Company: ASTE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000792987-25-000013
Chunk: 271

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 271
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 The Company files income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. The Company is currently under examination for the years 2013, 2014, 2016, 2018 and 2019 with taxing authorities in the United States. The Company is no longer subject to U.S. federal income tax examinations by authorities for years prior to 2013. With few exceptions, the Company is no longer subject to state and local or non-U.S. income tax examinations by authorities for years prior to 2020.The Company has a liability for unrecognized tax benefits of $16.8 million and $13.0 million (excluding accrued interest and penalties) as of December 31, 2024 and 2023, respectively. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in "Interest expense" and "Selling, general and administrative expenses", respectively, in the Consolidated Statements of Operations. The Company did not recognize any tax benefits for interest and penalties related to amounts that were settled for less than previously accrued in 2024 or 2023. The net amount of unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate was $15.1 million as of December 31, 2024, of which $10.7 million and $9.5 million were included in "Other current liabilities" and "Other long-term liabilities", respectively, partially offset by $5.1 million included in "Deferred income tax assets" in the Consolidated Balance Sheets. The net amount of these unrecognized tax benefits was $15.7 million as of December 31, 2023 included in "Other long-term liabilities" in the Consolidated Balance Sheets.A reconciliation of the beginning and ending unrecognized tax benefits excluding interest and penalties is as follows:Years Ended December 31, (in millions)202420232022Balance, beginning of year$13.0 $12.0 $10.8 Additions for tax positions taken in current year5.2 0.9 1.2 Additions for tax positions taken in prior period— 0.1 — Reductions due to lapse of statutes of limitations(1.4)— — Balance, end of year$16.8 $13.0 $12.0 The tax positions in the December 31, 2024 balance of unrecognized tax benefits are expected to reverse through income in future years.In 2024, additional jurisdictions in