Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 76

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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Balance at end of period$3,039 

4. INVENTORY

A summary of inventory as of March 31, 2025 and December 31, 2024 is as follows (in thousands): March 31, 2025December 31, 2024 (unaudited) Raw materials$9,845 $9,098 Work in progress2,881 2,267 Finished goods26,889 26,509 Total$39,615 $37,874 

9 

5. PREPAID AND OTHER CURRENT ASSETS

A summary of prepaid expenses and other current assets as of March 31, 2025 and December 31, 2024 is as follows (in thousands):March 31, 2025December 31, 2024 (unaudited) Insurance receivable$39,000 $39,000 Prepaid expenses13,831 15,817 Other current assets3,269 3,826 Total$56,100 $58,643 The insurance receivable relates to the receivables from our third-party insurance providers for a legal claim that is recorded in other accrued liabilities, refer to Note 8 - Other Accrued Liabilities. Insurance receivables will be collected from our third-party insurance providers for litigation matters that have been settled, or are pending settlement, and where the deductibles have been satisfied. The prepaid expenses primarily relate to prepaid insurance and other expenses that have been paid in advance of the coverage period. Other current assets include other receivables, software implementation costs, and deferred financing charges.

6. PROPERTY, PLANT AND EQUIPMENT

A summary of property, plant and equipment as of March 31, 2025 and December 31, 2024 is as follows (in thousands):March 31, 2025December 31, 2024 (unaudited)Land$4,006 $4,006 Buildings and leasehold improvements61,012 60,642 Machinery and equipment292,838 289,384 Furniture and fixtures10,782 10,675 Capitalized ERP system development costs45,903 45,903 Computers and computer software19,163 19,067 Automobiles2,726 2,723 Construction in progress870 757 Total437,300 433,157 Accumulated depreciation and amortization(326,