ASTEC INDUSTRIES INC
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
ASTE$36.95-1.8%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net income (loss) | $33.7 | $(0.6) | $15.9 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 25.6 | 27.9 | 30.2 |
| Provision for credit losses | 1.6 | 1.2 | 1.4 |
| Provision for warranties | 17.6 | 12.6 | 10.9 |
| Deferred compensation (benefit) expense | (0.1) | (0.9) | 0.5 |
| Share-based compensation | 4.1 | 6.8 | 6.0 |
| Deferred tax benefit | (6.4) | (17.1) | (1.3) |
| Gain on disposition of property and equipment, net | (3.1) | (0.7) | (0.6) |
| Non-cash curtailment and settlement loss on pension and postretirement benefits, net | — | — | 3.2 |
| Asset impairment charges | 1.2 | 3.5 | 0.2 |
| Amortization of debt issuance costs | 0.3 | — | — |
| Distributions to deferred compensation programs' participants | (1.8) | (1.0) | (2.5) |
| Change in operating assets and liabilities, excluding the effects of acquisitions: | |||
| (Purchase) sale of trading securities, net | (0.3) | 0.7 | (3.1) |
| Receivables and other contract assets | 20.5 | (28.0) | (28.4) |
| Inventories | (63.0) | (96.4) | (51.5) |
| Prepaid expenses | 2.2 | (2.8) | (6.2) |
| Other assets | (12.8) | (16.2) | 1.5 |
| Accounts payable | 7.7 | 25.5 | 29.5 |
| Accrued retirement benefit costs | — | — | (0.1) |
| Accrued loss reserves | 1.4 | (0.1) | (1.3) |
| Accrued employee related liabilities | 8.7 | 4.3 | 10.0 |
| Other accrued liabilities | (0.8) | 2.6 | (8.4) |
| Accrued product warranty | (13.1) | (11.1) | (10.7) |
| Customer deposits | 1.0 | 9.9 | 26.5 |
| Income taxes payable/prepaid | 3.6 | 6.0 | (14.3) |
| Net cash provided by (used in) operating activities | 27.8 | (73.9) | 7.4 |
| Cash flows from investing activities: | |||
| Acquisitions, net of cash acquired | — | (17.8) | 0.1 |
| Price adjustment on prior sale of subsidiary | — | — | (1.1) |
| Expenditures for property and equipment | (34.1) | (40.7) | (20.1) |
| Proceeds from sale of property and equipment | 20.3 | 5.7 | 1.9 |
| Purchase of investments | (1.0) | (1.0) | (1.0) |
| Sale of investments | 1.9 | 0.6 | 1.8 |
| Net cash used in investing activities | (12.9) | (53.2) | (18.4) |
(Continued)
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from financing activities: | |||
| Payment of dividends | (11.8) | (11.2) | (10.2) |
| Proceeds from borrowings on credit facilities and bank loans | 240.6 | 223.0 | 7.2 |
| Repayments of borrowings on credit facilities and bank loans | (245.8) | (138.5) | (6.2) |
| Payment of debt issuance costs | — | (1.5) | — |
| Sale of Company stock by deferred compensation programs, net | 0.3 | 0.2 | 0.6 |
| Withholding tax paid upon vesting of share-based compensation awards | (1.6) | (1.8) | (3.5) |
| Repurchase of Company stock | — | (10.1) | — |
| Net cash (used in) provided by financing activities | (18.3) | 60.1 | (12.1) |
| Effect of exchange rates on cash | 0.6 | (1.4) | (1.1) |
| Decrease in cash and cash equivalents and restricted cash | (2.8) | (68.4) | (24.2) |
| Cash, cash equivalents and restricted cash, beginning of period | 66.0 | 134.4 | 158.6 |
| Cash, cash equivalents and restricted cash, end of period | $63.2 | $66.0 | $134.4 |
| Supplemental Cash Flow Information | |||
| Cash paid during the year for: | |||
| Interest, net of capitalized interest | $7.0 | $1.1 | $0.3 |
| Income taxes paid, net | $13.8 | $17.7 | $10.0 |
| Supplemental disclosures of non-cash items | |||
| Non-cash investing activities: | |||
| Capital expenditures in accounts payable | $1.5 | $1.5 | $1.4 |
| Non-cash financing activities: | |||
| Additions to right-of-use assets and lease liabilities | $0.8 | $7.3 | $1.8 |
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