$erii 2024 Q1 10-K

Concept	2024 Q1	2023 Q4	2023
Revenue	$12.09M	$57.19M	$128.3M
YoY Change	-9.78%	35.23%	2.2%
Cost Of Revenue	$4.955M	$17.69M	$41.27M
YoY Change	-5.55%	42.66%	7.94%
Gross Profit	$7.135M	$39.50M	$87.08M
YoY Change	-12.51%	32.14%	-0.32%
Gross Profit Margin	59.02%	69.07%	67.85%
Selling, General & Admin	$13.72M	$13.93M	$51.03M
YoY Change	14.7%	20.61%	14.37%
% of Gross Profit	192.26%	35.26%	58.6%
Research & Development	$4.351M	$4.958M	$17.00M
YoY Change	1.05%	32.6%	-5.07%
% of Gross Profit	60.98%	12.55%	19.52%
Depreciation & Amortization	$1.029M	$1.027M	$4.102M
YoY Change	4.68%	14.11%	-13.9%
% of Gross Profit	14.42%	2.6%	4.71%
Operating Expenses	$18.07M	$18.89M	$68.03M
YoY Change	11.08%	23.54%	8.8%
Operating Profit	-$10.93M	$20.61M	$19.05M
YoY Change	34.8%	41.14%	-23.28%
Interest Expense	$1.442M	$1.270M	$3.756M
YoY Change	132.21%	200.95%	313.66%
% of Operating Profit		6.16%	19.72%
Other Income/Expense, Net	$1.389M	$28.00K	$3.655M
YoY Change	111.74%	-91.84%	194.28%
Pretax Income	-$9.545M	$21.91M	$22.71M
YoY Change	28.03%	42.56%	-12.91%
Income Tax	-$1.285M	$2.107M	$1.201M
% Of Pretax Income		9.62%	5.29%
Net Earnings	-$8.260M	$19.81M	$21.50M
YoY Change	31.19%	44.3%	-10.58%
Net Earnings / Revenue	-68.32%	34.63%	16.75%
Basic Earnings Per Share	-$0.14		$0.38
Diluted Earnings Per Share	-$0.14	$0.34	$0.37
COMMON SHARES
Basic Shares Outstanding	57.08M shares	56.52M shares	56.44M shares
Diluted Shares Outstanding	57.10M shares		57.74M shares

Concept	2024 Q1	2023 Q4	2023
SHORT-TERM ASSETS
Cash & Short-Term Investments	$117.4M	$108.5M	$108.5M
YoY Change	18.94%	20.83%	20.83%
Cash & Equivalents	$70.78M	$68.10M	$68.10M
Short-Term Investments	$46.58M	$40.45M	$40.45M
Other Short-Term Assets	$4.288M	$3.251M	$3.251M
YoY Change	24.58%	-16.34%	-16.34%
Inventory	$31.67M	$26.15M	$26.15M
Prepaid Expenses
Receivables	$25.06M	$46.94M	$47.53M
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$178.4M	$185.5M	$185.5M
YoY Change	20.57%	17.49%	17.49%
LONG-TERM ASSETS
Property, Plant & Equipment	$17.89M	$18.70M	$30.17M
YoY Change	-9.21%	-4.5%	-7.73%
Goodwill	$12.79M	$12.80M
YoY Change	0.0%	0.08%
Intangibles
YoY Change
Long-Term Investments	$12.14M	$13.83M	$13.83M
YoY Change	302.02%	352.32%	352.32%
Other Assets	$387.0K	$388.0K	$10.71M
YoY Change	0.52%	6.01%	0.78%
Total Long-Term Assets	$65.89M	$67.50M	$67.50M
YoY Change	9.78%	14.08%	14.08%
TOTAL ASSETS
Total Short-Term Assets	$178.4M	$185.5M	$185.5M
Total Long-Term Assets	$65.89M	$67.50M	$67.50M
Total Assets	$244.3M	$253.0M	$253.0M
YoY Change	17.45%	16.56%	16.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$3.492M	$3.000M	$3.000M
YoY Change	78.25%	268.55%	268.55%
Accrued Expenses	$9.207M	$15.24M	$15.24M
YoY Change	3.18%	-0.55%	-0.55%
Deferred Revenue	$3.449M	$1.097M
YoY Change	137.7%	-8.2%
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$17.14M	$21.47M	$21.47M
YoY Change	29.43%	17.32%	17.32%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$132.0K	$207.0K	$11.70M
YoY Change	-48.03%	71.07%	-12.72%
Total Long-Term Liabilities	$132.0K	$207.0K	$11.70M
YoY Change	-48.03%	71.07%	-12.72%
TOTAL LIABILITIES
Total Short-Term Liabilities	$17.14M	$21.47M	$21.47M
Total Long-Term Liabilities	$132.0K	$207.0K	$11.70M
Total Liabilities	$28.23M	$33.17M	$33.17M
YoY Change	6.67%	4.62%	4.62%
SHAREHOLDERS EQUITY
Retained Earnings	$74.40M	$82.66M
YoY Change	35.62%	35.16%
Common Stock	$65.00K	$65.00K
YoY Change	1.56%	1.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$216.0M	$219.8M	$219.8M
YoY Change
Total Liabilities & Shareholders Equity	$244.3M	$253.0M	$253.0M
YoY Change	17.45%	16.56%	16.56%

Concept	2024 Q1	2023 Q4	2023
OPERATING ACTIVITIES
Net Income	-$8.260M	$19.81M	$21.50M
YoY Change	31.19%	44.3%	-10.58%
Depreciation, Depletion And Amortization	$1.029M	$1.027M	$4.102M
YoY Change	4.68%	14.11%	-13.9%
Cash From Operating Activities	$6.497M	$13.78M	$26.05M
YoY Change	-24.95%	116.6%	106.27%
INVESTING ACTIVITIES
Capital Expenditures	$824.0K	$1.388M	$2.567M
YoY Change	318.27%	12.57%	-39.34%
Acquisitions
YoY Change
Other Investing Activities	-$4.162M	$649.0K	-$16.55M
YoY Change	-405.13%	-140.79%	509.69%
Cash From Investing Activities	-$4.986M	-$739.0K	-$19.11M
YoY Change	-527.25%	-73.83%	175.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net			-$4.794M
YoY Change			-120.26%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	$1.190M	3.610M	$4.794M
YoY Change	621.21%	386.52%	-120.26%
NET CHANGE
Cash From Operating Activities	$6.497M	13.78M	$26.05M
Cash From Investing Activities	-$4.986M	-739.0K	-$19.11M
Cash From Financing Activities	$1.190M	3.610M	$4.794M
Net Change In Cash	$2.682M	16.65M	$11.77M
YoY Change	-73.17%	289.0%	-165.36%
FREE CASH FLOW
Cash From Operating Activities	$6.497M	$13.78M	$26.05M
Capital Expenditures	$824.0K	$1.388M	$2.567M
Free Cash Flow	$5.673M	$12.39M	$23.49M
YoY Change	-32.94%	141.6%	179.64%

