidiaries are fully reflected in the Company’s accounts. Our income tax expense was $18.4 million and $13.0 million in the three and six months ended July 3, 2021, respectively, and our income tax expense (benefit) was $17.2 million and $(5.7) million in the three and six months ended June 27, 2020, respectively. The effective tax rate for Summit Inc. differs from the federal statutory tax rate primarily due to (1) unrecognized tax benefits in 2020, (2) state taxes, (3) tax depletion expense in excess of the expense recorded under U.S. GAAP, (4) the minority interest in the Summit Holdings partnership that is allocated outside of the Company and (5) various other items such as limitations on meals and entertainment, certain stock compensation and other costs. In the first quarter of 2020, we recorded the impact of the Coronavirus Aid, Relief and Economic Stability Act ("CARES Act") enacted into law in late March 2020, which reduced our unrecognized tax benefits by approximately $9.5 million. As of July 3, 2021 and January 2, 2021, Summit Inc. had a valuation allowance of $1.7 million, which relates to certain deferred tax assets in taxable entities where realization is not more likely than not. No material interest or penalties were recognized in income tax expense during the three and six months ended July 3, 2021 and June 27, 2020. Tax Receivable Agreement —The Company is party to a TRA with certain current and former holders of LP Units that provides for the payment by Summit Inc. to exchanging holders of LP Units of 85% of the benefits, if any, that Summit Inc. actually realizes (or, under certain circumstances such as an early termination of the TRA, is deemed to realize) as a result of increases in the tax basis of tangible and intangible assets of Summit Holdings and certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA. In the six months ended July 3, 2021, 1,157,334 LP Units were acquired by Summit Inc. in exchange for an equal number of newly-issued shares of Summit Inc.’s Class A common stock. These exchanges resulted in net new deferred tax assets of approximately $8.4 million. As we determined that the deferred tax assets created from these exchanges are realizable and payment under the TRA is considered probable, we have recorded 85% of the increase in deferred tax assets as TRA liability and the remainder as an adjustment to additional paid in capital. As of July 3, 2021 and January 2, 2021, we had recorded $328.8 million and $321.7 million of TRA liability, respectively. Tax Distributions – The holders of Summit Holdings’ LP Units, including Summit Inc., incur U.S. federal, state and local income taxes on their share of any taxable income of Summit Holdings. The limited partnership agreement of Summit Holdings provides for pro rata cash distributions (“tax distributions”) to the holders of the LP Units in an amount generally calculated to provide each holder of LP Units with sufficient cash to cover its tax liability in respect of the LP Units. In general, these tax distributions are computed based on Summit Holdings’ estimated taxable income allocated to Summit Inc. multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate in New York, New York. Summit Holdings did not make any tax distributions in the six months ended July 3, 2021 and June 27, 2020.
Summit Materials, LLC
Income Taxes [Line Items]
INCOME TAXESINCOME TAXES Summit LLC is a limited liability company and passes its tax attributes for federal and state tax purposes to its parent company and is generally not subject to federal or state income tax. However, certain subsidiary entities file federal, state and Canadian income tax returns due to their status as taxable entities in the respective jurisdiction. The effective income tax rate for the C Corporations differs from the statutory federal rate primarily due to (1) tax depletion expense in excess of the expense recorded under U.S. GAAP, (2) state income taxes and the effect of graduated tax rates and (3) various other items, such as limitations on meals and entertainment and other costs. The effective income tax rate for the Canadian subsidiary is not significantly different from its historical effective tax rate. No material interest or penalties were recognized in income tax expense during the three and six months ended July 3, 2021 and June 27, 2020. We recognized uncertain tax benefits in the three and six months ended March 28, 2020 related to the passage of the Coronavirus Aid, Relief and Economic Stability Act (“CARES Act”) on March 25, 2020.

EARNINGS PER SHARE

EARNINGS PER SHARE6 Months Ended
Jul. 03, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHAREEARNINGS PER SHARE Basic earnings per share is computed by dividing net earnings by the weighted average common shares outstanding and diluted net earnings is computed by dividing net earnings, adjusted for changes in the earnings allocated to Summit Inc. as a result of the assumed conversion of LP Units, by the weighted-average common shares outstanding assuming dilution. The following table shows the calculation of basic and diluted earnings per share: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Net income attributable to Summit Inc. $ 56,659 $ 57,064 $ 34,142 $ 12,085 Weighted average shares of Class A stock outstanding Add: Nonvested restricted stock awards of retirement eligible shares 200,575 — 227,048 — Add: Weighted average shares of Class A stock outstanding 117,436,461 114,111,204 116,423,833 113,856,657 Weighted average basic shares outstanding 117,637,036 114,111,204 116,650,881 113,856,657 Basic earnings per share $ 0.48 $ 0.50 $ 0.29 $ 0.11 Diluted net income attributable to Summit Inc. $ 56,659 $ 57,064 $ 34,142 $ 12,085 Weighted average shares of Class A stock outstanding 117,436,461 114,111,204 116,423,833 113,856,657 Add: stock options 270,392 — 379,129 2,010 Add: warrants 15,270 — 18,539 — Add: restricted stock units 681,927 26,653 838,672 371,040 Add: performance stock units 181,348 — 171,853 22,561 Weighted average dilutive shares outstanding 118,585,398 114,137,857 117,832,026 114,252,268 Diluted earnings per share $ 0.48 $ 0.50 $ 0.29 $ 0.11 Excluded from the above calculations were the shares noted below as they were antidilutive: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Antidilutive shares: LP Units 1,885,789 3,053,115 2,249,499 3,103,672 Time-vesting stock options — 2,107,359 — — Warrants — 100,037 — 100,037 Time-vesting restricted stock units — — — — Market-based restricted stock units — 446,670 — —

STOCKHOLDERS' EQUITY_MEMBERS' I

STOCKHOLDERS' EQUITY/MEMBERS' INTEREST6 Months Ended
Jul. 03, 2021
Schedule of Capitalization, Equity [Line Items]
STOCKHOLDERS' EQUITYSTOCKHOLDERS’ EQUITY During the six months ended July 3, 2021 and June 27, 2020, certain limited partners of Summit Holdings exchanged their LP Units for shares of Class A common stock of Summit Inc. The following table summarizes the changes in our ownership of Summit Holdings: Summit Inc. LP Units Total Summit Inc. Balance — January 2, 2021 114,390,595 2,873,170 117,263,765 97.5 % Exchanges during period 1,157,334 (1,157,334) — Stock option exercises 1,710,818 — 1,710,818 Other equity transactions 697,141 — 697,141 Balance — July 3, 2021 117,955,888 1,715,836 119,671,724 98.6 % Balance — December 28, 2019 113,309,385 3,249,657 116,559,042 97.2 % Exchanges during period 196,542 (196,542) — Stock option exercises 13,335 — 13,335 Other equity transactions 592,686 — 592,686 Balance — June 27, 2020 114,111,948 3,053,115 117,165,063 97.4 % Summit Inc. is Summit Holdings’ primary beneficiary and thus consolidates Summit Holdings in its consolidated financial statements with a corresponding noncontrolling interest reclassification, which was 1.4% and 2.5% as of July 3, 2021 and January 2, 2021, respectively. Accumulated other comprehensive income (loss) —The changes in each component of accumulated other comprehensive income (loss) consisted of the following: Change in Foreign currency Accumulated Balance — January 2, 2021 $ 533 $ 4,670 $ 5,203 Foreign currency translation adjustment, net of tax — 3,663 3,663 Balance — July 3, 2021 $ 533 $ 8,333 $ 8,866 Balance — December 28, 2019 $ 2,171 $ 1,277 $ 3,448 Foreign currency translation adjustment, net of tax — (3,945) (3,945) Balance — June 27, 2020 $ 2,171 $ (2,668) $ (497)
Summit Materials, LLC
Schedule of Capitalization, Equity [Line Items]
MEMBERS' INTERESTMEMBERS’ INTEREST Accumulated other comprehensive income (loss) —The changes in each component of accumulated other comprehensive income (loss) consisted of the following: Accumulated Foreign currency other Change in translation Cash flow hedge comprehensive retirement plans adjustments adjustments (loss) income Balance — January 2, 2021 $ (8,546) $ (10,037) $ — $ (18,583) Foreign currency translation adjustment — 4,758 — 4,758 Balance — July 3, 2021 $ (8,546) $ (5,279) $ — $ (13,825) Balance — December 28, 2019 $ (6,317) $ (14,654) $ — $ (20,971) Foreign currency translation adjustment — (5,413) — (5,413) Balance — June 27, 2020 $ (6,317) $ (20,067) $ — $ (26,384)

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION6 Months Ended
Jul. 03, 2021
Schedule Of Cash Flow Supplemental [Line Items]
SUPPLEMENTAL CASH FLOW INFORMATIONSUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information is as follows: Six months ended July 3, 2021 June 27, 2020 Cash payments: Interest $ 41,023 $ 49,569 Payments for income taxes, net 5,579 738 Operating cash payments on operating leases 2,482 5,343 Operating cash payments on finance leases 563 1,599 Finance cash payments on finance leases 4,219 7,193 Non cash financing activities: Right of use assets obtained in exchange for operating lease obligations $ 2,348 $ 2,535 Right of use assets obtained in exchange for finance leases obligations — 10,426 Exchange of LP Units to shares of Class A common stock 33,981 4,648
Summit Materials, LLC
Schedule Of Cash Flow Supplemental [Line Items]
SUPPLEMENTAL CASH FLOW INFORMATIONSUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information is as follows: Six months ended July 3, 2021 June 27, 2020 Cash payments: Interest $ 41,023 $ 49,569 Payments for income taxes, net 5,579 738 Operating cash payments on operating leases 2,482 5,343 Operating cash payments on finance leases 563 1,599 Finance cash payments on finance leases 4,219 7,193 Non cash financing activities: Right of use assets obtained in exchange for operating lease obligations $ 2,348 $ 2,535 Right of use assets obtained in exchange for finance leases obligations — 10,426

LEASES

LEASES6 Months Ended
Jul. 03, 2021
Lessee, Lease, Description [Line Items]
LEASESLEASES 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 ASU 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 Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 1,693 $ 2,491 $ 3,420 $ 5,098 Variable lease cost 101 106 173 163 Short-term lease cost 10,843 10,414 18,144 19,034 Financing lease cost: Amortization of right-of-use assets 2,617 3,129 5,667 5,868 Interest on lease liabilities 557 778 1,214 1,549 Total lease cost $ 15,811 $ 16,918 $ 28,618 $ 31,712 July 3, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 28,164 $ 28,543 Current operating lease liabilities $ 7,019 $ 8,188 Noncurrent operating lease liabilities 22,316 21,500 Total operating lease liabilities $ 29,335 $ 29,688 Finance leases: Property and equipment, gross $ 72,429 $ 92,679 Less accumulated depreciation (28,482) (32,828) Property and equipment, net $ 43,947 $ 59,851 Current finance lease liabilities $ 19,361 $ 24,601 Long-term finance lease liabilities 21,085 31,727 Total finance lease liabilities $ 40,446 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.3 8.5 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.5 % Finance lease 5.2 % 5.4 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 (six months) $ 4,401 $ 9,257 2022 7,035 18,669 2023 5,486 7,352 2024 3,456 3,207 2025 2,334 2,580 2026 2,014 988 Thereafter 12,809 1,843 Total lease payments 37,535 43,896 Less imputed interest (8,200) (3,450) Present value of lease payments $ 29,335 $ 40,446
LEASESLEASES 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 ASU 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 Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 1,693 $ 2,491 $ 3,420 $ 5,098 Variable lease cost 101 106 173 163 Short-term lease cost 10,843 10,414 18,144 19,034 Financing lease cost: Amortization of right-of-use assets 2,617 3,129 5,667 5,868 Interest on lease liabilities 557 778 1,214 1,549 Total lease cost $ 15,811 $ 16,918 $ 28,618 $ 31,712 July 3, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 28,164 $ 28,543 Current operating lease liabilities $ 7,019 $ 8,188 Noncurrent operating lease liabilities 22,316 21,500 Total operating lease liabilities $ 29,335 $ 29,688 Finance leases: Property and equipment, gross $ 72,429 $ 92,679 Less accumulated depreciation (28,482) (32,828) Property and equipment, net $ 43,947 $ 59,851 Current finance lease liabilities $ 19,361 $ 24,601 Long-term finance lease liabilities 21,085 31,727 Total finance lease liabilities $ 40,446 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.3 8.5 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.5 % Finance lease 5.2 % 5.4 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 (six months) $ 4,401 $ 9,257 2022 7,035 18,669 2023 5,486 7,352 2024 3,456 3,207 2025 2,334 2,580 2026 2,014 988 Thereafter 12,809 1,843 Total lease payments 37,535 43,896 Less imputed interest (8,200) (3,450) Present value of lease payments $ 29,335 $ 40,446
Summit Materials, LLC
Lessee, Lease, Description [Line Items]
LEASESLEASES 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 ASU 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 Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 1,693 $ 2,491 $ 3,420 $ 5,098 Variable lease cost 101 106 173 163 Short-term lease cost 10,843 10,414 18,144 19,034 Financing lease cost: Amortization of right-of-use assets 2,617 3,129 5,667 5,868 Interest on lease liabilities 557 778 1,214 1,549 Total lease cost $ 15,811 $ 16,918 $ 28,618 $ 31,712 July 3, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 28,164 $ 28,543 Current operating lease liabilities $ 7,019 $ 8,188 Noncurrent operating lease liabilities 22,316 21,500 Total operating lease liabilities $ 29,335 $ 29,688 Finance leases: Property and equipment, gross $ 72,429 $ 92,679 Less accumulated depreciation (28,482) (32,828) Property and equipment, net $ 43,947 $ 59,851 Current finance lease liabilities $ 19,361 $ 24,601 Long-term finance lease liabilities 21,085 31,727 Total finance lease liabilities $ 40,446 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.3 8.5 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.5 % Finance lease 5.2 % 5.4 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 (six months) $ 4,401 $ 9,257 2022 7,035 18,669 2023 5,486 7,352 2024 3,456 3,207 2025 2,334 2,580 2026 2,014 988 Thereafter 12,809 1,843 Total lease payments 37,535 43,896 Less imputed interest (8,200) (3,450) Present value of lease payments $ 29,335 $ 40,446
LEASESLEASES 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 ASU 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 Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 1,693 $ 2,491 $ 3,420 $ 5,098 Variable lease cost 101 106 173 163 Short-term lease cost 10,843 10,414 18,144 19,034 Financing lease cost: Amortization of right-of-use assets 2,617 3,129 5,667 5,868 Interest on lease liabilities 557 778 1,214 1,549 Total lease cost $ 15,811 $ 16,918 $ 28,618 $ 31,712 July 3, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 28,164 $ 28,543 Current operating lease liabilities $ 7,019 $ 8,188 Noncurrent operating lease liabilities 22,316 21,500 Total operating lease liabilities $ 29,335 $ 29,688 Finance leases: Property and equipment, gross $ 72,429 $ 92,679 Less accumulated depreciation (28,482) (32,828) Property and equipment, net $ 43,947 $ 59,851 Current finance lease liabilities $ 19,361 $ 24,601 Long-term finance lease liabilities 21,085 31,727 Total finance lease liabilities $ 40,446 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.3 8.5 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.5 % Finance lease 5.2 % 5.4 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 (six months) $ 4,401 $ 9,257 2022 7,035 18,669 2023 5,486 7,352 2024 3,456 3,207 2025 2,334 2,580 2026 2,014 988 Thereafter 12,809 1,843 Total lease payments 37,535 43,896 Less imputed interest (8,200) (3,450) Present value of lease payments $ 29,335 $ 40,446

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES6 Months Ended
Jul. 03, 2021
Loss Contingencies [Line Items]
COMMITMENTS AND CONTINGENCIESCOMMITMENTS AND CONTINGENCIES The Company is party to certain legal actions arising from the ordinary course of business activities. Accruals are recorded when the outcome is probable and can be reasonably estimated. While the ultimate results of claims and litigation cannot be predicted with certainty, management expects that the ultimate resolution of all current pending or threatened claims and litigation will not have a material effect on the Company’s consolidated financial position, results of operations or liquidity. The Company records legal fees as incurred. In March 2018, we were notified of an investigation by the Canadian Competition Bureau (the “CCB”) into pricing practices by certain asphalt paving contractors in British Columbia, including Winvan Paving, Ltd. (“Winvan”). We believe the investigation is focused on time periods prior to our April 2017 acquisition of Winvan and we are cooperating with the CCB. Although we currently do not believe this matter will have a material adverse effect on our business, financial condition or results of operations, we are currently not able to predict the ultimate outcome or cost of the investigation. Environmental Remediation and Site Restoration —The Company’s operations are subject to and affected by federal, state, provincial and local laws and regulations relating to the environment, health and safety and other regulatory matters. These operations require environmental operating permits, which are subject to modification, renewal and revocation. The Company regularly monitors and reviews its operations, procedures and policies for compliance with these laws and regulations. Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Company’s business, as it is with other companies engaged in similar businesses and there can be no assurance that environmental liabilities or noncompliance will not have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity. The Company has asset retirement obligations arising from regulatory and contractual requirements to perform reclamation activities at the time certain quarries and landfills are closed. As of July 3, 2021 and January 2, 2021, $32.5 million and $33.6 million, respectively, were included in other noncurrent liabilities on the consolidated balance sheets and $11.0 million and $10.0 million, respectively, were included in accrued expenses for future reclamation costs. The total undiscounted anticipated costs for site reclamation as of July 3, 2021 and January 2, 2021 were $110.1 million and $112.8 million, respectively. Other —The Company is obligated under various firm purchase commitments for certain raw materials and services that are in the ordinary course of business. Management does not expect any significant changes in the market value of these goods and services during the commitment period that would have a material adverse effect on the financial condition, results of operations and cash flows of the Company. The terms of the purchase commitments generally approximate one year.
Summit Materials, LLC
Loss Contingencies [Line Items]
COMMITMENTS AND CONTINGENCIESCOMMITMENTS AND CONTINGENCIES The Company is party to certain legal actions arising from the ordinary course of business activities. Accruals are recorded when the outcome is probable and can be reasonably estimated. While the ultimate results of claims and litigation cannot be predicted with certainty, management expects that the ultimate resolution of all current pending or threatened claims and litigation will not have a material effect on the Company’s consolidated financial position, results of operations or liquidity. The Company records legal fees as incurred. In March 2018, we were notified of an investigation by the Canadian Competition Bureau (the “CCB”) into pricing practices by certain asphalt paving contractors in British Columbia, including Winvan Paving, Ltd. (“Winvan”). We believe the investigation is focused on time periods prior to our April 2017 acquisition of Winvan and we are cooperating with the CCB. Although we currently do not believe this matter will have a material adverse effect on our business, financial condition or results of operations, we are currently not able to predict the ultimate outcome or cost of the investigation. Environmental Remediation and Site Restoration —The Company’s operations are subject to and affected by federal, state, provincial and local laws and regulations relating to the environment, health and safety and other regulatory matters. These operations require environmental operating permits, which are subject to modification, renewal and revocation. The Company regularly monitors and reviews its operations, procedures and policies for compliance with these laws and regulations. Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Company’s business, as it is with other companies engaged in similar businesses and there can be no assurance that environmental liabilities or noncompliance will not have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity. The Company has asset retirement obligations arising from regulatory and contractual requirements to perform reclamation activities at the time certain quarries and landfills are closed. As of July 3, 2021 and January 2, 2021, $32.5 million and $33.6 million, respectively, were included in other noncurrent liabilities on the consolidated balance sheets and $11.0 million and $10.0 million, respectively, were included in accrued expenses for future reclamation costs. The total undiscounted anticipated costs for site reclamation as of July 3, 2021 and January 2, 2021 were $110.1 million and $112.8 million, respectively. Other —The Company is obligated under various firm purchase commitments for certain raw materials and services that are in the ordinary course of business. Management does not expect any significant changes in the market value of these goods and services during the commitment period that would have a material adverse effect on the financial condition, results of operations and cash flows of the Company. The terms of the purchase commitments generally approximate one year.

