Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 36

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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): Three Months Ended March 31, 20252024(unaudited)(unaudited)Interest cost$672 $652 Expected return on plan assets(818)(847)Amortization of prior service cost8 8 Unrecognized net actuarial loss87 79 Net periodic pension credit$(51)$(108)Net pension credit is included in “Other (expense) income, 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.

12. SHAREHOLDERS’ EQUITY

Shareholders’ Equity (Deficit) and Preferred StockAs of March 31, 2025 there were 4,493,391 shares of our common stock outstanding and 12,000,000 shares authorized at $0.30 par value per share.As of March 31, 2025 we had 500,000 authorized shares of preferred stock, none of which had been issued.Accumulated Other Comprehensive Income (loss)A summary of changes in accumulated other comprehensive loss included within shareholders’ equity is as follows (in thousands): Three Months EndedMarch 31, 2025Three Months EndedMarch 31, 2024 (unaudited)(unaudited) ForeignCurrencyTranslationAdjustmentsDefined Benefit Pension PlansTaxProvisionTotalForeignCurrencyTranslationAdjustmentsDefined Benefit Pension PlansTaxProvisionTotalBalance, beginning of period$(33,249)$(10,951)$71 $(44,129)$(25,853)$(11,041)$(38)$(36,932)Other comprehensive income (loss)2,015 95 (44)2,066 (2,862)87 — (2,775)Balance, end of period$(31,234)$(10,856)$27 $(42,063)$(28,715)$(10,954)$(38)$(39,707)

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13. COMMITMENTS AND CONTINGENCIES

         Certain conditions may exist as of the date the financial statements are issued which may result in a loss to the Company and which will only be resolved when one or more future events occur or fail to occur. Team’s management and its legal counsel assess such contingent liabilities, and such assessment