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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 September 30, 2023
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.)
1801 California Street, Suite 3500
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 classTrading symbol(s)Name of each exchange on which registered
Class A Common Stock (par value $.01 per share)SUMNew 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, LLCYes☒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, LLCYes☒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, LLCYes☐No☒
As of October 31, 2023, 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 119,460,587 and 99, respectively.
As of October 31, 2023, 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 September 30, 2023, its sole material asset was a 99.1% 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 September 30, 2023 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 December 31, 2022 (the “Annual Report”), as filed with the Securities and Exchange Commission (the “SEC”), the 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, including residential;
•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 and portfolio optimization strategy, successfully integrate acquisitions with our existing operations and retain key employees of acquired businesses;
•our dependence on securing and permitting aggregate reserves in strategically located areas;
•the impact of rising interest rates, and diminished liquidity and credit availability in the market broadly;


•declines in public infrastructure construction and delays or reductions in governmental funding, including the funding by transportation authorities, the federal government and other state agencies particularly;
•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;
•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 current level of indebtedness, including our exposure to variable interest rate risk;
•our dependence on senior management and other key personnel, and our ability to retain and attract 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;
•costs associated with pending and future litigation;
•interruptions in our information technology systems and infrastructure, including cybersecurity and data leakage risks;
•potential labor disputes, strikes, other forms of work stoppage or other union activities;
•the impact of the COVID-19 pandemic, and responses to it, including vaccine mandates, or any similar crisis, on our activities; and
•material or adverse effects related to the pending Argos USA combination.


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;
•“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 September 30, 2023. This chart is provided for illustrative purposes only and does not show all of our legal entities or all obligations of such entities.
Corp Structure.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 
   
   
 
Consolidated Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022
   
 
   
 
   
 
   
 
   
 
   
 
   
   
   
   
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)
 September 30, 2023December 31, 2022
 (unaudited)(audited)
Assets  
Current assets:  
Cash and cash equivalents$197,475 $520,451 
Accounts receivable, net375,929 256,669 
Costs and estimated earnings in excess of billings40,985 6,510 
Inventories243,136 212,491 
Other current assets17,976 20,787 
Current assets held for sale1,702 1,468 
Total current assets877,203 1,018,376 
Property, plant and equipment, less accumulated depreciation, depletion and amortization (September 30, 2023 - $1,387,348 and December 31, 2022 - $1,267,557)
1,974,532 1,813,702 
Goodwill1,241,472 1,132,546 
Intangible assets, less accumulated amortization (September 30, 2023 - $18,115 and December 31, 2022 - $15,503)
68,814 71,384 
Deferred tax assets, less valuation allowance (September 30, 2023 - $1,113 and December 31, 2022 - $1,113)
113,362 136,986 
Operating lease right-of-use assets38,380 37,889 
Other assets51,201 44,809 
Total assets$4,364,964 $4,255,692 
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of debt$3,822 $5,096 
Current portion of acquisition-related liabilities7,028 13,718 
Accounts payable173,127 104,031 
Accrued expenses147,619 119,967 
Current operating lease liabilities8,745 7,296 
Billings in excess of costs and estimated earnings8,539 5,739 
Total current liabilities348,880 255,847 
Long-term debt1,488,069 1,488,569 
Acquisition-related liabilities27,633 29,051 
Tax receivable agreement liability52,143 327,812 
Noncurrent operating lease liabilities34,838 35,737 
Other noncurrent liabilities105,668 106,686 
Total liabilities2,057,231 2,243,702 
Commitments and contingencies (see note 12)
Stockholders’ equity:
Class A common stock, par value $0.01 per share; 1,000,000,000 shares authorized, 119,112,950 and 118,408,655 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
1,192 1,185 
Class B common stock, par value $0.01 per share; 250,000,000 shares authorized, 99 shares issued and outstanding as of September 30, 2023 and December 31, 2022
— — 
Additional paid-in capital1,415,320 1,404,122 
Accumulated earnings873,773 590,895 
Accumulated other comprehensive income3,296 3,084 
Stockholders’ equity2,293,581 1,999,286 
Noncontrolling interest in Summit Holdings14,152 12,704 
Total stockholders’ equity2,307,733 2,011,990 
Total liabilities and stockholders’ equity$4,364,964 $4,255,692 