FAIR VALUE

FAIR VALUE6 Months Ended
Jul. 03, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
FAIR VALUEFAIR VALUE Fair Value Measurements— Certain acquisitions made by the Company require the payment of contingent amounts of purchase consideration. These payments are contingent on specified operating results being achieved in periods subsequent to the acquisition and will only be made if earn-out thresholds are achieved. Contingent consideration obligations are measured at fair value each reporting period. Any adjustments to fair value are recognized in earnings in the period identified. The fair value of contingent consideration as of July 3, 2021 and January 2, 2021 was: July 3, 2021 January 2, 2021 Current portion of acquisition-related liabilities and Accrued expenses: Contingent consideration $ 554 $ 654 Acquisition-related liabilities and Other noncurrent liabilities: Contingent consideration $ 1,160 $ 1,209 The fair value of contingent consideration was based on unobservable, or Level 3, inputs, including projected probability-weighted cash payments and a 9.5% discount rate, which reflects a market discount rate. Changes in fair value may occur as a result of a change in actual or projected cash payments, the probability weightings applied by the Company to projected payments or a change in the discount rate. Significant increases or decreases in any of these inputs in isolation could result in a lower, or higher, fair value measurement. There were no material valuation adjustments to contingent consideration as of July 3, 2021 and June 27, 2020. Financial Instruments —The Company’s financial instruments include debt and certain acquisition-related liabilities (deferred consideration and noncompete obligations). The carrying value and fair value of these financial instruments as of July 3, 2021 and January 2, 2021 was: July 3, 2021 January 2, 2021 Fair Value Carrying Value Fair Value Carrying Value Level 1 Long-term debt(1) $ 1,973,479 $ 1,912,362 $ 1,971,087 $ 1,915,425 Level 3 Current portion of deferred consideration and noncompete obligations(2) 12,965 12,965 9,611 9,611 Long term portion of deferred consideration and noncompete obligations(3) 31,655 31,655 11,037 11,037 (1) $6.4 million was included in current portion of debt as of July 3, 2021 and January 2, 2021. (2) Included in current portion of acquisition-related liabilities on the consolidated balance sheets. (3) Included in acquisition-related liabilities on the consolidated balance sheets. The fair value of debt was determined based on observable, or Level 2, inputs, such as interest rates, bond yields and quoted prices in inactive markets. The fair values of the deferred consideration and noncompete obligations were determined based on unobservable, or Level 3, inputs, including the cash payment terms in the purchase agreements and a discount rate reflecting the Company’s credit risk. The discount rate used is generally consistent with that used when the obligations were initially recorded. Securities with a maturity of three months or less are considered cash equivalents and the fair value of these assets approximates their carrying value.
Summit Materials, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
FAIR VALUEFAIR VALUE Fair Value Measurements— Certain acquisitions made by the Company require the payment of contingent amounts of purchase consideration. These payments are contingent on specified operating results being achieved in periods subsequent to the acquisition and will only be made if earn-out thresholds are achieved. Contingent consideration obligations are measured at fair value each reporting period. Any adjustments to fair value are recognized in earnings in the period identified. The fair value of contingent consideration as of July 3, 2021 and January 2, 2021 was: July 3, 2021 January 2, 2021 Current portion of acquisition-related liabilities and Accrued expenses: Contingent consideration $ 554 $ 654 Acquisition-related liabilities and Other noncurrent liabilities: Contingent consideration $ 1,160 $ 1,209 The fair value of contingent consideration was based on unobservable, or Level 3, inputs, including projected probability-weighted cash payments and a 9.5% discount rate, which reflects a market discount rate. Changes in fair value may occur as a result of a change in actual or projected cash payments, the probability weightings applied by the Company to projected payments or a change in the discount rate. Significant increases or decreases in any of these inputs in isolation could result in a lower, or higher, fair value measurement. There were no material valuation adjustments to contingent consideration as of July 3, 2021 and June 27, 2020. Financial Instruments —The Company’s financial instruments include debt and certain acquisition-related liabilities (deferred consideration and noncompete obligations). The carrying value and fair value of these financial instruments as of July 3, 2021 and January 2, 2021 was: July 3, 2021 January 2, 2021 Fair Value Carrying Value Fair Value Carrying Value Level 1 Long-term debt(1) $ 1,973,479 $ 1,912,362 $ 1,971,087 $ 1,915,425 Level 3 Current portion of deferred consideration and noncompete obligations(2) 12,965 12,965 7,173 7,173 Long term portion of deferred consideration and noncompete obligations(3) 31,655 31,655 11,037 11,037 (1) $6.4 million was included in current portion of debt as of July 3, 2021 and January 2, 2021. (2) Included in current portion of acquisition-related liabilities on the consolidated balance sheets. (3) Included in acquisition-related liabilities on the consolidated balance sheets. The fair value of debt was determined based on observable, or Level 2, inputs, such as interest rates, bond yields and quoted prices in inactive markets. The fair values of the deferred consideration and noncompete obligations were determined based on unobservable, or Level 3, inputs, including the cash payment terms in the purchase agreements and a discount rate reflecting the Company’s credit risk. The discount rate used is generally consistent with that used when the obligations were initially recorded. Securities with a maturity of three months or less are considered cash equivalents and the fair value of these assets approximates their carrying value.

SEGMENT INFORMATION

SEGMENT INFORMATION6 Months Ended
Jul. 03, 2021
Segment Reporting Information [Line Items]
SEGMENT INFORMATIONSEGMENT INFORMATION The Company has three operating segments: West, East and Cement, which are its reporting segments. These segments are consistent with the Company’s management reporting structure. The operating results of each segment are regularly reviewed and evaluated by the Chief Executive Officer, our Company’s Chief Operating Decision Maker (“CODM”). The CODM primarily evaluates the performance of the Company’s segments and allocates resources to them based on a segment profit metric that we call Adjusted EBITDA, which is computed as earnings from operations before interest, taxes, depreciation, depletion, amortization, accretion, and share-based compensation, as well as various other non-recurring, non-cash amounts. Beginning with the first quarter of 2021, the Company no longer adjusts for transaction costs, as those costs are recurring cash payments, and are included in general and administrative expenses. The West and East segments have several subsidiaries that are engaged in various activities including quarry mining, aggregate production and contracting. The Cement segment is engaged in the production of Portland cement. Assets employed by each segment include assets directly identified with those operations. Corporate assets consist primarily of cash, property, plant and equipment for corporate operations and other assets not directly identifiable with a reportable business segment. The accounting policies applicable to each segment are consistent with those used in the consolidated financial statements. The following tables display selected financial data for the Company’s reportable business segments as of July 3, 2021 and January 2, 2021 and for the three and six months ended July 3, 2021 and June 27, 2020: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Revenue*: West $ 337,968 $ 332,481 $ 589,101 $ 528,706 East 244,127 222,866 380,169 355,906 Cement 85,822 75,662 126,491 113,587 Total revenue $ 667,917 $ 631,009 $ 1,095,761 $ 998,199 *Intercompany sales are immaterial and the presentation above only reflects sales to external customers. Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Income from operations before taxes $ 76,166 $ 76,068 $ 47,478 $ 6,441 Interest expense 24,216 25,608 48,402 53,426 Depreciation, depletion and amortization 57,523 53,347 113,093 104,548 Accretion 710 581 1,476 1,158 Loss (gain) on sale of businesses 236 — (15,432) — Non-cash compensation 4,827 4,892 10,190 9,797 Other 114 (583) 319 204 Total Adjusted EBITDA $ 163,792 $ 159,913 $ 205,526 $ 175,574 Total Adjusted EBITDA by Segment: West $ 78,771 $ 78,943 $ 119,419 $ 101,411 East 57,284 53,384 69,029 62,957 Cement 39,422 35,647 41,921 28,086 Corporate and other (11,685) (8,061) (24,843) (16,880) Total Adjusted EBITDA $ 163,792 $ 159,913 $ 205,526 $ 175,574 Six months ended July 3, 2021 June 27, 2020 Purchases of property, plant and equipment West $ 66,545 $ 32,514 East 55,991 62,697 Cement 9,762 9,556 Total reportable segments 132,298 104,767 Corporate and other 425 957 Total purchases of property, plant and equipment $ 132,723 $ 105,724 Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Depreciation, depletion, amortization and accretion: West $ 25,351 $ 22,165 $ 50,491 $ 43,965 East 21,554 21,394 43,497 42,490 Cement 10,227 9,377 18,376 17,270 Total reportable segments 57,132 52,936 112,364 103,725 Corporate and other 1,101 992 2,205 1,981 Total depreciation, depletion, amortization and accretion $ 58,233 $ 53,928 $ 114,569 $ 105,706 July 3, 2021 January 2, 2021 Total assets: West $ 1,571,730 $ 1,503,382 East 1,317,027 1,303,742 Cement 868,962 850,835 Total reportable segments 3,757,719 3,657,959 Corporate and other 694,666 650,052 Total $ 4,452,385 $ 4,308,011
Summit Materials, LLC
Segment Reporting Information [Line Items]
SEGMENT INFORMATIONSEGMENT INFORMATION The Company has three operating segments: West, East and Cement, which are its reporting segments. These segments are consistent with the Company’s management reporting structure. The operating results of each segment are regularly reviewed and evaluated by the Chief Executive Officer, our Company’s Chief Operating Decision Maker (“CODM”). The CODM primarily evaluates the performance of the Company’s segments and allocates resources to them based on a segment profit metric that we call Adjusted EBITDA, which is computed as earnings from operations before interest, taxes, depreciation, depletion, amortization, accretion and share-based compensation, as well as various other non-recurring, non-cash amounts. Beginning with the first quarter of 2021, the Company no longer adjusts for transaction costs, as those costs are recurring cash payments, and are included in general and administrative expenses. The West and East segments have several subsidiaries that are engaged in various activities including quarry mining, aggregate production and contracting. The Cement segment is engaged in the production of Portland cement. Assets employed by each segment include assets directly identified with those operations. Corporate assets consist primarily of cash, property, plant and equipment for corporate operations and other assets not directly identifiable with a reportable business segment. The accounting policies applicable to each segment are consistent with those used in the consolidated financial statements. The following tables display selected financial data for the Company’s reportable business segments as of July 3, 2021 and January 2, 2021 and for the three and six months ended July 3, 2021 and June 27, 2020: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Revenue*: West $ 337,968 $ 332,481 $ 589,101 $ 528,706 East 244,127 222,866 380,169 355,906 Cement 85,822 75,662 126,491 113,587 Total revenue $ 667,917 $ 631,009 $ 1,095,761 $ 998,199 *Intercompany sales are immaterial and the presentation above only reflects sales to external customers. Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 2021 2020 2021 2020 Income from operations before taxes $ 76,166 $ 76,130 $ 47,540 $ 6,621 Interest expense 24,216 25,546 48,340 53,246 Depreciation, depletion and amortization 57,523 53,347 113,093 104,548 Accretion 710 581 1,476 1,158 Loss (gain) on sale of businesses 236 — (15,432) — Non-cash compensation 4,827 4,892 10,190 9,797 Other 114 (583) 319 204 Total Adjusted EBITDA $ 163,792 $ 159,913 $ 205,526 $ 175,574 Total Adjusted EBITDA by Segment: West $ 78,771 $ 78,943 $ 119,419 $ 101,411 East 57,284 53,384 69,029 62,957 Cement 39,422 35,647 41,921 28,086 Corporate and other (11,685) (8,061) (24,843) (16,880) Total Adjusted EBITDA $ 163,792 $ 159,913 $ 205,526 $ 175,574 Six months ended July 3, 2021 June 27, 2020 Purchases of property, plant and equipment West $ 66,545 $ 32,514 East 55,991 62,697 Cement 9,762 9,556 Total reportable segments 132,298 104,767 Corporate and other 425 957 Total purchases of property, plant and equipment $ 132,723 $ 105,724 Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Depreciation, depletion, amortization and accretion: West $ 25,351 $ 22,165 $ 50,491 $ 43,965 East 21,554 21,394 43,497 42,490 Cement 10,227 9,377 18,376 17,270 Total reportable segments 57,132 52,936 112,364 103,725 Corporate and other 1,101 992 2,205 1,981 Total depreciation, depletion, amortization and accretion $ 58,233 $ 53,928 $ 114,569 $ 105,706 July 3, 2021 January 2, 2021 Total assets: West $ 1,571,730 $ 1,503,382 East 1,317,027 1,303,742 Cement 868,962 850,835 Total reportable segments 3,757,719 3,657,959 Corporate and other 468,944 419,175 Total $ 4,226,663 $ 4,077,134

GUARANTOR AND NON-GUARANTOR FIN

GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION6 Months Ended
Jul. 03, 2021
Summit Materials, LLC
Guarantor and Non-Guarantor Financial InformationGUARANTOR 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 receivables 388,109 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 assets 3,077 10,258 1,936 — 15,271 Total current assets 843,152 1,972,242 49,798 (1,837,275) 1,027,917 Property, plant and equipment, net 7,262 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 assets 2,082 20,806 5,276 — 28,164 Other assets 4,179,481 216,667 392 (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 payable 2,366 139,489 11,046 (5) 152,896 Accrued expenses 56,504 94,416 2,338 (2,874) 150,384 Current operating lease liabilities 949 5,276 794 — 7,019 Intercompany payables 1,318,610 507,536 8,250 (1,834,396) — Billings in excess of costs and estimated earnings — 11,823 701 — 12,524 Total current liabilities 1,384,783 772,059 23,129 (1,837,275) 342,696 Long-term debt 1,890,697 — — — 1,890,697 Acquisition-related liabilities — 32,815 — — 32,815 Noncurrent operating lease liabilities 2,082 15,886 4,348 — 22,316 Other noncurrent liabilities 5,824 228,532 119,613 (164,421) 189,548 Total liabilities 3,283,386 1,049,292 147,090 (2,001,696) 2,478,072 Total members' interest 1,748,591 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, net 4 230,199 24,384 109 254,696 Intercompany receivables 404,459 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 assets 2,840 6,797 1,791 — 11,428 Total current assets 808,377 1,751,497 44,689 (1,711,284) 893,279 Property, plant and equipment, net 9,410 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 assets 2,615 21,880 4,048 — 28,543 Other assets 4,022,729 207,699 493 (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 payable 3,889 108,805 8,619 109 121,422 Accrued expenses 54,108 106,320 4,014 (3,641) 160,801 Current operating lease liabilities 913 6,114 1,161 — 8,188 Intercompany payables 1,215,043 485,401 7,308 (1,707,752) — Billings in excess of costs and estimated earnings — 15,508 991 — 16,499 Total current liabilities 1,280,307 729,975 22,093 (1,711,284) 321,091 Long-term debt 1,892,347 — — — 1,892,347 Acquisition-related liabilities — 12,246 — — 12,246 Noncurrent operating lease liabilities 2,567 16,062 2,871 — 21,500 Other noncurrent liabilities 5,142 208,540 117,921 (164,421) 167,182 Total liabilities 3,180,363 966,823 142,885 (1,875,705) 2,414,366 Total members' interest 1,662,768 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- Issuers Guarantors Guarantors Eliminations Consolidated 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 expenses 16,591 29,747 (293) — 46,045 Depreciation, depletion, amortization and accretion 1,100 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 taxes 70,903 124,064 4,371 (123,172) 76,166 Income tax expense 1,088 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 expenses 35,183 59,595 1,140 — 95,918 Depreciation, depletion, amortization and accretion 2,205 106,702 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 taxes 43,477 147,655 5,070 (148,662) 47,540 Income tax expense 1,452 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- Issuers Guarantors Guarantors Eliminations Consolidated 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 expenses 13,179 23,120 1,214 — 37,513 Depreciation, depletion, amortization and accretion 991 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 taxes 70,455 117,088 3,753 (115,166) 76,130 Income tax expense 438 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 Guarantors Eliminations Consolidated 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 expenses 27,008 47,331 2,943 — 77,282 Depreciation, depletion, amortization and accretion 1,981 101,155 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 taxes 7,130 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 Guarantors Eliminations Consolidated 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 member 28,993 2,773 — — 31,766 Loans received from and payments made on loans from other Summit Companies 97,208 (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 activities 120,107 (113,128) (2,208) 767 5,538 Impact of cash on foreign currency — — 293 — 293 Net increase (decrease) in cash 50,892 (5,769) 5,026 767 50,916 Cash — Beginning of period 401,074 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 Guarantors Eliminations Consolidated 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 member 310 — — — 310 Loans received from and payments made on loans from other Summit Companies 17,825 (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 activities 11,636 (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 period 302,474 5,488 9,834 (6,477) 311,319 Cash — End of period $ 244,668 $ 3,447 $ 11,631 $ (6,339) $ 253,407

