Company: ASTE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000792987-25-000013
Chunk: 111

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 111
---
 3.6 2.5 December 31,(in millions)20242023Operating lease right-of-use asset$7.8 $8.5 Operating lease short-term liability2.6 2.3 Operating lease long-term liability5.5 6.5 Weighted average remaining lease term (in years)3.614.45Weighted average discount rate used in calculating right-of-use asset5.04 %4.75 %

57

Table of Contents

Future annual minimum lease payments as of December 31, 2024 are as follows (in millions):2025$2.920262.520272.020280.620290.42030 and thereafter0.4Total lease payments$8.8Less: Interest(0.7)Operating lease liabilities$8.1

11. Debt

On December 19, 2022, the Company and certain of its subsidiaries entered into a new credit agreement (the "Credit Agreement") with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto. The Credit Agreement provides for (i) a revolving credit facility (consisting of revolving credit loans and swingline loans) and a letter of credit facility, in an aggregate amount of up to $250.0 million, (ii) an incremental credit facility in an aggregate amount not to exceed $125.0 million (the “Credit Facilities”) and (iii) a maturity date of December 19, 2027. Loans under the incremental credit facility shall have a maturity date as specified in the relevant incremental credit facility documentation. In connection with the entry into the Credit Facilities, the Company repaid all outstanding borrowings under the previously existing credit facility. Unamortized debt issuance costs for the Credit Facilities total $0.9 million as of December 31, 2024, of which $0.3 million are included in "Prepaid expenses and other assets" and $0.6 million are included in "Other long-term assets" in the Company's Consolidated Balance Sheets. Debt issuance costs are amortized on a straight-line basis to "Interest expense" over the term of the Credit Facilities.At the Company’s election, revolving credit loans and incremental term loans advanced under the Credit Agreement shall bear interest at (i) adjusted term Secured Overnight Financing Rate ("SOFR") for one-, three- or six-month periods, as selected by the Company, plus an applicable margin ranging between 1.175% and 2