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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
(Mark One)


QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 2, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                       
Commission file numbers:
001-36873 (Summit Materials, Inc.)
333-187556 (Summit Materials, LLC)
SUMMIT MATERIALS, INC.
SUMMIT MATERIALS, LLC
(Exact name of registrants as specified in their charters)

Delaware (Summit Materials, Inc.)
47-1984212
Delaware (Summit Materials, LLC)
26-4138486
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1550 Wynkoop Street, 3rd Floor
80202
Denver, Colorado
(Zip Code)
(Address of principal executive offices)

Registrants’ telephone number, including area code: (303) 893-0012
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Class A Common Stock (par value $.01 per share) SUM New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Summit Materials, Inc.       Yes No
Summit Materials, LLC       Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Summit Materials, Inc.       Yes No
Summit Materials, LLC       Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Summit Materials, Inc.          
Large accelerated filer   Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Summit Materials, LLC          
Large accelerated filer   Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Summit Materials, Inc.       Yes No
Summit Materials, LLC       Yes No
As of November 1, 2021, the number of shares of Summit Materials, Inc.’s outstanding Class A and Class B common stock, par value $0.01 per share for each class, was 118,566,950 and 99, respectively.
As of November 1, 2021, 100% of Summit Materials, LLC’s outstanding limited liability company interests were held by Summit Materials Intermediate Holdings, LLC, its sole member and an indirect subsidiary of Summit Materials, Inc.



EXPLANATORY NOTE
 
This quarterly report on Form 10-Q (this “report”) is a combined quarterly report being filed separately by two registrants: Summit Materials, Inc. and Summit Materials, LLC. Each registrant hereto is filing on its own behalf all of the information contained in this report that relates to such registrant. Each registrant hereto is not filing any information that does not relate to such registrant, and therefore makes no representation as to any such information. We believe that combining the quarterly reports on Form 10-Q of Summit Materials, Inc. and Summit Materials, LLC into this single report eliminates duplicative and potentially confusing disclosure and provides a more streamlined presentation since a substantial amount of the disclosure applies to both registrants.
 
Unless stated otherwise or the context requires otherwise, references to “Summit Inc.” mean Summit Materials, Inc., a Delaware corporation, and references to “Summit LLC” mean Summit Materials, LLC, a Delaware limited liability company. The references to Summit Inc. and Summit LLC are used in cases where it is important to distinguish between them. We use the terms “we,” “our,” “us” or “the Company” to refer to Summit Inc. and Summit LLC together with their respective subsidiaries, unless otherwise noted or the context otherwise requires.
 
Summit Inc. was formed on September 23, 2014 to be a holding company. As of October 2, 2021, its sole material asset was a 98.8% economic interest in Summit Materials Holdings L.P., a Delaware limited partnership (“Summit Holdings”). Summit Inc. has 100% of the voting rights of Summit Holdings, which is the indirect parent of Summit LLC. Summit LLC is a co-issuer of our outstanding 6 1/2 % senior notes due 2027 (“2027 Notes”) and our 5 1/4% senior notes due 2029 (“2029 Notes” and collectively with the 2027 Notes, the “Senior Notes”). Summit Inc.’s only revenue for the three and nine months ended October 2, 2021 was that generated by Summit LLC and its consolidated subsidiaries. Summit Inc. controls all of the business and affairs of Summit Holdings and, in turn, Summit LLC.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
 
This report includes “forward-looking statements” within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “trends,” “plans,” “estimates,” “projects” or “anticipates” or similar expressions that concern our strategy, plans, expectations or intentions. All statements made relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very difficult to predict the effect of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be realized. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled “Risk Factors” in Summit Inc.’s Annual Report on Form 10-K for the fiscal year ended January 2, 2021 (the “Annual Report”), as filed with the Securities and Exchange Commission (the “SEC”), any factors discussed in the section entitled “Risk Factors” of this report and the following:

our dependence on the construction industry and the strength of the local economies in which we operate;
the cyclical nature of our business;
risks related to weather and seasonality;
risks associated with our capital-intensive business;
competition within our local markets;
our ability to execute on our acquisition strategy, successfully integrate acquisitions with our existing operations and retain key employees of acquired businesses;
our ability to implement and successfully execute on our Elevate Summit strategy;
our dependence on securing and permitting aggregate reserves in strategically located areas;



