Company: ASTE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000792987-25-000013
Chunk: 114

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 114
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 product but generally range from three months to two years or up to a specified number of hours of operation. The Company estimates the costs that may be incurred under its warranties and records a liability at the time product sales are recorded. The warranty liability is primarily based on historical claim rates, nature of claims and the associated costs.Changes in the Company's product warranty liability during 2024, 2023 and 2022 are as follows:(in millions)202420232022Reserve balance, January 1$16.5 $11.9 $10.5 Warranty liabilities accrued18.6 17.6 12.6 Warranty liabilities settled(18.9)(13.1)(11.1)Other(0.1)0.1 (0.1)Reserve balance, December 31$16.1 $16.5 $11.9 

13. Accrued Loss Reserves

The Company accrues reserves for losses related to known workers' compensation and general liability claims that have been incurred but not yet paid or are estimated to have been incurred but not yet reported to the Company. The undiscounted reserves are actuarially determined based on the Company's evaluation of the type and severity of individual claims and historical information, primarily its own claims experience, along with assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause these estimates to change in the future. Total accrued loss reserves were $6.3 million and $7.2 million as of December 31, 2024 and December 31, 2023, respectively, of which $4.6 million and $4.5 million 

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were included in "Other long-term liabilities" in the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively.

14. Employee Benefit Plans

Deferred Compensation ProgramsThe Company's DCP includes a non-qualified SERP and a separate non-qualified Deferred Compensation Plan.Supplemental Executive Retirement PlanThe Company maintains a SERP for certain of its executive management. The SERP has been closed to new entrants since December 2020. This plan is a non-qualified deferred compensation plan administered by the Board of Directors of the Company, pursuant to which the Company makes quarterly cash contributions of a certain percentage of participants' compensation. Investments are self-directed by participants and can include Company stock. Upon retirement or termination, participants receive their apportion