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2021	us-gaap	Proceeds From Sale Of Available For Sale Securities Debt ProceedsFromSaleOfAvailableForSaleSecuritiesDebt	0	usd
CY2021	us-gaap	Proceeds From Sale And Maturity Of Marketable Securities ProceedsFromSaleAndMaturityOfMarketableSecurities	35019000	usd
CY2023	us-gaap	Payments To Acquire Marketable Securities PaymentsToAcquireMarketableSecurities	84555000	usd
CY2022	us-gaap	Payments To Acquire Marketable Securities PaymentsToAcquireMarketableSecurities	43572000	usd
CY2023	dei	Entity Central Index Key EntityCentralIndexKey	0001421517
CY2023	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2023
CY2023	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	FY
CY2023	dei	Amendment Flag AmendmentFlag	false
CY2023Q4	us-gaap	Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1 RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1	P1Y
CY2023	dei	Document Annual Report DocumentAnnualReport	true
CY2023	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2023	dei	Document Transition Report DocumentTransitionReport	false
CY2023	dei	Entity File Number EntityFileNumber	001-34112
CY2023	dei	Entity Registrant Name EntityRegistrantName	Energy Recovery, Inc.
CY2023	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
CY2023	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	01-0616867
CY2023	dei	Entity Address Address Line1 EntityAddressAddressLine1	1717 Doolittle Drive
CY2023	dei	Entity Address City Or Town EntityAddressCityOrTown	San Leandro
CY2023	dei	Entity Address State Or Province EntityAddressStateOrProvince	CA
CY2023	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	94577
CY2023	dei	City Area Code CityAreaCode	510
CY2023	dei	Local Phone Number LocalPhoneNumber	483-7370
CY2023	dei	Security12b Title Security12bTitle	Common Stock, $0.001 par value
CY2023	dei	Trading Symbol TradingSymbol	ERII
CY2023	dei	Security Exchange Name SecurityExchangeName	NASDAQ
CY2023	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	Yes
CY2023	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2023	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2023	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2023	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
CY2023	dei	Entity Small Business EntitySmallBusiness	false
CY2023	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
CY2023	dei	Icfr Auditor Attestation Flag IcfrAuditorAttestationFlag	true
CY2023	dei	Document Fin Stmt Error Correction Flag DocumentFinStmtErrorCorrectionFlag	false
CY2023	dei	Entity Shell Company EntityShellCompany	false
CY2023Q2	dei	Entity Public Float EntityPublicFloat	1540000000	usd
CY2024Q1	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	57078540	shares
CY2023	dei	Auditor Firm AuditorFirmId	34
CY2023	dei	Auditor Name AuditorName	Deloitte & Touche LLP
CY2023	dei	Auditor Location AuditorLocation	San Francisco, California
CY2023Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	68098000	usd
CY2022Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	56354000	usd
CY2023Q4	us-gaap	Short Term Investments ShortTermInvestments	40445000	usd
CY2022Q4	us-gaap	Short Term Investments ShortTermInvestments	33479000	usd
CY2023Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	46937000	usd
CY2022Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	34062000	usd
CY2023Q4	us-gaap	Inventory Net InventoryNet	26149000	usd
CY2022Q4	us-gaap	Inventory Net InventoryNet	28366000	usd
CY2023Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	3843000	usd
CY2022Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	5606000	usd
CY2023Q4	us-gaap	Assets Current AssetsCurrent	185472000	usd
CY2022Q4	us-gaap	Assets Current AssetsCurrent	157867000	usd
CY2023Q4	us-gaap	Long Term Investments LongTermInvestments	13832000	usd
CY2022Q4	us-gaap	Long Term Investments LongTermInvestments	3058000	usd
CY2023Q4	us-gaap	Deferred Income Tax Assets Net DeferredIncomeTaxAssetsNet	10324000	usd
CY2022Q4	us-gaap	Deferred Income Tax Assets Net DeferredIncomeTaxAssetsNet	10263000	usd
CY2023Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	18699000	usd
CY2022Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	19580000	usd
CY2023Q4	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	11469000	usd
CY2022Q4	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	13115000	usd
CY2023Q4	us-gaap	Goodwill Goodwill	12790000	usd
CY2022Q4	us-gaap	Goodwill Goodwill	12790000	usd
CY2023Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	388000	usd
CY2022Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	366000	usd
CY2023Q4	us-gaap	Assets Assets	252974000	usd
CY2022Q4	us-gaap	Assets Assets	217039000	usd
CY2023Q4	us-gaap	Accounts Payable Current AccountsPayableCurrent	3000000	usd
CY2022Q4	us-gaap	Accounts Payable Current AccountsPayableCurrent	814000	usd
CY2023Q4	erii	Accrued Expenses And Other Current Liabilities AccruedExpensesAndOtherCurrentLiabilities	15583000	usd
CY2022Q4	erii	Accrued Expenses And Other Current Liabilities AccruedExpensesAndOtherCurrentLiabilities	14693000	usd
CY2023Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	1791000	usd
CY2022Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	1600000	usd
CY2023Q4	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent	1097000	usd
CY2022Q4	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent	1195000	usd
CY2023Q4	us-gaap	Liabilities Current LiabilitiesCurrent	21471000	usd
CY2022Q4	us-gaap	Liabilities Current LiabilitiesCurrent	18302000	usd
CY2023Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	11488000	usd
CY2022Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	13278000	usd
CY2023Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	207000	usd
CY2022Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	121000	usd
CY2023Q4	us-gaap	Liabilities Liabilities	33166000	usd
CY2022Q4	us-gaap	Liabilities Liabilities	31701000	usd
CY2023Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		usd
CY2022Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		usd
CY2023Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.001
CY2022Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.001
CY2022Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	10000000	shares
CY2023Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	10000000	shares
CY2023Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2023Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2022Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2022Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2023Q4	us-gaap	Preferred Stock Value PreferredStockValue	0	usd
CY2022Q4	us-gaap	Preferred Stock Value PreferredStockValue	0	usd
CY2023Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.001
CY2022Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.001
CY2022Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	200000000	shares
CY2023Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	200000000	shares
CY2023Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	65029459	shares
CY2023Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	56880947	shares
CY2022Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	64225391	shares
CY2022Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	56076879	shares
CY2023Q4	us-gaap	Common Stock Value CommonStockValue	65000	usd
CY2022Q4	us-gaap	Common Stock Value CommonStockValue	64000	usd
CY2023Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	217617000	usd
CY2022Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	204957000	usd
CY2023Q4	us-gaap	Accumulated Other Comprehensive Income Loss Net Of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax	-44000	usd
CY2022Q4	us-gaap	Accumulated Other Comprehensive Income Loss Net Of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax	-349000	usd
CY2023Q4	us-gaap	Treasury Stock Common Shares TreasuryStockCommonShares	8148512	shares
CY2022Q4	us-gaap	Treasury Stock Common Shares TreasuryStockCommonShares	8148512	shares
CY2023Q4	us-gaap	Treasury Stock Common Value TreasuryStockCommonValue	80486000	usd
CY2022Q4	us-gaap	Treasury Stock Common Value TreasuryStockCommonValue	80486000	usd
CY2023Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	82656000	usd
CY2022Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	61152000	usd
CY2023Q4	us-gaap	Stockholders Equity StockholdersEquity	219808000	usd
CY2022Q4	us-gaap	Stockholders Equity StockholdersEquity	185338000	usd
CY2023Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	252974000	usd
CY2022Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	217039000	usd
CY2023	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	128349000	usd
CY2022	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	125591000	usd
CY2021	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	103904000	usd
CY2023	us-gaap	Cost Of Revenue CostOfRevenue	41270000	usd
CY2022	us-gaap	Cost Of Revenue CostOfRevenue	38235000	usd
CY2021	us-gaap	Cost Of Revenue CostOfRevenue	32670000	usd
CY2023	us-gaap	Gross Profit GrossProfit	87079000	usd
CY2022	us-gaap	Gross Profit GrossProfit	87356000	usd
CY2021	us-gaap	Gross Profit GrossProfit	71234000	usd
CY2023	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	28864000	usd
CY2022	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	28341000	usd
CY2021	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	25174000	usd
CY2023	us-gaap	Selling And Marketing Expense SellingAndMarketingExpense	22164000	usd
CY2022	us-gaap	Selling And Marketing Expense SellingAndMarketingExpense	16277000	usd
CY2021	us-gaap	Selling And Marketing Expense SellingAndMarketingExpense	12160000	usd
CY2023	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	17001000	usd
CY2022	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	17909000	usd
CY2021	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	20069000	usd
CY2023	us-gaap	Operating Expenses OperatingExpenses	68029000	usd
CY2022	us-gaap	Operating Expenses OperatingExpenses	62527000	usd
CY2021	us-gaap	Operating Expenses OperatingExpenses	57403000	usd
CY2023	us-gaap	Operating Income Loss OperatingIncomeLoss	19050000	usd
CY2022	us-gaap	Operating Income Loss OperatingIncomeLoss	24829000	usd
CY2021	us-gaap	Operating Income Loss OperatingIncomeLoss	13831000	usd
CY2023	us-gaap	Interest Income Securities Taxable InterestIncomeSecuritiesTaxable	3756000	usd
CY2022	us-gaap	Interest Income Securities Taxable InterestIncomeSecuritiesTaxable	908000	usd
CY2021	us-gaap	Interest Income Securities Taxable InterestIncomeSecuritiesTaxable	204000	usd
CY2023	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-101000	usd
CY2022	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	334000	usd
CY2021	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-31000	usd
CY2023	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	3655000	usd
CY2022	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	1242000	usd
CY2021	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	173000	usd
CY2023	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	22705000	usd
CY2022	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	26071000	usd
CY2021	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	14004000	usd
CY2023	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	1201000	usd
CY2022	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	2022000	usd
CY2021	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	-265000	usd
CY2023	us-gaap	Net Income Loss NetIncomeLoss	21504000	usd
CY2022	us-gaap	Net Income Loss NetIncomeLoss	24049000	usd
CY2021	us-gaap	Net Income Loss NetIncomeLoss	14269000	usd
CY2023	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.38
CY2022	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.43
CY2021	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.25
CY2023	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.37
CY2022	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.42
CY2021	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.24
CY2023	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	56444000	shares
CY2022	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	56221000	shares
CY2021	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	56993000	shares
CY2023	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	57740000	shares
CY2022	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	57641000	shares
CY2021	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	58723000	shares
CY2023	us-gaap	Net Income Loss NetIncomeLoss	21504000	usd
CY2022	us-gaap	Net Income Loss NetIncomeLoss	24049000	usd
CY2021	us-gaap	Net Income Loss NetIncomeLoss	14269000	usd
CY2023	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	51000	usd
CY2022	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	15000	usd
CY2021	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	-68000	usd
CY2023	us-gaap	Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax	254000	usd
CY2022	us-gaap	Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax	-215000	usd
CY2021	us-gaap	Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax	-134000	usd
CY2023	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent	305000	usd
CY2022	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent	-200000	usd
CY2021	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent	-202000	usd
CY2023	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	21809000	usd
CY2022	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	23849000	usd
CY2021	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	14067000	usd
CY2023Q4	us-gaap	Stockholders Equity StockholdersEquity	219808000	usd
CY2022Q4	us-gaap	Stockholders Equity StockholdersEquity	185338000	usd
CY2021Q4	us-gaap	Stockholders Equity StockholdersEquity	178779000	usd
CY2023Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	56880947	shares
CY2022Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	56076879	shares
CY2021Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	56823266	shares
CY2023	us-gaap	Net Income Loss NetIncomeLoss	21504000	usd
CY2022	us-gaap	Net Income Loss NetIncomeLoss	24049000	usd
CY2021	us-gaap	Net Income Loss NetIncomeLoss	14269000	usd
CY2023	us-gaap	Share Based Compensation ShareBasedCompensation	8038000	usd
CY2022	us-gaap	Share Based Compensation ShareBasedCompensation	6508000	usd
CY2021	us-gaap	Share Based Compensation ShareBasedCompensation	6053000	usd
CY2023	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	4102000	usd
CY2022	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	4764000	usd
CY2021	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	4502000	usd
CY2023	us-gaap	Operating Lease Right Of Use Asset Amortization Expense OperatingLeaseRightOfUseAssetAmortizationExpense	1646000	usd
CY2022	us-gaap	Operating Lease Right Of Use Asset Amortization Expense OperatingLeaseRightOfUseAssetAmortizationExpense	1538000	usd
CY2021	us-gaap	Operating Lease Right Of Use Asset Amortization Expense OperatingLeaseRightOfUseAssetAmortizationExpense	1437000	usd
CY2023	us-gaap	Accretion Amortization Of Discounts And Premiums Investments AccretionAmortizationOfDiscountsAndPremiumsInvestments	862000	usd
CY2022	us-gaap	Accretion Amortization Of Discounts And Premiums Investments AccretionAmortizationOfDiscountsAndPremiumsInvestments	-680000	usd
CY2021	us-gaap	Accretion Amortization Of Discounts And Premiums Investments AccretionAmortizationOfDiscountsAndPremiumsInvestments	-570000	usd
CY2023	us-gaap	Deferred Income Taxes And Tax Credits DeferredIncomeTaxesAndTaxCredits	-61000	usd
CY2022	us-gaap	Deferred Income Taxes And Tax Credits DeferredIncomeTaxesAndTaxCredits	1158000	usd
CY2021	us-gaap	Deferred Income Taxes And Tax Credits DeferredIncomeTaxesAndTaxCredits	-391000	usd
CY2023	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-1026000	usd
CY2022	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	201000	usd
CY2021	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-955000	usd
CY2023	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	12873000	usd
CY2022	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	13480000	usd
CY2021	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	8823000	usd
CY2023	erii	Increase Decrease In Costs In Excess Of Billings On Uncompleted Contracts Or Programs1 IncreaseDecreaseInCostsInExcessOfBillingsOnUncompletedContractsOrPrograms1	1128000	usd
CY2022	erii	Increase Decrease In Costs In Excess Of Billings On Uncompleted Contracts Or Programs1 IncreaseDecreaseInCostsInExcessOfBillingsOnUncompletedContractsOrPrograms1	-1227000	usd
CY2021	erii	Increase Decrease In Costs In Excess Of Billings On Uncompleted Contracts Or Programs1 IncreaseDecreaseInCostsInExcessOfBillingsOnUncompletedContractsOrPrograms1	1399000	usd
CY2023	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	-1354000	usd
CY2022	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	8282000	usd
CY2021	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	8766000	usd
CY2023	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	96000	usd
CY2022	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-138000	usd
CY2021	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-314000	usd
CY2023	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	2629000	usd
CY2022	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	138000	usd
CY2023	us-gaap	Increase Decrease In Accrued Liabilities And Other Operating Liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities	-1352000	usd
CY2022	us-gaap	Proceeds From Sale And Maturity Of Marketable Securities ProceedsFromSaleAndMaturityOfMarketableSecurities	39756000	usd
CY2021	us-gaap	Payments To Acquire Marketable Securities PaymentsToAcquireMarketableSecurities	48903000	usd
CY2023	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	2567000	usd
CY2022	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	4232000	usd
CY2021	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	6684000	usd
CY2023	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	87000	usd
CY2022	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	1102000	usd
CY2021	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	5000	usd
CY2023	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-19114000	usd
CY2022	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-6946000	usd
CY2021	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-20563000	usd
CY2023	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	4794000	usd
CY2022	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	2986000	usd
CY2021	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	10554000	usd
CY2023	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	0	usd
CY2022	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	26654000	usd
CY2021	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	23346000	usd
CY2023	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	4794000	usd
CY2022	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-23668000	usd
CY2021	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-12792000	usd
CY2023	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	33000	usd
CY2022	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	-20000	usd
CY2021	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	-68000	usd
CY2023	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	11767000	usd
CY2022	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-18003000	usd
CY2021	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-19897000	usd
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	56458000	usd
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	74461000	usd
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	74461000	usd
CY2023	us-gaap	Proceeds From Income Tax Refunds ProceedsFromIncomeTaxRefunds	3000	usd
CY2022	us-gaap	Proceeds From Income Tax Refunds ProceedsFromIncomeTaxRefunds	2000	usd
CY2021	us-gaap	Proceeds From Income Tax Refunds ProceedsFromIncomeTaxRefunds	270000	usd
CY2023	us-gaap	Income Taxes Paid IncomeTaxesPaid	505000	usd
CY2022	us-gaap	Income Taxes Paid IncomeTaxesPaid	549000	usd
CY2021	us-gaap	Income Taxes Paid IncomeTaxesPaid	76000	usd
CY2023	us-gaap	Capital Expenditures Incurred But Not Yet Paid CapitalExpendituresIncurredButNotYetPaid	647000	usd
CY2022	us-gaap	Capital Expenditures Incurred But Not Yet Paid CapitalExpendituresIncurredButNotYetPaid	740000	usd
CY2021	us-gaap	Capital Expenditures Incurred But Not Yet Paid CapitalExpendituresIncurredButNotYetPaid	421000	usd
CY2023	us-gaap	Nature Of Operations NatureOfOperations	<span style="color: #7d560b; font-family: Arial Narrow; font-size: 14pt; font-style: normal; font-weight: bold; left: 102.41pt; position: var(--position); text-decoration: none; white-space: pre;">Description of Business and Significant Accounting Policies<span style="display: inline-block; height: 10.19pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 136.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 457.23pt;">Energy Recovery, Inc. and its wholly-owned subsidiaries (the “Company” or “Energy Recovery”) designs and manufactures <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 533.73pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.7pt;">reliable,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 148.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.86pt;">high-performance solutions that provide cost savings through improved energy efficiency in commercial and industrial processes, with<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 160.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 138.75pt;">applications across several industries<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 188.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 374.25pt;">. Leveraging the Company’s pressure exchanger technology, which generates little to no emissions<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 172.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.85pt;">when operating, the Company’s solutions lowers costs, saves energy, reduces waste, and minimizes emissions for companies across a<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 184.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.99pt;">variety of industrial processes. As the world coalesces around the urgent need to address climate change and its impacts, the Company is<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 196.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.85pt;">helping companies reduce their energy consumption in their industrial processes, which in turn, reduces their carbon footprint. The Company<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 208.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">believes that its customers do not have to sacrifice quality and cost savings for sustainability and is committed to developing solutions that<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 220.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">drive long-term value – both financial and environmental. The Company’s solutions are marketed, sold in, or developed for, the fluid-flow and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 232.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 379.57pt;">gas markets, such as seawater and wastewater desalination, natural gas, chemical processing and CO<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 429.07pt; position: var(--position); text-decoration: none; top: 2.548pt; vertical-align: sub; white-space: pre; width: 2.96pt;">2<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 432.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 130.4pt;">-based refrigeration systems, under<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 244.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.75pt;">the trademarks <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 107.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.65pt;">ERI<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 120.9pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 3.92pt;">®<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 124.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.96pt;">, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 129.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 10.92pt;">PX<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 140.7pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 3.92pt;">®<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 144.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.96pt;">, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.57999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 74.64pt;">Pressure Exchanger<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 224.22pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 3.92pt;">®<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 228.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.96pt;">, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 233.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 10.92pt;">PX<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 244.02pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 3.92pt;">®<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 247.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 77.32pt;"> Pressure Exchanger<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 325.26pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 3.92pt;">®<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 29.44pt;"> (“PX”), <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 358.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.89pt;">Ultra PX<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 389.51pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 5.32pt;">™<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 394.83pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.96pt;">, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 399.79pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.98pt;">PX G<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 419.77pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 5.32pt;">™<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 425.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.96pt;">, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 430.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 38.22pt;">PX G1300<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 468.27pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 5.32pt;">™<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 473.