the impact of the coronavirus (“COVID-19”) pandemic, and responses to it, including vaccine mandates, or any similar crisis, on our business;
declines in public infrastructure construction and delays or reductions in governmental funding, including the funding by transportation authorities and other state agencies particularly if such are not augmented by federal funding or if the federal government fails to act on a highway infrastructure bill;
our reliance on private investment in infrastructure, which may be adversely affected by periods of economic stagnation and recession;
environmental, health, safety and climate change laws or governmental requirements or policies concerning zoning and land use;
costs associated with pending and future litigation;
rising prices for, or more limited availability of, commodities, labor and other production and delivery inputs as a result of inflation, supply chain challenges or otherwise;
conditions in the credit markets;
our ability to accurately estimate the overall risks, requirements or costs when we bid on or negotiate contracts that are ultimately awarded to us;
material costs and losses as a result of claims that our products do not meet regulatory requirements or contractual specifications;
cancellation of a significant number of contracts or our disqualification from bidding for new contracts;
special hazards related to our operations that may cause personal injury or property damage not covered by insurance;
unexpected factors affecting self-insurance claims and reserve estimates;
our substantial current level of indebtedness, including our exposure to variable interest rate risk;
our dependence on senior management team, and our ability to retain and attract other qualified personnel;
supply constraints or significant price fluctuations in the electricity and petroleum-based resources that we use, including diesel and liquid asphalt;
climate change and climate change legislation or other regulations;
unexpected operational difficulties;
interruptions in our information technology systems and infrastructure, including cybersecurity and data leakage risks; and
potential labor disputes, strikes, other forms of work stoppage or other union activities.

All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.
 
Any forward-looking statement that we make herein speaks only as of the date of this report. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

 CERTAIN DEFINITIONS
 
As used in this report, unless otherwise noted or the context otherwise requires:
 
“EBITDA” refers to net income (loss) before interest expense (income), income tax expense (benefit) and depreciation, depletion and amortization;
“Finance Corp.” refers to Summit Materials Finance Corp., an indirect wholly-owned subsidiary of Summit LLC and the co-issuer of the Senior Notes;
“Issuers” refers to Summit LLC and Finance Corp. as co‑issuers of the Senior Notes;  
“LP Units” refers to the Class A limited partnership units of Summit Holdings; and



“TRA” refers to a tax receivable agreement between Summit Inc. and certain current and former holders of LP Units and their permitted assignees.



Corporate Structure
The following chart summarizes our organizational structure, equity ownership and our principal indebtedness as of October 2, 2021. This chart is provided for illustrative purposes only and does not show all of our legal entities or all obligations of such entities.
SUM-20211002_G1.JPG
(1)SEC registrant.
(2)The shares of Class B Common Stock are currently held by pre-IPO investors, including certain members of management or their family trusts that directly hold LP Units. A holder of Class B Common Stock is entitled, without regard to the number of shares of Class B Common Stock held by such holder, to a number of votes that is equal to the aggregate number of LP Units held by such holder.
(3)Guarantor under the senior secured credit facilities, but not the Senior Notes.
(4)Summit LLC and Finance Corp are the issuers of the Senior Notes and Summit LLC is the borrower under our senior secured credit facilities. Finance Corp. was formed solely for the purpose of serving as co-issuer or guarantor of certain indebtedness, including the Senior Notes. Finance Corp. does not and will not have operations of any kind and does not and will not have revenue or assets other than as may be incidental to its activities as a co-issuer or guarantor of certain indebtedness.


SUMMIT MATERIALS, INC.
SUMMIT MATERIALS, LLC 
FORM 10-Q 
TABLE OF CONTENTS  
    Page No.
PART I—Financial Information 
     
1
     
 
1
     
 
2
     
 
3
     
 
4
     
 
5
     
 
7
     
 
     
     
     
     
PART II — Other Information 
     
     
     
     
     
     
     
   



PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
  October 2, 2021 January 2, 2021
  (unaudited) (audited)
Assets    
Current assets:    
Cash and cash equivalents $ 258,083  $ 418,181 
Accounts receivable, net 333,351  254,696 
Costs and estimated earnings in excess of billings 34,181  8,666 
Inventories 195,312  200,308 
Other current assets 13,855  11,428 
Total current assets 834,782  893,279 
Property, plant and equipment, less accumulated depreciation, depletion and amortization (October 2, 2021 - $1,234,171 and January 2, 2021 - $1,132,925)
1,841,139  1,850,169 
Goodwill 1,174,855  1,201,291 
Intangible assets, less accumulated amortization (October 2, 2021 - $14,309 and January 2, 2021 - $11,864)
70,338  47,852 
Deferred tax assets, less valuation allowance (October 2, 2021 - $1,675 and January 2, 2021 - $1,675)
210,389  231,877 
Operating lease right-of-use assets 27,339  28,543 
Other assets 57,807  55,000 
Total assets $ 4,216,649  $ 4,308,011 
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of debt $ 6,354  $ 6,354 
Current portion of acquisition-related liabilities 12,809  10,265 
Accounts payable 155,919  120,813 
Accrued expenses 137,378  160,570 
Current operating lease liabilities 6,818  8,188 
Billings in excess of costs and estimated earnings 11,631  16,499 
Total current liabilities 330,909  322,689 
Long-term debt 1,591,989  1,892,347 
Acquisition-related liabilities 33,223  12,246 
Tax receivable agreement liability 330,871  321,680 
Noncurrent operating lease liabilities 21,596  21,500 
Other noncurrent liabilities 136,297  121,281 
Total liabilities 2,444,885  2,691,743 
Commitments and contingencies (see note 12)
Stockholders’ equity:
Class A common stock, par value $0.01 per share; 1,000,000,000 shares authorized, 118,564,950 and 114,390,595 shares issued and outstanding as of October 2, 2021 and January 2, 2021, respectively
1,186  1,145 
Class B common stock, par value $0.01 per share; 250,000,000 shares authorized, 99 shares issued and outstanding as of October 2, 2021 and January 2, 2021
—  — 
Additional paid-in capital 1,319,897  1,264,681 
Accumulated earnings 435,118  326,772 
Accumulated other comprehensive income 5,670  5,203 
Stockholders’ equity 1,761,871  1,597,801 
Noncontrolling interest in Summit Holdings 9,893  18,467 
Total stockholders’ equity 1,771,764  1,616,268 
Total liabilities and stockholders’ equity $ 4,216,649  $ 4,308,011 

