Summit Inc. was formed on September 23, 2014 to be a holding company. Our revenue in 2020 was $2.3 billion with net income of $141.2 million. The public infrastructure market represented 39% of our revenue in 2020. and affiliates July 10, 2020WestValley Gravel Sales LTD. Proven ability to incorporate new acquisitions and grow businesses. We believe we are well positioned to capitalize on any such increase in investment. Each of these materials is widely used in most forms of construction activity. High transportation costs are responsible for the wide dispersion of production sites. We sell aggregates to internal downstream operations at market prices. Approximately 98% of our plants can utilize recycled asphalt pavement. In addition, our operations require numerous governmental approvals and permits. Therefore, there is intense competition in a number of the markets in which we operate. We are dependent on information technology. Securities markets worldwide experience significant price and volume fluctuations. In recent years, stock markets have experienced extreme price and volume fluctuations. Ms. Benedict joined the Company in October 2013. Michael J. Brady, 53, Executive Vice President and Chief Business Development Officer. Use and consumption of our products fluctuate due to seasonality. Construction materials consist of aggregates and cement. The elimination of intracompany transactions is included in Other. Revenue from the liquid asphalt terminals is included in asphalt revenue. Revenue from cement decreased $8.5 million in the year ended January 2, 2021. Each year, we update our estimate as to when TRA payments will be made. These costs are typically incurred in the first half of the year and paid by year-end. As of January 2, 2021, we had accrued $321.7 million as TRA liability. Accruals are recorded when the outcome is probable and can be reasonably estimated. We also perform a market assessment of our enterprise value. In 2020, we performed a two-step quantitative analysis on four of our reporting units. These estimates are based on our best judgment. We account for the modification using a cumulative catch-up adjustment. These costs are excluded from any measure of progress toward contract fulfillment. If so, we record a TRA liability of 85% of such deferred tax assets. We believe that our audits provide a reasonable basis for our opinion. It is also engaged in paving and related services. The year ended January 2, 2021 was a 53-week year. Estimates also include revenue earned on contracts and costs to complete contracts. Aggregates and cement products are sold point-of-sale through purchase orders. Changes in the credit-adjusted risk-free rate do not change recorded liabilities. The standard had no material impact on our statements of operations and cash flows. In June 2018, the FASB issued ASU No. We perform the annual impairment test on the first day of the fourth quarter each year. We initially perform a qualitative analysis. Amounts are generally billed and collected within one year. ( Assets are assessed for impairment charges when identified for disposition. The 2020 Indenture also contains customary events of default. The 2023 Notes were paid in full in August 2020 as noted above. On February 25, 2019, Summit LLC entered into Incremental Amendment No. These awards contain service conditions associated with continued employment or service. These restricted stock grants vest over a one year period. Forfeitures are