SUMMARY OF ORGANIZATION AND S_2

SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - (Policies)6 Months Ended
Jul. 03, 2021
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items]
Basis of PresentationBasis of Presentation —These unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto as of and for the year ended January 2, 2021. The Company continues to follow the accounting policies set forth in those audited consolidated financial statements. Management believes that these consolidated interim financial statements include all adjustments, normal and recurring in nature, that are necessary to present fairly the financial position of the Company as of July 3, 2021, the results of operations for the three and six months ended July 3, 2021 and June 27, 2020 and cash flows for the six months ended July 3, 2021 and June 27, 2020.
Principles of ConsolidationPrinciples of Consolidation —The consolidated financial statements include the accounts of Summit Inc. and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated. For a summary of the changes in Summit Inc.’s ownership of Summit Holdings, see Note 9, Stockholders’ Equity.
Use of EstimatesUse of Estimates —Preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, valuation of deferred tax assets, goodwill, intangibles and other long-lived assets, tax receivable agreement ("TRA") liability, pension and other postretirement obligations and asset retirement obligations. Estimates also include revenue earned on contracts and costs to complete contracts. Most of the Company’s paving and related services are performed under fixed unit-price contracts with state and local governmental entities. Management regularly evaluates its estimates and assumptions based on historical experience and other factors, including the current economic environment. As future events and their effects cannot be determined with precision, actual results can differ significantly from estimates made. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the Company’s consolidated financial statements when the change in estimate occurs.
Business and Credit ConcentrationsBusiness and Credit Concentrations— The Company’s operations are conducted primarily across 21 U.S. states and in British Columbia, Canada, with the most significant revenue generated in Texas, Utah, Kansas and Missouri. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers, and management does not believe that a significant concentration of credit exists with respect to any individual customer or group of customers. No single customer accounted for more than 10% of the Company’s total revenue in the three and six months ended July 3, 2021 or June 27, 2020.
Revenue RecognitionRevenue Recognition— We earn revenue from the sale of products, which primarily include aggregates, cement, ready-mix concrete and asphalt, but also include concrete products, and from the provision of services, which are primarily paving and related services. Products: Revenue for product sales is recognized when evidence of an arrangement exists and when control passes, which generally is when the product is shipped. Services: We earn revenue from the provision of services, which are primarily paving and related services, which are typically calculated using monthly progress based on the percentage of completion or a customer’s engineer review of progress. The majority of our construction service contracts are completed within one year, but may occasionally extend beyond this time frame. The majority of our construction service contracts are for work that occurs mostly during the spring, summer and fall. We generally measure progress toward completion on long-term paving and related services contracts based on the proportion of costs incurred to date relative to total estimated costs at completion.
Earnings per ShareEarnings per Share— The Company computes basic earnings per share attributable to stockholders by dividing income attributable to Summit Inc. by the weighted-average shares of Class A common stock outstanding. Diluted earnings per share reflects the potential dilution beyond shares for basic earnings per share that could occur if securities or other contracts to issue common stock were exercised, converted into common stock, or resulted in the issuance of common stock that would have shared in the Company’s earnings. Since the Class B common stock has no economic value, those shares are not included in the weighted-average common share amount for basic or diluted earnings per share. In addition, as the shares of Class A common stock are issued by Summit Inc., the earnings and equity interests of noncontrolling interests are not included in basic earnings per share.
Prior Period ReclassificationsPrior Period Reclassifications — In the first half of 2021, we reclassified $29.4 million and $60.6 million of fixed overhead expenses related to production activities from general and administrative expenses to cost of revenue for the three and six months ended June 27, 2020, respectively, to conform to the current year presentation. In addition, we reclassified $2.2 million and $4.1 million of gain on sale of property, plant and equipment from general and administrative expenses to a separate line item included within operating loss, also to conform to the current year presentation. Lastly, we reclassified $0.3 million and $1.1 million of transaction costs from its own line item within operating income into general and administrative expenses for the three and six months ended June 27, 2020, respectively, to conform to the current year presentation. We believe these reclassifications enhance the comparability of our financial statements to others in the industry and had no material impact on previously reported operating income or Adjusted EBITDA, a non-GAAP measure described in Note 14, Segment Information, below.
New Accounting StandardsNew Accounting Standards — In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which reduces the accounting complexity of implementing a cloud computing service arrangement. The ASU aligns the capitalization of implementation costs among hosting arrangements and costs incurred to develop internal-use software. We adopted this ASU in the first quarter of 2020 and the adoption of this ASU did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework Changes to The Disclosure Requirements for Defined Benefits Plans , which
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 ASU 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.
Summit Materials, LLC
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items]
Basis of PresentationBasis of Presentation —These unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto as of and for the year ended January 2, 2021. The Company continues to follow the accounting policies set forth in those audited consolidated financial statements. Management believes that these consolidated interim financial statements include all adjustments, normal and recurring in nature, that are necessary to present fairly the financial position of the Company as of July 3, 2021, the results of operations for the three and six months ended July 3, 2021 and June 27, 2020 and cash flows for the six months ended July 3, 2021 and June 27, 2020.
Use of EstimatesUse of Estimates —Preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, valuation of deferred tax assets, goodwill, intangibles and other long-lived assets, pension and other postretirement obligations and asset retirement obligations. Estimates also include revenue earned on contracts and costs to complete contracts. Most of the Company’s paving and related services are performed under fixed unit-price contracts with state and local governmental entities. Management regularly evaluates its estimates and assumptions based on historical experience and other factors, including the current economic environment. As future events and their effects cannot be determined with precision, actual results can differ significantly from estimates made. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the Company’s consolidated financial statements when the change in estimate occurs.
Business and Credit ConcentrationsBusiness and Credit Concentrations— The Company’s operations are conducted primarily across 21 U.S. states and in British Columbia, Canada, with the most significant revenue generated in Texas, Utah, Kansas and Missouri. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers, and management does not believe that a significant concentration of credit exists with respect to any individual customer or group of customers. No single customer accounted for more than 10% of the Company’s total revenue in the three and six months ended July 3, 2021 or June 27, 2020.
Revenue RecognitionRevenue Recognition— We earn revenue from the sale of products, which primarily include aggregates, cement, ready-mix concrete and asphalt, but also include concrete products, and from the provision of services, which are primarily paving and related services. Products: Revenue for product sales is recognized when evidence of an arrangement exists and when control passes, which generally is when the product is shipped. Services: We earn revenue from the provision of services, which are primarily paving and related services, which are typically calculated using monthly progress based on the percentage of completion or a customer’s engineer review of progress. The majority of our construction service contracts are completed within one year, but may occasionally extend beyond this time frame. The majority of our construction service contracts are for work that occurs mostly during the spring, summer and fall. We generally measure progress toward completion on long-term paving and related services contracts based on the proportion of costs incurred to date relative to total estimated costs at completion. The percentage of completion method of accounting involves the use of various estimating techniques to project costs at completion, and in some cases includes estimates of recoveries asserted against the customer for changes in specifications or other disputes.
Prior Period ReclassificationsPrior Period Reclassifications —In the first half of 2021, we reclassified $29.4 million and $60.6 million of fixed overhead expenses related to production activities from general and administrative expenses to cost of revenue for the three and six months ended June 27, 2020, respectively, to conform to the current year presentation. In addition, we reclassified $2.2 million and $4.1 million of gain on sale of property, plant and equipment from general and administrative expenses to a separate line item included within operating loss, also to conform to the current year presentation. Lastly, we reclassified $0.3 million and $1.1 million of transaction costs from its own line item within operating income into general and administrative expenses for the three and six months ended June 27, 2020, respectively, to conform to the current year presentation. We believe these reclassifications enhance the comparability of our financial statements to others in the industry and had no material impact on previously reported operating income or Adjusted EBITDA, a non-GAAP measure described in Note 13, Segment Information, below.
New Accounting StandardsNew Accounting Standards— In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which reduces the accounting complexity of implementing a cloud computing service arrangement. The ASU aligns the capitalization of implementation costs among hosting arrangements and costs incurred to develop internal-use software. We adopted this ASU in the first quarter of 2020 and the adoption of this ASU did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework Changes to The Disclosure Requirements for Defined Benefits Plans, which modifies the disclosure requirements of employer-sponsored defined benefit and other postretirement benefits plans. The ASU is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. We adopted this ASU in the fourth quarter of 2020 and the adoption of this ASU did not have a material impact on the consolidated financial statements.
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 ASU No. 2016-2, Leases (Topic 842). Assets acquired under finance leases are included in property, plant and equipment.

ACQUISITIONS, DISPOSTIONS, GO_2

ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES - (Tables)6 Months Ended
Jul. 03, 2021
Business Acquisition [Line Items]
Schedule of Business Acquisitions, Number of Acquisitions by RegionThe following table summarizes the Company’s acquisitions by region and period: Six months ended Year ended July 3, 2021 January 2, 2021 West — 2 East 2 1
Schedule of Recognized Identified Assets Acquired and Liabilities AssumedThe following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates: Six months ended Year ended July 3, 2021 January 2, 2021 Financial assets $ — $ 8,696 Inventories 173 2,856 Property, plant and equipment 7,786 130,042 Intangible assets 702 — Other assets — 2,790 Financial liabilities (96) (4,469) Other long-term liabilities (145) (16,069) Net assets acquired 8,420 123,846 Goodwill — — Purchase price 8,420 123,846 Acquisition-related liabilities (1,149) — Other — (369) Net cash paid for acquisitions $ 7,271 $ 123,477
Goodwill by Reportable Segment and in TotalChanges in the carrying amount of goodwill, by reportable segment, from January 2, 2021 to July 3, 2021 are summarized as follows: West East Cement Total Balance—January 2, 2021 $ 586,209 $ 410,426 $ 204,656 $ 1,201,291 Dispositions (1) (16,222) (10,520) — (26,742) Foreign currency translation adjustments 1,802 — — 1,802 Balance—July 3, 2021 $ 571,789 $ 399,906 $ 204,656 $ 1,176,351 _______________________________________________________________________ (1) Reflects goodwill derecognition from dispositions completed during the six months ended July 3, 2021.
Intangible Assets by Type and in TotalThe following table shows intangible assets by type and in total: July 3, 2021 January 2, 2021 Gross Accumulated Net Gross Accumulated Net Operating permits $ 33,671 $ (1,876) $ 31,795 $ 33,671 $ (1,207) $ 32,464 Mineral leases 19,927 (8,143) 11,784 19,225 (7,571) 11,654 Reserve rights 25,586 (2,917) 22,669 6,234 (2,504) 3,730 Other 5,591 (430) 5,161 586 (582) 4 Total intangible assets $ 84,775 $ (13,366) $ 71,409 $ 59,716 $ (11,864) $ 47,852
Estimated Amortization Expense for Intangible Assets2021 (six months) $ 2,072 2022 4,152 2023 4,018 2024 3,923 2025 3,878 2026 3,734 Thereafter 49,632 Total $ 71,409
Summit Materials, LLC
Business Acquisition [Line Items]
Schedule of Business Acquisitions, Number of Acquisitions by RegionThe following table summarizes the Company’s acquisitions by region and period: Six months ended Year ended July 3, 2021 January 2, 2021 West — 2 East 2 1
Schedule of Recognized Identified Assets Acquired and Liabilities AssumedThe following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates: Six months ended Year ended July 3, 2021 January 2, 2021 Financial assets $ — $ 8,696 Inventories 173 2,856 Property, plant and equipment 7,786 130,042 Intangible assets 702 — Other assets — 2,790 Financial liabilities (96) (4,469) Other long-term liabilities (145) (16,069) Net assets acquired 8,420 123,846 Goodwill — — Purchase price 8,420 123,846 Acquisition-related liabilities (1,149) — Other — (369) Net cash paid for acquisitions $ 7,271 $ 123,477
Goodwill by Reportable Segment and in TotalChanges in the carrying amount of goodwill, by reportable segment, from January 2, 2021 to July 3, 2021 are summarized as follows: West East Cement Total Balance—January 2, 2021 $ 587,209 $ 410,426 $ 204,656 $ 1,202,291 Dispositions (1) (16,222) (10,520) — (26,742) Foreign currency translation adjustments 1,802 — — 1,802 Balance—July 3, 2021 $ 572,789 $ 399,906 $ 204,656 $ 1,177,351 _______________________________________________________________________ (1) Reflects goodwill derecognition from dispositions completed during the six months ended July 3, 2021.
Intangible Assets by Type and in TotalThe following table shows intangible assets by type and in total: July 3, 2021 January 2, 2021 Gross Accumulated Net Gross Accumulated Net Operating permits $ 33,671 $ (1,876) $ 31,795 $ 33,671 $ (1,207) $ 32,464 Mineral leases 19,927 (8,143) 11,784 19,225 (7,571) 11,654 Reserve rights 25,586 (2,917) 22,669 6,234 (2,504) 3,730 Other 5,591 (430) 5,161 586 (582) 4 Total intangible assets $ 84,775 $ (13,366) $ 71,409 $ 59,716 $ (11,864) $ 47,852
Estimated Amortization Expense for Intangible AssetsThe estimated amortization expense for the intangible assets for each of the five years subsequent to July 3, 2021 is as follows: 2021 (six months) $ 2,072 2022 4,152 2023 4,018 2024 3,923 2025 3,878 2026 3,734 Thereafter 49,632 Total $ 71,409 In the first half of 2021, as part of the Company's strategy to rationalize assets, the Company sold four businesses in the East segment and one in the West segment, resulting in cash proceeds of $103.6 million and a total gain on disposition of $15.4 million.

REVENUE RECOGNITION - (Tables)

REVENUE RECOGNITION - (Tables)6 Months Ended
Jul. 03, 2021
Revenue from External Customer [Line Items]
Revenue by ProductRevenue by product for the three and six months ended July 3, 2021 and June 27, 2020 is as follows: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Revenue by product*: Aggregates $ 153,496 $ 129,989 $ 270,884 $ 226,150 Cement 82,169 73,293 120,308 106,156 Ready-mix concrete 183,861 167,882 342,094 309,586 Asphalt 93,935 104,661 122,310 127,867 Paving and related services 102,080 110,829 145,295 144,255 Other 52,376 44,355 94,870 84,185 Total revenue $ 667,917 $ 631,009 $ 1,095,761 $ 998,199 *Revenue from liquid asphalt terminals is included in asphalt revenue.
Summary of Accounts Receivable, NetAccounts receivable, net consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Trade accounts receivable $ 258,192 $ 191,871 Construction contract receivables 47,672 47,179 Retention receivables 14,826 18,824 Receivables from related parties 434 1,339 Accounts receivable 321,124 259,213 Less: Allowance for doubtful accounts (4,509) (4,517) Accounts receivable, net $ 316,615 $ 254,696
Summit Materials, LLC
Revenue from External Customer [Line Items]
Revenue by ProductRevenue by product for the three and six months ended July 3, 2021 and June 27, 2020 is as follows: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Revenue by product*: Aggregates $ 153,496 $ 129,989 $ 270,884 $ 226,150 Cement 82,169 73,293 120,308 106,156 Ready-mix concrete 183,861 167,882 342,094 309,586 Asphalt 93,935 104,661 122,310 127,867 Paving and related services 102,080 110,829 145,295 144,255 Other 52,376 44,355 94,870 84,185 Total revenue $ 667,917 $ 631,009 $ 1,095,761 $ 998,199 *Revenue from liquid asphalt terminals is included in asphalt revenue.
Summary of Accounts Receivable, NetAccounts receivable, net consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Trade accounts receivable $ 258,192 $ 191,871 Construction contract receivables 47,672 47,179 Retention receivables 14,826 18,824 Receivables from related parties 434 1,339 Accounts receivable 321,124 259,213 Less: Allowance for doubtful accounts (4,509) (4,517) Accounts receivable, net $ 316,615 $ 254,696

INVENTORIES - (Tables)

INVENTORIES - (Tables)6 Months Ended
Jul. 03, 2021
Inventory [Line Items]
Components of InventoriesInventories consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Aggregate stockpiles $ 130,525 $ 137,938 Finished goods 36,296 32,993 Work in process 7,044 9,281 Raw materials 24,352 20,096 Total $ 198,217 $ 200,308
Summit Materials, LLC
Inventory [Line Items]
Components of InventoriesInventories consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Aggregate stockpiles $ 130,525 $ 137,938 Finished goods 36,296 32,993 Work in process 7,044 9,281 Raw materials 24,352 20,096 Total $ 198,217 $ 200,308

ACCRUED EXPENSES - (Tables)

ACCRUED EXPENSES - (Tables)6 Months Ended
Jul. 03, 2021
Schedule Of Accrued Expenses [Line Items]
Components of Accrued ExpensesAccrued expenses consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Interest $ 24,510 $ 21,860 Payroll and benefits 34,139 46,026 Finance lease obligations 19,361 24,601 Insurance 20,073 18,355 Non-income taxes 21,156 15,669 Deferred asset purchase payments 4,167 9,749 Professional fees 1,526 828 Other (1) 25,222 23,482 Total $ 150,154 $ 160,570 (1) Consists primarily of current portion of asset retirement obligations and miscellaneous accruals.
Summit Materials, LLC
Schedule Of Accrued Expenses [Line Items]
Components of Accrued ExpensesAccrued expenses consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Interest $ 24,510 $ 21,860 Payroll and benefits 34,139 46,026 Finance lease obligations 19,361 24,601 Insurance 20,073 18,355 Non-income taxes 21,386 15,900 Deferred asset purchase payments 4,167 9,749 Professional fees 1,526 828 Other (1) 25,222 23,482 Total $ 150,384 $ 160,801 _______________________________________________________________________ (1) Consists primarily of current portion of asset retirement obligations and miscellaneous accruals.

