What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-03-16 compared with 2021-03-12 · 44 added, 31 removed, 280 unchanged (21% of the section changed)

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These services can be offered while facilities are running (on-stream), during facility turnarounds or during new construction or expansion activities.

IHT also provides advanced digital imaging including remote digital video imaging, laser scanning and laser profilometry-enabled reformer care services.

MS provides solutions designed to serve clients’ unique needs during both the operational (onstream) and off-line states of their assets.

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(1) highly specialized in-line inspection services for historically unpiggable process piping and pipelines using proprietary in-line inspection tools and analytical software;

(2) advanced engineering and condition assessment services through a multi-disciplined engineering team and related lab support;

and (3) advanced digital imaging including remote digital video imaging, laser scanning and laser profilometry-enabled reformer care services.

and (2) advanced engineering and condition assessment services through a multi-disciplined engineering team and related lab support.

We market our services to companies in a diverse array of heavy industries which include:

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• Public Infrastructure (amusement parks, bridges, ports, construction and building, roads, dams and railways);

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• Aerospace and Defense.

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Inspection and Heat Treating Segment:

IHT offers standard to specialty inspection services as well as heat treating services.

IHT offers standard to specialty inspection services as well as heat treating services and digital imaging services.

Heat treating services are generally associated with turnaround, project and new construction activities.

IHT also offers advanced digital imaging services enabled by specialized local and wide area laser scanning and video equipment and land-based and aerial robotics platforms in the form of drones.

A description of these core IHT services is as follows:

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Magnetic Particle Inspection .

Magnetic Particle Inspection is an NDT process for detecting surface and slightly subsurface discontinuities in ferroelectric materials such as iron, nickel, cobalt, and some of their alloys.

Magnetic Particle Inspection is an NDT process for detecting surface and slight subsurface discontinuities in ferroelectric materials such as iron, nickel, cobalt, and some of their alloys.

The process puts a magnetic field into the test object.

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Our ECT uses electromagnetic induction to detect flaws in conductive materials, displaying the presence of very small cracks, pits, dents and general thinning.

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Long-Range Guided Ultrasonics .

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Standard, accurate and timely documentation and reporting along with quality reviews with our PI services are necessary to support our clients’ regulation compliance.

Robotics and Inspection Services.

Utilizing a combination of proprietary and advanced third party equipment, including video, laser scanning, robotic crawlers and aerial drones, to remotely capture digital images in difficult or dangerous to access locations in and around energy industry infrastructure.

We often deliver such services as part of an integrated solution where ADI may complement or further inform other inspection and condition assessment techniques.

Heat Treating Services.

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Special high frequency heating, commonly called induction heating, is used for expanding metal parts for assembly or disassembly, expanding large bolting for industrial turbines and stress relieving projects which are cost prohibitive for electric resistance or gas-fired combustion.

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Mechanical Services Segment:

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The Hi-stop TM is a proprietary service solution that allows stopping of process flows under typically more extreme pressures and temperatures where standard industry equipment is unable to operate.

Our patent pending SmartStop TM double block and bleed technology allows a dual-stop Line-stop TM head to be inserted through a single tap, with the ability to bleed between the seals, ensuring the integrity of the isolation.

In some cases, we may use line freezing processes by injecting liquid nitrogen into specialized equipment with external chambers around the pipe to stop the process flow.

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Designed for a wide range of line sizes and types, the InsertValve TM wedge gate sits on the valve body, not the pipe bottom.

This unique feature prevents the seat from coming into contact with the cut pipe edges to significantly extend valve life.

This unique feature

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prevents the seat from coming into contact with the cut pipe edges to significantly extend valve life.

We believe its ability to be introduced and, if ever needed, repaired, while the asset to which it is applied to is in service, makes it truly unique in the market.

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Vapor Barrier Plug and Weld Testing Services.

We install vapor barriers into piping systems to prevent potentially hazardous vapors from transferring down or upstream, without having to purge the entire piping system, where mechanical

repair operations, such as machining, welding, and heat treating, are taking place.

We install vapor barriers into piping systems to prevent potentially hazardous vapors from transferring down or upstream, without having to purge the entire piping system, where mechanical repair operations, such as machining, welding, and heat treating, are taking place.

The mechanical barriers expand to seal on the inside pipe surface and provide a venting system to prevent pressure from building up in the piping system, while keeping the work area and environment free of potentially hazardous emissions.