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.96pt;">, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 478.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.47pt;">PX PowerTrain<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 534.02pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 5.32pt;">™<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 539.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.96pt;">, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 544.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 10.46pt;">AT<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 554.76pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 5.32pt;">™<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 560.0799999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 256.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.6pt;">and <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 66.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.64pt;">Aquabold<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 100.74000000000001pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 5.32pt;">™<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 106.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 332.41pt;">. The Company owns, manufactures and/or develops its solutions, in whole or in part, in <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 438.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 123.94pt;">the United States of America (the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 268.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.09pt;">“U.S.”)<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 73.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: normal; font-weight: bold; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre;">Basis of Presentation<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 324pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.12pt;">The<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 90.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.4pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 95.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.41pt;">Consolidated Financial Statements include the accounts of Energy Recovery, Inc. and its wholly-owned subsidiaries. All<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 336pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 288.06pt;">intercompany accounts and transactions have been eliminated in consolidation.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: normal; font-weight: bold; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre;">Reclassifications<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 386.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 283.47pt;">Certain prior period amounts have been reclassified in certain notes to the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 359.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.65pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 363.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 198.71pt;">Consolidated Financial Statements to conform to the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 398.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 100.24pt;">current period presentation.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: normal; font-weight: bold; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre;">Use of Estimates<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 448.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.24pt;">The preparation of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 145.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.41pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 203.62pt;">Consolidated Financial Statements, in conformity with <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 207.44pt;">U.S. generally accepted accounting principles (“GAAP”)<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 560.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 460.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 462.15pt;">requires the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 511.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.85pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 514.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.85pt;">Consolidated<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 472.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 172.28pt;">Financial Statements and accompanying notes.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 496.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.93pt;">The accounting policies that reflect the Company’s significant estimates and judgments and that the Company believes are the most<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 508.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 303.04pt;">critical to aid in fully understanding and evaluating its reported financial results are <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 209.8pt;">revenue recognition; valuation of stock options; useful life<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 520.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">and valuation of equipment; valuation and impairment of goodwill; deferred taxes and valuation allowances on deferred tax assets; and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 532.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 171.08pt;">evaluation and measurement of contingencies<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 220.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.51pt;">. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 226.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 336.39pt;"> Those estimates could change, and as a result, actual results could differ materially from<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 544.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.71pt;">those estimates.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 568.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.89pt;">The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 580.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 224.44pt;">revision of the carrying value of its assets or liabilities as of <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 273.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.54pt;">February 21, 2024<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 342.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 109.86pt;">, the date of issuance of this <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 452.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.52pt;">Annual<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 477.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.06pt;"> Report on Form <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 542.9200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.3pt;">10-K<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 560.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 592.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 604.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.89pt;">estimates under different assumptions or conditions. The Company undertakes no obligation to update publicly these estimates for any<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 616.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 102.1pt;">reason after the date of this <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.52pt;">Annual<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 177.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.94pt;"> Report on Form <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 239.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.3pt;">10-K<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 256.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 99.79pt;">, except as required by law.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: normal; font-weight: bold; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre;">Significant Accounting Policies<span style="display: inline-block; height: 8.73pt;"></span></span><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Cash and Cash Equivalents<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 142.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 228.65pt;">The Company considers all highly liquid investments with an <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 305.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 257.3pt;">original or remaining contractual maturity on date of purchase of less<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 154.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.19pt;">than or equal to<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 106.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.35pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 109.03999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.92pt;">three months<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 156.95999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.01pt;"> to be <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 179.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 163.07pt;">classified and presented as cash equivalents<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 343.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.22pt;"> on the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 368.26pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.35pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 370.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 191.82pt;">Consolidated Balance Sheets. Cash equivalents are<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 166.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.99pt;">stated at cost, which approximates fair value. The Company’s cash and cash equivalents may include demand deposit accounts with large<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 178.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 199.96pt;">financial institutions, institutional money market funds, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 249.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 312.94pt;">U.S. treasury securities, corporate notes and bonds, and municipal and agency notes<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 190.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 39.12pt;">and bonds<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 88.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 473.74pt;">. The Company monitors the creditworthiness of the financial institutions, institutional money market funds, and corporations in<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 202.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 438.37pt;">which the Company invests its surplus funds. The Company has experienced no credit losses from its cash investments.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Short-term and Long-term<span style="display: inline-block; height: 8.73pt;"></span></span><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 180.3pt; position: var(--position); text-decoration: none; white-space: pre;"> Investments<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 253.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 437.01pt;">The Company’s short-term and long-term investments consist primarily of investment-grade debt securities, such as <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 513.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.89pt;">U.S. treasury<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 265.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 324.11pt;">securities, corporate notes and bonds, and municipal and agency notes and bonds<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 373.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 188.81pt;">, all of which are classified as available-for-sale.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 277.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.92pt;">Available-for-sale securities are carried at fair value. Amortization or accretion of premium or discount is included in other income (expense)<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 289.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.79pt;">on the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 73.28999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.27pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.82pt;">Consolidated Statements of Operations. Changes in the fair value of available-for-sale securities are reported as a component of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 301.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 144.04pt;">accumulated other comprehensive loss<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 193.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 125.69pt;"> within stockholders’ equity on the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 319.23pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.9pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 322.13pt; position: var(--position); text-decoration: none; white-space: pre; width: 240.3pt;">Consolidated Balance Sheets. Realized gains and losses on the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 313.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 395.09pt;">sale of available-for-sale securities are determined by specific identification of the cost basis of each security.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 444.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 337.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 434.55pt;">The Company categorizes and classifies short-term and long-term available-for-sale investments on the Company’s<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 511.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.6pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 514.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.85pt;">Consolidated<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 349.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 97.97pt;">Balance Sheets as follows:<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 373.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.87pt;">•<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 88.14pt;">Short-term investments:<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.42pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 186.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 354.29pt;">Investments purchased with an original or remaining maturity at time of purchase greater than<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 540.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.42pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 543.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.68pt;">three<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 385.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.89pt;">months<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 121.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.71pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 124.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 142.04pt;">and that are expected to mature within<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 266.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.71pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 268.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 38.72pt;">12 months<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 307.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.71pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 310.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 103.37pt;">from the balance sheet date<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 413.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.71pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 416.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 146.14pt;">are classified as short-term investments<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 397.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 128.96pt;">and are presented in current assets<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 223.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 412.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.87pt;">•<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 86.88pt;">Long-term investments:<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 181.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 184.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 355.33pt;">Investments purchased with an original or remaining maturity at time of purchase greater than<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 540.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 543.71pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.68pt;">three<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 424.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.89pt;">months<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 121.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.43pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 125.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 170.47pt;">and that are expected to mature more than<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 296.28999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.43pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 300.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.44pt;">12 months<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 341.15999999999997pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.43pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 345.59000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 110.25pt;">from the balance sheet date<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 455.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.43pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 460.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 102.12pt;">are classified as long-term<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 436.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 191.39pt;">investments and are presented in non-current assets<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 285.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Allowance for Doubtful Accounts<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 489.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 486pt;">The Company records a provision for doubtful accounts based on historical experience and an estimate of the expected credit losses.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 501.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.86pt;">In estimating the allowance for doubtful accounts, the Company considers, among other factors, the aging of the accounts receivable, its<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 513.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.93pt;">historical write-offs, the credit worthiness of each customer, and general economic conditions. Account balances are charged off against the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 525.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">allowance when the Company believes that it is probable that the receivable will not be recovered. Actual write-offs may be in excess of the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 537.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 119.84pt;">Company’s estimated allowance.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Inventories<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 588pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.88pt;">Inventories are stated at the lower of cost (using the first-in, first-out “FIFO” method) or net realizable value. The Company calculates<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 600pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.96pt;">inventory valuation adjustments for excess and obsolete inventory based on current inventory levels, movement, expected useful lives, and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 612pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 208.74pt;">estimated future demand of the products and spare parts.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Property and Equipment<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 116.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.99pt;">Property and equipment is recorded at cost and reduced by accumulated depreciation. Depreciation expense is recognized over the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 128.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 248.9pt;">estimated useful lives of the assets using the straight-line method. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 298.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 263.92pt;">The following table presents the estimated useful life, or range of useful<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 140.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 432.46pt;">lives, of the Company’s property and equipment. Maintenance and repairs are charged directly to expense as incurred.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="position: var(--position); top: 155.4pt; width: 612pt;"><div style="left: 49.5pt; position: var(--position); top: 0pt; width: 513pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 391.5pt;"></td><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"></td><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"></td><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 391.5pt; position: var(--position); top: 0pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: bold; left: 13.44pt; position: var(--position); text-decoration: none; white-space: pre;">Minimum<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 453.75pt; position: var(--position); top: 0pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: bold; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">Maximum<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 0pt; position: var(--position); top: 12.75pt; width: 391.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 391.5pt;"><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Machinery and equipment (excluding equipment used for manufacturing of ceramic components)<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 5.8500000000000005pt; font-style: normal; font-weight: normal; left: 317.73pt; position: var(--position); top: -2.2925pt; vertical-align: super; white-space: pre;">)<span style="display: inline-block; height: 4.2575pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #feeac5; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 391.5pt; position: var(--position); top: 12.75pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">3 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="background-color: #feeac5; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 453.75pt; position: var(--position); top: 12.75pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">7 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 0pt; position: var(--position); top: 25.5pt; width: 391.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 391.5pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Machinery and equipment used for manufacturing of ceramic components<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 391.5pt; position: var(--position); top: 25.5pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">3 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 453.75pt; position: var(--position); top: 25.5pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 15.48pt; position: var(--position); text-decoration: none; white-space: pre;">10 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 0pt; position: var(--position); top: 38.25pt; width: 391.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 391.5pt;"><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Leasehold improvements <span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 5.8500000000000005pt; font-style: normal; font-weight: normal; left: 87.03999999999999pt; position: var(--position); top: -2.2925pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.2575pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 391.5pt; position: var(--position); top: 38.25pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 19.38pt; position: var(--position); text-decoration: none; white-space: pre;">1 year<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 453.75pt; position: var(--position); top: 38.25pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 14.46pt; position: var(--position); text-decoration: none; white-space: pre;">5.5 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 0pt; position: var(--position); top: 51pt; width: 391.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 391.5pt;"><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Software <span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 5.8500000000000005pt; font-style: normal; font-weight: normal; left: 33.77pt; position: var(--position); top: -2.2925pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.2575pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 391.5pt; position: var(--position); top: 51pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">3 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 453.75pt; position: var(--position); top: 51pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">5 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 0pt; position: var(--position); top: 63.75pt; width: 391.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 391.5pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office equipment, furniture, and fixtures<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 391.5pt; position: var(--position); top: 63.75pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">3 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 453.75pt; position: var(--position); top: 63.75pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">5 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 0pt; position: var(--position); top: 76.5pt; width: 391.