See notes to unaudited consolidated financial statements.
1

SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Operations
(In thousands, except share and per share amounts) 
  Three months ended Nine months ended
  October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
Revenue:        
Product $ 561,938  $ 540,904  $ 1,443,972  $ 1,334,471 
Service 100,321  104,342  235,298  228,421 
Net revenue 662,259  645,246  1,679,270  1,562,892 
Delivery and subcontract revenue 54,981  64,373  133,731  144,926 
Total revenue 717,240  709,619  1,813,001  1,707,818 
Cost of revenue (excluding items shown separately below):
Product 356,214  354,250  980,045  923,384 
Service 75,741  82,969  187,570  190,153 
Net cost of revenue 431,955  437,219  1,167,615  1,113,537 
Delivery and subcontract cost 54,981  64,373  133,731  144,926 
Total cost of revenue 486,936  501,592  1,301,346  1,258,463 
General and administrative expenses 47,364  50,972  146,454  132,385 
Depreciation, depletion, amortization and accretion 59,082  58,054  173,651  163,760 
Gain on sale of property, plant and equipment (1,159) (1,616) (4,331) (5,747)
Operating income 125,017  100,617  195,881  158,957 
Interest expense 24,134  24,623  72,536  78,049 
Loss on debt financings 6,016  4,064  6,016  4,064 
Loss (gain) on sale of businesses 113  —  (15,319) — 
Other income, net (1,137) (1,226) (10,721) (2,753)
Income from operations before taxes 95,891  73,156  143,369  79,597 
Income tax expense (benefit) 20,513  (19,613) 33,478  (25,333)
Net income 75,378  92,769  109,891  104,930 
Net income attributable to Summit Holdings 1,174  2,039  1,545  2,115 
Net income attributable to Summit Inc. $ 74,204  $ 90,730  $ 108,346  $ 102,815 
Earnings per share of Class A common stock:
Basic $ 0.63  $ 0.79  $ 0.92  $ 0.90 
Diluted $ 0.62  $ 0.79  $ 0.92  $ 0.90 
Weighted average shares of Class A common stock:
Basic 118,473,530  114,436,907  117,258,431  114,088,447 
Diluted 119,291,646  114,472,171  118,360,615  114,457,276 

See notes to unaudited consolidated financial statements.
2

SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Comprehensive Income
(In thousands) 
  Three months ended Nine months ended
  October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
Net income $ 75,378  $ 92,769  $ 109,891  $ 104,930 
Other comprehensive income (loss):
Foreign currency translation adjustment (4,076) 2,018  682  (3,395)
Less tax effect of other comprehensive income (loss) items 823  (494) (176) 831 
Other comprehensive (loss) income (3,253) 1,524  506  (2,564)
Comprehensive income 72,125  94,293  110,397  102,366 
Less comprehensive income attributable to Summit Holdings 1,117  2,091  1,584  2,024 
Comprehensive income attributable to Summit Inc. $ 71,008  $ 92,202  $ 108,813  $ 100,342 

