Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 85

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 85
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 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.

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6. PROPERTY, PLANT AND EQUIPMENT

A summary of property, plant and equipment as of June 30, 2025 and December 31, 2024 is as follows (in thousands):June 30, 2025December 31, 2024 (unaudited)Land$4,006 $4,006 Buildings and leasehold improvements61,711 60,642 Machinery and equipment301,186 289,384 Furniture and fixtures11,020 10,675 Capitalized ERP system development costs45,903 45,903 Computers and computer software19,503 19,067 Automobiles2,445 2,723 Construction in progress1,042 757 Total446,816 433,157 Accumulated depreciation and amortization(334,569)(320,322)Property, plant and equipment, net$112,247 $112,835 Included in the table above are assets under finance leases of $10.8 million and $7.7 million as of June 30, 2025 and December 31, 2024, respectively, and related accumulated amortization of $3.7 million and $3.2 million as of June 30, 2025 and December 31, 2024, respectively. Depreciation expense for the three and six months ended June 30, 2025 and 2024 is included in the table below (in thousands):  Three Months EndedJune 30,Six Months EndedJune 30, 2025202420252024Depreciation expense:Amount included in operating expenses$3,094 $3,487 $6,179 $7,047 Amount included in SG&A expenses1,646 1,735 3,278 3,487 Total depreciation expense$4,740 $5,222 $9,457 $10,534 

7.  INTANGIBLE ASSETS

A summary of intangible assets as of June 30, 2025 and December 31, 2024 is as follows (in