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 endedNine months ended
 September 30, 2023October 1, 2022September 30, 2023October 1, 2022
Revenue:    
Product$641,778 $587,138 $1,609,664 $1,485,746 
Service100,182 98,871 219,939 224,676 
Net revenue741,960 686,009 1,829,603 1,710,422 
Delivery and subcontract revenue52,837 66,738 129,732 149,826 
Total revenue794,797 752,747 1,959,335 1,860,248 
Cost of revenue (excluding items shown separately below):
Product412,784 392,187 1,086,299 1,042,888 
Service77,538 76,011 173,568 179,807 
Net cost of revenue490,322 468,198 1,259,867 1,222,695 
Delivery and subcontract cost52,837 66,738 129,732 149,826 
Total cost of revenue543,159 534,936 1,389,599 1,372,521 
General and administrative expenses50,895 39,232 150,731 136,897 
Depreciation, depletion, amortization and accretion57,452 52,133 163,133 150,483 
Transaction costs17,442 727 19,518 2,637 
Gain on sale of property, plant and equipment (2,134)(1,343)(5,787)(6,293)
Operating income127,983 127,062 242,141 204,003 
Interest expense28,013 21,980 83,335 62,728 
Loss on debt financings— — 493 — 
Tax receivable agreement (benefit) expense(153,080)— (153,080)954 
Gain on sale of businesses— (4,115)— (174,373)
Other income, net(3,583)(3,283)(14,771)(4,956)
Income from operations before taxes256,633 112,480 326,164 319,650 
Income tax expense23,908 24,829 39,923 74,033 
Net income232,725 87,651 286,241 245,617 
Net income attributable to noncontrolling interest in Summit Holdings2,680 1,162 3,363 3,307 
Net income attributable to Summit Inc.$230,045 $86,489 $282,878 $242,310 
Earnings per share of Class A common stock:
Basic$1.93 $0.72 $2.38 $2.01 
Diluted$1.92 $0.72 $2.37 $2.00 
Weighted average shares of Class A common stock:
Basic119,013,331 119,896,272 118,874,967 120,345,015 
Diluted119,725,693 120,383,312 119,558,974 121,078,150 

See notes to unaudited consolidated financial statements.
2
SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Comprehensive Income
(In thousands) 
 Three months endedNine months ended
 September 30, 2023October 1, 2022September 30, 2023October 1, 2022
Net income$232,725 $87,651 $286,241 $245,617 
Other comprehensive income (loss):
Foreign currency translation adjustment(3,810)(10,247)295 (14,113)
Less tax effect of other comprehensive income (loss) items738 2,470 (80)3,404 
Other comprehensive (loss) income(3,072)(7,777)215 (10,709)
Comprehensive income229,653 79,874 286,456 234,908 
Less comprehensive income attributable to Summit Holdings2,638 1,048 3,366 3,151 
Comprehensive income attributable to Summit Inc.$227,015 $78,826 $283,090 $231,757 

See notes to unaudited consolidated financial statements.
3
SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
(In thousands) 
 Nine months ended
 September 30, 2023October 1, 2022
Cash flows from operating activities:  
Net income$286,241 $245,617 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion168,758 160,162 
Share-based compensation expense15,116 15,058 
Net gain on asset and business disposals(5,790)(180,240)
Non-cash loss on debt financings161 — 
Change in deferred tax asset, net23,540 58,318 
Other(105)(396)
Decrease (increase) in operating assets, net of acquisitions and dispositions:
Accounts receivable, net(107,349)(96,724)
Inventories(23,935)(53,762)
Costs and estimated earnings in excess of billings(34,463)(32,042)
Other current assets4,438 (6,961)
Other assets2,208 3,432 
(Decrease) increase in operating liabilities, net of acquisitions and dispositions:
Accounts payable48,524 44,510 
Accrued expenses19,034 (21,780)
Billings in excess of costs and estimated earnings2,812 646 
Tax receivable agreement benefit(153,080)954 
Other liabilities(2,486)(4,601)
Net cash provided by operating activities243,624 132,191 
Cash flows from investing activities:
Acquisitions, net of cash acquired(239,508)(1,933)
Purchases of property, plant and equipment(182,182)(189,008)
Proceeds from the sale of property, plant and equipment9,760 8,298 
Proceeds from sale of businesses— 373,790 
Other(3,602)(2,214)
Net cash (used in) provided by investing activities(415,532)188,933 
Cash flows from financing activities:
Debt issuance costs(1,566)— 
Payments on debt(8,520)(113,769)
Purchase of tax receivable agreement interests(122,935)— 
Payments on acquisition-related liabilities(12,203)(12,964)
Distributions from partnership(60)(399)
Repurchases of common stock— (100,980)
Proceeds from stock option exercises112 199 
Other(6,011)(774)
Net cash used in financing activities(151,183)(228,687)
Impact of foreign currency on cash115 (1,732)
Net (decrease) increase in cash(322,976)90,705 
Cash and cash equivalents—beginning of period520,451 380,961 
Cash and cash equivalents—end of period$197,475 $471,666 