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Quest Integrity Segment:

Quest Integrity offers integrity and reliability management solutions in the form of advanced quantitative inspection, engineering and condition assessment services and products and digital imaging services.

Quest Integrity’s advanced quantitative inspection services utilize proprietary NDT and NDE instrumentation and technology to provide in-line inspections of fired heaters, pipelines, process piping systems and steam reformers, primarily to the process, pipeline and power industries.

Quest Integrity offers integrity and reliability management solutions in the form of advanced quantitative inspection, engineering and condition assessment services and products.

Quest Integrity’s advanced quantitative inspection services utilize proprietary NDT and NDE instrumentation and technology to provide in-line inspections to critical infrastructure in the downstream, midstream, upstream and power industries.

Additionally, Quest Integrity offers engineering assessment services enabled by proprietary software and other analytical tools, and complemented by lab testing resources.

and advanced digital imaging services enabled by specialized local and wide area laser scanning and video equipment and land-based and aerial robotics platforms in the form of drones.

Furnace Tube Inspection System-Enabled Services.

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Our standard InVista TM deliverable also provides a fitness-for-service assessment on the pipe and displays the information in a highly intuitive format, providing an integrated inspection plus condition assessment solution for clients.

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Pipeline Integrity Management Services .

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Employing a multi-disciplined engineering team, supported by proprietary software, other analytical tools and complementary lab testing capability, we offer a variety of advanced engineering assessment services to clients in the process, power, pipeline, petrochemical and alternative energy industries including fitness-for-service, computational mechanics, failure analysis, risk-based asset management and materials consulting.

Robotics and Inspection Services .

Quest Integrity offers Advanced Digital Imaging (“ADI”) services utilizing a combination of proprietary and advanced third party equipment, including video, laser scanning, robotic crawlers and aerial drones, to remotely capture digital images in difficult or dangerous to access locations in and around energy industry infrastructure.

We often deliver such services as part of an integrated solution where ADI may complement or further inform other inspection and condition assessment techniques.

Marketing, Clients and Competition

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From time to time, during the operation of our environmental consulting and engineering services, the assets of which were sold in 1996, we handled small quantities of certain hazardous wastes or other substances generated by our clients.

Under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (the “Superfund Act”), the EPA is authorized to take administrative and judicial action to either cause parties who are responsible under the Superfund Act for cleaning up any unauthorized release of hazardous substances to do so, or to clean up such hazardous substances and to seek reimbursement of the costs thereof from the responsible parties, who are jointly and severally liable for such costs under the Superfund Act.

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reimbursement of the costs thereof from the responsible parties, who are jointly and severally liable for such costs under the Superfund Act.

The EPA may also bring suit for treble damages from responsible parties who unreasonably refuse to voluntarily participate in such a clean-up or funding thereof.

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At December 31, 2021, we had approximately 5,200 employees, with approximately 4,100 employed in the United States and 1,100 internationally.

Human capital management, combined with our core values and talent management initiatives, is a key driver of our consistent success.

Human capital management, combined with our core values and talent management initiatives, is a key driver of our employee retention program.

We invest in our talent by providing our employees with targeted training, mentoring and career development opportunities, all of which enable us to hire and retain talented, high-performing employees.

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A diverse and engaged workforce is critical to our success, and we work hard to create an environment where our employees feel valued, engaged and inspired to do their best work.

We are proud that a diverse group of people from all backgrounds, religions, nationalities, gender orientations and races make up our team.

We are proud that a diverse group of people from all backgrounds, religions, nationalities, gender identity, sexual orientations and races make up our team.

It continues to be our goal to knock down barriers and eliminate bias wherever it exists through strategic employee-engaged initiatives.

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We recruit diverse candidate populations through collaborations with the Society of Women Engineers (SWE), Society of Hispanic Engineering’s (SHPE) and National Society of Black Engineers (NSBE) programs, as well as recruiting at Historically Black Colleges and Universities such as Prairie View A&M University.

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Health, safety and training

We have introduced our “12 Life Saving Rules” across our organization to further enhance our safety focused culture.

In 2020, we introduced our “12 Life Saving Rules” across our organization to further enhance our safety focused culture.

The 12 Life Saving Rules are clear and simple rules designed to address those activities that put our employees at the greatest risk.