DEBT - (Tables)

DEBT - (Tables)6 Months Ended
Jul. 03, 2021
Debt Instrument [Line Items]
Schedule of DebtDebt consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Term Loan, due 2024: $613.1 million and $616.3 million, net of $0.8 million and $0.9 million discount at July 3, 2021 and January 2, 2021, respectively $ 612,362 $ 615,425 5 1 ⁄ 8 % Senior Notes, due 2025 300,000 300,000 6 1 ⁄ 2 % Senior Notes, due 2027 300,000 300,000 5 1 ⁄ 4 % Senior Notes, due 2029 700,000 700,000 Total 1,912,362 1,915,425 Current portion of long-term debt 6,354 6,354 Long-term debt $ 1,906,008 $ 1,909,071
Schedule of Contractual Payments of Long-Term DebtThe contractual payments of long-term debt, including current maturities, for the five years subsequent to July 3, 2021, are as follows: 2021 (six months) $ 3,177 2022 6,354 2023 6,354 2024 597,252 2025 300,000 2026 — Thereafter 1,000,000 Total 1,913,137 Less: Original issue net discount (775) Less: Capitalized loan costs (15,311) Total debt $ 1,897,051
Summary of Activity for Deferred Financing FeesThe following table presents the activity for the deferred financing fees for the six months ended July 3, 2021 and June 27, 2020: Deferred financing fees Balance—January 2, 2021 $ 18,367 Amortization (1,673) Balance—July 3, 2021 $ 16,694 Balance—December 28, 2019 $ 15,436 Amortization (1,665) Balance—June 27, 2020 $ 13,771
Summit Materials, LLC
Debt Instrument [Line Items]
Schedule of DebtDebt consisted of the following as of July 3, 2021 and January 2, 2021: July 3, 2021 January 2, 2021 Term Loan, due 2024: $613.1 million and $616.3 million, net of $0.8 million and $0.9 million discount at July 3, 2021 and January 2, 2021, respectively $ 612,362 $ 615,425 5 1/8 % Senior Notes, due 2025 300,000 300,000 6 1/2 % Senior Notes, due 2027 300,000 300,000 5 1/4 % Senior Notes, due 2029 700,000 700,000 Total 1,912,362 1,915,425 Current portion of long-term debt 6,354 6,354 Long-term debt $ 1,906,008 $ 1,909,071
Schedule of Contractual Payments of Long-Term DebtThe contractual payments of long-term debt, including current maturities, for the five years subsequent to July 3, 2021, are as follows: 2021 (six months) $ 3,177 2022 6,354 2023 6,354 2024 597,252 2025 300,000 2026 — Thereafter 1,000,000 Total 1,913,137 Less: Original issue net discount (775) Less: Capitalized loan costs (15,311) Total debt $ 1,897,051
Summary of Activity for Deferred Financing FeesThe following table presents the activity for the deferred financing fees for the six months ended July 3, 2021 and June 27, 2020: Deferred financing fees Balance—January 2, 2021 $ 18,367 Amortization (1,673) Balance—July 3, 2021 $ 16,694 Balance - December 28, 2019 $ 15,436 Amortization (1,665) Balance - June 27, 2020 $ 13,771

EARNINGS PER SHARE - (Tables)

EARNINGS PER SHARE - (Tables)6 Months Ended
Jul. 03, 2021
Earnings Per Share [Abstract]
Schedule of Basic Earnings Per ShareThe following table shows the calculation of basic and diluted earnings per share: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Net income attributable to Summit Inc. $ 56,659 $ 57,064 $ 34,142 $ 12,085 Weighted average shares of Class A stock outstanding Add: Nonvested restricted stock awards of retirement eligible shares 200,575 — 227,048 — Add: Weighted average shares of Class A stock outstanding 117,436,461 114,111,204 116,423,833 113,856,657 Weighted average basic shares outstanding 117,637,036 114,111,204 116,650,881 113,856,657 Basic earnings per share $ 0.48 $ 0.50 $ 0.29 $ 0.11 Diluted net income attributable to Summit Inc. $ 56,659 $ 57,064 $ 34,142 $ 12,085 Weighted average shares of Class A stock outstanding 117,436,461 114,111,204 116,423,833 113,856,657 Add: stock options 270,392 — 379,129 2,010 Add: warrants 15,270 — 18,539 — Add: restricted stock units 681,927 26,653 838,672 371,040 Add: performance stock units 181,348 — 171,853 22,561 Weighted average dilutive shares outstanding 118,585,398 114,137,857 117,832,026 114,252,268 Diluted earnings per share $ 0.48 $ 0.50 $ 0.29 $ 0.11
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per ShareExcluded from the above calculations were the shares noted below as they were antidilutive: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Antidilutive shares: LP Units 1,885,789 3,053,115 2,249,499 3,103,672 Time-vesting stock options — 2,107,359 — — Warrants — 100,037 — 100,037 Time-vesting restricted stock units — — — — Market-based restricted stock units — 446,670 — —

STOCKHOLDERS' EQUITY_MEMBERS'_2

STOCKHOLDERS' EQUITY/MEMBERS' INTEREST - (Tables)6 Months Ended
Jul. 03, 2021
Schedule of Capitalization, Equity [Line Items]
Schedule of changes in ownership of Summit HoldingsThe following table summarizes the changes in our ownership of Summit Holdings: Summit Inc. LP Units Total Summit Inc. Balance — January 2, 2021 114,390,595 2,873,170 117,263,765 97.5 % Exchanges during period 1,157,334 (1,157,334) — Stock option exercises 1,710,818 — 1,710,818 Other equity transactions 697,141 — 697,141 Balance — July 3, 2021 117,955,888 1,715,836 119,671,724 98.6 % Balance — December 28, 2019 113,309,385 3,249,657 116,559,042 97.2 % Exchanges during period 196,542 (196,542) — Stock option exercises 13,335 — 13,335 Other equity transactions 592,686 — 592,686 Balance — June 27, 2020 114,111,948 3,053,115 117,165,063 97.4 %
Schedule of Changes in Each Component of Accumulated Other Comprehensive Income (Loss)The changes in each component of accumulated other comprehensive income (loss) consisted of the following: Change in Foreign currency Accumulated Balance — January 2, 2021 $ 533 $ 4,670 $ 5,203 Foreign currency translation adjustment, net of tax — 3,663 3,663 Balance — July 3, 2021 $ 533 $ 8,333 $ 8,866 Balance — December 28, 2019 $ 2,171 $ 1,277 $ 3,448 Foreign currency translation adjustment, net of tax — (3,945) (3,945) Balance — June 27, 2020 $ 2,171 $ (2,668) $ (497)
Summit Materials, LLC
Schedule of Capitalization, Equity [Line Items]
Schedule of Changes in Each Component of Accumulated Other Comprehensive Income (Loss)The changes in each component of accumulated other comprehensive income (loss) consisted of the following: Accumulated Foreign currency other Change in translation Cash flow hedge comprehensive retirement plans adjustments adjustments (loss) income Balance — January 2, 2021 $ (8,546) $ (10,037) $ — $ (18,583) Foreign currency translation adjustment — 4,758 — 4,758 Balance — July 3, 2021 $ (8,546) $ (5,279) $ — $ (13,825) Balance — December 28, 2019 $ (6,317) $ (14,654) $ — $ (20,971) Foreign currency translation adjustment — (5,413) — (5,413) Balance — June 27, 2020 $ (6,317) $ (20,067) $ — $ (26,384)

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION - (Tables)6 Months Ended
Jul. 03, 2021
Schedule Of Cash Flow Supplemental [Line Items]
Schedule of Supplemental Cash Flow InformationSupplemental cash flow information is as follows: Six months ended July 3, 2021 June 27, 2020 Cash payments: Interest $ 41,023 $ 49,569 Payments for income taxes, net 5,579 738 Operating cash payments on operating leases 2,482 5,343 Operating cash payments on finance leases 563 1,599 Finance cash payments on finance leases 4,219 7,193 Non cash financing activities: Right of use assets obtained in exchange for operating lease obligations $ 2,348 $ 2,535 Right of use assets obtained in exchange for finance leases obligations — 10,426 Exchange of LP Units to shares of Class A common stock 33,981 4,648
Summit Materials, LLC
Schedule Of Cash Flow Supplemental [Line Items]
Schedule of Supplemental Cash Flow InformationSupplemental cash flow information is as follows: Six months ended July 3, 2021 June 27, 2020 Cash payments: Interest $ 41,023 $ 49,569 Payments for income taxes, net 5,579 738 Operating cash payments on operating leases 2,482 5,343 Operating cash payments on finance leases 563 1,599 Finance cash payments on finance leases 4,219 7,193 Non cash financing activities: Right of use assets obtained in exchange for operating lease obligations $ 2,348 $ 2,535 Right of use assets obtained in exchange for finance leases obligations — 10,426

LEASES - (Tables)

LEASES - (Tables)6 Months Ended
Jul. 03, 2021
Lessee, Lease, Description [Line Items]
Schedule of Lease CostThe components of lease expense were as follows: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 1,693 $ 2,491 $ 3,420 $ 5,098 Variable lease cost 101 106 173 163 Short-term lease cost 10,843 10,414 18,144 19,034 Financing lease cost: Amortization of right-of-use assets 2,617 3,129 5,667 5,868 Interest on lease liabilities 557 778 1,214 1,549 Total lease cost $ 15,811 $ 16,918 $ 28,618 $ 31,712 July 3, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 28,164 $ 28,543 Current operating lease liabilities $ 7,019 $ 8,188 Noncurrent operating lease liabilities 22,316 21,500 Total operating lease liabilities $ 29,335 $ 29,688 Finance leases: Property and equipment, gross $ 72,429 $ 92,679 Less accumulated depreciation (28,482) (32,828) Property and equipment, net $ 43,947 $ 59,851 Current finance lease liabilities $ 19,361 $ 24,601 Long-term finance lease liabilities 21,085 31,727 Total finance lease liabilities $ 40,446 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.3 8.5 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.5 % Finance lease 5.2 % 5.4 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 (six months) $ 4,401 $ 9,257 2022 7,035 18,669 2023 5,486 7,352 2024 3,456 3,207 2025 2,334 2,580 2026 2,014 988 Thereafter 12,809 1,843 Total lease payments 37,535 43,896 Less imputed interest (8,200) (3,450) Present value of lease payments $ 29,335 $ 40,446
Schedule of Lease Assets and LiabilitiesThe components of lease expense were as follows: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 1,693 $ 2,491 $ 3,420 $ 5,098 Variable lease cost 101 106 173 163 Short-term lease cost 10,843 10,414 18,144 19,034 Financing lease cost: Amortization of right-of-use assets 2,617 3,129 5,667 5,868 Interest on lease liabilities 557 778 1,214 1,549 Total lease cost $ 15,811 $ 16,918 $ 28,618 $ 31,712 July 3, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 28,164 $ 28,543 Current operating lease liabilities $ 7,019 $ 8,188 Noncurrent operating lease liabilities 22,316 21,500 Total operating lease liabilities $ 29,335 $ 29,688 Finance leases: Property and equipment, gross $ 72,429 $ 92,679 Less accumulated depreciation (28,482) (32,828) Property and equipment, net $ 43,947 $ 59,851 Current finance lease liabilities $ 19,361 $ 24,601 Long-term finance lease liabilities 21,085 31,727 Total finance lease liabilities $ 40,446 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.3 8.5 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.5 % Finance lease 5.2 % 5.4 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 (six months) $ 4,401 $ 9,257 2022 7,035 18,669 2023 5,486 7,352 2024 3,456 3,207 2025 2,334 2,580 2026 2,014 988 Thereafter 12,809 1,843 Total lease payments 37,535 43,896 Less imputed interest (8,200) (3,450) Present value of lease payments $ 29,335 $ 40,446
Schedule of Finance Lease Liability MaturitiesThe components of lease expense were as follows: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 1,693 $ 2,491 $ 3,420 $ 5,098 Variable lease cost 101 106 173 163 Short-term lease cost 10,843 10,414 18,144 19,034 Financing lease cost: Amortization of right-of-use assets 2,617 3,129 5,667 5,868 Interest on lease liabilities 557 778 1,214 1,549 Total lease cost $ 15,811 $ 16,918 $ 28,618 $ 31,712 July 3, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 28,164 $ 28,543 Current operating lease liabilities $ 7,019 $ 8,188 Noncurrent operating lease liabilities 22,316 21,500 Total operating lease liabilities $ 29,335 $ 29,688 Finance leases: Property and equipment, gross $ 72,429 $ 92,679 Less accumulated depreciation (28,482) (32,828) Property and equipment, net $ 43,947 $ 59,851 Current finance lease liabilities $ 19,361 $ 24,601 Long-term finance lease liabilities 21,085 31,727 Total finance lease liabilities $ 40,446 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.3 8.5 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.5 % Finance lease 5.2 % 5.4 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 (six months) $ 4,401 $ 9,257 2022 7,035 18,669 2023 5,486 7,352 2024 3,456 3,207 2025 2,334 2,580 2026 2,014 988 Thereafter 12,809 1,843 Total lease payments 37,535 43,896 Less imputed interest (8,200) (3,450) Present value of lease payments $ 29,335 $ 40,446
Schedule of Operating Lease Liability MaturitiesThe components of lease expense were as follows: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 1,693 $ 2,491 $ 3,420 $ 5,098 Variable lease cost 101 106 173 163 Short-term lease cost 10,843 10,414 18,144 19,034 Financing lease cost: Amortization of right-of-use assets 2,617 3,129 5,667 5,868 Interest on lease liabilities 557 778 1,214 1,549 Total lease cost $ 15,811 $ 16,918 $ 28,618 $ 31,712 July 3, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 28,164 $ 28,543 Current operating lease liabilities $ 7,019 $ 8,188 Noncurrent operating lease liabilities 22,316 21,500 Total operating lease liabilities $ 29,335 $ 29,688 Finance leases: Property and equipment, gross $ 72,429 $ 92,679 Less accumulated depreciation (28,482) (32,828) Property and equipment, net $ 43,947 $ 59,851 Current finance lease liabilities $ 19,361 $ 24,601 Long-term finance lease liabilities 21,085 31,727 Total finance lease liabilities $ 40,446 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.3 8.5 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.5 % Finance lease 5.2 % 5.4 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 (six months) $ 4,401 $ 9,257 2022 7,035 18,669 2023 5,486 7,352 2024 3,456 3,207 2025 2,334 2,580 2026 2,014 988 Thereafter 12,809 1,843 Total lease payments 37,535 43,896 Less imputed interest (8,200) (3,450) Present value of lease payments $ 29,335 $ 40,446
Summit Materials, LLC
Lessee, Lease, Description [Line Items]
Schedule of Lease CostThe components of lease expense were as follows: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 1,693 $ 2,491 $ 3,420 $ 5,098 Variable lease cost 101 106 173 163 Short-term lease cost 10,843 10,414 18,144 19,034 Financing lease cost: Amortization of right-of-use assets 2,617 3,129 5,667 5,868 Interest on lease liabilities 557 778 1,214 1,549 Total lease cost $ 15,811 $ 16,918 $ 28,618 $ 31,712 July 3, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 28,164 $ 28,543 Current operating lease liabilities $ 7,019 $ 8,188 Noncurrent operating lease liabilities 22,316 21,500 Total operating lease liabilities $ 29,335 $ 29,688 Finance leases: Property and equipment, gross $ 72,429 $ 92,679 Less accumulated depreciation (28,482) (32,828) Property and equipment, net $ 43,947 $ 59,851 Current finance lease liabilities $ 19,361 $ 24,601 Long-term finance lease liabilities 21,085 31,727 Total finance lease liabilities $ 40,446 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.3 8.5 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.5 % Finance lease 5.2 % 5.4 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 (six months) $ 4,401 $ 9,257 2022 7,035 18,669 2023 5,486 7,352 2024 3,456 3,207 2025 2,334 2,580 2026 2,014 988 Thereafter 12,809 1,843 Total lease payments 37,535 43,896 Less imputed interest (8,200) (3,450) Present value of lease payments $ 29,335 $ 40,446
Schedule of Lease Assets and LiabilitiesThe components of lease expense were as follows: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 1,693 $ 2,491 $ 3,420 $ 5,098 Variable lease cost 101 106 173 163 Short-term lease cost 10,843 10,414 18,144 19,034 Financing lease cost: Amortization of right-of-use assets 2,617 3,129 5,667 5,868 Interest on lease liabilities 557 778 1,214 1,549 Total lease cost $ 15,811 $ 16,918 $ 28,618 $ 31,712 July 3, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 28,164 $ 28,543 Current operating lease liabilities $ 7,019 $ 8,188 Noncurrent operating lease liabilities 22,316 21,500 Total operating lease liabilities $ 29,335 $ 29,688 Finance leases: Property and equipment, gross $ 72,429 $ 92,679 Less accumulated depreciation (28,482) (32,828) Property and equipment, net $ 43,947 $ 59,851 Current finance lease liabilities $ 19,361 $ 24,601 Long-term finance lease liabilities 21,085 31,727 Total finance lease liabilities $ 40,446 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.3 8.5 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.5 % Finance lease 5.2 % 5.4 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 (six months) $ 4,401 $ 9,257 2022 7,035 18,669 2023 5,486 7,352 2024 3,456 3,207 2025 2,334 2,580 2026 2,014 988 Thereafter 12,809 1,843 Total lease payments 37,535 43,896 Less imputed interest (8,200) (3,450) Present value of lease payments $ 29,335 $ 40,446
Schedule of Finance Lease Liability MaturitiesThe components of lease expense were as follows: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 1,693 $ 2,491 $ 3,420 $ 5,098 Variable lease cost 101 106 173 163 Short-term lease cost 10,843 10,414 18,144 19,034 Financing lease cost: Amortization of right-of-use assets 2,617 3,129 5,667 5,868 Interest on lease liabilities 557 778 1,214 1,549 Total lease cost $ 15,811 $ 16,918 $ 28,618 $ 31,712 July 3, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 28,164 $ 28,543 Current operating lease liabilities $ 7,019 $ 8,188 Noncurrent operating lease liabilities 22,316 21,500 Total operating lease liabilities $ 29,335 $ 29,688 Finance leases: Property and equipment, gross $ 72,429 $ 92,679 Less accumulated depreciation (28,482) (32,828) Property and equipment, net $ 43,947 $ 59,851 Current finance lease liabilities $ 19,361 $ 24,601 Long-term finance lease liabilities 21,085 31,727 Total finance lease liabilities $ 40,446 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.3 8.5 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.5 % Finance lease 5.2 % 5.4 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 (six months) $ 4,401 $ 9,257 2022 7,035 18,669 2023 5,486 7,352 2024 3,456 3,207 2025 2,334 2,580 2026 2,014 988 Thereafter 12,809 1,843 Total lease payments 37,535 43,896 Less imputed interest (8,200) (3,450) Present value of lease payments $ 29,335 $ 40,446
Schedule of Operating Lease Liability MaturitiesThe components of lease expense were as follows: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Operating lease cost $ 1,693 $ 2,491 $ 3,420 $ 5,098 Variable lease cost 101 106 173 163 Short-term lease cost 10,843 10,414 18,144 19,034 Financing lease cost: Amortization of right-of-use assets 2,617 3,129 5,667 5,868 Interest on lease liabilities 557 778 1,214 1,549 Total lease cost $ 15,811 $ 16,918 $ 28,618 $ 31,712 July 3, 2021 January 2, 2021 Supplemental balance sheet information related to leases: Operating leases: Operating lease right-of-use assets $ 28,164 $ 28,543 Current operating lease liabilities $ 7,019 $ 8,188 Noncurrent operating lease liabilities 22,316 21,500 Total operating lease liabilities $ 29,335 $ 29,688 Finance leases: Property and equipment, gross $ 72,429 $ 92,679 Less accumulated depreciation (28,482) (32,828) Property and equipment, net $ 43,947 $ 59,851 Current finance lease liabilities $ 19,361 $ 24,601 Long-term finance lease liabilities 21,085 31,727 Total finance lease liabilities $ 40,446 $ 56,328 Weighted average remaining lease term (years): Operating leases 9.3 8.5 Finance lease 2.5 2.4 Weighted average discount rate: Operating leases 5.0 % 5.5 % Finance lease 5.2 % 5.4 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 (six months) $ 4,401 $ 9,257 2022 7,035 18,669 2023 5,486 7,352 2024 3,456 3,207 2025 2,334 2,580 2026 2,014 988 Thereafter 12,809 1,843 Total lease payments 37,535 43,896 Less imputed interest (8,200) (3,450) Present value of lease payments $ 29,335 $ 40,446

FAIR VALUE - (Tables)

FAIR VALUE - (Tables)6 Months Ended
Jul. 03, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Schedule of Contingent Consideration and Derivatives Measured at Fair ValueThe fair value of contingent consideration as of July 3, 2021 and January 2, 2021 was: July 3, 2021 January 2, 2021 Current portion of acquisition-related liabilities and Accrued expenses: Contingent consideration $ 554 $ 654 Acquisition-related liabilities and Other noncurrent liabilities: Contingent consideration $ 1,160 $ 1,209
Schedule of Carrying Value and Fair Value of Financial InstrumentsThe carrying value and fair value of these financial instruments as of July 3, 2021 and January 2, 2021 was: July 3, 2021 January 2, 2021 Fair Value Carrying Value Fair Value Carrying Value Level 1 Long-term debt(1) $ 1,973,479 $ 1,912,362 $ 1,971,087 $ 1,915,425 Level 3 Current portion of deferred consideration and noncompete obligations(2) 12,965 12,965 9,611 9,611 Long term portion of deferred consideration and noncompete obligations(3) 31,655 31,655 11,037 11,037 (1) $6.4 million was included in current portion of debt as of July 3, 2021 and January 2, 2021. (2) Included in current portion of acquisition-related liabilities on the consolidated balance sheets. (3) Included in acquisition-related liabilities on the consolidated balance sheets.
Summit Materials, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Schedule of Contingent Consideration and Derivatives Measured at Fair ValueThe fair value of contingent consideration as of July 3, 2021 and January 2, 2021 was: July 3, 2021 January 2, 2021 Current portion of acquisition-related liabilities and Accrued expenses: Contingent consideration $ 554 $ 654 Acquisition-related liabilities and Other noncurrent liabilities: Contingent consideration $ 1,160 $ 1,209
Schedule of Carrying Value and Fair Value of Financial InstrumentsThe carrying value and fair value of these financial instruments as of July 3, 2021 and January 2, 2021 was: July 3, 2021 January 2, 2021 Fair Value Carrying Value Fair Value Carrying Value Level 1 Long-term debt(1) $ 1,973,479 $ 1,912,362 $ 1,971,087 $ 1,915,425 Level 3 Current portion of deferred consideration and noncompete obligations(2) 12,965 12,965 7,173 7,173 Long term portion of deferred consideration and noncompete obligations(3) 31,655 31,655 11,037 11,037 (1) $6.4 million was included in current portion of debt as of July 3, 2021 and January 2, 2021. (2) Included in current portion of acquisition-related liabilities on the consolidated balance sheets. (3) Included in acquisition-related liabilities on the consolidated balance sheets.