See notes to unaudited consolidated financial statements.
3

SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
(In thousands) 
  Nine months ended
  October 2, 2021 September 26, 2020
Cash flow from operating activities:    
Net income $ 109,891  $ 104,930 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion 177,841  164,397 
Share-based compensation expense 14,875  23,119 
Net gain on asset and business disposals (19,295) (5,746)
Non-cash loss on debt financings 2,116  4,064 
Change in deferred tax asset, net 19,814  (28,968)
Other (586) 760 
Decrease (increase) in operating assets, net of acquisitions and dispositions:
Accounts receivable, net (78,108) (48,361)
Inventories (12,002) (2,829)
Costs and estimated earnings in excess of billings (26,969) (30,912)
Other current assets (2,556) (75)
Other assets 6,459  8,367 
(Decrease) increase in operating liabilities, net of acquisitions and dispositions:
Accounts payable 33,756  21,729 
Accrued expenses (15,598) 3,164 
Billings in excess of costs and estimated earnings (2,907) 395 
Tax receivable agreement liability 9,191  993 
Other liabilities (8,549) 3,012 
Net cash provided by operating activities 207,373  218,039 
Cash flow from investing activities:
Acquisitions, net of cash acquired (7,263) (123,195)
Purchases of property, plant and equipment (170,070) (140,006)
Proceeds from the sale of property, plant and equipment 8,827  8,848 
Proceeds from sale of businesses 103,649  — 
Other (459) 1,395 
Net cash used in investing activities (65,316) (252,958)
Cash flow from financing activities:
Proceeds from debt issuances —  700,000 
Debt issuance costs —  (9,565)
Payments on debt (323,802) (666,892)
Payments on acquisition-related liabilities (9,755) (10,391)
Proceeds from stock option exercises 32,416  329 
Other (951) (908)
Net cash (used in) provided by financing activities (302,092) 12,573 
Impact of foreign currency on cash (63) (216)
Net decrease in cash (160,098) (22,562)
Cash and cash equivalents—beginning of period 418,181  311,319 
Cash and cash equivalents—end of period $ 258,083  $ 288,757 

See notes to unaudited consolidated financial statements.
4

SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Changes in Stockholders’ Equity
(In thousands, except share amounts) 
  Summit Materials, Inc.  
  Accumulated
Other Class A Class B Additional Noncontrolling Total
Accumulated Comprehensive Common Stock Common Stock Paid-in Interest in Stockholders’
  Earnings income (loss) Shares Dollars Shares Dollars Capital Summit Holdings Equity
Balance - January 2, 2021 $ 326,772  $ 5,203  114,390,595  $ 1,145  99  $ —  $ 1,264,681  $ 18,467  $ 1,616,268 
Net loss (22,517) —  —  —  —  —  —  (728) (23,245)
LP Unit exchanges —  —  711,794  —  —  4,744  (4,751) — 
Other comprehensive income, net of tax —  1,635  —  —  —  —  —  45  1,680 
Stock option exercises —  —  863,338  —  —  15,911  —  15,920 
Share-based compensation —  —  —  —  —  —  5,363  —  5,363 
Shares redeemed to settle taxes and other —  —  678,605  —  —  (1,432) —  (1,426)
Balance — April 3, 2021 $ 304,255  $ 6,838  116,644,332  $ 1,167  99  $ —  $ 1,289,267  $ 13,033  $ 1,614,560 
Net loss 56,659  —  —  —  —  —  —  1,099  57,758 
LP Unit exchanges —  —  445,540  —  —  3,631  (3,635) — 
Other comprehensive income, net of tax —  2,028  —  —  —  —  —  51  2,079 
Stock option exercises —  —  847,480  —  —  15,837  —  15,845 
Share-based compensation —  —  —  —  —  —  4,827  —  4,827 
Shares redeemed to settle taxes and other —  —  18,536  —  —  (148) —  (147)
Balance — July 3, 2021 $ 360,914  $ 8,866  117,955,888  $ 1,180  99  $ —  $ 1,313,414  $ 10,548  $ 1,694,922 
Net income 74,204  —  —  —  —  —  —  1,174  75,378 
LP Unit exchanges —  —  283,649  —  —  1,769  (1,772) — 
Other comprehensive loss, net of tax —  (3,196) —  —  —  —  —  (57) (3,253)
Stock option exercises —  —  33,438  —  —  —  651  —  651 
Share-based compensation —  —  —  —  —  —  4,685  —  4,685 
Shares redeemed to settle taxes and other —  —  291,975  —  —  (622) —  (619)
Balance - October 2, 2021 $ 435,118  $ 5,670  118,564,950  $ 1,186  99  $ —  $ 1,319,897  $ 9,893  $ 1,771,764 