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This metric is also used by others in our industry, which allows for a more objective comparison of our performance.

In 2020, our TRIR was 0.14, and represented our best year ever in terms of safety performance.

As a response to COVID-19, we assembled a COVID-19 task force to develop a series of safety measures in an effort to protect our employees and clients, including offering on-site rapid COVID-19 testing at multiple locations and collaborated with our occupational health vendor to ensure employees were able to return to work safely.

Accelerated by our response to the COVID-19 pandemic, we have recently added several online training and distance learning classes to our curriculum to help meet the needs of a rapidly changing workplace environment.

In 2021, our TRIR was 0.39.

Our vehicle safety performance system (VSPS) has helped improve our motor vehicle accident rate by 20% since the prior year.

The VSPS is monitored centrally where parameters such as speed, seat belt, hard breaking, and engine diagnostics can be monitored by the driver’s supervisor such that they can manage unsafe driving before an accident occurs.

Accelerated by our response to the COVID-19 pandemic, we have several online training and distance learning classes to our curriculum to help meet the needs of a rapidly changing workplace environment.

These are administered and tracked globally though our Learning Management System.

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During the Leadership Journey Program, our subject matter experts lead unique training sessions to share information and knowledge on safety, quality and financial acumen applicable to our business.

As we navigated through the impact of the COVID-19 pandemic, we proactively introduced more flexibility in our work environment by offering eligible employees the ability to work remotely or on-site, flexible working schedules, and restricting in person meetings.

All of these measures were driven by the safety and health of our employees, their family members, clients and other contractors at the forefront.

Employee engagement

Every two years, our employees participate in our engagement survey which provides us with valuable insight as we seek to improve our overall employee engagement and satisfaction.

Periodically, our employees participate in our engagement survey which provides us with valuable insight as we seek to improve our overall employee engagement and satisfaction.

Acting upon employee feedback generated from the engagement survey, we continually review our regional health benefits, communication strategy and training efforts.

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Additionally, we provide employees with a comprehensive set of benefits, including health and welfare benefits, wellness benefits, employee assistance plans, defined contribution and defined benefit retirement benefits, paid time off, educational support and a variety of other ancillary employee benefits.

Recent Developments

In January 2021, we announced a strategic reorganization.

The new streamlined structure supports our global operations with greater focus on further improving operational and financial performance through three new operating groups:

Inspection and Heat Treating Group (the “IHT Group”), Mechanical & Onstream Services group (the “MOS Group”) and Asset Integrity & Digital (the “AID Group”).

The IHT Group, which is included in the IHT segment, is dedicated to growing its stable nested footprint as regulatory compliance requirements increase, expanding turnaround activity, and diversifying its end markets globally, such as through increased investment in the Aerospace business line.

The MOS Group, which is included in the MS segment, continues to target turnarounds and capital projects, and improve performance, efficiency, and longevity of aging critical assets.

The MOS Group is primed to grow with the industry recovery led by the high demand of maintenance and call-out work.

The AID Group, which is included in our Quest Integrity segment, will focus on expanding mechanical and pipeline integrity, risk-based inspection, remote visual inspection, and digital platform.

The AID Group will also optimize our research and development activities, including product and technology development.

These changes had no effect on our reportable segments.

Environmental, social and governance

We are committed to conducting our business in a manner that protects the environment and the health and safety of our employees and the public including supporting career growth opportunities to our diverse team of employees;

and actively contributing to the local communities.

We will work with the government, industry, and public in support of laws, regulations,

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standards and other programs that safeguard the community, workplace and the environment.

To meet this commitment, we maintain management systems designed to ensure compliance with all applicable laws, regulations and internal requirements, as well as to facilitate the continuous improvement of our processes, products, and personnel.

Our highest priority is the safety of our employees, clients, and other contractors.

We also intend to set an example of leadership in the field of health, safety and environmental management, and will promote resource conservation, the reduction of waste and pollution prevention.

Available Information

Our internet website address is www.teaminc.com.

Our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments and exhibits to these reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, are available on our website, free of charge, as soon as reasonably practicable after such reports are filed with, or furnished to, the SEC.

Alternatively, you may access these reports at the SEC’s website at http://www.sec.gov.

We post our code of ethical conduct, our governance principles, our social responsibility policy and the charters of our Board committees on our website.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business