Company: ASTE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000792987-25-000013
Chunk: 261

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 261
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 fair value of the reporting units. These events and circumstances include, but are not limited to, macroeconomic conditions, industry and competitive environment conditions, overall financial performance, business specific events and market considerations. The majority of the Company's goodwill was generated on a legacy basis and as a result have fair values that sufficiently exceed their underlying carrying values.Management performed a qualitative and a quantitative assessment for the annual tests of goodwill impairment performed on October 1, 2023 and 2022, respectively, and concluded that there was no impairment of goodwill.Prior periods have been revised to reflect the segment composition change for comparability. The changes in the carrying amount of goodwill and accumulated impairment losses by reporting segment during the years ended December 31, 2024 and 2023 are as follows:(in millions)Infrastructure SolutionsMaterials SolutionsTotalBalance, December 31, 2022:Goodwill$47.6 $31.6 $79.2 Accumulated impairment losses(21.8)(12.2)(34.0)Net$25.8 $19.4 $45.2 2023 Activity:Foreign currency translation$0.4 $0.7 $1.1 Total 2023 activity$0.4 $0.7 $1.1 Balance, December 31, 2023:Goodwill$48.0 $32.3 $80.3 Accumulated impairment(21.8)(12.2)(34.0)Net$26.2 $20.1 $46.3 2024 Activity:Foreign currency translation$(1.2)$0.1 $(1.1)Impairment— (20.2)(20.2)Total 2024 activity$(1.2)$(20.1)$(21.3)Balance, December 31, 2024:Goodwill$46.8 $32.2 $79.0 Accumulated impairment(21.8)(32.2)(54.0)Net$25.0 $— $25.0 

8. Intangible Assets

Intangible assets consisted of the following as of December 31, 2024 and 2023:20242023(in millions)Gross Carrying ValueAccumulated AmortizationNet Carrying ValueGross Carrying ValueAccumulated AmortizationNet Carrying ValueDealer network and customer relationships$41