Company: ASTE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000792987-25-000013
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Company: ASTEC INDUSTRIES INC
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
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Table of Contents

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Index to the Financial Statements and Supplementary Data:Reports of Independent Registered Public Accounting Firms35Consolidated Balance Sheets38Consolidated Statements of Operations39Consolidated Statements of Comprehensive (Loss) Income40Consolidated Statements of Cash Flows41Consolidated Statements of Equity43Notes to Consolidated Financial Statements44Note 1. Business and Organization44Note 2. Basis of Presentation and Significant Accounting Policies44Note 3. Acquisition52Note 4. Inventories53Note 5. Fair Value Measurements53Note 6. Investments55Note 7. Goodwill55Note 8. Intangible Assets56Note 9. Property and Equipment57Note 10. Leases57Note 11. Debt58Note 12. Product Warranty Reserves59Note 13. Accrued Loss Reserves59Note 14. Employee Benefit Plans60Note 15. Income Taxes61Note 16. Commitments and Contingencies63Note 17. Share-Based Compensation64Note 18. Revenue Recognition66Note 19. Operations by Industry Segment and Geographic Area67Note 20. Other Expenses and Income, net73Note 21. Strategic Transformation and Restructuring, Impairment and Other Asset Charges, net73

All schedules are omitted because they are not applicable, or the required information is shown in the financial statements or notes thereto.

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Table of Contents

Reports of Independent Registered Public Accounting Firms

To the shareholders and the Board of Directors of Astec Industries, Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Astec Industries, Inc. and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, shareholders' equity, and cash flows, for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). We also have audited the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of