Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 78

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 78
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 amortization period for intangible assets subject to amortization was 13.9 years and 13.8 years, respectively as of March 31, 2025 and December 31, 2024. The weighted-average amortization period as of March 31, 2025 and December 31, 2024 is 13.9 years for customer relationships, 13.9 years and 13.8 years, respectively for trade names and 10.0 years for technology.

8. OTHER ACCRUED LIABILITIES

A summary of other accrued liabilities as of March 31, 2025 and December 31, 2024 is as follows (in thousands): March 31, 2025December 31, 2024 (unaudited) Legal and professional accruals$44,502 $44,285 Payroll and other compensation expenses39,338 41,692 Insurance accruals3,461 3,480 Property, sales and other non-income related taxes3,496 6,379 Accrued interest2,738 5,516 Volume discount1,715 1,902 Other accruals1,996 1,974 Total$97,246 $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 accruals primarily relate to workers compensation cost. Property, sales and other non-income related taxes include accruals for items such as sales and use tax, 

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property tax, and other related tax accruals. Accrued interest relates to the interest accrued on our long-term debt. Other accruals include various business expense accruals.

9. INCOME TAXES

We recorded an income tax provision of $0.2 million for the three months ended March 31, 2025, compared to a provision of $0.1 million for the three months ended March 31, 2024. The effective tax rate, inclusive