Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 44

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 the term of the arrangement. As of September 30, 2025, we had approximately $2.1 million of unamortized deferred fees.Liquidity  As of September 30, 2025, we had $10.6 million of unrestricted cash and cash equivalents and $4.2 million of restricted cash, including $2.8 million of restricted cash held as collateral for certain letters of credit and commercial card programs. International cash balances included in total cash as of September 30, 2025 were $6.1 million, and approximately $1.2 million of such cash is restricted. As of September 30, 2025, we had approximately $46.5 million of available borrowing capacity under our various credit agreements, consisting of $36.5 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 Agreement. As of September 30, 2025, we had $30.6 million in letters of credit and $1.9 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 September 30,Nine Months Ended September 30, 2025202420252024(unaudited)(unaudited)(unaudited)(unaudited)Interest cost$722 $678 $2,108 $1,981 Expected return on plan assets(879)(879)(2,567)(2,571)Amortization of prior service cost9 8 25 24 Amortization of net actuarial loss93 82 274 240 Net periodic pension credit$(55)$(111)$(160)$(326)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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