Operations by Industry Segment and Geographic Area

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Operations by Industry Segment and Geographic Area

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. Based on a review of these factors, the Company's Australia and LatAm sites and Astec Digital have changed reportable segments beginning January 1, 2024. The Australia and LatAm sites were previously reported in the Infrastructure Solutions segment and have moved to the

Materials Solutions segment. Astec Digital was previously included in the Corporate and Other category and has moved to the Infrastructure Solutions segment.

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. Beginning January 1, 2024, the Company's presentation of Segment Operating Adjusted EBITDA has been modified to exclude the net income or loss attributable to the noncontrolling interest and include intersegment profit.

Prior periods have been revised to reflect the changes for both the segment composition and the segment profit or loss metric calculation for comparability.

A brief description of each segment is as follows:

Infrastructure Solutions - Sites within the Infrastructure Solutions segment design, engineer, manufacture and market a complete line of asphalt plants, concrete plants and their related components and ancillary equipment, including industrial automation controls and telematics platforms, as well as supply asphalt road construction equipment, industrial thermal systems, land clearing, recycling and other heavy equipment. The sites based in North America within the Infrastructure Solutions segment are primarily manufacturing operations, while those located outside of North America generally service and install equipment and provide parts in the regions in which they operate for many of the products produced by all of the Company's manufacturing sites. The primary purchasers of the products produced by this segment are asphalt and concrete producers, highway and heavy equipment contractors, commercial and residential paving contractors, utility contractors, forestry and environmental recycling contractors and domestic and foreign governmental agencies.

Materials Solutions - Sites within the Materials Solutions segment design and manufacture heavy rock processing equipment, in addition to servicing and supplying parts for the aggregate, mining, recycling, ports and bulk handling markets. The sites within the Materials Solutions segment are primarily manufacturing operations, with the AME, Australia and LatAm sites functioning to market, service and install equipment and provide parts in the regions in which they operate for many of the products produced by all of the Company's manufacturing sites. Additionally, the Materials Solutions segment offers consulting and engineering services to provide complete "turnkey" processing systems. The principal purchasers of aggregate processing equipment include distributors, highway and heavy equipment contractors, sand and gravel producers, demolition, recycling and crushing contractors, open mine operators, quarry operators, port and inland terminal authorities, power stations and foreign and domestic governmental agencies.

Segment Information: The accounting policies of the reportable segments are the same as those described in Note 2, Basis of Presentation and Significant Accounting Policies. Intersegment sales and transfers between foreign subsidiaries are valued at prices comparable to those for unrelated parties.

The Company has revised its presentation for the prior periods below to remove the presentation of Corporate and Other in conjunction with the reportable segment results and reconcile the total of the reportable segments’ revenues from external customers and measure of profit or loss to "Net sales" and "Income before income taxes", respectively, whereby Corporate and Other costs, net of eliminations, have been removed from total reportable segments’ revenues from external customers and Segment Operating Adjusted EBITDA and included in the reconciliations to "Net sales" and "Income before income taxes", respectively.

Information for the Company's reportable segments are set forth below:

	Year Ended December 31, 2024
(in millions)	Infrastructure Solutions		Materials Solutions		Total
Reportable segment revenues:
Revenues from external customers	$	837.4	$	467.7	$	1,305.1
Intersegment revenues	48.3		7.0		55.3
Total revenues - reportable segments	$	885.7	$	474.7	$	1,360.4
Significant reportable segment expenses:
Manufacturing operation costs:
Equipment	$	397.8	$	231.0	$	628.8
Parts	121.5		80.7		202.2
Other	104.8		41.0		145.8
General and administrative	52.4		28.0		80.4
Sales and marketing	44.3		28.1		72.4
Quality costs (1)	17.3		12.3		29.6
Research and development	16.1		7.7		23.8
Inventory period costs (2)	10.3		7.8		18.1
Other segment items (3)	(0.3)		0.9		0.6
Reportable Segment Operating Adjusted EBITDA	$	121.5	$	37.2	$	158.7
Reportable segment assets and capital expenditures:
Assets	$	1,095.8	$	772.3	$	1,868.1
Capital expenditures	15.0		5.2		20.2
(1) Quality costs related to repair or other remediation expenses incurred for corrective action on product failures covered by warranties or voluntarily for certain warranty-type expenses occurring after the normal warranty period expires to help protect the reputation of the Company's products and maintain the goodwill of customers.
(2) Inventory period costs primarily relate to inventory reserves and adjustments and net scrap sales.
(3) Other segment items consists of foreign exchange gains and losses, investment income and loss and other income and expense amounts that are included in Segment Operating Adjusted EBITDA that are not considered to be significant segment expenses.

	Year Ended December 31, 2023
(in millions)	Infrastructure Solutions		Materials Solutions		Total
Reportable segment revenues:
Revenues from external customers	$	800.4	$	537.8	$	1,338.2
Intersegment revenues	37.8		1.0		38.8
Total revenues - reportable segments	$	838.2	$	538.8	$	1,377.0
Significant reportable segment expenses:
Manufacturing operation costs:
Equipment	$	408.5	$	274.4	$	682.9
Parts	121.9		82.1		204.0
Other	65.8		41.8		107.6
General and administrative	53.5		39.2		92.7
Sales and marketing	44.6		27.6		72.2
Quality costs (1)	15.1		12.1		27.2
Research and development	15.1		6.7		21.8
Inventory period costs (2)	11.3		4.9		16.2
Other segment items (3)	—		(0.7)		(0.7)
Reportable Segment Operating Adjusted EBITDA	$	102.4	$	50.7	$	153.1
Reportable segment assets and capital expenditures:
Assets	$	1,041.5	$	800.2	$	1,841.7
Capital expenditures	24.8		8.9		33.7
(1) Quality costs related to repair or other remediation expenses incurred for corrective action on product failures covered by warranties or voluntarily for certain warranty-type expenses occurring after the normal warranty period expires to help protect the reputation of the Company's products and maintain the goodwill of customers.
(2) Inventory period costs primarily relate to inventory reserves and adjustments and net scrap sales.
(3) Other segment items consists of foreign exchange gains and losses, investment income and loss and other income and expense amounts that are included in Segment Operating Adjusted EBITDA that are not considered to be significant segment expenses.

	Year Ended December 31, 2022
(in millions)	Infrastructure Solutions		Materials Solutions		Total
Reportable segment revenues:
Revenues from external customers	$	764.2	$	510.3	$	1,274.5
Intersegment revenues	36.1		2.4		38.5
Total revenues - reportable segments	$	800.3	$	512.7	$	1,313.0
Significant reportable segment expenses:
Manufacturing operation costs:
Equipment	$	404.0	$	242.3	$	646.3
Parts	108.7		96.3		205.0
Other	99.6		58.8		158.4
General and administrative	39.6		27.9		67.5
Sales and marketing	37.7		22.5		60.2
Quality costs (1)	12.9		6.6		19.5
Research and development	15.7		10.4		26.1
Inventory period costs (2)	12.8		(0.8)		12.0
Other segment items (3)	0.1		0.7		0.8
Reportable Segment Operating Adjusted EBITDA	$	69.2	$	48.0	$	117.2
Reportable segment assets and capital expenditures:
Assets	$	965.2	$	734.6	$	1,699.8
Capital expenditures	31.1		9.0		40.1
(1) Quality costs related to repair or other remediation expenses incurred for corrective action on product failures covered by warranties or voluntarily for certain warranty-type expenses occurring after the normal warranty period expires to help protect the reputation of the Company's products and maintain the goodwill of customers.
(2) Inventory period costs primarily relate to inventory reserves and adjustments and net scrap sales.
(3) Other segment items consists of foreign exchange gains and losses, investment income and loss and other income and expense amounts that are included in Segment Operating Adjusted EBITDA that are not considered to be significant segment expenses.

