Company: ASTE
Filing Date: 2025-06-25
Form Type: 11-K
Source: 0000792987-25-000038
Chunk: 6

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-06-25
Form: 11-K
Chunk 6
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 liabilities; or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability. |
| Level 3 - |     | Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.                                                                                                                |

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The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Following is a description of the valuation methodologies used for assets within the fair value hierarchy:

Mutual funds: Valued at the net asset value ("NAV") of shares held by the Plan at year end which is based on the closing price reported in the active market.

Self-directed brokerage accounts: Valued at quoted market prices, which represent the NAV of shares held by the Plan at year end (Level 1) and inputs other than quoted market prices including utilizing the fair value of the underlying holdings in certain investments with a readily determinable value or pricing models that maximize the use of observable inputs for similar securities (Level 2). Investments held in the self-directed brokerage accounts consist of mutual funds, common stocks, cash and cash equivalents, unit investment trusts and government and agency obligations.

Common stock : Valued at the closing price reported on the active market on which the individual securities are traded.

There have been no changes in the methodologies used as of December 31, 2024 and 2023.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan's management believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The Plan's assets are identified as being in Level 1 and Level 2 of the fair value hierarchy, other than those using NAV as a practical expedient. The following tables set forth the Plan's assets at fair value by level within the fair value hierarchy as of December 31, 2024 and 2023:

|                                            |     | Fair Value as of December 31, 2024 |             |     |         |           |     |       |             |
|:-------------------------------------------|:----|:-----------------------------------|------------:|:----|:--------