401 (K) PLAN

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

401(K) PLAN

16. 401(K) PLAN

The Company sponsors a 401(k) Plan (“the Plan”) in the U.S. and other retirement plans in the rest of the world, all of which are defined contribution plans. The Plan is available to all employees who are age 21 or older. Participants may make voluntary contributions and the Company makes matching contributions according to the Plan’s matching formula. Matching contributions fully vest after one year of service for all employees. The expense related to the Plan primarily consists of the Company’s matching contributions.

Expense related to the Plan totaled $8.8 million, $6.5 million and $5.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.