SEGMENT INFORMATION - (Tables)

SEGMENT INFORMATION - (Tables)6 Months Ended
Jul. 03, 2021
Segment Reporting Information [Line Items]
Summary of Financial Data for Company's Reportable Business SegmentsThe following tables display selected financial data for the Company’s reportable business segments as of July 3, 2021 and January 2, 2021 and for the three and six months ended July 3, 2021 and June 27, 2020: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Revenue*: West $ 337,968 $ 332,481 $ 589,101 $ 528,706 East 244,127 222,866 380,169 355,906 Cement 85,822 75,662 126,491 113,587 Total revenue $ 667,917 $ 631,009 $ 1,095,761 $ 998,199 *Intercompany sales are immaterial and the presentation above only reflects sales to external customers. Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Income from operations before taxes $ 76,166 $ 76,068 $ 47,478 $ 6,441 Interest expense 24,216 25,608 48,402 53,426 Depreciation, depletion and amortization 57,523 53,347 113,093 104,548 Accretion 710 581 1,476 1,158 Loss (gain) on sale of businesses 236 — (15,432) — Non-cash compensation 4,827 4,892 10,190 9,797 Other 114 (583) 319 204 Total Adjusted EBITDA $ 163,792 $ 159,913 $ 205,526 $ 175,574 Total Adjusted EBITDA by Segment: West $ 78,771 $ 78,943 $ 119,419 $ 101,411 East 57,284 53,384 69,029 62,957 Cement 39,422 35,647 41,921 28,086 Corporate and other (11,685) (8,061) (24,843) (16,880) Total Adjusted EBITDA $ 163,792 $ 159,913 $ 205,526 $ 175,574 Six months ended July 3, 2021 June 27, 2020 Purchases of property, plant and equipment West $ 66,545 $ 32,514 East 55,991 62,697 Cement 9,762 9,556 Total reportable segments 132,298 104,767 Corporate and other 425 957 Total purchases of property, plant and equipment $ 132,723 $ 105,724 Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Depreciation, depletion, amortization and accretion: West $ 25,351 $ 22,165 $ 50,491 $ 43,965 East 21,554 21,394 43,497 42,490 Cement 10,227 9,377 18,376 17,270 Total reportable segments 57,132 52,936 112,364 103,725 Corporate and other 1,101 992 2,205 1,981 Total depreciation, depletion, amortization and accretion $ 58,233 $ 53,928 $ 114,569 $ 105,706 July 3, 2021 January 2, 2021 Total assets: West $ 1,571,730 $ 1,503,382 East 1,317,027 1,303,742 Cement 868,962 850,835 Total reportable segments 3,757,719 3,657,959 Corporate and other 694,666 650,052 Total $ 4,452,385 $ 4,308,011
Summit Materials, LLC
Segment Reporting Information [Line Items]
Summary of Financial Data for Company's Reportable Business SegmentsThe following tables display selected financial data for the Company’s reportable business segments as of July 3, 2021 and January 2, 2021 and for the three and six months ended July 3, 2021 and June 27, 2020: Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Revenue*: West $ 337,968 $ 332,481 $ 589,101 $ 528,706 East 244,127 222,866 380,169 355,906 Cement 85,822 75,662 126,491 113,587 Total revenue $ 667,917 $ 631,009 $ 1,095,761 $ 998,199 *Intercompany sales are immaterial and the presentation above only reflects sales to external customers. Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 2021 2020 2021 2020 Income from operations before taxes $ 76,166 $ 76,130 $ 47,540 $ 6,621 Interest expense 24,216 25,546 48,340 53,246 Depreciation, depletion and amortization 57,523 53,347 113,093 104,548 Accretion 710 581 1,476 1,158 Loss (gain) on sale of businesses 236 — (15,432) — Non-cash compensation 4,827 4,892 10,190 9,797 Other 114 (583) 319 204 Total Adjusted EBITDA $ 163,792 $ 159,913 $ 205,526 $ 175,574 Total Adjusted EBITDA by Segment: West $ 78,771 $ 78,943 $ 119,419 $ 101,411 East 57,284 53,384 69,029 62,957 Cement 39,422 35,647 41,921 28,086 Corporate and other (11,685) (8,061) (24,843) (16,880) Total Adjusted EBITDA $ 163,792 $ 159,913 $ 205,526 $ 175,574 Six months ended July 3, 2021 June 27, 2020 Purchases of property, plant and equipment West $ 66,545 $ 32,514 East 55,991 62,697 Cement 9,762 9,556 Total reportable segments 132,298 104,767 Corporate and other 425 957 Total purchases of property, plant and equipment $ 132,723 $ 105,724 Three months ended Six months ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 Depreciation, depletion, amortization and accretion: West $ 25,351 $ 22,165 $ 50,491 $ 43,965 East 21,554 21,394 43,497 42,490 Cement 10,227 9,377 18,376 17,270 Total reportable segments 57,132 52,936 112,364 103,725 Corporate and other 1,101 992 2,205 1,981 Total depreciation, depletion, amortization and accretion $ 58,233 $ 53,928 $ 114,569 $ 105,706 July 3, 2021 January 2, 2021 Total assets: West $ 1,571,730 $ 1,503,382 East 1,317,027 1,303,742 Cement 868,962 850,835 Total reportable segments 3,757,719 3,657,959 Corporate and other 468,944 419,175 Total $ 4,226,663 $ 4,077,134

GUARANTOR AND NON-GUARANTOR F_2

GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION - (Tables) - Summit Materials, LLC6 Months Ended
Jul. 03, 2021
Condensed Consolidating Balance SheetsCondensed 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 receivables 388,109 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 assets 3,077 10,258 1,936 — 15,271 Total current assets 843,152 1,972,242 49,798 (1,837,275) 1,027,917 Property, plant and equipment, net 7,262 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 assets 2,082 20,806 5,276 — 28,164 Other assets 4,179,481 216,667 392 (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 payable 2,366 139,489 11,046 (5) 152,896 Accrued expenses 56,504 94,416 2,338 (2,874) 150,384 Current operating lease liabilities 949 5,276 794 — 7,019 Intercompany payables 1,318,610 507,536 8,250 (1,834,396) — Billings in excess of costs and estimated earnings — 11,823 701 — 12,524 Total current liabilities 1,384,783 772,059 23,129 (1,837,275) 342,696 Long-term debt 1,890,697 — — — 1,890,697 Acquisition-related liabilities — 32,815 — — 32,815 Noncurrent operating lease liabilities 2,082 15,886 4,348 — 22,316 Other noncurrent liabilities 5,824 228,532 119,613 (164,421) 189,548 Total liabilities 3,283,386 1,049,292 147,090 (2,001,696) 2,478,072 Total members' interest 1,748,591 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, net 4 230,199 24,384 109 254,696 Intercompany receivables 404,459 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 assets 2,840 6,797 1,791 — 11,428 Total current assets 808,377 1,751,497 44,689 (1,711,284) 893,279 Property, plant and equipment, net 9,410 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 assets 2,615 21,880 4,048 — 28,543 Other assets 4,022,729 207,699 493 (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 payable 3,889 108,805 8,619 109 121,422 Accrued expenses 54,108 106,320 4,014 (3,641) 160,801 Current operating lease liabilities 913 6,114 1,161 — 8,188 Intercompany payables 1,215,043 485,401 7,308 (1,707,752) — Billings in excess of costs and estimated earnings — 15,508 991 — 16,499 Total current liabilities 1,280,307 729,975 22,093 (1,711,284) 321,091 Long-term debt 1,892,347 — — — 1,892,347 Acquisition-related liabilities — 12,246 — — 12,246 Noncurrent operating lease liabilities 2,567 16,062 2,871 — 21,500 Other noncurrent liabilities 5,142 208,540 117,921 (164,421) 167,182 Total liabilities 3,180,363 966,823 142,885 (1,875,705) 2,414,366 Total members' interest 1,662,768 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 OperationsCondensed 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 expenses 35,183 59,595 1,140 — 95,918 Depreciation, depletion, amortization and accretion 2,205 106,702 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 taxes 43,477 147,655 5,070 (148,662) 47,540 Income tax expense 1,452 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- Issuers Guarantors Guarantors Eliminations Consolidated 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 expenses 13,179 23,120 1,214 — 37,513 Depreciation, depletion, amortization and accretion 991 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 taxes 70,455 117,088 3,753 (115,166) 76,130 Income tax expense 438 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 Guarantors Eliminations Consolidated 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 expenses 27,008 47,331 2,943 — 77,282 Depreciation, depletion, amortization and accretion 1,981 101,155 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 taxes 7,130 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 FlowsCondensed Consolidating Statements of Cash Flows For the six months ended July 3, 2021 Non- Issuers Guarantors Guarantors Eliminations Consolidated 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 member 28,993 2,773 — — 31,766 Loans received from and payments made on loans from other Summit Companies 97,208 (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 activities 120,107 (113,128) (2,208) 767 5,538 Impact of cash on foreign currency — — 293 — 293 Net increase (decrease) in cash 50,892 (5,769) 5,026 767 50,916 Cash — Beginning of period 401,074 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 Guarantors Eliminations Consolidated 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 member 310 — — — 310 Loans received from and payments made on loans from other Summit Companies 17,825 (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 activities 11,636 (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 period 302,474 5,488 9,834 (6,477) 311,319 Cash — End of period $ 244,668 $ 3,447 $ 11,631 $ (6,339) $ 253,407

SUMMARY OF ORGANIZATION AND S_3

SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - General Information (Details)6 Months Ended
Jul. 03, 2021segmentcementPlant
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items]
Number of operating segments3
Number of reportable segments3
Cement plant
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items]
Number of plants | cementPlant2
Summit Materials, LLC
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items]
Number of operating segments3
Number of reportable segments3
Summit Materials, LLC | Cement plant
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items]
Number of plants | cementPlant2

SUMMARY OF ORGANIZATION AND S_4

SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Business and Credit Concentration, Tax Receivable Agreement (Details)Jul. 03, 2021state
Business and Credit Concentrations
Number of states in which the entity operates21
Summit Materials, LLC
Business and Credit Concentrations
Number of states in which the entity operates21

SUMMARY OF ORGANIZATION AND S_5

SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Prior Period Reclassifications (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jul. 03, 2021Jun. 27, 2020
Reclassification [Line Items]
Net cost of revenue $ 467,716 $ 439,508 $ 814,410 $ 756,871
General and administrative expenses(47,448)(39,727)(99,090)(81,413)
Gain on sale of property, plant and equipment1,403 2,214 3,172 4,131
General and administrative expenses47,448 39,727 99,090 81,413
Summit Materials, LLC
Reclassification [Line Items]
Net cost of revenue467,716 439,508 814,410 756,871
General and administrative expenses(47,448)(39,727)(99,090)(81,413)
Gain on sale of property, plant and equipment1,403 2,214 3,172 4,131
General and administrative expenses $ 47,448 39,727 $ 99,090 81,413
Revision of Prior Period, Reclassification, Adjustment
Reclassification [Line Items]
Net cost of revenue29,400 60,600
Gain on sale of property, plant and equipment2,200 4,100
Transaction costs300 1,100
Revision of Prior Period, Reclassification, Adjustment | Summit Materials, LLC
Reclassification [Line Items]
Net cost of revenue29,400 60,600
Gain on sale of property, plant and equipment2,200 4,100
Transaction costs300 1,100
Revision of Prior Period, Reclassification, Adjustment Out, Fixed Overhead Expenses
Reclassification [Line Items]
General and administrative expenses29,400 60,600
General and administrative expenses(29,400)(60,600)
Revision of Prior Period, Reclassification, Adjustment Out, Fixed Overhead Expenses | Summit Materials, LLC
Reclassification [Line Items]
General and administrative expenses29,400 60,600
General and administrative expenses(29,400)(60,600)
Prior Period, Reclassification, Adjustment Out, Gain On Sale Of Property
Reclassification [Line Items]
General and administrative expenses2,200 4,100
General and administrative expenses(2,200)(4,100)
Prior Period, Reclassification, Adjustment Out, Gain On Sale Of Property | Summit Materials, LLC
Reclassification [Line Items]
General and administrative expenses2,200 4,100
General and administrative expenses(2,200)(4,100)
Revision of Prior Period, Reclassification, Adjustment In, Transaction Costs
Reclassification [Line Items]
General and administrative expenses(300)(1,100)
General and administrative expenses300 1,100
Revision of Prior Period, Reclassification, Adjustment In, Transaction Costs | Summit Materials, LLC
Reclassification [Line Items]
General and administrative expenses(300)(1,100)
General and administrative expenses $ 300 $ 1,100

ACQUISITIONS, DISPOSTIONS, GO_3

ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES - Summary of Number of Acquisitions by Segment (Details) - acquisition6 Months Ended
Jul. 03, 2021Jun. 27, 2020
West
Business Acquisition [Line Items]
Number of businesses acquired0 2
West | Summit Materials, LLC
Business Acquisition [Line Items]
Number of businesses acquired0 2
East
Business Acquisition [Line Items]
Number of businesses acquired2 1
East | Summit Materials, LLC
Business Acquisition [Line Items]
Number of businesses acquired2 1

ACQUISITIONS, DISPOSTIONS, GO_4

ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES - Schedule of Business Combination Recognizable Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands6 Months Ended12 Months Ended
Jul. 03, 2021Jun. 27, 2020Jan. 02, 2021
Business Acquisition [Line Items]
Goodwill $ 1,176,351 $ 1,201,291
Summit Materials, LLC
Business Acquisition [Line Items]
Goodwill1,177,351 1,202,291
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Financial assets0 8,696
Inventories173 2,856
Property, plant and equipment7,786 130,042
Intangible assets702 0
Other assets0 2,790
Financial liabilities(96)(4,469)
Other long-term liabilities(145)(16,069)
Net assets acquired8,420 123,846
Goodwill0 0
Purchase price8,420 $ 123,846
Acquisition-related liabilities(1,149)0
Other0 (369)
Net cash paid for acquisitions7,271 123,477
Series of Individually Immaterial Business Acquisitions | Summit Materials, LLC
Business Acquisition [Line Items]
Financial assets0 8,696
Inventories173 2,856
Property, plant and equipment7,786 130,042
Intangible assets702 0
Other assets0 2,790
Financial liabilities(96)(4,469)
Other long-term liabilities(145)(16,069)
Net assets acquired8,420 123,846
Goodwill0 0
Purchase price7,271 123,477
Acquisition-related liabilities(1,149) $ 0
Other0 (369)
Net cash paid for acquisitions $ 8,420 $ 123,846

ACQUISITIONS, DISPOSTIONS, GO_5

ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES - Summary of Goodwill by Reportable Segments (Details) $ in Thousands6 Months Ended
Jul. 03, 2021USD ($)
Goodwill [Roll Forward]
Balance—January 2, 2021 $ 1,201,291
Dispositions(26,742)
Foreign currency translation adjustments1,802
Balance—July 3, 20211,176,351
West
Goodwill [Roll Forward]
Balance—January 2, 2021586,209
Dispositions(16,222)
Foreign currency translation adjustments1,802
Balance—July 3, 2021571,789
East
Goodwill [Roll Forward]
Balance—January 2, 2021410,426
Dispositions(10,520)
Foreign currency translation adjustments0
Balance—July 3, 2021399,906
Cement
Goodwill [Roll Forward]
Balance—January 2, 2021204,656
Dispositions0
Foreign currency translation adjustments0
Balance—July 3, 2021204,656
Summit Materials, LLC
Goodwill [Roll Forward]
Balance—January 2, 20211,202,291
Dispositions(26,742)
Foreign currency translation adjustments1,802
Balance—July 3, 20211,177,351
Summit Materials, LLC | West
Goodwill [Roll Forward]
Balance—January 2, 2021587,209
Dispositions(16,222)
Foreign currency translation adjustments1,802
Balance—July 3, 2021572,789
Summit Materials, LLC | East
Goodwill [Roll Forward]
Balance—January 2, 2021410,426
Dispositions(10,520)
Foreign currency translation adjustments0
Balance—July 3, 2021399,906
Summit Materials, LLC | Cement
Goodwill [Roll Forward]
Balance—January 2, 2021204,656
Dispositions0
Foreign currency translation adjustments0
Balance—July 3, 2021 $ 204,656

ACQUISITIONS, DISPOSTIONS, GO_6

ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES - Intangible Assets By Type (Details) - USD ($) $ in ThousandsJul. 03, 2021Jan. 02, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount $ 84,775 $ 59,716
Accumulated Amortization(13,366)(11,864)
Net Carrying Amount71,409 47,852
Operating permits
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount33,671 33,671
Accumulated Amortization(1,876)(1,207)
Net Carrying Amount31,795 32,464
Mineral leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount19,927 19,225
Accumulated Amortization(8,143)(7,571)
Net Carrying Amount11,784 11,654
Reserve rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount25,586 6,234
Accumulated Amortization(2,917)(2,504)
Net Carrying Amount22,669 3,730
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount5,591 586
Accumulated Amortization(430)(582)
Net Carrying Amount5,161 4
Summit Materials, LLC
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount84,775 59,716
Accumulated Amortization(13,366)(11,864)
Net Carrying Amount71,409 47,852
Summit Materials, LLC | Operating permits
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount33,671 33,671
Accumulated Amortization(1,876)(1,207)
Net Carrying Amount31,795 32,464
Summit Materials, LLC | Mineral leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount19,927 19,225
Accumulated Amortization(8,143)(7,571)
Net Carrying Amount11,784 11,654
Summit Materials, LLC | Reserve rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount25,586 6,234
Accumulated Amortization(2,917)(2,504)
Net Carrying Amount22,669 3,730
Summit Materials, LLC | Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount5,591 586
Accumulated Amortization(430)(582)
Net Carrying Amount $ 5,161 $ 4

