Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 31

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 31
---
A summary of prepaid expenses and other current assets as of September 30, 2025 and December 31, 2024 is as follows (in thousands):September 30, 2025December 31, 2024 (unaudited) Insurance receivable$39,000 $39,000 Prepaid expenses16,238 15,817 Other current assets4,285 3,826 Total$59,523 $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, current portion of software implementation costs, and deferred financing charges.

11 

6. PROPERTY, PLANT AND EQUIPMENT

A summary of property, plant and equipment as of September 30, 2025 and December 31, 2024 is as follows (in thousands):September 30, 2025December 31, 2024 (unaudited)Land$4,006 $4,006 Buildings and leasehold improvements61,545 60,642 Machinery and equipment301,978 289,384 Furniture and fixtures11,045 10,675 Capitalized ERP system development costs45,903 45,903 Computers and computer software19,686 19,067 Automobiles3,190 2,723 Construction in progress1,298 757 Total448,651 433,157 Accumulated depreciation and amortization(337,633)(320,322)Property, plant and equipment, net$111,018 $112,835 Included in the table above are assets under finance leases of $12.1 million and $7.7 million as of September 30, 2025 and December 31, 2024, respectively, and related accumulated amortization of $4.4 million and $3.2 million as of September 30, 2025 and December 31, 2024, respectively. Depreciation expense for the three and nine months