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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Bank Guarantees and Standby Letters of Credit As of December 31, 2024 and 2023, the Company has outstanding bank guarantees and standby letters of credit in aggregate of $2.9 million and $2.3 million, respectively, consisting of building leases and performance bonds issued to customers. In December 2023, the Company entered into a Credit Agreement, with Citibank, N.A., as administrative agent for the lenders. The Credit Agreement refinances and replaces the Company’s prior credit agreement, dated as of December 19, 2019, as amended, with JPMorgan Chase Bank, N.A., as lender. In July 2024, the Company amended the Credit Agreement to allow the Company and its subsidiaries to request letter of credits denominated in foreign currencies. As of December 31, 2024, there were no borrowings under the Credit Agreement outstanding and approximately $2.8 million of letters of credit outstanding under the Credit Agreement. The Company was in compliance with the covenants under the Credit Agreement as of December 31, 2024. Refer to Note 10, “Debt” of the Notes to the Consolidated Financial Statements for additional information regarding the Credit Agreement. Indemnification The Company is obligated to indemnify its officers and its directors pursuant to its bylaws and contractual indemnity agreements. The Company also indemnifies some of its suppliers and most of its customers for specified intellectual property matters pursuant to certain contractual arrangements, subject to certain limitations. The scope of these indemnities varies, but, in some instances, includes indemnification for damages and expenses (including reasonable attorneys’ fees). There have been no amounts accrued in respect of the indemnification provisions through December 31, 2024. Purchase Commitments As of December 31, 2024, the Company had approximately $113.9 million of commitments to purchase goods and services.

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