ACQUISITIONS, DISPOSTIONS, GO_7

ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES - Amortization Expense (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jul. 03, 2021Jun. 27, 2020Jan. 02, 2021
Business Acquisition [Line Items]
Amortization expense $ 900 $ 900 $ 1,800 $ 1,600
Estimated amortization expense
2021 (six months)2,072 2,072
20224,152 4,152
20234,018 4,018
20243,923 3,923
20253,878 3,878
20263,734 3,734
Thereafter49,632 49,632
Intangible assets, net71,409 71,409 $ 47,852
Summit Materials, LLC
Business Acquisition [Line Items]
Amortization expense900 1,800
Estimated amortization expense
2021 (six months)2,072 2,072
20224,152 4,152
20234,018 4,018
20243,923 3,923
20253,878 3,878
20263,734 3,734
Thereafter49,632 49,632
Intangible assets, net $ 71,409 $ 71,409 $ 47,852

ACQUISITIONS, DISPOSTIONS, GO_8

ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES - Narrative (Details) $ in Thousands3 Months Ended6 Months Ended
Jul. 03, 2021USD ($)Jun. 27, 2020USD ($)Jul. 03, 2021USD ($)businessJun. 27, 2020USD ($)
Business Acquisition [Line Items]
Proceeds from sale of businesses $ 103,600 $ 103,649 $ 0
Gain on sale of business(236) $ 0 $ 15,432 0
East
Business Acquisition [Line Items]
Number of businesses sold | business4
West
Business Acquisition [Line Items]
Number of businesses sold | business1
Summit Materials, LLC
Business Acquisition [Line Items]
Proceeds from sale of businesses $ 103,649 0
Gain on sale of business $ (236) $ 0 $ 15,432 $ 0
Summit Materials, LLC | East
Business Acquisition [Line Items]
Number of businesses sold | business4
Proceeds from sale of businesses $ 103,600
Gain on sale of business $ 15,400
Summit Materials, LLC | West
Business Acquisition [Line Items]
Number of businesses sold | business1

REVENUE RECOGNITION - By Produc

REVENUE RECOGNITION - By Product (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jul. 03, 2021Jun. 27, 2020
Revenue from External Customer [Line Items]
Total revenue $ 667,917 $ 631,009 $ 1,095,761 $ 998,199
Aggregates
Revenue from External Customer [Line Items]
Total revenue153,496 129,989 270,884 226,150
Cement
Revenue from External Customer [Line Items]
Total revenue82,169 73,293 120,308 106,156
Ready-mix concrete
Revenue from External Customer [Line Items]
Total revenue183,861 167,882 342,094 309,586
Asphalt
Revenue from External Customer [Line Items]
Total revenue93,935 104,661 122,310 127,867
Paving and related services
Revenue from External Customer [Line Items]
Total revenue102,080 110,829 145,295 144,255
Other
Revenue from External Customer [Line Items]
Total revenue52,376 44,355 94,870 84,185
Summit Materials, LLC
Revenue from External Customer [Line Items]
Total revenue667,917 631,009 1,095,761 998,199
Summit Materials, LLC | Aggregates
Revenue from External Customer [Line Items]
Total revenue153,496 129,989 270,884 226,150
Summit Materials, LLC | Cement
Revenue from External Customer [Line Items]
Total revenue82,169 73,293 120,308 106,156
Summit Materials, LLC | Ready-mix concrete
Revenue from External Customer [Line Items]
Total revenue183,861 167,882 342,094 309,586
Summit Materials, LLC | Asphalt
Revenue from External Customer [Line Items]
Total revenue93,935 104,661 122,310 127,867
Summit Materials, LLC | Paving and related services
Revenue from External Customer [Line Items]
Total revenue102,080 110,829 145,295 144,255
Summit Materials, LLC | Other
Revenue from External Customer [Line Items]
Total revenue $ 52,376 $ 44,355 $ 94,870 $ 84,185

REVENUE RECOGNITION - Summary o

REVENUE RECOGNITION - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Thousands6 Months Ended
Jul. 03, 2021Jan. 02, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade accounts receivable $ 258,192 $ 191,871
Construction contract receivables47,672 47,179
Retention receivables14,826 18,824
Receivables from related parties434 1,339
Accounts receivable321,124 259,213
Less: Allowance for doubtful accounts(4,509)(4,517)
Accounts receivable, net $ 316,615 254,696
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
General collection and billing period for retention receivables1 year
Summit Materials, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade accounts receivable $ 258,192 191,871
Construction contract receivables47,672 47,179
Retention receivables14,826 18,824
Receivables from related parties434 1,339
Accounts receivable321,124 259,213
Less: Allowance for doubtful accounts(4,509)(4,517)
Accounts receivable, net $ 316,615 $ 254,696
Summit Materials, LLC | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
General collection and billing period for retention receivables1 year

INVENTORIES - Components of Inv

INVENTORIES - Components of Inventories (Details) - USD ($) $ in ThousandsJul. 03, 2021Jan. 02, 2021
Inventory [Line Items]
Aggregate stockpiles $ 130,525 $ 137,938
Finished goods36,296 32,993
Work in process7,044 9,281
Raw materials24,352 20,096
Total198,217 200,308
Summit Materials, LLC
Inventory [Line Items]
Aggregate stockpiles130,525 137,938
Finished goods36,296 32,993
Work in process7,044 9,281
Raw materials24,352 20,096
Total $ 198,217 $ 200,308

ACCRUED EXPENSES - Components o

ACCRUED EXPENSES - Components of Accrued Expenses (Details) - USD ($) $ in ThousandsJul. 03, 2021Jan. 02, 2021
Schedule Of Accrued Expenses [Line Items]
Interest $ 24,510 $ 21,860
Payroll and benefits34,139 46,026
Finance lease obligations19,361 24,601
Insurance20,073 18,355
Non-income taxes21,156 15,669
Deferred asset purchase payments4,167 9,749
Professional fees1,526 828
Other25,222 23,482
Accrued expenses150,154 160,570
Summit Materials, LLC
Schedule Of Accrued Expenses [Line Items]
Interest24,510 21,860
Payroll and benefits34,139 46,026
Finance lease obligations19,361 24,601
Insurance20,073 18,355
Non-income taxes21,386 15,900
Deferred asset purchase payments4,167 9,749
Professional fees1,526 828
Other25,222 23,482
Accrued expenses $ 150,384 $ 160,801

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in ThousandsJul. 03, 2021Jan. 02, 2021
Debt Instrument [Line Items]
Total debt $ 1,912,362 $ 1,915,425
Current portion of debt6,354 6,354
Long-term debt1,906,008 1,909,071
Gross amount1,913,137
Debt discount $ 775
5 1/8% Senior Notes, due 2025
Debt Instrument [Line Items]
Debt instrument interest rate (as a percent)5.125%
Summit Materials, LLC
Debt Instrument [Line Items]
Total debt $ 1,912,362 1,915,425
Current portion of debt6,354 6,354
Long-term debt1,906,008 1,909,071
Gross amount1,913,137
Debt discount $ 775
Summit Materials, LLC | 5 1/8% Senior Notes, due 2025
Debt Instrument [Line Items]
Debt instrument interest rate (as a percent)5.125%
Senior Notes | Term Loan, due 2024
Debt Instrument [Line Items]
Total debt $ 612,362 615,425
Gross amount613,100 616,300
Debt discount800 900
Senior Notes | 5 1/8% Senior Notes, due 2025
Debt Instrument [Line Items]
Total debt300,000 300,000
Senior Notes | 6 1/2% Senior Notes, due 2027
Debt Instrument [Line Items]
Total debt $ 300,000 300,000
Debt instrument interest rate (as a percent)6.50%
Senior Notes | 5 1/4% Senior Notes Due 2029
Debt Instrument [Line Items]
Total debt $ 700,000 700,000
Debt instrument interest rate (as a percent)5.25%
Senior Notes | Summit Materials, LLC | Term Loan, due 2024
Debt Instrument [Line Items]
Total debt $ 612,362 615,425
Gross amount613,100 616,300
Debt discount800 900
Senior Notes | Summit Materials, LLC | 5 1/8% Senior Notes, due 2025
Debt Instrument [Line Items]
Total debt300,000 300,000
Senior Notes | Summit Materials, LLC | 6 1/2% Senior Notes, due 2027
Debt Instrument [Line Items]
Total debt $ 300,000 300,000
Debt instrument interest rate (as a percent)6.50%
Senior Notes | Summit Materials, LLC | 5 1/4% Senior Notes Due 2029
Debt Instrument [Line Items]
Total debt $ 700,000 $ 700,000
Debt instrument interest rate (as a percent)5.25%

DEBT - Schedule of Contractual

DEBT - Schedule of Contractual Payments of Long-Term Debt (Details) $ in ThousandsJul. 03, 2021USD ($)
Debt Instrument [Line Items]
2021 (six months) $ 3,177
20226,354
20236,354
2024597,252
2025300,000
20260
Thereafter1,000,000
Total1,913,137
Less: Original issue net discount(775)
Less: Capitalized loan costs(15,311)
Total debt1,897,051
Summit Materials, LLC
Debt Instrument [Line Items]
2021 (six months)3,177
20226,354
20236,354
2024597,252
2025300,000
20260
Thereafter1,000,000
Total1,913,137
Less: Original issue net discount(775)
Less: Capitalized loan costs(15,311)
Total debt $ 1,897,051

DEBT - Senior Notes (Details)

DEBT - Senior Notes (Details) - USD ($)Aug. 11, 2020Mar. 15, 2019Jun. 01, 2017Jul. 03, 2021Jan. 02, 2021
Debt Instrument [Line Items]
Long-term debt $ 1,912,362,000 $ 1,915,425,000
5 1/8% Senior Notes, due 2025
Debt Instrument [Line Items]
Senior notes, interest rate (as a percent)5.125%
Issuers | 5 1/4% Senior Notes Due 2029
Debt Instrument [Line Items]
Long-term debt $ 700,000,000
Senior notes, interest rate (as a percent)5.25%
Proceeds from debt issuances $ 690,400,000
Issuers | 6 1/2% Senior Notes, due 2027
Debt Instrument [Line Items]
Long-term debt $ 300,000,000
Senior notes, interest rate (as a percent)6.50%
Issuers | 5 1/8% Senior Notes, due 2025
Debt Instrument [Line Items]
Long-term debt $ 300,000,000
Senior notes, interest rate (as a percent)5.125%
Percentage of par value of senior notes100.00%
Proceeds net of related fees and expenses $ 295,400,000
Summit Materials, LLC
Debt Instrument [Line Items]
Long-term debt $ 1,912,362,000 1,915,425,000
Summit Materials, LLC | 5 1/8% Senior Notes, due 2025
Debt Instrument [Line Items]
Senior notes, interest rate (as a percent)5.125%
Senior Notes | 5 1/4% Senior Notes Due 2029
Debt Instrument [Line Items]
Long-term debt $ 700,000,000 700,000,000
Senior notes, interest rate (as a percent)5.25%
Senior Notes | 6 1/2% Senior Notes, due 2027
Debt Instrument [Line Items]
Long-term debt $ 300,000,000 300,000,000
Senior notes, interest rate (as a percent)6.50%
Senior Notes | 5 1/8% Senior Notes, due 2025
Debt Instrument [Line Items]
Long-term debt $ 300,000,000 300,000,000
Senior Notes | Issuers | 5 1/4% Senior Notes Due 2029
Debt Instrument [Line Items]
Percentage of par value of senior notes100.00%
Senior Notes | Issuers | 6 1/2% Senior Notes, due 2027
Debt Instrument [Line Items]
Percentage of par value of senior notes100.00%
Proceeds net of related fees and expenses $ 296,300,000
Senior Notes | Summit Materials, LLC | 5 1/4% Senior Notes Due 2029
Debt Instrument [Line Items]
Long-term debt $ 700,000,000 700,000,000
Senior notes, interest rate (as a percent)5.25%
Senior Notes | Summit Materials, LLC | 6 1/2% Senior Notes, due 2027
Debt Instrument [Line Items]
Long-term debt $ 300,000,000 300,000,000
Senior notes, interest rate (as a percent)6.50%
Senior Notes | Summit Materials, LLC | 5 1/8% Senior Notes, due 2025
Debt Instrument [Line Items]
Long-term debt $ 300,000,000 $ 300,000,000

DEBT - Senior Secured Credit Fa

DEBT - Senior Secured Credit Facilities (Details) - Summit Materials, LLC - USD ($)Feb. 25, 2019Jul. 03, 2021Jan. 02, 2021
Term Loan, due 2024
Debt Instrument [Line Items]
Debt instrument, face amount $ 650,000,000
Quarterly principal repayments percentage0.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity $ 345,000,000
Amount outstanding0 $ 0
Remaining borrowing capacity329,100,000
Revolving Credit Facility | Federal funds rate
Debt Instrument [Line Items]
Basis spread on variable rate0.50%
Revolving Credit Facility | LIBOR Plus 1%
Debt Instrument [Line Items]
Basis spread on variable rate2.00%
Percentage added to base rate1.00%
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate3.00%
Letter of Credit
Debt Instrument [Line Items]
Amount outstanding $ 15,900,000
Senior Secured Credit Facilities
Debt Instrument [Line Items]
First lien leverage ratio4.75

DEBT - Summary of Activity for

DEBT - Summary of Activity for Deferred Financing Fees (Details) - USD ($) $ in Thousands6 Months Ended
Jul. 03, 2021Jun. 27, 2020
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Accumulated Amortization [Roll Forward]
Beginning balance $ 18,367 $ 15,436
Amortization(1,673)(1,665)
Ending balance16,694 13,771
Summit Materials, LLC
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Accumulated Amortization [Roll Forward]
Beginning balance18,367 15,436
Amortization(1,673)(1,665)
Ending balance $ 16,694 $ 13,771

DEBT - Other (Details)

DEBT - Other (Details) - CAD ($)Jan. 15, 2015Jul. 03, 2021Jan. 02, 2021
Canadian subsidiary credit agreement, Operating activities
Debt Instrument [Line Items]
Revolving credit commitment $ 6,000,000
Canadian subsidiary credit agreement, Capital equipment
Debt Instrument [Line Items]
Revolving credit commitment500,000
Canadian subsidiary credit agreement, Guarantees
Debt Instrument [Line Items]
Revolving credit commitment $ 300,000
Canadian subsidiary credit agreement
Debt Instrument [Line Items]
Amount outstanding $ 0 $ 0
Prime rate | Canadian subsidiary credit agreement, Operating activities
Debt Instrument [Line Items]
Basis spread on variable rate0.20%
Prime rate | Canadian subsidiary credit agreement, Capital equipment
Debt Instrument [Line Items]
Basis spread on variable rate0.90%
Summit Materials, LLC | Canadian subsidiary credit agreement, Operating activities
Debt Instrument [Line Items]
Revolving credit commitment $ 6,000,000
Summit Materials, LLC | Canadian subsidiary credit agreement, Capital equipment
Debt Instrument [Line Items]
Revolving credit commitment500,000
Summit Materials, LLC | Canadian subsidiary credit agreement, Guarantees
Debt Instrument [Line Items]
Revolving credit commitment $ 300,000
Summit Materials, LLC | Canadian subsidiary credit agreement
Debt Instrument [Line Items]
Amount outstanding $ 0 $ 0
Summit Materials, LLC | Prime rate | Canadian subsidiary credit agreement, Operating activities
Debt Instrument [Line Items]
Basis spread on variable rate0.20%
Summit Materials, LLC | Prime rate | Canadian subsidiary credit agreement, Capital equipment
Debt Instrument [Line Items]
Basis spread on variable rate0.90%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)3 Months Ended6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jul. 03, 2021Jun. 27, 2020Jan. 02, 2021
Income Taxes [Line Items]
Income tax expense (benefit) $ 18,408,000 $ 17,181,000 $ 12,965,000 $ (5,720,000)
Unrecognized tax benefits, decrease due to CARES Act9,500,000
Valuation allowance1,675,000 1,675,000 $ 1,675,000
Income tax provision, interest or penalties recognized0 0 0 0
Deferred tax asset, Investment in limited partnership8,400,000 8,400,000
Tax receivable agreement liability328,812,000 328,812,000 321,680,000
Tax Receivable Agreement
Income Taxes [Line Items]
Tax receivable agreement liability328,800,000 328,800,000 $ 321,700,000
Summit Holdings LP
Income Taxes [Line Items]
Distributions to LP Unitholders $ 0 0
Summit Holdings LP | Tax Receivable Agreement
Income Taxes [Line Items]
Percentage of benefits to be paid on tax receivable agreement85.00%
Summit Materials, LLC
Income Taxes [Line Items]
Income tax expense (benefit)6,351,000 6,113,000 $ 5,515,000 229,000
Income tax provision, interest or penalties recognized $ 0 $ 0 $ 0 $ 0
Common Class A
Income Taxes [Line Items]
Exchanges during period (in shares)1,157,334 196,542

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Basic to Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jul. 03, 2021Jun. 27, 2020
Reconciliation of basic to diluted loss per share
Net income attributable to Summit Inc. $ 56,659 $ 57,064 $ 34,142 $ 12,085
Diluted net income attributable to Summit Inc. $ 56,659 $ 57,064 $ 34,142 $ 12,085
LP Units
Reconciliation of basic to diluted loss per share
Anti dilutive shares excluded from calculation of earnings per share (in shares)1,885,789 3,053,115 2,249,499 3,103,672
Add: stock options
Reconciliation of basic to diluted loss per share
Anti dilutive shares excluded from calculation of earnings per share (in shares)0 2,107,359 0 0
Warrants
Reconciliation of basic to diluted loss per share
Anti dilutive shares excluded from calculation of earnings per share (in shares)0 100,037 0 100,037
Time-vesting restricted stock units
Reconciliation of basic to diluted loss per share
Anti dilutive shares excluded from calculation of earnings per share (in shares)0 0 0 0
Market-based restricted stock units
Reconciliation of basic to diluted loss per share
Anti dilutive shares excluded from calculation of earnings per share (in shares)0 446,670 0 0
Restricted Stock
Reconciliation of basic to diluted loss per share
Weighted Average Number of Shares, Restricted Stock200,575 0 227,048 0
Common Class A
Reconciliation of basic to diluted loss per share
Add: Weighted average shares of Class A stock outstanding (in shares)117,436,461 114,111,204 116,423,833 113,856,657
Weighted average basic shares outstanding (in shares)117,436,461 114,111,204 116,423,833 113,856,657
Basic (usd per share) $ 0.48 $ 0.50 $ 0.29 $ 0.11
Add: warrants (in shares)15,270 0 18,539 0
Weighted average dilutive shares outstanding (in shares)118,585,398 114,137,857 117,832,026 114,252,268
Diluted earnings (loss) per share (usd per share) $ 0.48 $ 0.50 $ 0.29 $ 0.11
Common Class A | Add: stock options
Reconciliation of basic to diluted loss per share
Add: share-based payment arrangements (in shares)270,392 0 379,129 2,010
Common Class A | Add: restricted stock units
Reconciliation of basic to diluted loss per share
Add: share-based payment arrangements (in shares)681,927 26,653 838,672 371,040
Common Class A | Add: performance stock units
Reconciliation of basic to diluted loss per share
Add: share-based payment arrangements (in shares)181,348 0 171,853 22,561
Common Class A And Restricted Stock
Reconciliation of basic to diluted loss per share
Add: Weighted average shares of Class A stock outstanding (in shares)117,637,036 114,111,204 116,650,881 113,856,657
Weighted average basic shares outstanding (in shares)117,637,036 114,111,204 116,650,881 113,856,657
Basic (usd per share) $ 0.48 $ 0.50 $ 0.29 $ 0.11