5

Summit Materials, Inc.
Accumulated
Other Class A Class B Additional Noncontrolling Total
Accumulated Comprehensive Common Stock Common Stock Paid-in Interest in Stockholders’
Earnings income (loss) Shares Dollars Shares Dollars Capital Summit Holdings Equity
Balance — December 28, 2019 $ 188,805  $ 3,448  113,309,385  $ 1,134  99  $ —  $ 1,234,020  $ 17,366  $ 1,444,773 
Net loss (44,979) —  —  —  —  —  —  (1,747) (46,726)
LP Unit exchanges —  —  196,542  —  —  1,132  (1,134) — 
Other comprehensive loss, net of tax —  (6,093) —  —  —  —  —  (220) (6,313)
Stock option exercises —  —  13,335  —  —  —  310  —  310 
Share-based compensation —  —  —  —  —  —  4,905  —  4,905 
Shares redeemed to settle taxes and other —  —  591,335  —  —  (1,096) —  (1,090)
Balance — March 28, 2020 $ 143,826  $ (2,645) 114,110,597  $ 1,142  99  $ —  $ 1,239,271  $ 14,265  $ 1,395,859 
Net income 57,064  —  —  —  —  —  —  1,823  58,887 
Other comprehensive income, net of tax —  2,148  —  —  —  —  —  77  2,225 
Share-based compensation —  —  —  —  —  —  4,892  —  4,892 
Shares redeemed to settle taxes and other —  —  1,351  —  —  —  —  —  — 
Balance — June 27, 2020 $ 200,890  $ (497) 114,111,948  $ 1,142  99  $ —  $ 1,244,163  $ 16,165  $ 1,461,863 
Net income 90,730  —  —  —  —  —  —  2,039  92,769 
Other comprehensive income, net of tax —  1,472  —  —  —  —  —  52  1,524 
Stock option exercises —  —  1,069  —  —  —  18  —  18 
Share-based compensation —  —  —  —  —  —  13,322  —  13,322 
Shares redeemed to settle taxes and other —  —  10,894  —  —  —  (3) — 
Balance — September 26, 2020 $ 291,620  $ 975  114,123,911  $ 1,142  99  $ —  $ 1,257,506  $ 18,253  $ 1,569,496 

See notes to unaudited consolidated financial statements.
6

SUMMIT MATERIALS, INC.
 
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
 
(Dollars in tables in thousands, except per share amounts or otherwise noted)
 
1.SUMMARY 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 October 2, 2021, the results of operations for the three and nine months ended October 2, 2021 and September 26, 2020 and cash flows for the nine months ended October 2, 2021 and September 26, 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.
7

 
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 nine months ended October 2, 2021 or September 26, 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 — We reclassified $32.6 million and $93.1 million of fixed overhead expenses related to production activities from general and administrative expenses to cost of revenue for the three and nine months ended September 26, 2020, respectively, to conform to the current year presentation. In addition, we reclassified $1.6 million and $5.7 million of gain on sale of property, plant and equipment from general and administrative expenses to a separate line item included within operating income, also to conform to the current year presentation. Lastly, we reclassified $0.4 million and $1.5 million of transaction costs from its own line item within operating income into general and administrative expenses for the three and nine months ended September 26, 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
8

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.

2.ACQUISITIONS, 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:

Nine months ended Year ended
October 2, 2021 January 2, 2021
West — 
East

The purchase price allocation, primarily the valuation of property, plant and equipment for the acquisitions completed during the nine months ended October 2, 2021, as well as the acquisitions completed during 2020 that occurred after September 26, 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:

Nine months ended Year ended
October 2, 2021      January 2, 2021
Financial assets $ —  $ 8,696 
Inventories 173  2,856 
Property, plant and equipment 7,958  130,042 
Intangible assets 702  — 
Other assets —  2,790 
Financial liabilities (121) (4,469)
Other long-term liabilities (300) (16,069)
Net assets acquired 8,412  123,846 
Goodwill —  — 
Purchase price 8,412  123,846 
Acquisition-related liabilities (1,149) — 
Other —  (369)
Net cash paid for acquisitions $ 7,263  $ 123,477 

Changes in the carrying amount of goodwill, by reportable segment, from January 2, 2021 to October 2, 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 306  —  —  306 
Balance—October 2, 2021 $ 570,293  $ 399,906  $ 204,656  $ 1,174,855 
_______________________________________________________________________
(1) Reflects goodwill derecognition from dispositions completed during the nine months ended October 2, 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 certain rights of ownership,
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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:

  October 2, 2021 January 2, 2021
  Gross
 Carrying
 Amount
Accumulated
 Amortization
Net
 Carrying
 Amount
Gross
 Carrying
 Amount
Accumulated
 Amortization
Net
 Carrying
 Amount
Operating permits $ 33,671  $ (2,206) $ 31,465  $ 33,671  $ (1,207) $ 32,464 
Mineral leases 19,927  (8,497) 11,430  19,225  (7,571) 11,654 
Reserve rights 25,586  (3,123) 22,463  6,234  (2,504) 3,730 
Other 5,463  (483) 4,980  586  (582)
Total intangible assets $ 84,647  $ (14,309) $ 70,338  $ 59,716  $ (11,864) $ 47,852 
 
Amortization expense totaled $0.9 million and $2.8 million for the three and nine months ended October 2, 2021, respectively, and $0.7 million and $2.3 million for the three and nine months ended September 26, 2020, respectively. The estimated amortization expense for the intangible assets for each of the five years subsequent to October 2, 2021 is as follows:

2021 (three months) $ 1,034 
2022 4,141 
2023 4,008 
2024 3,913 
2025 3,868 
2026 3,724 
Thereafter 49,650 
Total $ 70,338 

In the first nine months 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 $15.3 million.

