Company: ASTE
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000792987-25-000064
Chunk: 72

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 72
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 warranty liability for the three and nine month periods ended September 30, 2025 and 2024 are as follows:Three Months Ended September 30,Nine Months Ended September 30,(in millions)2025202420252024Reserve balance, beginning of the period$18.9 $15.4 $16.1 $16.5 Warranty liabilities accrued5.8 4.1 18.1 12.8 Warranty liabilities settled(6.6)(4.4)(16.3)(14.1)Other0.9 0.1 1.1 — Reserve balance, end of the period$19.0 $15.2 $19.0 $15.2 

Note 7. 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 $6.5 million and $6.3 million as of September 30, 2025 and December 31, 2024, respectively, of which $4.7 million and $4.6 million were included in "Other long-term liabilities" in the Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, respectively.

Note 8. Debt

On July 1, 2025 (the "Financing Effective Date"), the Company entered into the 2025 Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto from time to that provides for (i) a revolving credit facility, a term loan facility, a swingline facility and a letter of credit facility, in an initial aggregate amount of up to $600.0 million and (ii) an incremental facilities limit in an aggregate amount not to exceed $150.0 million (collectively, the "2025 Credit Facilities"). Loans advanced under the revolving credit facility and the term loan facility must be repaid on (i) July 1, 2030