STOCKHOLDERS' EQUITY_MEMBERS'_3

STOCKHOLDERS' EQUITY/MEMBERS' INTEREST - Equity Offerings (Details) - shares6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jan. 02, 2021Dec. 28, 2019
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)114,390,595 113,309,385
Exchanges during period (in shares)1,157,334 196,542
Stock option exercises (in shares)1,710,818 13,335
Other equity transactions (in shares)697,141 592,686
Ending balance (in shares)117,955,888 114,111,948
Summit Materials, Inc. and Summit Holdings, LP
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)117,263,765 116,559,042
Exchanges during period (in shares)0 0
Stock option exercises (in shares)1,710,818 13,335
Other equity transactions (in shares)697,141 592,686
Ending balance (in shares)119,671,724 117,165,063
LP Units | Summit Holdings LP
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Number of LP Units outstanding, beginning balance (in shares)2,873,170 3,249,657
Number of LP Units exchanged (in shares)(1,157,334)(196,542)
Number of LP Units outstanding, ending balance (in shares)1,715,836 3,053,115
Summit Holdings LP
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling interest elimination (as a percent)1.40%2.50%
Summit Materials Inc
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ownership percentage98.60%97.40%97.50%97.20%

STOCKHOLDERS' EQUITY_MEMBERS'_4

STOCKHOLDERS' EQUITY/MEMBERS' INTEREST - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands6 Months Ended
Jul. 03, 2021Jun. 27, 2020
Changes in each component of accumulated other comprehensive loss
Beginning balance $ 1,616,268 $ 1,444,773
Foreign currency translation adjustment, net of tax3,663 (3,945)
Ending balance1,694,922 1,461,863
Summit Materials, LLC
Changes in each component of accumulated other comprehensive loss
Foreign currency translation adjustment, net of tax4,758 (5,413)
Change in retirement plans
Changes in each component of accumulated other comprehensive loss
Beginning balance533 2,171
Ending balance533 2,171
Change in retirement plans | Summit Materials, LLC
Changes in each component of accumulated other comprehensive loss
Beginning balance(8,546)(6,317)
Ending balance(8,546)(6,317)
Foreign currency translation adjustments
Changes in each component of accumulated other comprehensive loss
Beginning balance4,670 1,277
Foreign currency translation adjustment, net of tax3,663 (3,945)
Ending balance8,333 (2,668)
Foreign currency translation adjustments | Summit Materials, LLC
Changes in each component of accumulated other comprehensive loss
Beginning balance(10,037)(14,654)
Foreign currency translation adjustment, net of tax4,758 (5,413)
Ending balance(5,279)(20,067)
Cash flow hedge adjustments | Summit Materials, LLC
Changes in each component of accumulated other comprehensive loss
Beginning balance0 0
Ending balance0 0
Accumulated other comprehensive income (loss)
Changes in each component of accumulated other comprehensive loss
Beginning balance5,203 3,448
Ending balance8,866 (497)
Accumulated other comprehensive income (loss) | Summit Materials, LLC
Changes in each component of accumulated other comprehensive loss
Beginning balance(18,583)(20,971)
Ending balance $ (13,825) $ (26,384)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands6 Months Ended
Jul. 03, 2021Jun. 27, 2020
Cash payments:
Interest $ 41,023 $ 49,569
Payments for income taxes, net5,579 738
Operating cash payments on operating leases2,482 5,343
Operating cash payments on finance leases563 1,599
Finance cash payments on finance leases4,219 7,193
Non cash financing activities:
Right of use assets obtained in exchange for operating lease obligations2,348 2,535
Right of use assets obtained in exchange for finance leases obligations0 10,426
Exchange of LP Units to shares of Class A common stock33,981 4,648
Summit Materials, LLC
Cash payments:
Interest41,023 49,569
Payments for income taxes, net5,579 738
Operating cash payments on operating leases2,482 5,343
Operating cash payments on finance leases563 1,599
Finance cash payments on finance leases4,219 7,193
Non cash financing activities:
Right of use assets obtained in exchange for operating lease obligations2,348 2,535
Right of use assets obtained in exchange for finance leases obligations $ 0 $ 10,426

LEASES - Operating and Finance

LEASES - Operating and Finance Leases (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jul. 03, 2021Jun. 27, 2020Jan. 02, 2021
Lease, Cost [Abstract]
Operating lease cost $ 1,693 $ 2,491 $ 3,420 $ 5,098
Variable lease cost101 106 173 163
Short-term lease cost10,843 10,414 18,144 19,034
Financing lease cost:
Amortization of right-of-use assets2,617 3,129 5,667 5,868
Interest on lease liabilities557 778 1,214 1,549
Total lease cost15,811 16,918 28,618 31,712
Operating leases:
Operating lease right-of-use assets28,164 28,164 $ 28,543
Current operating lease liabilities7,019 7,019 8,188
Noncurrent operating lease liabilities22,316 22,316 21,500
Total operating lease liabilities29,335 29,335 29,688
Finance leases:
Property and equipment, gross72,429 72,429 92,679
Less accumulated depreciation $ (28,482) $ (28,482) $ (32,828)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]Property, plant and equipment and finance lease right-of-use asset, netProperty, plant and equipment and finance lease right-of-use asset, netProperty, plant and equipment and finance lease right-of-use asset, net
Property and equipment, net $ 43,947 $ 43,947 $ 59,851
Current finance lease liabilities19,361 19,361 24,601
Long-term finance lease liabilities21,085 21,085 31,727
Total finance lease liabilities $ 40,446 $ 40,446 $ 56,328
Weighted average remaining lease term (years):
Operating leases9 years 3 months 18 days9 years 3 months 18 days8 years 6 months
Finance lease2 years 6 months2 years 6 months2 years 4 months 24 days
Weighted average discount rate:
Operating leases5.00%5.00%5.50%
Finance lease5.20%5.20%5.40%
Operating Leases
2021 (six months) $ 4,401 $ 4,401
20227,035 7,035
20235,486 5,486
20243,456 3,456
20252,334 2,334
20262,014 2,014
Thereafter12,809 12,809
Total lease payments37,535 37,535
Less imputed interest(8,200)(8,200)
Present value of lease payments29,335 29,335 $ 29,688
Finance Leases
2021 (six months)9,257 9,257
202218,669 18,669
20237,352 7,352
20243,207 3,207
20252,580 2,580
2026988 988
Thereafter1,843 1,843
Total lease payments43,896 43,896
Less imputed interest(3,450)(3,450)
Present value of lease payments40,446 40,446 56,328
Summit Materials, LLC
Lease, Cost [Abstract]
Operating lease cost1,693 2,491 3,420 5,098
Variable lease cost101 106 173 163
Short-term lease cost10,843 10,414 18,144 19,034
Financing lease cost:
Amortization of right-of-use assets2,617 3,129 5,667 5,868
Interest on lease liabilities557 778 1,214 1,549
Total lease cost15,811 $ 16,918 28,618 $ 31,712
Operating leases:
Operating lease right-of-use assets28,164 28,164 28,543
Current operating lease liabilities7,019 7,019 8,188
Noncurrent operating lease liabilities22,316 22,316 21,500
Total operating lease liabilities29,335 29,335 29,688
Finance leases:
Property and equipment, gross72,429 72,429 92,679
Less accumulated depreciation $ (28,482) $ (28,482) $ (32,828)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]Property, plant and equipment and finance lease right-of-use asset, netProperty, plant and equipment and finance lease right-of-use asset, netProperty, plant and equipment and finance lease right-of-use asset, net
Property and equipment, net $ 43,947 $ 43,947 $ 59,851
Current finance lease liabilities19,361 19,361 24,601
Long-term finance lease liabilities21,085 21,085 31,727
Total finance lease liabilities $ 40,446 $ 40,446 $ 56,328
Weighted average remaining lease term (years):
Operating leases9 years 3 months 18 days9 years 3 months 18 days8 years 6 months
Finance lease2 years 6 months2 years 6 months2 years 4 months 24 days
Weighted average discount rate:
Operating leases5.00%5.00%5.50%
Finance lease5.20%5.20%5.40%
Operating Leases
2021 (six months) $ 4,401 $ 4,401
20227,035 7,035
20235,486 5,486
20243,456 3,456
20252,334 2,334
20262,014 2,014
Thereafter12,809 12,809
Total lease payments37,535 37,535
Less imputed interest(8,200)(8,200)
Present value of lease payments29,335 29,335 $ 29,688
Finance Leases
2021 (six months)9,257 9,257
202218,669 18,669
20237,352 7,352
20243,207 3,207
20252,580 2,580
2026988 988
Thereafter1,843 1,843
Total lease payments43,896 43,896
Less imputed interest(3,450)(3,450)
Present value of lease payments $ 40,446 $ 40,446 $ 56,328

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Millions6 Months Ended
Jul. 03, 2021Jan. 02, 2021
Loss Contingencies [Line Items]
Anticipated costs $ 110.1 $ 112.8
Term of purchase commitments1 year
Site Restoration Obligations | Other noncurrent liabilities
Loss Contingencies [Line Items]
Site restoration obligation, non-current $ 32.5 33.6
Site Restoration Obligations | Accrued expenses.
Loss Contingencies [Line Items]
Site restoration obligation, current $ 11 10
Summit Materials, LLC
Loss Contingencies [Line Items]
Term of purchase commitments1 year
Summit Materials, LLC | Site Restoration Obligations
Loss Contingencies [Line Items]
Anticipated costs $ 110.1 112.8
Summit Materials, LLC | Site Restoration Obligations | Other noncurrent liabilities
Loss Contingencies [Line Items]
Site restoration obligation, non-current32.5 33.6
Summit Materials, LLC | Site Restoration Obligations | Accrued expenses.
Loss Contingencies [Line Items]
Site restoration obligation, current $ 11 $ 10

FAIR VALUE - Fair Value Measure

FAIR VALUE - Fair Value Measurements (Details) - Level 3 $ in Thousands6 Months Ended
Jul. 03, 2021USD ($)Jun. 27, 2020USD ($)Jan. 02, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of acquisition-related liabilities and accrued expenses - contingent consideration $ 554 $ 654
Acquisition-related liabilities and other noncurrent liabilities - contingent consideration1,160 1,209
Adjustment to contingent consideration0 $ 0
Summit Materials, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of acquisition-related liabilities and accrued expenses - contingent consideration554 654
Acquisition-related liabilities and other noncurrent liabilities - contingent consideration1,160 $ 1,209
Adjustment to contingent consideration $ 0 $ 0
Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration fair value measurement input0.095
Discount Rate | Summit Materials, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration fair value measurement input0.095

FAIR VALUE - Carrying Value and

FAIR VALUE - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in ThousandsJul. 03, 2021Jan. 02, 2021
Financial Instruments
Current portion of debt $ 6,354 $ 6,354
Summit Materials, LLC
Financial Instruments
Current portion of debt6,354 6,354
Level 1
Financial Instruments
Current portion of debt6,400 6,400
Level 1 | Fair Value
Financial Instruments
Long-term debt1,973,479 1,971,087
Level 1 | Carrying Value
Financial Instruments
Long-term debt1,912,362 1,915,425
Level 1 | Summit Materials, LLC
Financial Instruments
Current portion of debt6,400 6,400
Level 1 | Summit Materials, LLC | Fair Value
Financial Instruments
Long-term debt1,973,479 1,971,087
Level 1 | Summit Materials, LLC | Carrying Value
Financial Instruments
Long-term debt1,912,362 1,915,425
Level 3 | Fair Value
Financial Instruments
Current portion of deferred consideration and noncompete obligations12,965 9,611
Long term portion of deferred consideration and noncompete obligations31,655 11,037
Level 3 | Carrying Value
Financial Instruments
Current portion of deferred consideration and noncompete obligations12,965 9,611
Long term portion of deferred consideration and noncompete obligations31,655 11,037
Level 3 | Summit Materials, LLC | Fair Value
Financial Instruments
Current portion of deferred consideration and noncompete obligations12,965 7,173
Long term portion of deferred consideration and noncompete obligations31,655 11,037
Level 3 | Summit Materials, LLC | Carrying Value
Financial Instruments
Current portion of deferred consideration and noncompete obligations12,965 7,173
Long term portion of deferred consideration and noncompete obligations $ 31,655 $ 11,037

SEGMENT INFORMATION - Financial

SEGMENT INFORMATION - Financial Data (Details) $ in Thousands3 Months Ended6 Months Ended
Jul. 03, 2021USD ($)Jun. 27, 2020USD ($)Jul. 03, 2021USD ($)segmentJun. 27, 2020USD ($)Jan. 02, 2021USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment3
Number of reportable segments | segment3
Total revenue $ 667,917 $ 631,009 $ 1,095,761 $ 998,199
Income from operations before taxes76,166 76,068 47,478 6,441
Interest expense24,216 25,608 48,402 53,426
Depreciation, depletion and amortization57,523 53,347 113,093 104,548
Accretion710 581 1,476 1,158
Loss (gain) on sale of businesses236 0 (15,432)0
Non-cash compensation4,827 4,892 10,190 9,797
Other114 (583)319 204
Total Adjusted EBITDA163,792 159,913 205,526 175,574
Total purchases of property, plant and equipment132,723 105,724
Total depreciation, depletion, amortization and accretion58,233 53,928 114,569 105,706
Total assets4,452,385 4,452,385 $ 4,308,011
Operating segment
Segment Reporting Information [Line Items]
Total purchases of property, plant and equipment132,298 104,767
Total depreciation, depletion, amortization and accretion57,132 52,936 112,364 103,725
Total assets3,757,719 3,757,719 3,657,959
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total Adjusted EBITDA(11,685)(8,061)(24,843)(16,880)
Total purchases of property, plant and equipment425 957
Total depreciation, depletion, amortization and accretion1,101 992 2,205 1,981
Total assets694,666 694,666 650,052
West
Segment Reporting Information [Line Items]
Total revenue337,968 332,481 589,101 528,706
West | Operating segment
Segment Reporting Information [Line Items]
Total Adjusted EBITDA78,771 78,943 119,419 101,411
Total purchases of property, plant and equipment66,545 32,514
Total depreciation, depletion, amortization and accretion25,351 22,165 50,491 43,965
Total assets1,571,730 1,571,730 1,503,382
East
Segment Reporting Information [Line Items]
Total revenue244,127 222,866 380,169 355,906
East | Operating segment
Segment Reporting Information [Line Items]
Total Adjusted EBITDA57,284 53,384 69,029 62,957
Total purchases of property, plant and equipment55,991 62,697
Total depreciation, depletion, amortization and accretion21,554 21,394 43,497 42,490
Total assets1,317,027 1,317,027 1,303,742
Cement
Segment Reporting Information [Line Items]
Total revenue85,822 75,662 126,491 113,587
Cement | Operating segment
Segment Reporting Information [Line Items]
Total Adjusted EBITDA39,422 35,647 41,921 28,086
Total purchases of property, plant and equipment9,762 9,556
Total depreciation, depletion, amortization and accretion10,227 9,377 18,376 17,270
Total assets868,962 $ 868,962 850,835
Summit Materials, LLC
Segment Reporting Information [Line Items]
Number of operating segments | segment3
Number of reportable segments | segment3
Total revenue667,917 631,009 $ 1,095,761 998,199
Income from operations before taxes76,166 76,130 47,540 6,621
Interest expense24,216 25,546 48,340 53,246
Depreciation, depletion and amortization57,523 53,347 113,093 104,548
Accretion710 581 1,476 1,158
Loss (gain) on sale of businesses236 0 (15,432)0
Non-cash compensation4,827 4,892 10,190 9,797
Other114 (583)319 204
Total Adjusted EBITDA163,792 159,913 205,526 175,574
Total purchases of property, plant and equipment132,723 105,724
Total depreciation, depletion, amortization and accretion58,233 53,928 114,569 105,706
Total assets4,226,663 4,226,663 4,077,134
Summit Materials, LLC | Operating segment
Segment Reporting Information [Line Items]
Total purchases of property, plant and equipment132,298 104,767
Total depreciation, depletion, amortization and accretion57,132 52,936 112,364 103,725
Total assets3,757,719 3,757,719 3,657,959
Summit Materials, LLC | Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total Adjusted EBITDA(11,685)(8,061)(24,843)(16,880)
Total purchases of property, plant and equipment425 957
Total depreciation, depletion, amortization and accretion1,101 992 2,205 1,981
Total assets468,944 468,944 419,175
Summit Materials, LLC | West
Segment Reporting Information [Line Items]
Total revenue337,968 332,481 589,101 528,706
Summit Materials, LLC | West | Operating segment
Segment Reporting Information [Line Items]
Total Adjusted EBITDA78,771 78,943 119,419 101,411
Total purchases of property, plant and equipment66,545 32,514
Total depreciation, depletion, amortization and accretion25,351 22,165 50,491 43,965
Total assets1,571,730 1,571,730 1,503,382
Summit Materials, LLC | East
Segment Reporting Information [Line Items]
Total revenue244,127 222,866 380,169 355,906
Loss (gain) on sale of businesses(15,400)
Summit Materials, LLC | East | Operating segment
Segment Reporting Information [Line Items]
Total Adjusted EBITDA57,284 53,384 69,029 62,957
Total purchases of property, plant and equipment55,991 62,697
Total depreciation, depletion, amortization and accretion21,554 21,394 43,497 42,490
Total assets1,317,027 1,317,027 1,303,742
Summit Materials, LLC | Cement
Segment Reporting Information [Line Items]
Total revenue85,822 75,662 126,491 113,587
Summit Materials, LLC | Cement | Operating segment
Segment Reporting Information [Line Items]
Total Adjusted EBITDA39,422 35,647 41,921 28,086
Total purchases of property, plant and equipment9,762 9,556
Total depreciation, depletion, amortization and accretion10,227 $ 9,377 18,376 $ 17,270
Total assets $ 868,962 $ 868,962 $ 850,835