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
OtherClass AClass BAdditionalNoncontrollingTotal
AccumulatedComprehensiveCommon StockCommon StockPaid-inInterest inStockholders’
 EarningsincomeSharesDollarsSharesDollarsCapitalSummit HoldingsEquity
Balance - December 31, 2022$590,895 $3,084 118,408,655 $1,185 99 $— $1,404,122 $12,704 $2,011,990 
Net loss(30,804)— — — — — — (408)(31,212)
LP Unit exchanges— — 2,000 — — — 21 (21)— 
Other comprehensive income, net of tax— 161 — — — — — 3 164 
Stock option exercises— — 902 — — — 15 — 15 
Share-based compensation— — — — — — 4,708 — 4,708 
Shares redeemed to settle taxes and other— — 407,114 4 — — (5,680)(43)(5,719)
Balance — April 1, 2023$560,091 $3,245 118,818,671 $1,189 99 $— $1,403,186 $12,235 $1,979,946 
Net income83,637 — — — — — — 1,091 84,728 
Other comprehensive income, net of tax— 3,081 — — — — — 42 3,123 
Stock option exercises— — 3,338 — — — 69 — 69 
Share-based compensation— — — — — — 5,216 — 5,216 
Shares redeemed to settle taxes and other— — 64,265 1 — — 893 (12)882 
Balance — July 1, 2023$643,728 $6,326 118,886,274 $1,190 99 $— $1,409,364 $13,356 $2,073,964 
Net income230,045 — — — — — — 2,680 232,725 
LP Unit exchanges— — 174,258 2 — — 1,776 (1,778)— 
Other comprehensive loss, net of tax— (3,030)— — — — — (42)(3,072)
Stock option exercises— — 1,167 — — — 28 — 28 
Share-based compensation— — — — — — 5,192 — 5,192 
Distributions from partnership— — — — — — — (60)(60)
Shares redeemed to settle taxes and other— — 51,251 — — — (1,040)(4)(1,044)
Balance - September 30, 2023$873,773 $3,296 119,112,950 $1,192 99 $— $1,415,320 $14,152 $2,307,733 
5
Summit Materials, Inc.
Accumulated
OtherClass AClass BAdditionalNoncontrollingTotal
AccumulatedComprehensiveCommon StockCommon StockPaid-inInterest inStockholders’
EarningsincomeSharesDollarsSharesDollarsCapitalSummit HoldingsEquity
Balance — January 1, 2022$478,956 $7,083 118,705,108 $1,188 99 $— $1,326,340 $9,645 $1,823,212 
Net loss(34,292)— — — — — — (508)(34,800)
Other comprehensive income, net of tax— 1,306 — — — — — 19 1,325 
Stock option exercises— — 1,589 — — — 27 — 27 
Share-based compensation— — — — — — 5,422 — 5,422 
Repurchases of common stock(47,494)— (1,506,878)(15)— — (121)121 (47,509)
Shares redeemed to settle taxes and other— — 842,029 8 — — (1,120)(68)(1,180)
Balance — April 2, 2022$397,170 $8,389 118,041,848 $1,181 99 $— $1,330,548 $9,209 $1,746,497 
Net income190,113 — — — — — — 2,653 192,766 
Other comprehensive loss, net of tax— (4,196)— — — — — (61)(4,257)
Stock option exercises— — 4,929 — — — 96 — 96 
Share-based compensation— — — — — — 4,734 — 4,734 
Distributions from partnership— — — — — — — (25)(25)
Shares redeemed to settle taxes and other— — 67,835 1 — — 997 (7)991 
Balance — July 2, 2022$587,283 $4,193 118,114,612 $1,182 99 $— $1,336,375 $11,769 $1,940,802 
Net income86,489 — — — — — — 1,162 87,651 
LP Unit exchanges— — 2,000 — — — 34 (34)— 
Other comprehensive loss, net of tax— (7,663)— — — — — (114)(7,777)
Stock option exercises— — 3,580 — — — 76 — 76 
Share-based compensation— — — — — — 4,902 — 4,902 
Repurchases of common stock(53,452)— (1,920,632)(19)— — (198)198 (53,471)
Distributions from partnership— — — — — — — (374)(374)
Shares redeemed to settle taxes and other— — 187,409 2 — — (587)— (585)
Balance — October 1, 2022$620,320 $(3,470)116,386,969 $1,165 99 $— $1,340,602 $12,607 $1,971,224 

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 December 31, 2022. 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 September 30, 2023, the results of operations for the three and nine months ended September 30, 2023 and October 1, 2022 and cash flows for the nine months ended September 30, 2023 and October 1, 2022.
 
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
7
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 nine months ended September 30, 2023 or October 1, 2022.

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 plastics components, and from the provision of services, which are primarily paving and related services, but also include landfill operations, the receipt and disposal of waste that is converted to fuel for use in our cement plants.
Products: Revenue for product sales is recognized when the performance obligation is satisfied, 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 a method similar to 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.
Estimating costs to be incurred for revenue recognition 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 Year Reclassifications — We have reclassified transaction costs of $0.7 million and $2.6 million for the three and nine months ended October 1, 2022, respectively, from general and administrative expenses to a separate line item included in operating income to conform to the current year presentation.

2.ACQUISITIONS, DISPOSITIONS, GOODWILL AND INTANGIBLES
 
The financial results of each acquisition have been included in the Company’s consolidated results of operations beginning on 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 endedYear ended
September 30, 2023December 31, 2022
West3 — 
East1 2 
8

The purchase price allocation, primarily the valuation of property, plant and equipment for the acquisitions completed during the nine months ended September 30, 2023, as well as the acquisitions completed during 2022 that occurred after October 1, 2022, 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 endedYear ended
September 30, 2023    December 31, 2022
Financial assets$12,747 $297 
Inventories6,694 161 
Property, plant and equipment124,051 30,041 
Other assets1,550 1,116 
Financial liabilities(11,973)(1,120)
Other long-term liabilities(768)(1,589)
Net assets acquired132,301 28,906 
Goodwill108,803 — 
Purchase price241,104 28,906 
Acquisition-related liabilities— (6,176)
Other(1,596)— 
Net cash paid for acquisitions$239,508 $22,730 

Changes in the carrying amount of goodwill, by reportable segment, from December 31, 2022 to September 30, 2023 are summarized as follows:
 WestEastCement
Total  
Balance—December 31, 2022$566,389 $361,501 $204,656 $1,132,546 
Acquisitions (1)108,803 — — 108,803 
Foreign currency translation adjustments123 — — 123 
Balance—September 30, 2023$675,315 $361,501 $204,656 $1,241,472 
_______________________________________________________________________
(1) Reflects goodwill from 2023 acquisitions.

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, 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:

 September 30, 2023December 31, 2022
 Gross
 Carrying
 Amount		Accumulated
 Amortization		Net
 Carrying
 Amount		Gross
 Carrying
 Amount		Accumulated
 Amortization		Net
 Carrying
 Amount
Operating permits$38,677 $(5,291)$33,386 $38,677 $(4,109)$34,568 
Mineral leases17,778 (7,452)10,326 18,091 (7,056)11,035 
Reserve rights25,586 (4,814)20,772 25,242 (3,872)21,370 
Other4,888 (558)4,330 4,877 (466)