3.REVENUE 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 nine months ended October 2, 2021 and September 26, 2020 is as follows:
  Three months ended Nine months ended
  October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
Revenue by product*:        
Aggregates $ 160,317  $ 136,396  $ 431,201  $ 362,546 
Cement 87,645  82,698  207,953  188,854 
Ready-mix concrete 183,114  179,124  525,208  488,710 
Asphalt 116,364  128,125  238,674  255,992 
Paving and related services 112,671  136,191  257,966  280,446 
Other 57,129  47,085  151,999  131,270 
Total revenue $ 717,240  $ 709,619  $ 1,813,001  $ 1,707,818 
*Revenue from liquid asphalt terminals is included in asphalt revenue.
 
Accounts receivable, net consisted of the following as of October 2, 2021 and January 2, 2021: 
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  October 2, 2021 January 2, 2021
Trade accounts receivable $ 268,188  $ 191,871 
Construction contract receivables 53,647  47,179 
Retention receivables 14,894  18,824 
Receivables from related parties 877  1,339 
Accounts receivable 337,606  259,213 
Less: Allowance for doubtful accounts (4,255) (4,517)
Accounts receivable, net $ 333,351  $ 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.

4.INVENTORIES
 
Inventories consisted of the following as of October 2, 2021 and January 2, 2021: 
  October 2, 2021 January 2, 2021
Aggregate stockpiles $ 132,325  $ 137,938 
Finished goods 31,334  32,993 
Work in process 9,189  9,281 
Raw materials 22,464  20,096 
Total $ 195,312  $ 200,308 


5.ACCRUED EXPENSES
 
Accrued expenses consisted of the following as of October 2, 2021 and January 2, 2021:
  October 2, 2021 January 2, 2021
Interest $ 8,891  $ 21,860 
Payroll and benefits 37,906  46,026 
Finance lease obligations 17,424  24,601 
Insurance 19,676  18,355 
Non-income taxes 23,834  15,669 
Deferred asset purchase payments 4,538  9,749 
Professional fees 1,152  828 
Other (1) 23,957  23,482 
Total $ 137,378  $ 160,570 
(1)Consists primarily of current portion of asset retirement obligations and miscellaneous accruals.

6.DEBT
 
Debt consisted of the following as of October 2, 2021 and January 2, 2021: 
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  October 2, 2021 January 2, 2021
Term Loan, due 2024:    
$611.5 million and $616.3 million, net of $0.7 million and $0.9 million discount at October 2, 2021 and January 2, 2021, respectively
$ 610,830  $ 615,425 
518% Senior Notes, due 2025
—  300,000 
612% Senior Notes, due 2027
300,000  300,000 
514% Senior Notes, due 2029
700,000  700,000 
Total 1,610,830  1,915,425 
Current portion of long-term debt 6,354  6,354 
Long-term debt $ 1,604,476  $ 1,909,071 
 
The contractual payments of long-term debt, including current maturities, for the five years subsequent to October 2, 2021, are as follows:

2021 (three months) $ 1,588 
2022 6,354 
2023 6,354 
2024 597,252 
2025 — 
2026 — 
Thereafter 1,000,000 
Total 1,611,548 
Less: Original issue net discount (718)
Less: Capitalized loan costs (12,487)
Total debt $ 1,598,343 
 
Senior Notes— On September 27, 2021, Summit LLC and Summit Finance (together, the “Issuers”) redeemed all $300.0 million in aggregate principal amount of their 5.125% senior notes due June 1, 2025 (the "2025 Notes") using existing cash on hand at a price equal to par plus an applicable premium and the indenture under which the 2025 Notes were issued was satisfied and discharged. As a result of the redemption, charges of $6.0 million were recognized in the quarter ended October 2, 2021, which included charges of $3.9 million for the applicable redemption premium and $2.1 million for the write-off of the deferred financing fees.

On August 11, 2020, 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.

As of October 2, 2021 and January 2, 2021, the Company was in compliance with all 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
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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 October 2, 2021 and January 2, 2021, with borrowing capacity of $329.1 million remaining as of October 2, 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 October 2, 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 nine months ended October 2, 2021 and September 26, 2020:
  Deferred financing fees
Balance—January 2, 2021 $ 18,367 
Amortization (2,510)
Write off of deferred financing fees (2,116)
Balance—October 2, 2021 $ 13,741 
 
 
Balance—December 28, 2019 $ 15,436 
Loan origination fees 9,565 
Amortization (2,499)
Write off of deferred financing fees (3,338)
Balance—September 26, 2020 $ 19,164 

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 October 2, 2021 or January 2, 2021.