GUARANTOR AND NON-GUARANTOR F_3

GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION - Schedule of Condensed Consolidating Balance Sheets (Details) - USD ($) $ in ThousandsJul. 03, 2021Apr. 03, 2021Jan. 02, 2021Jun. 27, 2020Mar. 28, 2020Dec. 28, 2019
Current assets:
Cash and cash equivalents $ 469,097 $ 418,181
Accounts receivable, net316,615 254,696
Cost and estimated earnings in excess of billings28,717 8,666
Inventories198,217 200,308
Other current assets15,271 11,428
Total current assets1,027,917 893,279
Property, plant and equipment and finance lease right-of-use asset, net1,865,841 1,850,169
Goodwill1,176,351 1,201,291
Intangible assets, net71,409 47,852
Operating lease right-of-use assets28,164 28,543
Other assets55,981 55,000
Total assets4,452,385 4,308,011
Current liabilities:
Current portion of debt6,354 6,354
Current portion of acquisition-related liabilities13,519 10,265
Accounts payable152,285 120,813
Accrued expenses150,154 160,570
Current operating lease liabilities7,019 8,188
Billings in excess of costs and estimated earnings12,524 16,499
Total current liabilities341,855 322,689
Long-term debt1,890,697 1,892,347
Acquisition-related liabilities32,815 12,246
Noncurrent operating lease liabilities22,316 21,500
Other noncurrent liabilities140,968 121,281
Total liabilities2,757,463 2,691,743
Total liabilities and stockholders’ equity/member's interest4,452,385 4,308,011
Summit Materials, LLC
Current assets:
Cash and cash equivalents469,097 418,181
Accounts receivable, net316,615 254,696
Intercompany receivables0 0
Cost and estimated earnings in excess of billings28,717 8,666
Inventories198,217 200,308
Other current assets15,271 11,428
Total current assets1,027,917 893,279
Property, plant and equipment and finance lease right-of-use asset, net1,865,841 1,850,169
Goodwill1,177,351 1,202,291
Intangible assets, net71,409 47,852
Operating lease right-of-use assets28,164 28,543
Other assets55,981 55,000
Total assets4,226,663 4,077,134
Current liabilities:
Current portion of debt6,354 6,354
Current portion of acquisition-related liabilities13,519 7,827
Accounts payable152,896 121,422
Accrued expenses150,384 160,801
Current operating lease liabilities7,019 8,188
Intercompany payables0 0
Billings in excess of costs and estimated earnings12,524 16,499
Total current liabilities342,696 321,091
Long-term debt1,890,697 1,892,347
Acquisition-related liabilities32,815 12,246
Noncurrent operating lease liabilities22,316 21,500
Other noncurrent liabilities189,548 167,182
Total liabilities2,478,072 2,414,366
Total member's interest1,748,591 $ 1,655,471 1,662,768 $ 1,520,828 $ 1,442,973 $ 1,513,150
Total liabilities and stockholders’ equity/member's interest4,226,663 4,077,134
Summit Materials, LLC | Eliminations
Current assets:
Cash and cash equivalents(2,874)(3,641)
Accounts receivable, net(5)109
Intercompany receivables(1,834,396)(1,707,752)
Cost and estimated earnings in excess of billings0 0
Inventories0 0
Other current assets0 0
Total current assets(1,837,275)(1,711,284)
Property, plant and equipment and finance lease right-of-use asset, net0 0
Goodwill0 0
Intangible assets, net0 0
Operating lease right-of-use assets0 0
Other assets(4,340,559)(4,175,921)
Total assets(6,177,834)(5,887,205)
Current liabilities:
Current portion of debt0 0
Current portion of acquisition-related liabilities0 0
Accounts payable(5)109
Accrued expenses(2,874)(3,641)
Current operating lease liabilities0 0
Intercompany payables(1,834,396)(1,707,752)
Billings in excess of costs and estimated earnings0 0
Total current liabilities(1,837,275)(1,711,284)
Long-term debt0 0
Acquisition-related liabilities0 0
Noncurrent operating lease liabilities0 0
Other noncurrent liabilities(164,421)(164,421)
Total liabilities(2,001,696)(1,875,705)
Total member's interest(4,176,138)(4,011,500)
Total liabilities and stockholders’ equity/member's interest(6,177,834)(5,887,205)
Summit Materials, LLC | Issuers | Reportable Legal Entities
Current assets:
Cash and cash equivalents451,966 401,074
Accounts receivable, net0 4
Intercompany receivables388,109 404,459
Cost and estimated earnings in excess of billings0 0
Inventories0 0
Other current assets3,077 2,840
Total current assets843,152 808,377
Property, plant and equipment and finance lease right-of-use asset, net7,262 9,410
Goodwill0 0
Intangible assets, net0 0
Operating lease right-of-use assets2,082 2,615
Other assets4,179,481 4,022,729
Total assets5,031,977 4,843,131
Current liabilities:
Current portion of debt6,354 6,354
Current portion of acquisition-related liabilities0 0
Accounts payable2,366 3,889
Accrued expenses56,504 54,108
Current operating lease liabilities949 913
Intercompany payables1,318,610 1,215,043
Billings in excess of costs and estimated earnings0 0
Total current liabilities1,384,783 1,280,307
Long-term debt1,890,697 1,892,347
Acquisition-related liabilities0 0
Noncurrent operating lease liabilities2,082 2,567
Other noncurrent liabilities5,824 5,142
Total liabilities3,283,386 3,180,363
Total member's interest1,748,591 1,662,768
Total liabilities and stockholders’ equity/member's interest5,031,977 4,843,131
Summit Materials, LLC | 100% Owned Guarantors | Reportable Legal Entities
Current assets:
Cash and cash equivalents4,518 10,287
Accounts receivable, net291,397 230,199
Intercompany receivables1,446,287 1,303,293
Cost and estimated earnings in excess of billings27,826 7,504
Inventories191,956 193,417
Other current assets10,258 6,797
Total current assets1,972,242 1,751,497
Property, plant and equipment and finance lease right-of-use asset, net1,764,414 1,746,045
Goodwill1,115,340 1,142,083
Intangible assets, net66,248 47,852
Operating lease right-of-use assets20,806 21,880
Other assets216,667 207,699
Total assets5,155,717 4,917,056
Current liabilities:
Current portion of debt0 0
Current portion of acquisition-related liabilities13,519 7,827
Accounts payable139,489 108,805
Accrued expenses94,416 106,320
Current operating lease liabilities5,276 6,114
Intercompany payables507,536 485,401
Billings in excess of costs and estimated earnings11,823 15,508
Total current liabilities772,059 729,975
Long-term debt0 0
Acquisition-related liabilities32,815 12,246
Noncurrent operating lease liabilities15,886 16,062
Other noncurrent liabilities228,532 208,540
Total liabilities1,049,292 966,823
Total member's interest4,106,425 3,950,233
Total liabilities and stockholders’ equity/member's interest5,155,717 4,917,056
Summit Materials, LLC | Non-Guarantors | Reportable Legal Entities
Current assets:
Cash and cash equivalents15,487 10,461
Accounts receivable, net25,223 24,384
Intercompany receivables0 0
Cost and estimated earnings in excess of billings891 1,162
Inventories6,261 6,891
Other current assets1,936 1,791
Total current assets49,798 44,689
Property, plant and equipment and finance lease right-of-use asset, net94,165 94,714
Goodwill62,011 60,208
Intangible assets, net5,161 0
Operating lease right-of-use assets5,276 4,048
Other assets392 493
Total assets216,803 204,152
Current liabilities:
Current portion of debt0 0
Current portion of acquisition-related liabilities0 0
Accounts payable11,046 8,619
Accrued expenses2,338 4,014
Current operating lease liabilities794 1,161
Intercompany payables8,250 7,308
Billings in excess of costs and estimated earnings701 991
Total current liabilities23,129 22,093
Long-term debt0 0
Acquisition-related liabilities0 0
Noncurrent operating lease liabilities4,348 2,871
Other noncurrent liabilities119,613 117,921
Total liabilities147,090 142,885
Total member's interest69,713 61,267
Total liabilities and stockholders’ equity/member's interest $ 216,803 $ 204,152

GUARANTOR AND NON-GUARANTOR F_4

GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION - Schedule of Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jul. 03, 2021Jun. 27, 2020
Condensed Consolidating Statements of Operations
Revenue $ 667,917 $ 631,009 $ 1,095,761 $ 998,199
Cost of revenue (excluding items shown separately below)467,716 439,508 814,410 756,871
Depreciation, depletion, amortization and accretion58,233 53,928 114,569 105,706
Operating (loss) income95,923 100,060 70,864 58,340
Gain on sale of business236 0 (15,432)0
Income from operations before taxes76,166 76,068 47,478 6,441
Income tax expense (benefit)18,408 17,181 12,965 (5,720)
Net income (loss) attributable to Summit Inc/LLC56,659 57,064 34,142 12,085
Comprehensive income (loss) attributable to member of Summit Materials, LLC58,642 59,212 37,805 8,140
Summit Materials, LLC
Condensed Consolidating Statements of Operations
Revenue667,917 631,009 1,095,761 998,199
Cost of revenue (excluding items shown separately below)467,716 439,508 814,410 756,871
General and administrative expenses46,045 37,513 95,918 77,282
Depreciation, depletion, amortization and accretion58,233 53,928 114,569 105,706
Operating (loss) income95,923 100,060 70,864 58,340
Other (income) loss, net(4,695)(1,616)(9,584)(1,527)
Interest expense (income)24,216 25,546 48,340 53,246
Gain on sale of business236 0 (15,432)0
Income from operations before taxes76,166 76,130 47,540 6,621
Income tax expense (benefit)6,351 6,113 5,515 229
Net income (loss) attributable to Summit Inc/LLC69,815 70,017 42,025 6,392
Comprehensive income (loss) attributable to member of Summit Materials, LLC72,447 72,963 46,783 979
Summit Materials, LLC | Eliminations
Condensed Consolidating Statements of Operations
Revenue(3,755)(5,928)(6,023)(9,261)
Cost of revenue (excluding items shown separately below)(3,755)(5,928)(6,023)(9,261)
General and administrative expenses0 0 0 0
Depreciation, depletion, amortization and accretion0 0 0 0
Operating (loss) income0 0 0 0
Other (income) loss, net123,172 115,166 148,662 99,099
Interest expense (income)0 0 0 0
Gain on sale of business0 0
Income from operations before taxes(123,172)(115,166)(148,662)(99,099)
Income tax expense (benefit)0 0 0 0
Net income (loss) attributable to Summit Inc/LLC(123,172)(115,166)(148,662)(99,099)
Comprehensive income (loss) attributable to member of Summit Materials, LLC(120,540)(112,220)(143,904)(104,512)
Issuers | Summit Materials, LLC | Reportable Legal Entities
Condensed Consolidating Statements of Operations
Revenue0 0 0 0
Cost of revenue (excluding items shown separately below)0 0 0 0
General and administrative expenses16,591 13,179 35,183 27,008
Depreciation, depletion, amortization and accretion1,100 991 2,205 1,981
Operating (loss) income(17,691)(14,170)(37,388)(28,989)
Other (income) loss, net(123,251)(115,620)(148,812)(100,328)
Interest expense (income)34,657 30,995 67,947 64,209
Gain on sale of business0 0
Income from operations before taxes70,903 70,455 43,477 7,130
Income tax expense (benefit)1,088 438 1,452 738
Net income (loss) attributable to Summit Inc/LLC69,815 70,017 42,025 6,392
Comprehensive income (loss) attributable to member of Summit Materials, LLC72,447 72,963 46,783 979
100% Owned Guarantors | Summit Materials, LLC | Reportable Legal Entities
Condensed Consolidating Statements of Operations
Revenue641,156 615,354 1,048,457 969,685
Cost of revenue (excluding items shown separately below)449,192 430,649 781,036 738,759
General and administrative expenses29,747 23,120 59,595 47,331
Depreciation, depletion, amortization and accretion54,137 51,683 106,702 101,155
Operating (loss) income108,080 109,902 101,124 82,440
Other (income) loss, net(4,404)(538)(8,741)(845)
Interest expense (income)(11,816)(6,648)(22,358)(13,362)
Gain on sale of business236 (15,432)
Income from operations before taxes124,064 117,088 147,655 96,647
Income tax expense (benefit)4,065 4,621 2,680 (1,096)
Net income (loss) attributable to Summit Inc/LLC119,999 112,467 144,975 97,743
Comprehensive income (loss) attributable to member of Summit Materials, LLC119,999 112,467 144,975 97,743
Non-Guarantors | Summit Materials, LLC | Reportable Legal Entities
Condensed Consolidating Statements of Operations
Revenue30,516 21,583 53,327 37,775
Cost of revenue (excluding items shown separately below)22,279 14,787 39,397 27,373
General and administrative expenses(293)1,214 1,140 2,943
Depreciation, depletion, amortization and accretion2,996 1,254 5,662 2,570
Operating (loss) income5,534 4,328 7,128 4,889
Other (income) loss, net(212)(624)(693)547
Interest expense (income)1,375 1,199 2,751 2,399
Gain on sale of business0 0
Income from operations before taxes4,371 3,753 5,070 1,943
Income tax expense (benefit)1,198 1,054 1,383 587
Net income (loss) attributable to Summit Inc/LLC3,173 2,699 3,687 1,356
Comprehensive income (loss) attributable to member of Summit Materials, LLC $ 541 $ (247) $ (1,071) $ 6,769

GUARANTOR AND NON-GUARANTOR F_5

GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION - Schedule of Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 03, 2021Jul. 03, 2021Jun. 27, 2020
Condensed Consolidating Statements of Operations
Net cash (used in) provided by operating activities $ 74,651 $ 61,701
Cash flow from investing activities:
Acquisitions, net of cash acquired(7,271)0
Purchase of property, plant and equipment(132,723)(105,724)
Proceeds from the sale of property, plant, and equipment6,806 6,607
Proceeds from sale of businesses $ 103,600 103,649 0
Other(27)1,629
Net cash used for investing activities(29,566)(97,488)
Cash flow from financing activities:
Payments on long-term debt(17,433)(11,388)
Payments on acquisition-related liabilities(8,378)(9,703)
Other(417)(907)
Net cash provided by (used in) financing activities5,538 (21,688)
Impact of foreign currency on cash293 (437)
Net (decrease) increase in cash50,916 (57,912)
Cash and cash equivalents—beginning of period418,181 311,319
Cash and cash equivalents—end of period469,097 469,097 253,407
Summit Materials, LLC
Condensed Consolidating Statements of Operations
Net cash (used in) provided by operating activities74,651 61,701
Cash flow from investing activities:
Acquisitions, net of cash acquired(7,271)0
Purchase of property, plant and equipment(132,723)(105,724)
Proceeds from the sale of property, plant, and equipment6,806 6,607
Proceeds from sale of businesses103,649 0
Other(27)1,629
Net cash used for investing activities(29,566)(97,488)
Cash flow from financing activities:
Proceeds from investment by member31,766 310
Loans received from and payments made on loans from other Summit Companies0 0
Payments on long-term debt(17,433)(11,388)
Payments on acquisition-related liabilities(5,878)(7,203)
Distributions(2,500)(2,500)
Other(417)(907)
Net cash provided by (used in) financing activities5,538 (21,688)
Impact of foreign currency on cash293 (437)
Net (decrease) increase in cash50,916 (57,912)
Cash and cash equivalents—beginning of period418,181 311,319
Cash and cash equivalents—end of period469,097 469,097 253,407
Summit Materials, LLC | Eliminations
Condensed Consolidating Statements of Operations
Net cash (used in) provided by operating activities0 0
Cash flow from investing activities:
Acquisitions, net of cash acquired0
Purchase of property, plant and equipment0 0
Proceeds from the sale of property, plant, and equipment0 0
Proceeds from sale of businesses0
Other0 0
Net cash used for investing activities0 0
Cash flow from financing activities:
Proceeds from investment by member0 0
Loans received from and payments made on loans from other Summit Companies767 138
Payments on long-term debt0 0
Payments on acquisition-related liabilities0 0
Distributions0 0
Other0 0
Net cash provided by (used in) financing activities767 138
Impact of foreign currency on cash0 0
Net (decrease) increase in cash767 138
Cash and cash equivalents—beginning of period(3,641)(6,477)
Cash and cash equivalents—end of period(2,874)(2,874)(6,339)
Summit Materials, LLC | Issuers | Reportable Legal Entities
Condensed Consolidating Statements of Operations
Net cash (used in) provided by operating activities(68,790)(68,485)
Cash flow from investing activities:
Acquisitions, net of cash acquired0
Purchase of property, plant and equipment(425)(957)
Proceeds from the sale of property, plant, and equipment0 0
Proceeds from sale of businesses0
Other0 0
Net cash used for investing activities(425)(957)
Cash flow from financing activities:
Proceeds from investment by member28,993 310
Loans received from and payments made on loans from other Summit Companies97,208 17,825
Payments on long-term debt(3,177)(3,177)
Payments on acquisition-related liabilities0 0
Distributions(2,500)(2,500)
Other(417)(822)
Net cash provided by (used in) financing activities120,107 11,636
Impact of foreign currency on cash0 0
Net (decrease) increase in cash50,892 (57,806)
Cash and cash equivalents—beginning of period401,074 302,474
Cash and cash equivalents—end of period451,966 451,966 244,668
Summit Materials, LLC | 100% Owned Guarantors | Reportable Legal Entities
Condensed Consolidating Statements of Operations
Net cash (used in) provided by operating activities131,106 120,740
Cash flow from investing activities:
Acquisitions, net of cash acquired(7,271)
Purchase of property, plant and equipment(126,378)(103,551)
Proceeds from the sale of property, plant, and equipment6,280 6,557
Proceeds from sale of businesses103,649
Other(27)1,629
Net cash used for investing activities(23,747)(95,365)
Cash flow from financing activities:
Proceeds from investment by member2,773 0
Loans received from and payments made on loans from other Summit Companies(96,177)(12,014)
Payments on long-term debt(13,846)(8,114)
Payments on acquisition-related liabilities(5,878)(7,203)
Distributions0 0
Other0 (85)
Net cash provided by (used in) financing activities(113,128)(27,416)
Impact of foreign currency on cash0 0
Net (decrease) increase in cash(5,769)(2,041)
Cash and cash equivalents—beginning of period10,287 5,488
Cash and cash equivalents—end of period4,518 4,518 3,447
Summit Materials, LLC | Non-Guarantors | Reportable Legal Entities
Condensed Consolidating Statements of Operations
Net cash (used in) provided by operating activities12,335 9,446
Cash flow from investing activities:
Acquisitions, net of cash acquired0
Purchase of property, plant and equipment(5,920)(1,216)
Proceeds from the sale of property, plant, and equipment526 50
Proceeds from sale of businesses0
Other0 0
Net cash used for investing activities(5,394)(1,166)
Cash flow from financing activities:
Proceeds from investment by member0 0
Loans received from and payments made on loans from other Summit Companies(1,798)(5,949)
Payments on long-term debt(410)(97)
Payments on acquisition-related liabilities0 0
Distributions0 0
Other0 0
Net cash provided by (used in) financing activities(2,208)(6,046)
Impact of foreign currency on cash293 (437)
Net (decrease) increase in cash5,026 1,797
Cash and cash equivalents—beginning of period10,461 9,834
Cash and cash equivalents—end of period $ 15,487 $ 15,487 $ 11,631