Reconciliations for the Company's reportable segment information are set forth below:

	Years Ended December 31,
(in millions)	2024		2023		2022
Reconciliation of reportable segment revenues to "Net sales"
Total revenues - reportable segments	$	1,360.4	$	1,377.0	$	1,313.0
Elimination of intersegment revenues	(55.3)		(38.8)		(38.5)
Net sales	$	1,305.1	$	1,338.2	$	1,274.5
Reconciliation of Reportable Segment Operating Adjusted EBITDA to "Income before income taxes"
Segment Operating Adjusted EBITDA - reportable segments	$	158.7	$	153.1	$	117.2
Corporate and Other expenses	(46.9)		(43.1)		(46.4)
Transformation program	(32.8)		(29.2)		(25.5)
Restructuring and other related charges	(9.5)		(7.7)		(6.2)
Goodwill impairment	(20.2)		—		—
Asset impairment	—		(1.2)		(3.5)
Gain on sale of property, equipment and business, net	1.1		3.1		0.7
Transaction costs	(0.8)		—		(2.0)
Interest expense, net	(8.7)		(6.8)		(1.5)
Depreciation and amortization	(26.8)		(25.6)		(27.9)
Net (loss) income attributable to noncontrolling interest	(0.2)		0.2		(0.5)
Income before income taxes	$	13.9	$	42.8	$	4.4
Reconciliation of reportable segment assets to "Total assets"
Total assets - reportable segments	$	1,868.1	$	1,841.7	$	1,699.8
Corporate and Other	864.4		770.9		645.3
Elimination of intercompany receivables	(1,121.1)		(999.4)		(842.2)
Elimination of investment in subsidiaries	(522.9)		(521.5)		(465.8)
Other	(44.9)		(32.4)		(22.7)
Total assets	$	1,043.6	$	1,059.3	$	1,014.4
Reconciliation of reportable segment capital expenditures to "Expenditures for property and equipment"
Total capital expenditures - reportable segments	$	20.2	$	33.7	$	40.1
Corporate and Other	0.3		0.4		0.6
Total capital expenditures	$	20.5	$	34.1	$	40.7

"Net sales" into major geographic regions, attributable to the shipping location or the location where service was performed, were as follows:

	Years Ended December 31,
(in millions)	2024		2023		2022
United States	$	1,015.4	$	1,083.4	$	1,014.3
Canada	67.4		58.5		63.0
Australia and Oceania	52.3		55.7		46.7
Africa	40.5		36.6		36.1
Brazil	32.9		27.0		24.8
Mexico	23.8		8.4		10.7
Other European Countries	23.7		26.2		28.0
South America (excluding Brazil)	17.8		19.8		20.0
Other Asian Countries	12.3		7.7		10.3
Post-Soviet States (excluding Russia)	7.2		2.5		2.7
Central America (excluding Mexico)	5.6		4.1		10.7
West Indies	3.8		2.5		0.4
Middle East	1.8		4.9		3.1
India	0.6		0.6		2.9
Japan and Korea	—		0.3		0.4
Russia	—		—		0.3
Other	—		—		0.1
Total foreign	289.7		254.8		260.2
Total consolidated sales	$	1,305.1	$	1,338.2	$	1,274.5

"Property and equipment, net" by major geographic region is as follows:

	December 31,
(in millions)	2024		2023
United States	$	148.2	$	151.7
United Kingdom	16.5		15.2
Brazil	4.9		7.4
South Africa	4.1		3.6
Australia	4.0		4.4
Canada	3.9		5.0
France	0.1		0.2
Chile	0.1		0.1
Other	0.1		—
Total foreign	33.7		35.9
Total property and equipment, net	$	181.9	$	187.6