(10) Partners’ Interest
Summit Materials’ majority owners are certain investment
funds affiliated with Blackstone Capital Partners V L.P. The
limited partnership interests of Summit Materials consists of Class
A-1 interests, Class A-2 interests, Class B-1 interests, Class C
interests, Class D-1 interests and Class D-2 interests.
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Class A-1 Interests:
equity interests that receive a preferential distribution up to
their unreturned capital contribution and then participate in the
residual earnings of the Company after other classes of
Partners’ Interests receive their specified preferential
distributions. |
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Class A-2 Interests:
equity interests that are issuable only upon the exchange of Class
B-1 Interests, Class C Interests and Class D-1 Interests or Class
D-1 Interests for Class A-2 Interests following any transfer
of any such interests (other than transfers to certain permitted
transferees) and have similar economic rights as Class A-1
Interests. No Class A-2 Interests have been issued to
date. |
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Class B-1 Interests: equity
interests that have similar economic rights as Class A-1
Interests. |
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Class C Interests: equity
interests that have been issued to certain start-up partners. Class
C Interests are entitled to preferential distributions after
preferential distributions to the Class A and B-1 Interests
and then participate in the residual earnings of the Company after
other classes of Partners’ Interests receive their specified
preferential distributions. The value of Class C Interests are not
significant to the consolidated financial statements. |
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Class D-1 Interests and Class D-2
Interests: equity interests that are subject to vesting
schedules and other conditions including certain transfer
restrictions and put and call rights applicable only to employees
or the other holders thereof. Once vested, the D-1 and D-2
Interests participate in the residual earnings of the Company after
other classes of Partners’ Interests receive their specified
preferential distributions. |
Business affairs of Summit Materials are managed by the Board of
Directors (“Board”) of the general partner, which is
controlled by the Class A interest holders. As of
December 27, 2014, the Board was composed of six
directors.
The changes in each component of accumulated other comprehensive
loss consisted of the following:
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Change in
retirement plans |
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Foreign currency
translation
adjustments |
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Accumulated
other
comprehensive
loss |
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Balance—December 31, 2011
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$ |
(6,577 |
) |
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|
$ |
(6,577 |
) |
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Postretirement liability adjustment
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(2,553 |
) |
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(2,553 |
) |
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Balance—December 29, 2012
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|
(9,130 |
) |
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— |
|
|
|
(9,130 |
) |
|
Postretirement liability adjustment
|
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|
3,085 |
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|
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|
3,085 |
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Balance—December 28, 2013
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|
(6,045 |
) |
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— |
|
|
|
(6,045 |
) |
|
Postretirement curtailment adjustment
|
|
|
(942 |
) |
|
|
— |
|
|
|
(942 |
) |
|
Postretirement liability adjustment
|
|
|
(2,743 |
) |
|
|
— |
|
|
|
(2,743 |
) |
|
Foreign currency translation adjustment
|
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|
— |
|
|
|
(5,816 |
) |
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(5,816 |
) |
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Balance—December 27, 2014
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|
$ |
(9,730 |
) |
|
$ |
(5,816 |
) |
|
$ |
(15,546 |
) |
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