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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies We are subject to legal actions arising in the ordinary course of business. In management’s opinion, we believe we have adequate legal defenses and/or insurance coverage with respect to the eventuality of such actions. We are not aware of any asserted or unasserted legal proceedings or claims that we believe would have a material adverse effect on our financial condition or our results of operations. During the three months ended March 31, 2025, the Company recorded the impact of proceeds received from legal settlements. These amounts are included as a gain in “Selling, general and administrative (“SG&A”) expenses” on our Condensed Consolidated Statements of Comprehensive Income. As of March 31, 2025 and December 31, 2024, the Company was contingently liable under bank guarantees issued in favor of third parties that totaled $13.1 million and $10.9 million, respectively. These bank guarantees primarily support bid and performance obligations and operating leases for office space. The amounts are guaranteed under guarantee facilities totaling $46.8 million and $42.7 million as of March 31, 2025 and December 31, 2024, respectively. The Company had $33.7 million and $31.8 million available under the guarantee facilities as of March 31, 2025 and December 31, 2024, respectively. These bank guarantees are issued separate from our Credit Facility and, as a result, do not affect available borrowing capacity under our Credit Facility.

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