7.INCOME 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 $20.5 million and $33.5 million in the three and nine months ended October 2, 2021, respectively, and our income tax benefit was $(19.6) million and $(25.3) million in the three and nine months ended September 26, 2020, respectively. The effective tax rate for Summit Inc. differs from the federal statutory tax rate
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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. In the third quarter of 2020, final regulations were issued clarifying portions of the Tax Cuts and Jobs Act of 2017 ("TCJA"). Under the provisions of the final regulations, we reversed unrecognized tax benefits of $32.9 million in the third quarter of 2020.
  
As of October 2, 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 nine months ended October 2, 2021 and September 26, 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 nine months ended October 2, 2021, 1,440,983 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 $10.8 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 October 2, 2021 and January 2, 2021, we had recorded $330.9 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 nine months ended October 2, 2021 and September 26, 2020.

8.EARNINGS 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:
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  Three months ended Nine months ended
  October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
Net income attributable to Summit Inc. $ 74,204  $ 90,730  $ 108,346  $ 102,815 
Weighted average shares of Class A stock outstanding 118,272,955  114,116,564  117,040,207  113,943,292 
Add: Nonvested restricted stock awards of retirement eligible shares 200,575  320,343  218,224  145,155 
Weighted average basic shares outstanding 118,473,530  114,436,907  117,258,431  114,088,447 
Basic earnings per share $ 0.63  $ 0.79  $ 0.92  $ 0.90 
Diluted net income attributable to Summit Inc. $ 74,204  $ 90,730  $ 108,346  $ 102,815 
Weighted average shares of Class A stock outstanding 118,272,955  114,116,564  117,040,207  113,943,292 
Add: stock options 125,164  —  310,990  — 
Add: warrants 14,405  —  17,573  — 
Add: restricted stock units 680,980  263,886  812,702  450,353 
Add: performance stock units 198,142  91,721  179,143  63,631 
Weighted average dilutive shares outstanding 119,291,646  114,472,171  118,360,615  114,457,276 
Diluted earnings per share $ 0.62  $ 0.79  $ 0.92  $ 0.90 
 
Excluded from the above calculations were the shares noted below as they were antidilutive:
  Three months ended Nine months ended
  October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
Antidilutive shares:        
LP Units 1,594,272  3,053,115  2,031,090  3,086,819 
Time-vesting stock options —  2,095,929  —  2,095,929 
Warrants —  100,037  —  100,037 
Time-vesting restricted stock units —  —  —  — 
Market-based restricted stock units —  —  —  — 

9.STOCKHOLDERS’ EQUITY
During the nine months ended October 2, 2021 and September 26, 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.
Shares (Class A)
LP Units Total Summit Inc.
Ownership
Percentage
Balance — January 2, 2021 114,390,595  2,873,170  117,263,765  97.5  %
Exchanges during period 1,440,983  (1,440,983) — 
Stock option exercises 1,744,256  —  1,744,256 
Other equity transactions 989,116  —  989,116 
Balance — October 2, 2021 118,564,950  1,432,187  119,997,137  98.8  %
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 14,404  —  14,404 
Other equity transactions 603,580  —  603,580 
Balance — September 26, 2020 114,123,911  3,053,115  117,177,026  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 1.2% and 2.5% as of October 2, 2021 and January 2, 2021, respectively.
15

 
Accumulated other comprehensive income (loss) —The changes in each component of accumulated other comprehensive income (loss) consisted of the following:
  Change in
 retirement plans
Foreign currency
 translation
 adjustments
Accumulated
 other
 comprehensive
 income (loss)
Balance — January 2, 2021 $ 533  $ 4,670  $ 5,203 
Foreign currency translation adjustment, net of tax —  467  467 
Balance — October 2, 2021 $ 533  $ 5,137  $ 5,670 
Balance — December 28, 2019 $ 2,171  $ 1,277  $ 3,448 
Foreign currency translation adjustment, net of tax —  (2,473) (2,473)
Balance — September 26, 2020 $ 2,171  $ (1,196) $ 975 

10.SUPPLEMENTAL CASH FLOW INFORMATION
 
Supplemental cash flow information is as follows:
  Nine months ended
  October 2, 2021 September 26, 2020
Cash payments:    
Interest $ 77,890  $ 86,427 
Payments for income taxes, net 6,694  1,131 
Operating cash payments on operating leases 7,894  8,372 
Operating cash payments on finance leases 1,722  2,402 
Finance cash payments on finance leases 13,739  11,528 
Non cash financing activities:
Right of use assets obtained in exchange for operating lease obligations $ 6,476  $ 2,931 
Right of use assets obtained in exchange for finance leases obligations 600  17,605 
Exchange of LP Units to shares of Class A common stock 43,796  4,648 

