Company: ASTE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000792987-25-000013
Chunk: 4

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 4
---
 the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ KPMG LLP

We served as the Company's auditor from 2015 to 2022.

Atlanta, Georgia

March 1, 2023, except for Note 19, as to which the date is February 26, 2025

37

Table of Contents

ASTEC INDUSTRIES, INC.

Consolidated Balance Sheets

(In millions, except share and per share data)

December 31,20242023ASSETSCurrent assets:Cash, cash equivalents and restricted cash$90.8 $63.2 Investments3.0 5.7 Trade receivables, contract assets and other receivables, net167.2 152.7 Inventories422.7 455.6 Prepaid and refundable income taxes9.3 14.6 Prepaid expenses and other assets29.8 27.7 Total current assets722.8 719.5 Property and equipment, net181.9 187.6 Investments18.9 13.8 Goodwill25.0 46.3 Intangible assets, net11.2 16.4 Deferred income tax assets45.8 37.5 Other long-term assets38.0 38.2 Total assets$1,043.6 $1,059.3 LIABILITIES AND EQUITYCurrent liabilities:Current maturities of long-term debt$— $0.1 Short-term