Company: ASTE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000792987-25-000013
Chunk: 268

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 268
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 fair value of the Company stock held in the DCP.401(k) PlanThe Company sponsors a 401(k) defined contribution plan to provide eligible employees with additional income upon retirement. The Company's contributions to the plan are based on employee contributions. The Company's contributions totaled $10.1 million, $8.1 million and $7.7 million in 2024, 2023 and 2022, respectively.

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Table of Contents

15. Income Taxes

For financial reporting purposes, income before income taxes includes the following components:Years Ended December 31, (in millions)202420232022United States$25.9 $36.4 $8.5 Foreign(12.0)6.4 (4.1)Income before income taxes$13.9 $42.8 $4.4 The provision for income taxes consists of the following:Years Ended December 31, (in millions)202420232022Current provision:Federal$13.3 $8.2 $17.4 State0.9 4.5 2.4 Foreign2.6 2.8 2.3 Total current provision16.8 15.5 22.1 Deferred benefit:Federal(8.2)(3.6)(18.3)State0.8 (2.8)(1.0)Foreign0.4 — 2.2 Total deferred benefit(7.0)(6.4)(17.1)Total provision:Federal5.1 4.6 (0.9)State1.7 1.7 1.4 Foreign3.0 2.8 4.5 Total income tax provision$9.8 $9.1 $5.0 The Company's "Income tax provision" is computed based on the domestic and foreign federal statutory rates and the average state statutory rates, net of related federal benefit.The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before income taxes. A reconciliation of the provision for income taxes at the statutory federal income tax rate to the amount provided is as follows:Years Ended December 31, (in millions)202420232022Tax expense at the statutory federal income tax rate$2.9 $8.9 $0.9 State income tax, net of federal income tax3.9 0.