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11.LEASES

We lease construction and office equipment, distribution facilities and office space. Leases with an initial term of 12 months or less, including month to month leases, are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight line basis over the lease term. For lease agreements we have entered into or reassessed we combine lease and nonlease components. While we also own mineral leases for mining operations, those leases are outside the scope of 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:
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Three months ended Nine months ended
October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
Operating lease cost $ 1,755  $ 2,478  $ 5,175  $ 7,576 
Variable lease cost 90  90  263  253 
Short-term lease cost 12,373  14,335  30,517  33,369 
Financing lease cost:
Amortization of right-of-use assets 2,168  3,439  7,835  9,307 
Interest on lease liabilities 475  780  1,689  2,329 
Total lease cost $ 16,861  $ 21,122  $ 45,479  $ 52,834 
October 2, 2021 January 2, 2021
Supplemental balance sheet information related to leases:
Operating leases:
Operating lease right-of-use assets $ 27,339  $ 28,543 
Current operating lease liabilities $ 6,818  $ 8,188 
Noncurrent operating lease liabilities 21,596  21,500 
Total operating lease liabilities $ 28,414  $ 29,688 
Finance leases:
Property and equipment, gross $ 69,115  $ 92,679 
Less accumulated depreciation (29,387) (32,828)
Property and equipment, net $ 39,728  $ 59,851 
Current finance lease liabilities $ 17,424  $ 24,601 
Long-term finance lease liabilities 18,249  31,727 
Total finance lease liabilities $ 35,673  $ 56,328 
Weighted average remaining lease term (years):
Operating leases 9.1 8.7
Finance lease 2.5 2.4
Weighted average discount rate:
Operating leases 5.0  % 5.3  %
Finance leases 5.3  % 5.2  %
Maturities of lease liabilities, as of October 2, 2021, were as follows:
Operating Leases Finance Leases
2021 (three months) $ 2,103  $ 3,950 
2022 7,489  18,668 
2023 5,830  7,386 
2024 3,662  3,209 
2025 2,444  2,583 
2026 1,794  990 
Thereafter 12,976  1,843 
Total lease payments 36,298  38,629 
Less imputed interest (7,884) (2,956)
Present value of lease payments $ 28,414  $ 35,673 

12.COMMITMENTS 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
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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 October 2, 2021 and January 2, 2021, $32.7 million and $33.6 million, respectively, were included in other noncurrent liabilities on the consolidated balance sheets and $9.6 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 October 2, 2021 and January 2, 2021 were $108.0 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.

13.FAIR 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 October 2, 2021 and January 2, 2021 was:
  October 2, 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 $ 1,199  $ 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 October 2, 2021 and September 26, 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 October 2, 2021 and January 2, 2021 was:
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  October 2, 2021 January 2, 2021
  Fair Value Carrying Value Fair Value Carrying Value
Level 1        
Long-term debt(1) $ 1,661,673  $ 1,610,830  $ 1,971,087  $ 1,915,425 
Level 3
Current portion of deferred consideration and noncompete obligations(2) 12,255  12,255  9,611  9,611 
Long term portion of deferred consideration and noncompete obligations(3) 32,024  32,024  11,037  11,037 
(1)$6.4 million was included in current portion of debt as of October 2, 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.

14.SEGMENT 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 October 2, 2021 and January 2, 2021 and for the three and nine months ended October 2, 2021 and September 26, 2020:
 
  Three months ended Nine months ended
  October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
Revenue*:        
West $ 369,250  $ 390,310  $ 958,351  $ 919,016 
East 255,490  234,435  635,659  590,341 
Cement 92,500  84,874  218,991  198,461 
Total revenue $ 717,240  $ 709,619  $ 1,813,001  $ 1,707,818 
*Intercompany sales are immaterial and the presentation above only reflects sales to external customers.
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  Three months ended Nine months ended
  October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
Income from operations before taxes $ 95,891  $ 73,156  $ 143,369  $ 79,597 
Interest expense 24,134  24,623  72,536  78,049 
Depreciation, depletion and amortization 58,381  57,364  171,474  161,912 
Accretion 701  690  2,177  1,848 
Loss on debt financings 6,016  4,064  6,016  4,064 
Loss (gain) on sale of businesses 113  —  (15,319) — 
Non-cash compensation 4,685  13,322  14,875  23,119 
Other 363  4,083  682  4,287 
Total Adjusted EBITDA $ 190,284  $ 177,302  $ 395,810  $ 352,876 
Total Adjusted EBITDA by Segment: