Financial Analysis

"Acquisition On July 1, 2025, the Company completed the acquisition of TerraSource Holdings, LLC (""TerraSource""), a market-leading manufacturer of material processing equipment and related aftermarket parts serving complementary crushing, screening and separation applications (such acquisition, the ""Acquisition""). Pursuant to the Acquisition, the Company acquired 100% of the equity interests of TerraSource. The total cash consideration paid for by the Company to the sellers of TerraSource was $252.6 million. The Acquisition provides the Company with access to adjacent markets in materials processing equipment and related aftermarket parts. The acquired TerraSource business is included in the Company's Materials Solutions reportable segment. The Company financed the purchase price and related fees and expenses using net proceeds from a credit agreement entered into with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto from time to time (the ""2025 Credit Agreement""). See Note 11, Debt for additional details on financing transactions. Acquisition-related costs of $5.9 million and $0.8 million were expensed as incurred during the years ended December 31, 2025 and 2024, respectively. These costs are recorded in ""Selling, general and administrative expenses"" in the Consolidated Statements of Operations. Additionally, $7.4 million related to the amortization of acquisition-related inventory fair-value step-up was recorded in ""Co …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"Commitments and Contingencies Certain customers have financed purchases of Company products through arrangements with third-party financing institutions in which the Company is contingently liable for customer debt of $0.6 million and $1.4 million as of December 31, 2025 and 2024, respectively. These arrangements expire at various dates through March 2030. The agreements provide that the Company will receive the lender's full security interest in the equipment financed if the Company is required to fulfill its contingent liability under these arrangements. The Company has recorded a liability of $0.1 million and $0.3 million related to these guarantees, which were included in ""Other current liabilities"" in the Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively. The Company reviews off-balance sheet guarantees individually. Prior history is considered with respect to the Company having to perform on any off-balance sheet guarantees, as well as future projections of individual customer credit worthiness with respect to assessing credit losses related to off-balance sheet guarantees. In addition, the Company is contingently liable for letters of credit issued under its 2025 Credit Facilities totaling $5.3 million as of December 31, 2025. The outstanding letters of credit expire at various dates through November 2026. Unused letters of credit under the Credit Facilities are $24.7 million as of December 31, 2025. The Company is additionally contingently …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"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 time 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 or (ii) earlier as specified in the 2025 Credit Agreement. On the Financing Effective Date, the Company used the proceeds from the term loan facility, together with cash on hand, to (i) finance the Acquisition, (ii) repay existing indebtedness of the Company and its subsidiaries, including repayment of all amounts outstanding under the previous 2022 Credit Facilities, and (iii) the payment of transaction expenses incurred in connection with the Acquisition and the 2025 Credit Facilities. At the Companys election, revolving credit loans and term loans advanced under the 2025 Credit Agreement bear interest at a rate per annum equal to (i) a forward-looking term rate based on the secured overnight financing rate for the applicable interest period (""Term SOFR""), as selected by the Company, plus an applicable margin ranging betw …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables disaggregate the Company's revenue by major source for the periods ended December 31, 2025, 2024 and 2023 (excluding intercompany sales): For the Year Ended December 31, 2025 (in millions) Infrastructure Solutions Materials Solutions Total Net Sales-Domestic: Equipment sales $ 510.7 $ 209.4 $ 720.1 Parts and component sales 231.0 112.2 343.2 Service and equipment installation revenue 28.3 7.2 35.5 Used equipment sales 2.3 0.2 2.5 Freight revenue 25.7 7.0 32.7 Other 2.5 (6.3) (3.8) Total domestic revenue 800.5 329.7 1,130.2 Net Sales-International: Equipment sales 39.2 133.4 172.6 Parts and component sales 15.7 73.8 89.5 Service and equipment installation revenue 0.8 12.9 13.7 Used equipment sales 0.2 0.2 Freight revenue 1.1 2.9 4.0 Other 0.1 0.1 0.2 Total international revenue 56.9 223.3 280.2 Total net sales $ 857.4 $ 553.0 $ 1,410.4 For the Year Ended December 31, 2024 (in millions) Infrastructure Solutions Materials Solutions Total Net Sales-Domestic: Equipment sales $ 510.9 $ 150.3 $ 661.2 Parts and component sales 220.3 80.8 301.1 Service and equipment installation revenue 23.5 0.8 24.3 Used equipment sales 3.4 3.4 Freight revenue 22.7 6.6 29.3 Other 2.3 (6.2) (3.9) Total domestic revenue 783.1 232.3 1,015.4 Net Sales-International: Equipment sales 32.7 154.2 186.9 Parts and component sales 19.7 67.4 87.1 Service and equipment installation revenue 0.9 11.2 12.1 Used equipment sales 0.4 0.4 Freight revenue 0.9 2.5 3.4 Other 0.1 (0.3) (0.2) Total inter …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"Fair Value Measurements The Company has various financial instruments that must be measured at fair value on a recurring basis, including marketable debt and equity securities held by Astec Insurance and marketable equity securities held in the Company's deferred compensation programs. The Company's deferred compensation programs (""DCP"") include a non-qualified Supplemental Executive Retirement Plan (""SERP"") and a separate non-qualified Deferred Compensation Plan. Although the DCP investments are allocated to individual participants, and investment decisions are made solely by those participants, they are non-qualified plans. Consequently, the Company owns the assets and the related offsetting liability for disbursement until such time as a participant makes a qualifying withdrawal. The DCP assets and related offsetting liabilities are recorded in non-current ""Investments"" and ""Other long-term liabilities"", respectively, in the Consolidated Balance Sheets. The Company's subsidiaries also occasionally enter into foreign currency exchange contracts to mitigate exposure to fluctuations in currency exchange rates. The carrying amount of cash, cash equivalents and restricted cash, trade receivables and contract assets, other receivables, accounts payable, short-term debt and long-term debt approximates their fair value because of their short-term nature and/or interest rates associated with the instruments. Investments are carried at their fair value based on quoted marke …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Income Taxes The income tax disclosures that follow are inclusive of the requirements set forth in ASU 2023-09, Income Taxes (Topic 740), which the Company adopted on a prospective basis. For financial reporting purposes, income before income taxes includes the following components: Years Ended December 31, (in millions) 2025 2024 2023 United States $ 63.7 $ 25.9 $ 36.4 Foreign (10.6) (12.0) 6.4 Income before income taxes $ 53.1 $ 13.9 $ 42.8 The provision for income taxes consists of the following: Years Ended December 31, (in millions) 2025 2024 2023 Current provision: Federal $ 7.8 $ 13.3 $ 8.2 State 2.5 0.9 4.5 Foreign 3.6 2.6 2.8 Total current provision 13.9 16.8 15.5 Deferred provision (benefit): Federal 3.6 (8.2) (3.6) State 0.8 (2.8) Foreign (3.2) 0.4 Total deferred provision (benefit) 0.4 (7.0) (6.4) Total provision: Federal 11.4 5.1 4.6 State 2.5 1.7 1.7 Foreign 0.4 3.0 2.8 Total income tax provision $ 14.3 $ 9.8 $ 9.1 The Company's ""Income tax provision"" is computed based on the domestic and foreign federal statutory rates and the average state statutory rates, net of related federal benefit. The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before income taxes. The reconciliation of the provision for income taxes at the statutory federal income tax rate to the amount provided for the year ended December 31, 2025 is as follows: (in millions, except percentage data) Year Ended December 31, …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Leases The Company records its operating lease ROU assets in ""Other long-term assets"" and its operating lease liabilities in ""Other current liabilities"" and ""Other long-term liabilities"". As of December 31, 2025 and 2024, the Company did not have any finance leases. Additional information related to the Companys operating leases is reflected in the tables below: Years Ended December 31, (in millions) 2025 2024 2023 Operating lease expense $ 4.5 $ 3.2 $ 3.6 Short-term lease expense 3.4 3.1 2.5 Cash paid for operating leases included in operating cash flows 4.5 3.2 3.6 December 31, (in millions) 2025 2024 Operating lease right-of-use asset $ 14.9 $ 7.8 Operating lease short-term liability 5.4 2.6 Operating lease long-term liability 9.7 5.5 Weighted average remaining lease term (in years) 3.17 3.61 Weighted average discount rate used in calculating right-of-use asset 5.58 % 5.04 % Future annual minimum lease payments as of December 31, 2025 are as follows (in millions): (in millions) 2026 $ 6.1 2027 5.6 2028 2.6 2029 1.4 2030 0.5 2031 and thereafter 0.3 Total lease payments $ 16.5 Less: Interest (1.4) Operating lease liabilities $ 15.1"

LesseeOperatingLeasesTextBlock

"Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2023-07, ""Segment Reporting (Topic 280): Improvement to Reportable Segment Disclosures"", which requires entities to disclose significant segment expenses, other segment items, the title and position of the chief operating decision maker (""CODM"") and information related to how the CODM assesses segment performance and allocates resources, among certain other required disclosures. Additionally, current annual disclosures will be required in interim periods. The new standard is effective, on a retrospective basis, for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this guidance beginning with the Annual Report on Form 10-K for the year ended December 31, 2024 for annual disclosures and the Quarterly Report on Form 10-Q for quarter ended March 31, 2025 for interim disclosures. See Note 19, Operations by Industry Segment and Geographic Area for additional information on the Company's reportable segments. In December 2023, the FASB issued ASU 2023-09, ""Income Taxes (Topic 740): Improvements to Income Tax Disclosures,"" which requires entities to disclose specific categories in the income tax rate reconciliation and provide additional information for reconciling items that meet a specified quantit …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"Employee Benefit Plans Deferred Compensation Programs The Company's DCP includes a non-qualified SERP and a separate non-qualified Deferred Compensation Plan. Supplemental Executive Retirement Plan The 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 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 apportioned share of the plan assets in the form of cash based on a pre-determined schedule of distributions. Deferred Compensation Plan The Company maintains a Deferred Compensation Plan for certain of its executive and senior management. This plan is a non-qualified deferred compensation plan administered by the Board of Directors of the Company, pursuant to which eligible employees can defer the receipt of base and bonus compensation to a future date. Investments are self-directed by participants and can include Company stock. Upon retirement or termination, participants receive their apportioned share of the plan assets in the form of cash based on a pre-determined schedule of distributions. Assets of the Deferred Compensation Programs consist of the following: December 31, 2025 December 31, 2024 …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Recognition The following tables disaggregate the Company's revenue by major source for the periods ended December 31, 2025, 2024 and 2023 (excluding intercompany sales): For the Year Ended December 31, 2025 (in millions) Infrastructure Solutions Materials Solutions Total Net Sales-Domestic: Equipment sales $ 510.7 $ 209.4 $ 720.1 Parts and component sales 231.0 112.2 343.2 Service and equipment installation revenue 28.3 7.2 35.5 Used equipment sales 2.3 0.2 2.5 Freight revenue 25.7 7.0 32.7 Other 2.5 (6.3) (3.8) Total domestic revenue 800.5 329.7 1,130.2 Net Sales-International: Equipment sales 39.2 133.4 172.6 Parts and component sales 15.7 73.8 89.5 Service and equipment installation revenue 0.8 12.9 13.7 Used equipment sales 0.2 0.2 Freight revenue 1.1 2.9 4.0 Other 0.1 0.1 0.2 Total international revenue 56.9 223.3 280.2 Total net sales $ 857.4 $ 553.0 $ 1,410.4 For the Year Ended December 31, 2024 (in millions) Infrastructure Solutions Materials Solutions Total Net Sales-Domestic: Equipment sales $ 510.9 $ 150.3 $ 661.2 Parts and component sales 220.3 80.8 301.1 Service and equipment installation revenue 23.5 0.8 24.3 Used equipment sales 3.4 3.4 Freight revenue 22.7 6.6 29.3 Other 2.3 (6.2) (3.9) Total domestic revenue 783.1 232.3 1,015.4 Net Sales-International: Equipment sales 32.7 154.2 186.9 Parts and component sales 19.7 67.4 87.1 Service and equipment installation revenue 0.9 11.2 12.1 Used equipment sales 0.4 0.4 Freight revenue 0.9 2.5 3.4 Other 0.1 (0. …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Operations by Industry Segment and Geographic Area The Company has two operating and reportable segments, each of which comprise sites based upon the nature of the products produced or services provided, the type of customer for the products, the similarity of economic characteristics, the manner in which management reviews results and the nature of the production process, among other considerations. Segment Operating Adjusted EBITDA is the measure of segment profit or loss used by the Company's Chief Executive Officer (""CEO""), who is the CODM, to evaluate performance and allocate resources to the reportable segments. The CODM uses this measure to allocate resources, including headcount, financial resources and capital resources, for each segment, predominantly in the annual budgeting process. Additionally, Segment Operating Adjusted EBITDA is believed to strongly correlate with shareholder returns and is, therefore, included as a key component in the compensation of certain employees. This metric is used to monitor actual results versus budget and forecast on a monthly basis to assess segment performance as compared to expectations. Segment Operating Adjusted EBITDA is defined as net income or loss before the impact of interest income or expense, income taxes, depreciation and amortization and certain other adjustments that are not considered by the CODM in the evaluation of ongoing operating performance. A brief description of each segment is as follows: Infrastructure S …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Share-Based Compensation Prior to its termination on April 24, 2025, the Company's 2021 Equity Incentive Plan (""2021 Plan"") provided for the grant of share-based awards. The 2021 Plan authorized the grant of options, share appreciation rights, restricted stock, restricted stock units, deferred stock units, performance awards, dividend equivalents and other share-based and cash awards. Under the 2021 Plan, the Company had restricted stock units, performance stock units and deferred stock units. Awards granted under the 2021 Plan provide for dividend equivalents, which are subject to the same forfeiture, transfer restrictions and deferral terms as apply to the award to which they relate. On April 25, 2025 (""Plan Effective Date""), the Company's shareholders approved the 2025 Equity Incentive Plan (""2025 Plan""), which is administered by the Company's Compensation Committee of the Board of Directors (the ""Compensation Committee""). The 2025 Plan provides for a total of 1,309,500 shares to be reserved and available for issuance pursuant to the grant of new awards under the 2025 Plan. To the extent that all or a portion of an award is canceled, terminates, expires, is forfeited or lapses for any reason (including by reason of failure to meet time-based and/or performance-based vesting requirements), any unissued or forfeited shares originally subject to the award will be added back to the 2025 Plan share reserve and again be available for issuance pursuant to awards granted …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

"Subsequent Event The Company has evaluated all events subsequent to the balance sheet date as of December 31, 2025 through the date of issuance of these consolidated financial statements and has determined that, except as set forth below, there are no subsequent events that require disclosure. On January 1, 2026, the Company completed the acquisition of CWMF, LLC (""CWMF""), a manufacturer of portable and stationary asphalt plant equipment and parts. The acquisition increases production capacity in the Company's Infrastructure Solutions segment. The total cash consideration paid by the Company to the sellers of CWMF was $67.5 million, subject to a customary purchase price adjustment and was funded by a combination of incremental borrowings on the Company's 2025 Credit Facilities and cash on hand. The Company expects to account for this transaction as a business combination. The initial accounting, including the identification and allocation of consideration to assets acquired and liabilities assumed, is not complete given the proximity of the acquisition to the financial statement filing date. The acquisition is not expected to be material to the Company's Consolidated Statements of Operations."

SubsequentEventsTextBlock

"Acquisition On July 1, 2025 (the ""Closing Date""), the Company completed the acquisition of TerraSource Holdings, LLC (""TerraSource""), a market-leading manufacturer of material processing equipment and related aftermarket parts serving complementary crushing, screening and separation applications (such acquisition, the ""Acquisition""). Pursuant to the Acquisition, the Company acquired 100% of the equity interests of TerraSource. The total cash consideration paid for by the Company to the sellers of TerraSource was $252.4 million. The Acquisition provides the Company with access to adjacent markets in materials processing equipment and related aftermarket parts. The acquired TerraSource business is included in the Company's Materials Solutions reportable segment. The Company financed the purchase price and related fees and expenses using net proceeds from a credit agreement entered into with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto from time to time (the ""2025 Credit Agreement""). See Note 8, Debt for additional details on financing transactions. Total transaction costs, inclusive of the amortization of the acquisition-related inventory fair value step-up, of $8.1 million and $10.3 million were expensed as incurred during the three and nine months ended September 30, 2025, respectively, for the Acquisition. Transaction costs of $4.3 million were recorded in ""Cost of sales"" in the Consolidated Statements of Operation …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"Commitments and Contingencies Certain customers have financed purchases of Company products through arrangements with third-party financing institutions in which the Company is contingently liable for customer debt of $1.0 million and $1.4 million as of September 30, 2025 and December 31, 2024, respectively. These arrangements expire at various dates through April 2030. The agreements provide that the Company will receive the lender's full security interest in the financed equipment if the Company is required to fulfill its contingent liability under these arrangements. The Company has recorded a liability of $0.2 million and $0.3 million related to these guarantees as of September 30, 2025 and December 31, 2024, respectively, which were included in ""Other current liabilities"" in the Consolidated Balance Sheets. The Company reviews off-balance sheet guarantees individually. Prior history is considered with respect to the Company having to perform on any off-balance sheet guarantees, as well as future projections of individual customer creditworthiness with respect to assessing credit losses related to off-balance sheet guarantees. In addition, the Company is contingently liable for letters of credit issued under its $250.0 million revolving credit facility (the ""2025 Credit Facility""), which outstanding letters of credit totaled $5.2 million as of September 30, 2025. The outstanding letters of credit expire at various dates through September 2026. Unused letters of credi …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"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 or (ii) earlier as specified in the 2025 Credit Agreement. On the Financing Effective Date, the Company used the proceeds from the term loan facility, together with cash on hand, to (i) finance the Acquisition, (ii) repay existing indebtedness of the Company and its subsidiaries, including repayment of all amounts outstanding under the previous 2022 Credit Facilities, and (iii) the payment of transaction expenses incurred in connection with the Acquisition and the 2025 Credit Facilities. At the Companys election, revolving credit loans and term loans advanced under the 2025 Credit Agreement bears interest at a rate per annum equal to (i) a forward-looking term rate based on the secured overnight financing rate for the applicable interest period (""Term SOFR""), as selected by the Company, plus an applicable margin ranging between …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables disaggregate the Company's revenue by major source for the three and nine-month periods ended September 30, 2025 and 2024 (excluding intercompany sales): Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 (in millions) Infrastructure Solutions Materials Solutions Total Infrastructure Solutions Materials Solutions Total Net Sales-Domestic: Equipment sales $ 119.8 $ 56.3 $ 176.1 $ 103.2 $ 33.3 $ 136.5 Parts and component sales 51.1 37.0 88.1 42.9 21.2 64.1 Service and equipment installation revenue 5.9 3.1 9.0 4.7 0.2 4.9 Used equipment sales 0.1 0.1 Freight revenue 6.2 2.5 8.7 5.3 1.5 6.8 Other 0.5 (2.1) (1.6) 0.5 (1.6) (1.1) Total domestic revenue 183.6 96.8 280.4 156.6 54.6 211.2 Net Sales-International: Equipment sales 6.9 33.6 40.5 4.2 51.2 55.4 Parts and component sales 2.5 21.9 24.4 3.8 17.8 21.6 Service and equipment installation revenue 3.9 3.9 0.2 2.7 2.9 Freight revenue 0.2 0.7 0.9 0.2 0.5 0.7 Other (0.4) (0.4) Total international revenue 9.6 60.1 69.7 8.4 71.8 80.2 Total net sales $ 193.2 $ 156.9 $ 350.1 $ 165.0 $ 126.4 $ 291.4 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 (in millions) Infrastructure Solutions Materials Solutions Total Infrastructure Solutions Materials Solutions Total Net Sales-Domestic: Equipment sales $ 374.0 $ 144.2 $ 518.2 $ 352.5 $ 114.6 $ 467.1 Parts and component sales 172.7 76.1 248.8 160.9 61.1 222.0 Service and equipment installation revenue 21.4 3.5 24.9 18.1 0.5 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"Fair Value Measurements The Company has various financial instruments that must be measured at fair value on a recurring basis, including marketable debt and equity securities held by Astec Insurance and marketable equity securities held in the Company's deferred compensation programs. The Company's deferred compensation programs (""DCP"") include a non-qualified Supplemental Executive Retirement Plan (""SERP"") and a separate non-qualified Deferred Compensation Plan. Although the DCP investments are allocated to individual participants, and investment decisions are made solely by those participants, they are non-qualified plans. Consequently, the Company owns the assets and the related offsetting liability for disbursement until such time as a participant makes a qualifying withdrawal. The DCP assets and related offsetting liabilities are recorded in non-current ""Investments"" and ""Other long-term liabilities,"" respectively, in the Consolidated Balance Sheets. The Company's subsidiaries also occasionally enter into foreign currency exchange contracts to mitigate exposure to fluctuations in currency exchange rates. The carrying amount of cash, cash equivalents and restricted cash, trade receivables and contract assets, other receivables, accounts payable, short-term debt and long-term debt approximates their fair value because of their short-term nature and/or interest rates associated with the instruments. Investments are carried at their fair value based on quoted marke …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Income Taxes For the three months ended September 30, 2025, the Company recorded an income tax benefit of $0.9 million, reflecting a 17.6% effective tax rate, compared to $2.3 million for the three months ended September 30, 2024, reflecting a 27.1% effective tax rate. The income tax benefit for the three months ended September 30, 2025 was lower compared to the same period in 2024 primarily due to lower pretax book loss and changes in the relative weighting of jurisdictional income and loss. For the nine months ended September 30, 2025, the Company recorded income tax expense of $10.3 million, reflecting a 27.7% effective tax rate, compared to a benefit of $0.6 million for the nine months ended September 30, 2024, reflecting a 3.4% effective tax rate. The income tax expense for the nine months ended September 30, 2025 as compared to a benefit in the same period in 2024 was primarily due to higher pretax book income and changes in the relative weighting of jurisdictional income and loss, partially offset by a net nondeductible goodwill impairment incurred in 2024. The Company's recorded liability for uncertain tax positions was $17.5 million and $16.8 million as of September 30, 2025 and December 31, 2024, respectively. The increase is the result of $0.7 million of incremental reserves associated with a research and development credit generated during 2025. Management believes it is reasonably possible that unrecognized tax liabilities will decrease by approximately $5.0 mil …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, ""Segment Reporting (Topic 280): Improvement to Reportable Segment Disclosures"", which requires entities to disclose significant segment expenses, other segment items, the title and position of the chief operating decision maker (""CODM"") and information related to how the CODM assesses segment performance and allocates resources, among certain other required disclosures. Additionally, current annual disclosures will be required in interim periods. The new standard is effective, on a retrospective basis, for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this guidance beginning with the form 10-K filing for the year ended December 31, 2024. See Note 12, Operations by Industry Segment and Geographic Area for additional information on the Company's reportable segments. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, ""Income Taxes (Topic 740): Improvements to Income Tax Disclosures,"" which requires entities to disclose specific categories in the income tax rate reconciliation and provide additional information for reconciling items that meet a specified quantitative threshold. In addition, the new standard requires disclosure of the amount of income taxes paid disaggregated by federal, state and foreign t …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue Recognition The following tables disaggregate the Company's revenue by major source for the three and nine-month periods ended September 30, 2025 and 2024 (excluding intercompany sales): Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 (in millions) Infrastructure Solutions Materials Solutions Total Infrastructure Solutions Materials Solutions Total Net Sales-Domestic: Equipment sales $ 119.8 $ 56.3 $ 176.1 $ 103.2 $ 33.3 $ 136.5 Parts and component sales 51.1 37.0 88.1 42.9 21.2 64.1 Service and equipment installation revenue 5.9 3.1 9.0 4.7 0.2 4.9 Used equipment sales 0.1 0.1 Freight revenue 6.2 2.5 8.7 5.3 1.5 6.8 Other 0.5 (2.1) (1.6) 0.5 (1.6) (1.1) Total domestic revenue 183.6 96.8 280.4 156.6 54.6 211.2 Net Sales-International: Equipment sales 6.9 33.6 40.5 4.2 51.2 55.4 Parts and component sales 2.5 21.9 24.4 3.8 17.8 21.6 Service and equipment installation revenue 3.9 3.9 0.2 2.7 2.9 Freight revenue 0.2 0.7 0.9 0.2 0.5 0.7 Other (0.4) (0.4) Total international revenue 9.6 60.1 69.7 8.4 71.8 80.2 Total net sales $ 193.2 $ 156.9 $ 350.1 $ 165.0 $ 126.4 $ 291.4 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 (in millions) Infrastructure Solutions Materials Solutions Total Infrastructure Solutions Materials Solutions Total Net Sales-Domestic: Equipment sales $ 374.0 $ 144.2 $ 518.2 $ 352.5 $ 114.6 $ 467.1 Parts and component sales 172.7 76.1 248.8 160.9 61.1 222.0 Service and equipment installation revenue 21. …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Operations by Industry Segment and Geographic Area The Company has two operating and reportable segments, each of which comprise sites based upon the nature of the products or services produced, the type of customer for the products, the similarity of economic characteristics, the manner in which management reviews results and the nature of the production process, among other considerations. The accounting policies of the reportable segments are the same as those described in Note 1, Basis of Presentation and Significant Accounting Policies. Intersegment sales and transfers between foreign subsidiaries are valued at prices comparable to those for unrelated parties. Segment Operating Adjusted EBITDA is the measure of segment profit or loss used by the Company's Chief Executive Officer (""CEO""), who is the CODM, to evaluate performance and allocate resources to the reportable segments. The CODM uses this measure to allocate resources, including headcount, financial resources and capital resources, for each segment, predominantly in the annual budgeting process. Additionally, Segment Operating Adjusted EBITDA is believed to strongly correlate with shareholder returns and is, therefore, included as a key component in the compensation of certain employees. This metric is used to monitor actual results versus budget and forecast on a monthly basis to assess segment performance as compared to expectations. Segment Operating Adjusted EBITDA is defined as net income or loss before t …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing