Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 31

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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ryingAmountAccumulatedAmortizationNetCarryingAmountCustomer relationships$162,633 $(113,033)$49,600 Trade names19,129 (18,754)375 Technology2,300 (2,032)268 Licenses683 (683)— Intangible assets$184,745 $(134,502)$50,243 Amortization expense of intangible assets for the three months ended June 30, 2025 and 2024 was $3.1 million and $3.1 million, respectively. Amortization expense of intangible assets for the six months ended June 30, 2025 and 2024 was $6.2 million and $6.2 million, respectively. Amortization expense of intangible assets is included in “Selling, general and administrative expenses” on our condensed consolidated statements of operations.

The weighted-average amortization period for intangible assets subject to amortization was 13.9 years and 13.8 years, respectively as of June 30, 2025 and December 31, 2024. 

8. OTHER ACCRUED LIABILITIES

A summary of other accrued liabilities as of June 30, 2025 and December 31, 2024 is as follows (in thousands): June 30, 2025December 31, 2024 (unaudited) Legal and professional accruals$44,731 $44,285 Payroll and other compensation expenses39,254 41,692 Insurance accruals2,509 3,480 Property, sales and other non-income related taxes4,821 6,379 Accrued interest5,250 5,516 Volume discount1,818 1,902 Other accruals2,373 1,974 Total$100,756 $105,228 Legal and professional accruals include accruals for legal and professional fees as well as accrued legal claims, refer to Note 13 - Commitments and Contingencies for legal claims information. Certain legal claims are covered by our third-party insurance providers and the related insurance receivable for these claims is recorded in prepaid expenses and other current assets, refer to Note 5 - Prepaid and Other Current Assets. Payroll and other compensation expenses include all payroll related accruals including, among others, accrued vacation, severance, and bonuses. Insurance