Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 96

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 96
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 million available under the Revolving Credit Loans and $10.0 million available under the Second Lien Delayed Draw Term Loan under the Second A&R Second Lien Term Loan Credit Agreement. As of June 30, 2025, we had $30.5 million in letters of credit and $2.0 million in surety bonds outstanding.

11. EMPLOYEE BENEFIT PLANS

We have a defined benefit pension plan covering certain United Kingdom employees (the “U.K. Plan”). The pension plan was frozen in 1994 and no new participants have been added since that date. Net periodic pension credit includes the following components (in thousands): Three Months Ended June 30,Six Months Ended June 30, 2025202420252024(unaudited)(unaudited)(unaudited)(unaudited)Interest cost$714 $651 $1,386 $1,303 Expected return on plan assets(870)(840)(1,688)(1,692)Amortization of prior service cost8 8 16 16 Amortization of net actuarial loss94 79 181 158 Net periodic pension credit$(54)$(102)$(105)$(215)Net pension credit is included in “Other income (expense), net” on our condensed consolidated statements of operations. The expected long-term rate of return on invested assets is determined based on the weighted average of expected returns on asset investment categories for the U.K. Plan as follows: 6.1% overall, 9.9% for equities and 6.0% for debt securities.

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12. SHAREHOLDERS’ EQUITY

Shareholders’ Equity (Deficit) and Preferred StockAs of June 30, 2025 there were 4,498,932 shares of our common stock outstanding and 12,000,000 shares authorized at $0.30 par value per share.As of June 30, 2025 we had 500,000 authorized shares of preferred stock, none of which had been issued.Accumulated Other Comprehensive lossA summary of changes in accumulated other comprehensive income (loss) included within shareholders’ equity is as follows (in thousands): Six Months EndedJune 30, 2025Six Months EndedJune 30, 2024 (unaudited)(unaudited) ForeignCurrencyTranslationAdjustmentsDefined Benefit Pension PlansTaxProvisionTotalForeignCurrencyTranslationAdjust