Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Debt

In February 2019, the Company and certain of its subsidiaries amended the 2012 amended and restated credit agreement with Wells Fargo Bank, N.A. (the "Credit Facility") whereby the lender increased the Company's unsecured line of credit to $150.0 million, including a sub-limit for letters of credit of up to $30.0 million, and extended the maturity date to December 29, 2023. Other significant terms were left unchanged. Borrowings under the agreement are subject to an interest rate equal to the daily one-month LIBOR rate plus a 0.75% margin. The unused facility fee is 0.125%. The Credit Facility contains certain financial covenants, including provisions concerning required levels of annual net income and minimum tangible net worth.

The Company's Brazilian subsidiary maintains a separate term loan for working capital purposes with a bank in Brazil, which is secured by its manufacturing facility.

Certain of the Company's international subsidiaries in South Africa, Australia, Brazil and the United Kingdom each have separate credit facilities with local financial institutions to finance short-term working capital needs, as well as to cover foreign exchange contracts, performance letters of credit, advance payment and retention guarantees. The Brazilian subsidiary maintains an independent credit facility at a separate financial institution and also enters into order anticipation agreements on a periodic basis. Both the outstanding borrowings under the credit facilities of the international subsidiaries and the order anticipation agreements are recorded in "Short-term debt" in the Company's Consolidated Balance Sheets. Each of the credit facilities are generally guaranteed by Astec Industries, Inc. and/or secured with certain assets of the local subsidiary.

Additional details for the Company's Credit Facility, term loan and credit facilities are summarized in total below:

(in millions, except maturity dates and interest rates)	December 31, 2021			December 31, 2020
Credit Facility
Unsecured line of credit - maximum	$	150.0		$	150.0
Letters of credit - maximum	30.0			30.0
Borrowings outstanding	—			—
Amount of letters of credit outstanding	2.5			7.6
Line of credit, additional borrowing capacity	147.5			142.4
Term Loan
Current maturities	$	0.1		$	0.2
Long-term maturities	0.2			0.4
Interest rate	10.37		%	10.37		%
Maturity date	April 15, 2024			April 15, 2024
International Credit Facilities and Short-Term Debt
Total credit line	$	12.3		$	12.8
Available credit line	9.7			11.4
Letters of credit - maximum	6.6			7.3
Amount of letters of credit outstanding	1.6			2.6
Short-term debt	2.6			1.4
Interest rate range	1.77% - 6.75%			2.40% - 6.75%

Debt maturities for the Company's short-term and long-term debt are expected to be $2.7 million, $0.1 million and $0.1 million in the years ending December 31, 2022, 2023 and 2024, respectively.