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 391.5pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Automobiles<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 391.5pt; position: var(--position); top: 76.5pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 19.38pt; position: var(--position); text-decoration: none; white-space: pre;">1 year<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 453.75pt; position: var(--position); top: 76.5pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">7 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 249.65pt; width: 612pt;"><div style="left: 49.5pt; position: var(--position); top: 0pt; width: 513pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 30pt;"></td><td colspan="1" rowspan="1" style="padding: 0; width: 483pt;"></td></tr><tr style="height: 3.75pt;"><td colspan="1" rowspan="1" style="border-top: 0.25pt solid #494949; font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"></td></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 9pt; position: var(--position); text-align: justify; text-align-last: justify; top: 258.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 5.8500000000000005pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; top: -2.2925pt; vertical-align: super; white-space: pre; width: 5.84pt;">(1)<span style="display: inline-block; height: 4.2575pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">Leasehold improvements represent remodeling and retrofitting costs for leased office and manufacturing space and are depreciated over the shorter of<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 562.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.05pt;"> <span style="display: inline-block; height: 6.55pt;"></span></span></div><div style="font-size: 12pt; line-height: 9pt; position: var(--position); text-align: justify; text-align-last: justify; top: 269.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 218.68pt;">either the estimated useful lives or the term of the lease. See <span style="display: inline-block; height: 6.55pt;"></span></span><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 286.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.57pt;"><a href="#i11038644b572480ea143f7a07f953725_361" style="color: inherit; text-decoration: inherit; z-index: 1;">Note</a><span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 301.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.3pt;"> <span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 305.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.1pt;">7<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 309.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.35pt;">, <span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 314.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 111.07pt;">Commitments and Contingencies<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 425.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.45pt;">-<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 428.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 95.93pt;">Operating Lease Obligations<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 523.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 38.55pt;">, for further<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.05pt;"> <span style="display: inline-block; height: 6.55pt;"></span></span></div><div style="font-size: 12pt; line-height: 9pt; position: var(--position); text-align: justify; text-align-last: justify; top: 280pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 84.82pt;">discussion of lease terms.<span style="display: inline-block; height: 6.55pt;"></span></span></div><div style="font-size: 12pt; line-height: 9pt; position: var(--position); text-align: justify; text-align-last: justify; top: 293.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 5.8500000000000005pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; top: -2.2925pt; vertical-align: super; white-space: pre; width: 5.84pt;">(2)<span style="display: inline-block; height: 4.2575pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">Software purchased for internal use consists primarily of amounts paid for perpetual licenses to third-party software providers and implementation<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.05pt;"> <span style="display: inline-block; height: 6.55pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 304.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.22pt;">costs<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 84.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 331.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.99pt;">Estimated useful lives are periodically reviewed, and when appropriate, changes are made prospectively. When certain events or<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 343.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.9pt;">changes in operating conditions occur, asset lives may be adjusted and an impairment assessment may be performed on the recoverability of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 355.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.89pt;">the carrying amounts. The Company evaluates the recoverability of long-lived assets by comparing the carrying amount of an asset to<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 367.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.99pt;">estimated future net undiscounted cash flows generated by the asset (asset group). If such assets are considered to be impaired, the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 379.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">impairment recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. The<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 391.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.84pt;">evaluation of recoverability involves estimates of future operating cash flows based upon certain forecasted assumptions, including, but not<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 403.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 285.25pt;">limited to, revenue growth rates, gross profit margins, and operating expenses.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 334.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Leases<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 454pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.81pt;">The Company determines if an arrangement is a lease, or contains a lease, at the inception of the arrangement and evaluates<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 466pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.98pt;">whether the lease is an operating or a finance lease at the commencement date. The Company recognizes right-of-use (“ROU”) assets and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 478pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 217.86pt;">lease liabilities for operating leases with terms greater than <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 267.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.04pt;">1 year<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 290.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 272.04pt;">. ROU assets represent the Company’s right to use an asset for the lease<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 490pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.96pt;">term, while lease liabilities represent the Company’s obligation to make lease payments. Operating lease ROU assets and liabilities are<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 502pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.89pt;">recognized based on the present value of lease payments over the lease term at the lease commencement date. The Company uses the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 514pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.86pt;">implicit interest rate or, if not readily determinable, its incremental borrowing rate as of the lease commencement date to determine the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 526pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.98pt;">present value of lease payments. The incremental borrowing rate is based on the Company’s unsecured borrowing rate, adjusted for the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 538pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.99pt;">effects of collateral. Operating lease ROU assets are recognized net of any lease prepayments and incentives. Based on materiality, the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 550pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">Company accounts for both the non-lease components and related lease components as a single lease component. Lease terms may<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 562pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.81pt;">include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 574pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 240.61pt;">expense is recognized on a straight-line basis over the lease term.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 290.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 598pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.87pt;">The Company applies lease modifications that change the contractual terms and conditions of a lease, that were not part of the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 610pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">original lease, and grants additional right of use with a price consistent with the market, as a new lease. These modifications will be<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 622pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">assessed in compliance with the above parameters. For other types of lease modification, the modified lease is reassessed and all new<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 634pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 329.99pt;">assumptions are applied in the calculation of the updated lease liability and the ROU asset.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Goodwill<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 116.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.82pt;">Our goodwill represents the excess of the purchase price of a business combination over the fair value of the net assets acquired.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 128.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.99pt;">Goodwill is not amortized but is evaluated annually (July 1) for impairment at the reporting unit level or when indicators of a potential<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 140.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 92.8pt;">impairment are present. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 142.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 420.18pt;">Goodwill impairment testing requires significant judgment and management estimates, including, but not limited to,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 152.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.87pt;">the determination of (i) the number of reporting units, (ii) the goodwill and other assets and liabilities to be allocated to the reporting units and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 164.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.95pt;">(iii) the fair values of the reporting units. The estimates and assumptions described above, along with other factors such as discount rates,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 176.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.84pt;">will significantly affect the outcome of the impairment tests and the amounts of any resulting impairment losses. We perform a quantitative<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 188.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.81pt;">assessment of goodwill for impairment on an annual basis during the third quarter of each year, which would consist primarily of a discounted<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 200.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 310.84pt;">cash flow (“DCF”) analysis to determine the fair value of the reporting unit’s goodwill. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 360.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 188.29pt;">The forecast of future cash flows, which is based on<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 548.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.29pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.9200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.4pt;">the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 212.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 41pt;">Company’s<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 90.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.2pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 93.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 468.65pt;">best estimate of future net sales and operating expenses, is based primarily on expected category expansion, pricing, market<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 224.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 161.48pt;">segment, and general economic conditions<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 210.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 9.64pt;">. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 220.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 39.24pt;">In addition<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 259.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.8pt;">, the Company <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 319.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 45.1pt;">incorporates<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 364.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.68pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 368.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 193.92pt;">other significant inputs to its fair value calculations,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 236.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 295.29pt;">including discount rate and market multiples, to reflect current market conditions.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 344.79pt; position: var(--position); text-decoration: none; white-space: pre; width: 217.67pt;"> Between annual tests, a qualitative assessment whenever<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 248.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.99pt;">events or changes in circumstances indicate that the carrying amount may not be recoverable. If these interim qualitative factors were to<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 260.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">indicate that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying value, we would then perform a<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 272.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 89.53pt;">quantitative assessment<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 139.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 6.12pt;">. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 145.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 417.27pt;"> To the extent the carrying amount of the reporting unit’s allocated goodwill exceeds the unit’s fair value, we<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 284.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 366.41pt;">recognize an impairment of goodwill for the excess up to the amount of goodwill of that reporting unit.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Fair Value of Financial Instruments<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 334.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.87pt;">The Company’s financial instruments include cash and cash equivalents, restricted cash, investments in marketable securities,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 346.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 76.01pt;">accounts receivable,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 125.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 85.87pt;"> and accounts payable<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 211.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 266.41pt;">. The carrying amounts for these financial instruments reported in the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 477.79pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.55pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 481.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.02pt;">Consolidated Balance<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 358.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 133.05pt;">Sheets approximate their fair values.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.42pt;"> See <span style="display: inline-block; height: 7.28pt;"></span></span><span style="color: #000000; font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 203.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.31pt;"><a href="#i11038644b572480ea143f7a07f953725_292" style="color: inherit; text-decoration: inherit; z-index: 1;">Note</a><span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 221.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 223.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;">5<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 228.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 7.28pt;">, “<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 235.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 156.29pt;">Investments and Fair Value Measurements<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 391.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 157.64pt;">,” for further discussion related to fair value.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Revenue Recognition<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 409.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.97pt;">Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 421.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.83pt;">that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Performance obligations are<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 433.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 401.55pt;">identified and the total transaction price is allocated to the performance obligations at execution of the contract.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 457.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.96pt;">The Company’s payment terms vary based on the credit risk of its customer. For certain customer types, the Company requires<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 469.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.99pt;">payment before the products or services are delivered to the customer. The Company performs an evaluation of customer credit worthiness<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 481.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">on an individual contract basis to assess whether collectability is reasonably assured at the inception of the contract. As part of this<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 493.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.87pt;">evaluation, the Company considers many factors about the individual customer, including the underlying financial strength of the customer<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 505.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.85pt;">and/or partnership consortium and the Company’s prior history or industry-specific knowledge about the customer and its supplier<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 517.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 407.47pt;">relationships. For smaller projects, the Company requires the customer to remit payment generally within <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 456.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 9.12pt;">30<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 466.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.52pt;"> to <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 480.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.28pt;">60 days<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 510.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.42pt;"> after product<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 529.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 393.68pt;">delivery. In some cases, if credit worthiness cannot be determined, prepayment or other security is required.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 553.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.84pt;">Sales commissions are expensed as incurred when product revenue is earned. These costs are recorded within sales and marketing<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 565.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.38pt;">expenses.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre;">Arrangements with Multiple Performance Obligations and Termination for Convenience<span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 613.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 486pt;">The Company’s contracts with customers may include multiple performance obligations. For such arrangements, the Company<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 625.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.86pt;">allocates revenue to each performance obligation based on its relative stand-alone selling price. The Company generally determines stand-<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 637.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 214.66pt;">alone selling prices based on stand-alone observable sales<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 264.15999999999997pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.21pt;"> to customers<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 313.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 661.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.82pt;">With respect to termination, the Company does not have the ability to cancel the contract for convenience. In general, customers can<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 673.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 326.8pt;">cancel for convenience upon the payment of a termination fee that covers costs and profit.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre;">Practical Expedients and Exemptions<span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 721.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.82pt;">The time period between when the Company transfers control of products to the customer and the payment for the products is, in<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 733.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 510.94pt;">general, less than one year and, therefore, the practical expedient with respect to a financing component has been adopted by the Company.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 560.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 102pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 469.41pt;">With respect to taxes, the Company has made the policy election to exclude taxes from the measurement of the transaction price.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 126pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.91pt;">The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 138pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.89pt;">one year or less; and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 150pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 83.81pt;">for services performed.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre;">Contract Costs<span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 198pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.84pt;">The Company recognizes the incremental cost of obtaining contracts as an expense when incurred if the amortization period of the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 210pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.82pt;">assets that the Company otherwise would have recognized is one year or less. The costs of obtaining contracts are included in sales and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 222pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 75.65pt;">marketing expenses.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre;">Product<span style="display: inline-block; height: 7.28pt;"></span></span><span style="color: #7d560b; font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 95.74pt; position: var(--position); text-decoration: none; white-space: pre;"> and Service Revenue Recognition<span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 270pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.89pt;">A contract is established by a written agreement (executed sales order, executed purchase order or stand-alone contract) with the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 282pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.91pt;">customer with fixed pricing, and a credit risk assessment is completed prior to the signing of the agreement to ensure that collectability is<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 294pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 73.82pt;">reasonably assured.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 318pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.99pt;">The Company adheres to consistent pricing in the stand-alone sale of products and services. Performance obligations consist of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 330pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 181.69pt;">delivery of products, such as the Company’s <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 231.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 10.92pt;">PX<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 242.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 320.32pt;">s, hydraulic turbochargers, pumps and spare parts. Service obligations, such as<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 342pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 383.17pt;">commissioning, which are not material, are deferred as contract liabilities until the services are performed.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 366pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.89pt;">The transfer of control for the Company’s products follows transfer of title which typically occurs upon shipment or delivery of the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 378pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">equipment in accordance with International Commercial Terms (commonly referred to as “incoterms”). The specified product performance<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 390pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.98pt;">criteria for the Company’s products pertain to the ability of the Company’s product to meet its published performance specifications and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 402pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.87pt;">warranty provisions, which the Company’s products have demonstrated on a consistent basis. This factor, combined with historical<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 414pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.91pt;">performance metrics, provides the Company’s management with a reasonable basis to conclude that the products will perform satisfactorily<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 426pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">upon commissioning of the plant. Installation is relatively simple, requires no customization, and is performed by the customer under the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 438pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.9pt;">supervision of the Company’s personnel. Based on these factors, the Company concluded that performance has been completed upon<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 450pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 460.74pt;">shipment or delivery when title transfers based on the shipping terms, and that product revenue is recognized at a point in time.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 474pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.85pt;">The Company does not provide its customers with a right of product return; however, the Company will accept returns of products that<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 486pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.93pt;">are deemed to be damaged or defective when delivered that are covered by the terms and conditions of the product warranty. Product<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 498pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">warranty is provided consistent with the industry and is considered to be an assurance warranty, not a separate performance obligation.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 510pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 225.08pt;">Product returns and warranty charges have not been material.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 534pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.92pt;">For large projects, stand-alone contracts are utilized. For these contracts, consistent with industry practice, the Company’s customers<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 546pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.93pt;">typically require their suppliers, including the Company, to accept contractual holdback provisions (also referred to as a retention payment)<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 558pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.92pt;">whereby the final amounts due under the sales contract are remitted over extended periods of time or alternatively, stand-by letters of credit<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 570pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 200.19pt;">are issued. These retention payments are generally <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 249.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.41pt;">10%<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 266.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 296.39pt;"> or less of the total contract amount and are due and payable based upon the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 582pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 180.56pt;">contractual milestone billing, generally between<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 230.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.47pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 234.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 9.12pt;">24<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 243.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.78pt;"> to <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 259.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.48pt;">36 months<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 299.90999999999997pt; position: var(--position); text-decoration: none; white-space: pre; width: 262.42pt;"> from the date of product delivery. These retention payments with<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 594pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">performance conditions are recorded as contract assets and align with the product warranty period. Given that they are not material in the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 606pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 278.51pt;">context of the contract, they are not considered to be a financing component.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 328.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 630pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.95pt;">Shipping and handling charges billed to customers are pass-through from the freight forwarder to the customer and are included in<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 642pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 328.59pt;">product revenue. The cost of shipping to customers is included in product cost of revenue.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.92pt;">Contracts are sometimes modified for a change in scope or other requirements. The Company considers contract modifications to<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 678pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">exist when the modification either creates new or changes the existing enforceable rights and obligations. Any subsequent contract<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 690pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.98pt;">modifications are analyzed to determine the treatment of the contract modification as a separate contract, prospectively or through a<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 702pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 117.58pt;">cumulative catch-up adjustment.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Warranty Costs<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 116.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 292.46pt;">The Company sells products with a limited warranty for a period ranging from <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 368.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 39.13pt;">18 months<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 408.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.08pt;"> to <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 421.17pt; position: var(--position); text-decoration: none; white-space: pre; width: 35.92pt;">five years<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 457.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 105.34pt;">. The Company accrues for<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 128.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">warranty costs based on estimated product failure rates, historical activity, and expectations of future costs. Periodically, the Company<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 140.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 409.22pt;">evaluates and adjusts the warranty costs to the extent that actual warranty costs vary from the original estimates.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Stock-based Compensation<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 190.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.94pt;">The Company measures and recognizes stock-based compensation expense based on the fair value measurement for all stock-<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 202.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">based awards made to its employees, non-employee consultants and directors, including restricted stock units (“RSUs”), and incentive stock<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 214.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.81pt;">options over the requisite service period (typically the vesting period of the awards). The fair value of RSUs is based on the Company’s<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 226.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 162.86pt;">common stock price on the date of grant. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 212.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 349.96pt;">The fair value of stock options is calculated on the date of grant using a Black-Scholes (also<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 238.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 181.3pt;">referred to as the “Black-Scholes-Merton”) model,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 230.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 331.58pt;"> which requires a number of complex assumptions including the expected life to exercise a<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 250.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.94pt;">vested award based upon the Company’s exercise history, expected volatility based upon the Company’s historical stock prices, risk-free<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 262.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 111.08pt;">interest rate based upon the <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 160.57999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.93pt;">U.S.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 176.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 385.96pt;"> Treasury rates, and the Company’s dividend yield. The estimation of awards that will ultimately vest<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 274.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.87pt;">requires judgment, and to the extent that actual results or updated estimates differ from the Company’s current estimates, such amounts are<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 286.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 310.98pt;">recorded as a cumulative adjustment in the period in which the estimates are revised.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 360.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.78pt;"> See <span style="display: inline-block; height: 7.28pt;"></span></span><span style="color: #000000; font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 382.26pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.31pt;"><a href="#i11038644b572480ea143f7a07f953725_535" style="color: inherit; text-decoration: inherit; z-index: 1;">Note</a><span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 399.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.4pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 401.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 9.12pt;">12<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 411.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 7.4pt;">, “<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 418.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 100.82pt;">Stock-based Compensation<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 519.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 43.04pt;">,” for further<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 298.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 149.49pt;">discussion of stock-based compensation.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Foreign Currency<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 349.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 150.12pt;">The Company’s reporting currency is the <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 226.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.93pt;">U.S.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 242.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 319.92pt;"> dollar. The functional currency of the Company’s foreign subsidiaries is their respective<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 361.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.92pt;">local currencies. The asset and liability accounts of the Company’s foreign subsidiaries are translated from their local currencies at the rates<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 373.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.81pt;">in effect on the balance sheet date. Revenue and expenses are translated at average rates of exchange prevailing during the period. Gains<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 385.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.93pt;">and losses resulting from the translation of the Company’s subsidiary balance sheets are recorded as a component of accumulated other<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 397.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.96pt;">comprehensive income (loss). Gains and losses from foreign currency transactions are recorded in other income (expense) in the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 409.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 145.38pt;">Consolidated Statements of Operations.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Income Taxes<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 459.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.88pt;">Current and non-current tax assets and liabilities are based upon an estimate of taxes refundable or payable for each of the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 471.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.91pt;">jurisdictions in which the Company is subject to tax. In the ordinary course of business, there is inherent uncertainty in quantifying income tax<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 483.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.82pt;">positions. The Company assesses income tax positions and records tax benefits for all years subject to examination based upon the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 495.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.9pt;">Company’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 507.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.78pt;">likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 519.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.8pt;">being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 531.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 543.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.86pt;">When applicable, associated interest and penalties are recognized as a component of income tax expense. Accrued interest and penalties<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 555.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 205.53pt;">are included within the related tax asset or liability on the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 255.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 257.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 109.83pt;">Consolidated Balance Sheets.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 579.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.85pt;">Deferred income taxes are provided for temporary differences arising from differences in bases of assets and liabilities for tax and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 591.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.86pt;">financial reporting purposes. Deferred income taxes are recorded on temporary differences using enacted tax rates in effect for the year in<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 603.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.79pt;">which the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 615.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 627.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.78pt;">opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Significant judgment<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 639.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.79pt;">is required in determining whether and to what extent any valuation allowance is needed on the Company’s deferred tax assets. In making<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 651.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.91pt;">such a determination, the Company considers all available positive and negative evidence including recent results of operations, scheduled<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 663.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 383.57pt;">reversals of deferred tax liabilities, projected future income, and available tax planning strategies. See <span style="display: inline-block; height: 7.28pt;"></span></span><span style="color: #000000; font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 433.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.31pt;"><a href="#i11038644b572480ea143f7a07f953725_415" style="color: inherit; text-decoration: inherit; z-index: 1;">Note</a><span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 450.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 3pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 453.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;">8<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 457.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 460.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 3pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 463.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.72pt;">“<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 465.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 52.21pt;">Income Taxes<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 518.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 44.24pt;">,” for further<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 675.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 140.83pt;">discussion of tax valuation allowances.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 699.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 287.93pt;">The Company’s operations are subject to income and transaction taxes in the <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 364.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.93pt;">U.S.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 380.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 181.96pt;"> and in foreign jurisdictions. Significant estimates<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 711.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.81pt;">and judgments are required in determining the Company’s worldwide provision for income taxes. Some of these estimates are based on<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 723.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 413.32pt;">interpretations of existing tax laws or regulations. The ultimate amount of tax liability may be uncertain as a result.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: normal; font-weight: bold; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre;">Recently Issued Accounting Pronouncement Not Yet Adopted<span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.68pt;">In October 2023,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 140.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 420.02pt;"> the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-06<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 560.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 140.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.92pt;">Disclosure Agreements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 562.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 152.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.91pt;">(“ASU 2023-06”). The amendments in ASU 2023-06 will impact various disclosure areas, including the statement of cash flows, accounting<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 164.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.86pt;">changes and error corrections, earnings per share, debt, equity, derivatives, and transfers of financial assets. The amendments in<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 176.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.96pt;">ASU 2023-06 will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the Securities and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 188.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">Exchange Commission (the “SEC”), and will no longer be effective if the SEC has not removed the applicable disclosure requirement by<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 200.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 408.89pt;">June 30, 2027. Early adoption is prohibited. The Company does not believe the amendments in ASU 2023-06<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 458.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.69pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 461.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.06pt;">will <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 475.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 87.35pt;">materially impact any of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 212.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 128.02pt;">the Company’s current disclosures.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 210.11pt;">In November 2023, the FASB issued ASU 2023-07, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 286.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 275.83pt;">Segment Reporting (Topic 280): Improvements to Reportable Segment<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 562.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 248.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 42.35pt;">Disclosures<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 91.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 470.56pt;"> (“ASU 2023-07”). ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 260.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.94pt;">expenses that are regularly provided to the Chief Operating Decision-Maker (“CODM”) and included within each reported measure of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 272.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.92pt;">segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 284.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.82pt;">segment’s profit or loss and assets. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 (i.e., the Company’s 2024<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 296.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.91pt;">Annual Report) and interim periods within fiscal years beginning after December 15, 2024 (i.e., the Company’s first quarter of fiscal 2025).<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 308.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.9pt;">Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2023-07 on its consolidated financial<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 320.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 101.63pt;">statements and disclosures.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.13pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 214.27pt;">In December 2023, the FASB issued ASU 2023-09, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 290.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 271.67pt;">Income Taxes (Topic 740): Improvement to Income Tax Disclosures<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 356.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.45pt;">(“ASU 2023-09”)<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 109.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 7.6pt;">. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 117.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 444.84pt;">ASU 2023-09 was issued to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 368.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">is effective for annual periods beginning after December 15, 2024 (i.e., the Company’s 2025 Annual Report) on a prospective basis; however,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 380.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.83pt;">retrospective application is permitted. In addition, early adoption is permitted. The Company is currently evaluating the impact of the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 298.52pt;">adoption of ASU 2023-09 on its consolidated financial statements and disclosures.<span style="display: inline-block; height: 7.28pt;"></span></span>
CY2023	us-gaap	Prior Period Reclassification Adjustment Description PriorPeriodReclassificationAdjustmentDescription	<span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 283.47pt;">Certain prior period amounts have been reclassified in certain notes to the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 359.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.65pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 363.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 198.71pt;">Consolidated Financial Statements to conform to the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 398.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 100.24pt;">current period presentation.<span style="display: inline-block; height: 7.28pt;"></span></span></div>
CY2023	us-gaap	Use Of Estimates UseOfEstimates	<span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.24pt;">The preparation of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 145.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.41pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 203.62pt;">Consolidated Financial Statements, in conformity with <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 207.44pt;">U.S. generally accepted accounting principles (“GAAP”)<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 560.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 460.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 462.15pt;">requires the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 511.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.85pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 514.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.85pt;">Consolidated<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 472.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 172.28pt;">Financial Statements and accompanying notes.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 496.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.93pt;">The accounting policies that reflect the Company’s significant estimates and judgments and that the Company believes are the most<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 508.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 303.04pt;">critical to aid in fully understanding and evaluating its reported financial results are <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 209.8pt;">revenue recognition; valuation of stock options; useful life<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 520.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">and valuation of equipment; valuation and impairment of goodwill; deferred taxes and valuation allowances on deferred tax assets; and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 532.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 171.08pt;">evaluation and measurement of contingencies<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 220.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.51pt;">. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 226.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 336.39pt;"> Those estimates could change, and as a result, actual results could differ materially from<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 544.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.71pt;">those estimates.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 568.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.89pt;">The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 580.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 224.44pt;">revision of the carrying value of its assets or liabilities as of <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 273.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.54pt;">February 21, 2024<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 342.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 109.86pt;">, the date of issuance of this <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 452.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.52pt;">Annual<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 477.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.06pt;"> Report on Form <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 542.9200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.3pt;">10-K<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 560.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 592.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 604.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.89pt;">estimates under different assumptions or conditions. The Company undertakes no obligation to update publicly these estimates for any<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 616.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 102.1pt;">reason after the date of this <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.52pt;">Annual<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 177.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.94pt;"> Report on Form <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 239.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.3pt;">10-K<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 256.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 99.79pt;">, except as required by law.<span style="display: inline-block; height: 7.28pt;"></span></span></div>
CY2023	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	128349000	usd
CY2022	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	125591000	usd
CY2021	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	103904000	usd
CY2023	erii	Retention Payments Percentage RetentionPaymentsPercentage	0.10
CY2022	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	125591000	usd
CY2021	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	103904000	usd
CY2023Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	46937000	usd
CY2022Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	34062000	usd
CY2023Q4	us-gaap	Contract With Customer Asset Net Current ContractWithCustomerAssetNetCurrent	592000	usd
CY2022Q4	us-gaap	Contract With Customer Asset Net Current ContractWithCustomerAssetNetCurrent	1720000	usd
CY2023Q4	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent	1097000	usd
CY2022Q4	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent	1195000	usd
CY2023Q4	us-gaap	Contract With Customer Liability Noncurrent ContractWithCustomerLiabilityNoncurrent	90000	usd
CY2022Q4	us-gaap	Contract With Customer Liability Noncurrent ContractWithCustomerLiabilityNoncurrent	121000	usd
CY2023Q4	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	1187000	usd
CY2022Q4	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	1316000	usd
CY2022Q4	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	1316000	usd
CY2021Q4	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	3406000	usd
CY2020Q4	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	1640000	usd
CY2023	us-gaap	Contract With Customer Liability Revenue Recognized ContractWithCustomerLiabilityRevenueRecognized	1254000	usd
CY2022	us-gaap	Contract With Customer Liability Revenue Recognized ContractWithCustomerLiabilityRevenueRecognized	3123000	usd
CY2021	us-gaap	Contract With Customer Liability Revenue Recognized ContractWithCustomerLiabilityRevenueRecognized	1415000	usd
CY2023	erii	Contract With Customer Liability Increase Decrease From Cash Receipts ContractWithCustomerLiabilityIncreaseDecreaseFromCashReceipts	1125000	usd
CY2022	erii	Contract With Customer Liability Increase Decrease From Cash Receipts ContractWithCustomerLiabilityIncreaseDecreaseFromCashReceipts	1033000	usd
CY2021	erii	Contract With Customer Liability Increase Decrease From Cash Receipts ContractWithCustomerLiabilityIncreaseDecreaseFromCashReceipts	3181000	usd
CY2023Q4	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	1187000	usd
CY2022Q4	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	1316000	usd
CY2021Q4	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	3406000	usd
CY2022Q4	us-gaap	Inventory Finished Goods InventoryFinishedGoods	15062000	usd
CY2023Q4	us-gaap	Inventory Gross InventoryGross	27305000	usd
CY2022Q4	us-gaap	Inventory Gross InventoryGross	28868000	usd
CY2023Q4	us-gaap	Revenue Remaining Performance Obligation RevenueRemainingPerformanceObligation	6861000	usd
CY2023	us-gaap	Net Income Loss NetIncomeLoss	21504000	usd
CY2022	us-gaap	Net Income Loss NetIncomeLoss	24049000	usd
CY2021	us-gaap	Net Income Loss NetIncomeLoss	14269000	usd
CY2023	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	56444000	shares
CY2022	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	56221000	shares
CY2021	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	56993000	shares
CY2023	us-gaap	Weighted Average Number Diluted Shares Outstanding Adjustment WeightedAverageNumberDilutedSharesOutstandingAdjustment	1296000	shares
CY2022	us-gaap	Weighted Average Number Diluted Shares Outstanding Adjustment WeightedAverageNumberDilutedSharesOutstandingAdjustment	1420000	shares
CY2021	us-gaap	Weighted Average Number Diluted Shares Outstanding Adjustment WeightedAverageNumberDilutedSharesOutstandingAdjustment	1730000	shares
CY2023	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	57740000	shares
CY2022	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	57641000	shares
CY2021	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	58723000	shares
CY2023	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.38
CY2022	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.43
CY2021	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.25
CY2023	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.37
CY2022	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.42
CY2021	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.24
CY2023	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	399000	shares
CY2022	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	374000	shares
CY2021	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	17000	shares
CY2023Q4	us-gaap	Inventory Valuation Reserves InventoryValuationReserves	1156000	usd
CY2022Q4	us-gaap	Inventory Valuation Reserves InventoryValuationReserves	502000	usd
CY2023Q4	us-gaap	Inventory Net InventoryNet	26149000	usd
CY2022Q4	us-gaap	Inventory Net InventoryNet	28366000	usd
CY2023Q4	us-gaap	Contract With Customer Asset Net Current ContractWithCustomerAssetNetCurrent	592000	usd
CY2023Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	68098000	usd
CY2022Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	56354000	usd
CY2021Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	74358000	usd
CY2023Q4	us-gaap	Restricted Cash Noncurrent RestrictedCashNoncurrent	127000	usd
CY2022Q4	us-gaap	Restricted Cash Noncurrent RestrictedCashNoncurrent	104000	usd
CY2021Q4	us-gaap	Restricted Cash Noncurrent RestrictedCashNoncurrent	103000	usd
CY2023Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	68225000	usd
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	56458000	usd
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	74461000	usd
CY2023Q4	us-gaap	Accounts Receivable Gross Current AccountsReceivableGrossCurrent	47075000	usd
CY2022Q4	us-gaap	Accounts Receivable Gross Current AccountsReceivableGrossCurrent	34210000	usd
CY2023Q4	us-gaap	Allowance For Doubtful Accounts Receivable Current AllowanceForDoubtfulAccountsReceivableCurrent	138000	usd
CY2022Q4	us-gaap	Allowance For Doubtful Accounts Receivable Current AllowanceForDoubtfulAccountsReceivableCurrent	148000	usd
CY2023Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	46937000	usd
CY2022Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	34062000	usd
CY2023Q4	us-gaap	Inventory Raw Materials InventoryRawMaterials	8752000	usd
CY2022Q4	us-gaap	Inventory Raw Materials InventoryRawMaterials	11178000	usd
CY2023Q4	us-gaap	Inventory Work In Process InventoryWorkInProcess	5234000	usd
CY2022Q4	us-gaap	Inventory Work In Process InventoryWorkInProcess	2628000	usd
CY2023Q4	us-gaap	Inventory Finished Goods InventoryFinishedGoods	13319000	usd
CY2022Q4	us-gaap	Contract With Customer Asset Net Current ContractWithCustomerAssetNetCurrent	1720000	usd
CY2023Q4	erii	Cloud Computing Arrangements Current CloudComputingArrangementsCurrent	474000	usd
CY2022Q4	erii	Cloud Computing Arrangements Current CloudComputingArrangementsCurrent	784000	usd
CY2023Q4	erii	Supplier Advances Current SupplierAdvancesCurrent	487000	usd
CY2022Q4	erii	Supplier Advances Current SupplierAdvancesCurrent	1308000	usd
CY2023Q4	erii	Prepaid Insurance Current PrepaidInsuranceCurrent	754000	usd
CY2022Q4	erii	Prepaid Insurance Current PrepaidInsuranceCurrent	637000	usd
CY2023Q4	us-gaap	Interest Receivable Current InterestReceivableCurrent	581000	usd
CY2022Q4	us-gaap	Interest Receivable Current InterestReceivableCurrent	319000	usd
CY2023Q4	us-gaap	Other Prepaid Expense Current OtherPrepaidExpenseCurrent	955000	usd
CY2022Q4	us-gaap	Other Prepaid Expense Current OtherPrepaidExpenseCurrent	838000	usd
CY2023Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	3843000	usd
CY2022Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	5606000	usd
CY2023Q4	us-gaap	Restricted Cash Noncurrent RestrictedCashNoncurrent	127000	usd
CY2022Q4	us-gaap	Restricted Cash Noncurrent RestrictedCashNoncurrent	104000	usd
CY2023Q4	us-gaap	Security Deposit SecurityDeposit	261000	usd
CY2022Q4	us-gaap	Security Deposit SecurityDeposit	262000	usd
CY2023Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	388000	usd
CY2022Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	366000	usd
CY2023Q4	us-gaap	Prepaid Expense And Other Assets PrepaidExpenseAndOtherAssets	4231000	usd
CY2022Q4	us-gaap	Prepaid Expense And Other Assets PrepaidExpenseAndOtherAssets	5972000	usd
CY2023Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	56150000	usd
CY2022Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	53523000	usd
CY2023Q4	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	37451000	usd
CY2022Q4	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	33943000	usd
CY2023Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	18699000	usd
CY2022Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	19580000	usd
CY2023	us-gaap	Depreciation Depreciation	4102000	usd
CY2022	us-gaap	Depreciation Depreciation	4727000	usd
CY2021	us-gaap	Depreciation Depreciation	4490000	usd
CY2023Q4	us-gaap	Goodwill Goodwill	12800000	usd
CY2022Q4	us-gaap	Goodwill Goodwill	12800000	usd
CY2023	us-gaap	Goodwill Impairment Loss GoodwillImpairmentLoss	0	usd
CY2023Q4	us-gaap	Employee Related Liabilities Current EmployeeRelatedLiabilitiesCurrent	11037000	usd
CY2022Q4	us-gaap	Employee Related Liabilities Current EmployeeRelatedLiabilitiesCurrent	10479000	usd
CY2023Q4	us-gaap	Product Warranty Accrual Classified Current ProductWarrantyAccrualClassifiedCurrent	1057000	usd
CY2022Q4	us-gaap	Product Warranty Accrual Classified Current ProductWarrantyAccrualClassifiedCurrent	968000	usd
CY2023Q4	us-gaap	Accrued Income Taxes Current AccruedIncomeTaxesCurrent	1077000	usd
CY2022Q4	us-gaap	Accrued Income Taxes Current AccruedIncomeTaxesCurrent	268000	usd
CY2023Q4	erii	Other Accrued Expenses And Current Liabilities OtherAccruedExpensesAndCurrentLiabilities	2412000	usd
CY2022Q4	erii	Other Accrued Expenses And Current Liabilities OtherAccruedExpensesAndCurrentLiabilities	2978000	usd
CY2023Q4	erii	Accrued Expenses And Other Current Liabilities AccruedExpensesAndOtherCurrentLiabilities	15583000	usd
CY2022Q4	erii	Accrued Expenses And Other Current Liabilities AccruedExpensesAndOtherCurrentLiabilities	14693000	usd
CY2023Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	207000	usd
CY2022Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	121000	usd
CY2023Q4	us-gaap	Accrued Liabilities And Other Liabilities AccruedLiabilitiesAndOtherLiabilities	15790000	usd
CY2022Q4	us-gaap	Accrued Liabilities And Other Liabilities AccruedLiabilitiesAndOtherLiabilities	14814000	usd
CY2023	us-gaap	Proceeds From Sale Of Available For Sale Securities Debt ProceedsFromSaleOfAvailableForSaleSecuritiesDebt	3000000	usd
CY2023Q4	us-gaap	Available For Sale Debt Securities Amortized Cost Basis AvailableForSaleDebtSecuritiesAmortizedCostBasis	73042000	usd
CY2023Q4	us-gaap	Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax	40000	usd
CY2023Q4	us-gaap	Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax	38000	usd
CY2023Q4	us-gaap	Debt Securities Available For Sale Excluding Accrued Interest DebtSecuritiesAvailableForSaleExcludingAccruedInterest	73044000	usd
CY2022Q4	us-gaap	Available For Sale Debt Securities Amortized Cost Basis AvailableForSaleDebtSecuritiesAmortizedCostBasis	70127000	usd
CY2022Q4	us-gaap	Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax	6000	usd
CY2022Q4	us-gaap	Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax	328000	usd
CY2022Q4	us-gaap	Debt Securities Available For Sale Excluding Accrued Interest DebtSecuritiesAvailableForSaleExcludingAccruedInterest	69805000	usd
CY2023Q4	us-gaap	Debt Securities Available For Sale Unrealized Loss Position DebtSecuritiesAvailableForSaleUnrealizedLossPosition	31163000	usd
CY2023Q4	us-gaap	Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss	38000	usd
CY2022Q4	us-gaap	Debt Securities Available For Sale Unrealized Loss Position DebtSecuritiesAvailableForSaleUnrealizedLossPosition	28911000	usd
CY2022Q4	us-gaap	Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss	328000	usd
CY2021	us-gaap	Operating Lease Payments OperatingLeasePayments	2431000	usd
CY2023Q4	us-gaap	Operating Lease Weighted Average Remaining Lease Term1 OperatingLeaseWeightedAverageRemainingLeaseTerm1	P5Y6M
CY2023Q4	us-gaap	Lessee Operating Lease Discount Rate LesseeOperatingLeaseDiscountRate	0.070
CY2023Q4	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	11469000	usd
CY2022Q4	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	13115000	usd
CY2023Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	1791000	usd
CY2022Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	1600000	usd
CY2023Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	11488000	usd
CY2022Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	13278000	usd
CY2023Q4	us-gaap	Operating Lease Liability OperatingLeaseLiability	13279000	usd
CY2022Q4	us-gaap	Operating Lease Liability OperatingLeaseLiability	14878000	usd
CY2023	us-gaap	Operating Lease Cost OperatingLeaseCost	2571000	usd
CY2022	us-gaap	Operating Lease Cost OperatingLeaseCost	2571000	usd
CY2021	us-gaap	Operating Lease Cost OperatingLeaseCost	2571000	usd
CY2023	us-gaap	Operating Lease Payments OperatingLeasePayments	2580000	usd
CY2022	us-gaap	Operating Lease Payments OperatingLeasePayments	2650000	usd
CY2023Q4	us-gaap	Lessee Operating Lease Liability Payments Due Next Twelve Months LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths	2812000	usd
CY2023Q4	us-gaap	Lessee Operating Lease Liability Payments Due Year Two LesseeOperatingLeaseLiabilityPaymentsDueYearTwo	2736000	usd
CY2023Q4	us-gaap	Lessee Operating Lease Liability Payments Due Year Three LesseeOperatingLeaseLiabilityPaymentsDueYearThree	2982000	usd
CY2023Q4	us-gaap	Lessee Operating Lease Liability Payments Due Year Four LesseeOperatingLeaseLiabilityPaymentsDueYearFour	3072000	usd
CY2023Q4	us-gaap	Lessee Operating Lease Liability Payments Due Year Five LesseeOperatingLeaseLiabilityPaymentsDueYearFive	3165000	usd
CY2023Q4	us-gaap	Lessee Operating Lease Liability Payments Due After Year Five LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive	1243000	usd
CY2023Q4	us-gaap	Lessee Operating Lease Liability Payments Due LesseeOperatingLeaseLiabilityPaymentsDue	16010000	usd
CY2023Q4	us-gaap	Lessee Operating Lease Liability Undiscounted Excess Amount LesseeOperatingLeaseLiabilityUndiscountedExcessAmount	2731000	usd
CY2023Q4	us-gaap	Operating Lease Liability OperatingLeaseLiability	13279000	usd
CY2022Q4	us-gaap	Product Warranty Accrual Classified Current ProductWarrantyAccrualClassifiedCurrent	968000	usd
CY2021Q4	us-gaap	Product Warranty Accrual Classified Current ProductWarrantyAccrualClassifiedCurrent	879000	usd
CY2020Q4	us-gaap	Product Warranty Accrual Classified Current ProductWarrantyAccrualClassifiedCurrent	760000	usd
CY2023	us-gaap	Product Warranty Accrual Warranties Issued ProductWarrantyAccrualWarrantiesIssued	515000	usd
CY2022	us-gaap	Product Warranty Accrual Warranties Issued ProductWarrantyAccrualWarrantiesIssued	483000	usd
CY2021	us-gaap	Product Warranty Accrual Warranties Issued ProductWarrantyAccrualWarrantiesIssued	445000	usd
CY2023	us-gaap	Product Warranty Accrual Payments ProductWarrantyAccrualPayments	92000	usd
CY2022	us-gaap	Product Warranty Accrual Payments ProductWarrantyAccrualPayments	64000	usd
CY2021	us-gaap	Product Warranty Accrual Payments ProductWarrantyAccrualPayments	16000	usd
CY2023	us-gaap	Standard Product Warranty Accrual Preexisting Increase Decrease StandardProductWarrantyAccrualPreexistingIncreaseDecrease	-334000	usd
CY2022	us-gaap	Standard Product Warranty Accrual Preexisting Increase Decrease StandardProductWarrantyAccrualPreexistingIncreaseDecrease	-330000	usd
CY2021	us-gaap	Standard Product Warranty Accrual Preexisting Increase Decrease StandardProductWarrantyAccrualPreexistingIncreaseDecrease	-310000	usd
CY2023Q4	us-gaap	Product Warranty Accrual Classified Current ProductWarrantyAccrualClassifiedCurrent	1057000	usd
CY2022Q4	us-gaap	Product Warranty Accrual Classified Current ProductWarrantyAccrualClassifiedCurrent	968000	usd
CY2021Q4	us-gaap	Product Warranty Accrual Classified Current ProductWarrantyAccrualClassifiedCurrent	879000	usd
CY2023	us-gaap	Long Term Purchase Commitment Amount LongTermPurchaseCommitmentAmount	1500000	usd
CY2023	erii	Retention Payments Percentage RetentionPaymentsPercentage	0.10
CY2023	us-gaap	Income Loss From Continuing Operations Before Income Taxes Domestic IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic	22592000	usd
CY2022	us-gaap	Income Loss From Continuing Operations Before Income Taxes Domestic IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic	25918000	usd
CY2021	us-gaap	Income Loss From Continuing Operations Before Income Taxes Domestic IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic	13913000	usd
CY2023	us-gaap	Income Loss From Continuing Operations Before Income Taxes Foreign IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign	113000	usd
CY2022	us-gaap	Income Loss From Continuing Operations Before Income Taxes Foreign IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign	153000	usd
CY2021	us-gaap	Income Loss From Continuing Operations Before Income Taxes Foreign IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign	91000	usd
CY2023	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	22705000	usd
CY2022	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	26071000	usd
CY2021	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	14004000	usd
CY2023	us-gaap	Current Federal Tax Expense Benefit CurrentFederalTaxExpenseBenefit	1268000	usd
CY2022	us-gaap	Current Federal Tax Expense Benefit CurrentFederalTaxExpenseBenefit	698000	usd
CY2021	us-gaap	Current Federal Tax Expense Benefit CurrentFederalTaxExpenseBenefit	0	usd
CY2023	us-gaap	Current State And Local Tax Expense Benefit CurrentStateAndLocalTaxExpenseBenefit	13000	usd
CY2022	us-gaap	Current State And Local Tax Expense Benefit CurrentStateAndLocalTaxExpenseBenefit	22000	usd
CY2021	us-gaap	Current State And Local Tax Expense Benefit CurrentStateAndLocalTaxExpenseBenefit	10000	usd
CY2023	us-gaap	Current Foreign Tax Expense Benefit CurrentForeignTaxExpenseBenefit	51000	usd
CY2022	us-gaap	Current Foreign Tax Expense Benefit CurrentForeignTaxExpenseBenefit	84000	usd
CY2021	us-gaap	Current Foreign Tax Expense Benefit CurrentForeignTaxExpenseBenefit	80000	usd
CY2023	us-gaap	Current Income Tax Expense Benefit CurrentIncomeTaxExpenseBenefit	1332000	usd
CY2022	us-gaap	Current Income Tax Expense Benefit CurrentIncomeTaxExpenseBenefit	804000	usd
CY2021	us-gaap	Current Income Tax Expense Benefit CurrentIncomeTaxExpenseBenefit	90000	usd
CY2023	us-gaap	Deferred Federal Income Tax Expense Benefit DeferredFederalIncomeTaxExpenseBenefit	-262000	usd
CY2022	us-gaap	Deferred Federal Income Tax Expense Benefit DeferredFederalIncomeTaxExpenseBenefit	1104000	usd
CY2021	us-gaap	Deferred Federal Income Tax Expense Benefit DeferredFederalIncomeTaxExpenseBenefit	-382000	usd
CY2023	us-gaap	Deferred State And Local Income Tax Expense Benefit DeferredStateAndLocalIncomeTaxExpenseBenefit	131000	usd
CY2022	us-gaap	Deferred State And Local Income Tax Expense Benefit DeferredStateAndLocalIncomeTaxExpenseBenefit	114000	usd
CY2021	us-gaap	Deferred State And Local Income Tax Expense Benefit DeferredStateAndLocalIncomeTaxExpenseBenefit	27000	usd
CY2023	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	-131000	usd
CY2022	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	1218000	usd
CY2021	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	-355000	usd
CY2023	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	1201000	usd
CY2022	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	2022000	usd
CY2021	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	-265000	usd
CY2023	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21
CY2022	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21
CY2021	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21
CY2023	us-gaap	Effective Income Tax Rate Reconciliation State And Local Income Taxes EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes	0
CY2022	us-gaap	Effective Income Tax Rate Reconciliation State And Local Income Taxes EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes	0.01
CY2021	us-gaap	Effective Income Tax Rate Reconciliation State And Local Income Taxes EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes	0
CY2023	us-gaap	Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential	0
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential	0
CY2021	us-gaap	Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential	0.01
CY2023	us-gaap	Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost	0.01
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost	0.04
CY2021	us-gaap	Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost	0.18
CY2023	us-gaap	Effective Income Tax Rate Reconciliation Nondeductible Expense EffectiveIncomeTaxRateReconciliationNondeductibleExpense	0.01
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Nondeductible Expense EffectiveIncomeTaxRateReconciliationNondeductibleExpense	0.01
CY2021	us-gaap	Effective Income Tax Rate Reconciliation Nondeductible Expense EffectiveIncomeTaxRateReconciliationNondeductibleExpense	0.01
CY2023	us-gaap	Effective Income Tax Rate Reconciliation Tax Credits Research EffectiveIncomeTaxRateReconciliationTaxCreditsResearch	0.06
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Tax Credits Research EffectiveIncomeTaxRateReconciliationTaxCreditsResearch	0.04

CY2021

us-gaap

Proceeds From Sale Of Available For Sale Securities Debt

ProceedsFromSaleOfAvailableForSaleSecuritiesDebt

0

usd

CY2021

us-gaap

Proceeds From Sale And Maturity Of Marketable Securities

ProceedsFromSaleAndMaturityOfMarketableSecurities

35019000

usd

CY2023

us-gaap

Payments To Acquire Marketable Securities

PaymentsToAcquireMarketableSecurities

84555000

usd

CY2022

us-gaap

Payments To Acquire Marketable Securities

PaymentsToAcquireMarketableSecurities

43572000

usd

CY2023

dei

Entity Central Index Key

EntityCentralIndexKey

0001421517

CY2023

dei

Document Fiscal Year Focus

DocumentFiscalYearFocus

2023

CY2023

dei

Document Fiscal Period Focus

DocumentFiscalPeriodFocus

FY

CY2023

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Amendment Flag

AmendmentFlag

false

CY2023Q4

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Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1

RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1

P1Y

CY2023

dei

Document Annual Report

DocumentAnnualReport

true

CY2023

dei

Current Fiscal Year End Date

CurrentFiscalYearEndDate

--12-31

CY2023

dei

Document Transition Report

DocumentTransitionReport

false

CY2023

dei

Entity File Number

EntityFileNumber

001-34112

CY2023

dei

Entity Registrant Name

EntityRegistrantName

Energy Recovery, Inc.

CY2023

dei

Entity Incorporation State Country Code

EntityIncorporationStateCountryCode

DE

CY2023

dei

Entity Tax Identification Number

EntityTaxIdentificationNumber

01-0616867

CY2023

dei

Entity Address Address Line1

EntityAddressAddressLine1

1717 Doolittle Drive

CY2023

dei

Entity Address City Or Town

EntityAddressCityOrTown

San Leandro

CY2023

dei

Entity Address State Or Province

EntityAddressStateOrProvince

CA

CY2023

dei

Entity Address Postal Zip Code

EntityAddressPostalZipCode

94577

CY2023

dei

City Area Code

CityAreaCode

510

CY2023

dei

Local Phone Number

LocalPhoneNumber

483-7370

CY2023

dei

Security12b Title

Security12bTitle

Common Stock, $0.001 par value

CY2023

dei

Trading Symbol

TradingSymbol

ERII

CY2023

dei

Security Exchange Name

SecurityExchangeName

NASDAQ

CY2023

dei

Entity Well Known Seasoned Issuer

EntityWellKnownSeasonedIssuer

Yes

CY2023

dei

Entity Voluntary Filers

EntityVoluntaryFilers

No

CY2023

dei

Entity Current Reporting Status

EntityCurrentReportingStatus

Yes

CY2023

dei

Entity Interactive Data Current

EntityInteractiveDataCurrent

Yes

CY2023

dei

Entity Filer Category

EntityFilerCategory

Large Accelerated Filer

CY2023

dei

Entity Small Business

EntitySmallBusiness

false

CY2023

dei

Entity Emerging Growth Company

EntityEmergingGrowthCompany

false

CY2023

dei

Icfr Auditor Attestation Flag

IcfrAuditorAttestationFlag

true

CY2023

dei

Document Fin Stmt Error Correction Flag

DocumentFinStmtErrorCorrectionFlag

false

CY2023

dei

Entity Shell Company

EntityShellCompany

false

CY2023Q2

dei

Entity Public Float

EntityPublicFloat

1540000000

usd

CY2024Q1

dei

Entity Common Stock Shares Outstanding

EntityCommonStockSharesOutstanding

57078540

shares

CY2023

dei

Auditor Firm

AuditorFirmId

34

CY2023

dei

Auditor Name

AuditorName

Deloitte & Touche LLP

CY2023

dei

Auditor Location

AuditorLocation

San Francisco, California

CY2023Q4

us-gaap

Cash And Cash Equivalents At Carrying Value

CashAndCashEquivalentsAtCarryingValue

68098000

usd

CY2022Q4

us-gaap

Cash And Cash Equivalents At Carrying Value

CashAndCashEquivalentsAtCarryingValue

56354000

usd

CY2023Q4

us-gaap

Short Term Investments

ShortTermInvestments

40445000

usd

CY2022Q4

us-gaap

Short Term Investments

ShortTermInvestments

33479000

usd

CY2023Q4

us-gaap

Accounts Receivable Net Current

AccountsReceivableNetCurrent

46937000

usd

CY2022Q4

us-gaap

Accounts Receivable Net Current

AccountsReceivableNetCurrent

34062000

usd

CY2023Q4

us-gaap

Inventory Net

InventoryNet

26149000

usd

CY2022Q4

us-gaap

Inventory Net

InventoryNet

28366000

usd

CY2023Q4

us-gaap

Prepaid Expense And Other Assets Current

PrepaidExpenseAndOtherAssetsCurrent

3843000

usd

CY2022Q4

us-gaap

Prepaid Expense And Other Assets Current

PrepaidExpenseAndOtherAssetsCurrent

5606000

usd

CY2023Q4

us-gaap

Assets Current

AssetsCurrent

185472000

usd

CY2022Q4

us-gaap

Assets Current

AssetsCurrent

157867000

usd

CY2023Q4

us-gaap

Long Term Investments

LongTermInvestments

13832000

usd

CY2022Q4

us-gaap

Long Term Investments

LongTermInvestments

3058000

usd

CY2023Q4

us-gaap

Deferred Income Tax Assets Net

DeferredIncomeTaxAssetsNet

10324000

usd

CY2022Q4

us-gaap

Deferred Income Tax Assets Net

DeferredIncomeTaxAssetsNet

10263000

usd

CY2023Q4

us-gaap

Property Plant And Equipment Net

PropertyPlantAndEquipmentNet

18699000

usd

CY2022Q4

us-gaap

Property Plant And Equipment Net

PropertyPlantAndEquipmentNet

19580000

usd

CY2023Q4

us-gaap

Operating Lease Right Of Use Asset

OperatingLeaseRightOfUseAsset

11469000

usd

CY2022Q4

us-gaap

Operating Lease Right Of Use Asset

OperatingLeaseRightOfUseAsset

13115000

usd

CY2023Q4

us-gaap

Goodwill

12790000

usd

CY2022Q4

us-gaap

Goodwill

12790000

usd

CY2023Q4

us-gaap

Other Assets Noncurrent

OtherAssetsNoncurrent

388000

usd

CY2022Q4

us-gaap

Other Assets Noncurrent

OtherAssetsNoncurrent

366000

usd

CY2023Q4

us-gaap

Assets

252974000

usd

CY2022Q4

us-gaap

Assets

217039000

usd

CY2023Q4

us-gaap

Accounts Payable Current

AccountsPayableCurrent

3000000

usd

CY2022Q4

us-gaap

Accounts Payable Current

AccountsPayableCurrent

814000

usd

CY2023Q4

erii

Accrued Expenses And Other Current Liabilities

AccruedExpensesAndOtherCurrentLiabilities

15583000

usd

CY2022Q4

erii

Accrued Expenses And Other Current Liabilities

AccruedExpensesAndOtherCurrentLiabilities

14693000

usd

CY2023Q4

us-gaap

Operating Lease Liability Current

OperatingLeaseLiabilityCurrent

1791000

usd

CY2022Q4

us-gaap

Operating Lease Liability Current

OperatingLeaseLiabilityCurrent

1600000

usd

CY2023Q4

us-gaap

Contract With Customer Liability Current

ContractWithCustomerLiabilityCurrent

1097000

usd

CY2022Q4

us-gaap

Contract With Customer Liability Current

ContractWithCustomerLiabilityCurrent

1195000

usd

CY2023Q4

us-gaap

Liabilities Current

LiabilitiesCurrent

21471000

usd

CY2022Q4

us-gaap

Liabilities Current

LiabilitiesCurrent

18302000

usd

CY2023Q4

us-gaap

Operating Lease Liability Noncurrent

OperatingLeaseLiabilityNoncurrent

11488000

usd

CY2022Q4

us-gaap

Operating Lease Liability Noncurrent

OperatingLeaseLiabilityNoncurrent

13278000

usd

CY2023Q4

us-gaap

Other Liabilities Noncurrent

OtherLiabilitiesNoncurrent

207000

usd

CY2022Q4

us-gaap

Other Liabilities Noncurrent

OtherLiabilitiesNoncurrent

121000

usd

CY2023Q4

us-gaap

Liabilities

33166000

usd

CY2022Q4

us-gaap

Liabilities

31701000

usd

CY2023Q4

us-gaap

Commitments And Contingencies

CommitmentsAndContingencies

usd

CY2022Q4

us-gaap

Commitments And Contingencies

CommitmentsAndContingencies

usd

CY2023Q4

us-gaap

Preferred Stock Par Or Stated Value Per Share

PreferredStockParOrStatedValuePerShare

0.001

CY2022Q4

us-gaap

Preferred Stock Par Or Stated Value Per Share

PreferredStockParOrStatedValuePerShare

0.001

CY2022Q4

us-gaap

Preferred Stock Shares Authorized

PreferredStockSharesAuthorized

10000000

shares

CY2023Q4

us-gaap

Preferred Stock Shares Authorized

PreferredStockSharesAuthorized

10000000

shares

CY2023Q4

us-gaap

Preferred Stock Shares Outstanding

PreferredStockSharesOutstanding

0

shares

CY2023Q4

us-gaap

Preferred Stock Shares Issued

PreferredStockSharesIssued

0

shares

CY2022Q4

us-gaap

Preferred Stock Shares Issued

PreferredStockSharesIssued

0

shares

CY2022Q4

us-gaap

Preferred Stock Shares Outstanding

PreferredStockSharesOutstanding

0

shares

CY2023Q4

us-gaap

Preferred Stock Value

PreferredStockValue

0

usd

CY2022Q4

us-gaap

Preferred Stock Value

PreferredStockValue

0

usd

CY2023Q4

us-gaap

Common Stock Par Or Stated Value Per Share

CommonStockParOrStatedValuePerShare

0.001

CY2022Q4

us-gaap

Common Stock Par Or Stated Value Per Share

CommonStockParOrStatedValuePerShare

0.001

CY2022Q4

us-gaap

Common Stock Shares Authorized

CommonStockSharesAuthorized

200000000

shares

CY2023Q4

us-gaap

Common Stock Shares Authorized

CommonStockSharesAuthorized

200000000

shares

CY2023Q4

us-gaap

Common Stock Shares Issued

CommonStockSharesIssued

65029459

shares

CY2023Q4

us-gaap

Common Stock Shares Outstanding

CommonStockSharesOutstanding

56880947

shares

CY2022Q4

us-gaap

Common Stock Shares Issued

CommonStockSharesIssued

64225391

shares

CY2022Q4

us-gaap

Common Stock Shares Outstanding

CommonStockSharesOutstanding

56076879

shares

CY2023Q4

us-gaap

Common Stock Value

CommonStockValue

65000

usd

CY2022Q4

us-gaap

Common Stock Value

CommonStockValue

64000

usd

CY2023Q4

us-gaap

Additional Paid In Capital

AdditionalPaidInCapital

217617000

usd

CY2022Q4

us-gaap

Additional Paid In Capital

AdditionalPaidInCapital

204957000

usd

CY2023Q4

us-gaap

Accumulated Other Comprehensive Income Loss Net Of Tax

AccumulatedOtherComprehensiveIncomeLossNetOfTax

-44000

usd

CY2022Q4

us-gaap

Accumulated Other Comprehensive Income Loss Net Of Tax

AccumulatedOtherComprehensiveIncomeLossNetOfTax

-349000

usd

CY2023Q4

us-gaap

Treasury Stock Common Shares

TreasuryStockCommonShares

8148512

shares

CY2022Q4

us-gaap

Treasury Stock Common Shares

TreasuryStockCommonShares

8148512

shares

CY2023Q4

us-gaap

Treasury Stock Common Value

TreasuryStockCommonValue

80486000

usd

CY2022Q4

us-gaap

Treasury Stock Common Value

TreasuryStockCommonValue

80486000

usd

CY2023Q4

us-gaap

Retained Earnings Accumulated Deficit

RetainedEarningsAccumulatedDeficit

82656000

usd

CY2022Q4

us-gaap

Retained Earnings Accumulated Deficit

RetainedEarningsAccumulatedDeficit

61152000

usd

CY2023Q4

us-gaap

Stockholders Equity

StockholdersEquity

219808000

usd

CY2022Q4

us-gaap

Stockholders Equity

StockholdersEquity

185338000

usd

CY2023Q4

us-gaap

Liabilities And Stockholders Equity

LiabilitiesAndStockholdersEquity

252974000

usd

CY2022Q4

us-gaap

Liabilities And Stockholders Equity

LiabilitiesAndStockholdersEquity

217039000

usd

CY2023

us-gaap

Revenue From Contract With Customer Excluding Assessed Tax

RevenueFromContractWithCustomerExcludingAssessedTax

128349000

usd

CY2022

us-gaap

Revenue From Contract With Customer Excluding Assessed Tax

RevenueFromContractWithCustomerExcludingAssessedTax

125591000

usd

CY2021

us-gaap

Revenue From Contract With Customer Excluding Assessed Tax

RevenueFromContractWithCustomerExcludingAssessedTax

103904000

usd

CY2023

us-gaap

Cost Of Revenue

CostOfRevenue

41270000

usd

CY2022

us-gaap

Cost Of Revenue

CostOfRevenue

38235000

usd

CY2021

us-gaap

Cost Of Revenue

CostOfRevenue

32670000

usd

CY2023

us-gaap

Gross Profit

GrossProfit

87079000

usd

CY2022

us-gaap

Gross Profit

GrossProfit

87356000

usd

CY2021

us-gaap

Gross Profit

GrossProfit

71234000

usd

CY2023

us-gaap

General And Administrative Expense

GeneralAndAdministrativeExpense

28864000

usd

CY2022

us-gaap

General And Administrative Expense

GeneralAndAdministrativeExpense

28341000

usd

CY2021

us-gaap

General And Administrative Expense

GeneralAndAdministrativeExpense

25174000

usd

CY2023

us-gaap

Selling And Marketing Expense

SellingAndMarketingExpense

22164000

usd

CY2022

us-gaap

Selling And Marketing Expense

SellingAndMarketingExpense

16277000

usd

CY2021

us-gaap

Selling And Marketing Expense

SellingAndMarketingExpense

12160000

usd

CY2023

us-gaap

Research And Development Expense

ResearchAndDevelopmentExpense

17001000

usd

CY2022

us-gaap

Research And Development Expense

ResearchAndDevelopmentExpense

17909000

usd

CY2021

us-gaap

Research And Development Expense

ResearchAndDevelopmentExpense

20069000

usd

CY2023

us-gaap

Operating Expenses

OperatingExpenses

68029000

usd

CY2022

us-gaap

Operating Expenses

OperatingExpenses

62527000

usd

CY2021

us-gaap

Operating Expenses

OperatingExpenses

57403000

usd

CY2023

us-gaap

Operating Income Loss

OperatingIncomeLoss

19050000

usd

CY2022

us-gaap

Operating Income Loss

OperatingIncomeLoss

24829000

usd

CY2021

us-gaap

Operating Income Loss

OperatingIncomeLoss

13831000

usd

CY2023

us-gaap

Interest Income Securities Taxable

InterestIncomeSecuritiesTaxable

3756000

usd

CY2022

us-gaap

Interest Income Securities Taxable

InterestIncomeSecuritiesTaxable

908000

usd

CY2021

us-gaap

Interest Income Securities Taxable

InterestIncomeSecuritiesTaxable

204000

usd

CY2023

us-gaap

Other Nonoperating Income Expense

OtherNonoperatingIncomeExpense

-101000

usd

CY2022

us-gaap

Other Nonoperating Income Expense

OtherNonoperatingIncomeExpense

334000

usd

CY2021

us-gaap

Other Nonoperating Income Expense

OtherNonoperatingIncomeExpense

-31000

usd

CY2023

us-gaap

Nonoperating Income Expense

NonoperatingIncomeExpense

3655000

usd

CY2022

us-gaap

Nonoperating Income Expense

NonoperatingIncomeExpense

1242000

usd

CY2021

us-gaap

Nonoperating Income Expense

NonoperatingIncomeExpense

173000

usd

CY2023

us-gaap

Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest

IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

22705000

usd

CY2022

us-gaap

Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest

IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

26071000

usd

CY2021

us-gaap

Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest

IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

14004000

usd

CY2023

us-gaap

Income Tax Expense Benefit

IncomeTaxExpenseBenefit

1201000

usd

CY2022

us-gaap

Income Tax Expense Benefit

IncomeTaxExpenseBenefit

2022000

usd

CY2021

us-gaap

Income Tax Expense Benefit

IncomeTaxExpenseBenefit

-265000

usd

CY2023

us-gaap

Net Income Loss

NetIncomeLoss

21504000

usd

CY2022

us-gaap

Net Income Loss

NetIncomeLoss

24049000

usd

CY2021

us-gaap

Net Income Loss

NetIncomeLoss

14269000

usd

CY2023

us-gaap

Earnings Per Share Basic

EarningsPerShareBasic

0.38

CY2022

us-gaap

Earnings Per Share Basic

EarningsPerShareBasic

0.43

CY2021

us-gaap

Earnings Per Share Basic

EarningsPerShareBasic

0.25

CY2023

us-gaap

Earnings Per Share Diluted

EarningsPerShareDiluted

0.37

CY2022

us-gaap

Earnings Per Share Diluted

EarningsPerShareDiluted

0.42

CY2021

us-gaap

Earnings Per Share Diluted

EarningsPerShareDiluted

0.24

CY2023

us-gaap

Weighted Average Number Of Shares Outstanding Basic

WeightedAverageNumberOfSharesOutstandingBasic

56444000

shares

CY2022

us-gaap

Weighted Average Number Of Shares Outstanding Basic

WeightedAverageNumberOfSharesOutstandingBasic

56221000

shares

CY2021

us-gaap

Weighted Average Number Of Shares Outstanding Basic

WeightedAverageNumberOfSharesOutstandingBasic

56993000

shares

CY2023

us-gaap

Weighted Average Number Of Diluted Shares Outstanding

WeightedAverageNumberOfDilutedSharesOutstanding

57740000

shares

CY2022

us-gaap

Weighted Average Number Of Diluted Shares Outstanding

WeightedAverageNumberOfDilutedSharesOutstanding

57641000

shares

CY2021

us-gaap

Weighted Average Number Of Diluted Shares Outstanding

WeightedAverageNumberOfDilutedSharesOutstanding

58723000

shares

CY2023

us-gaap

Net Income Loss

NetIncomeLoss

21504000

usd

CY2022

us-gaap

Net Income Loss

NetIncomeLoss

24049000

usd

CY2021

us-gaap

Net Income Loss

NetIncomeLoss

14269000

usd

CY2023

us-gaap

Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax

OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax

51000

usd

CY2022

us-gaap

Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax

OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax

15000

usd

CY2021

us-gaap

Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax

OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax

-68000

usd

CY2023

us-gaap

Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax

OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax

254000

usd

CY2022

us-gaap

Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax

OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax

-215000

usd

CY2021

us-gaap

Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax

OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax

-134000

usd

CY2023

us-gaap

Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent

OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent

305000

usd

CY2022

us-gaap

Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent

OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent

-200000

usd

CY2021

us-gaap

Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent

OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent

-202000

usd

CY2023

us-gaap

Comprehensive Income Net Of Tax

ComprehensiveIncomeNetOfTax

21809000

usd

CY2022

us-gaap

Comprehensive Income Net Of Tax

ComprehensiveIncomeNetOfTax

23849000

usd

CY2021

us-gaap

Comprehensive Income Net Of Tax

ComprehensiveIncomeNetOfTax

14067000

usd

CY2023Q4

us-gaap

Stockholders Equity

StockholdersEquity

219808000

usd

CY2022Q4

us-gaap

Stockholders Equity

StockholdersEquity

185338000

usd

CY2021Q4

us-gaap

Stockholders Equity

StockholdersEquity

178779000

usd

CY2023Q4

us-gaap

Common Stock Shares Outstanding

CommonStockSharesOutstanding

56880947

shares

CY2022Q4

us-gaap

Common Stock Shares Outstanding

CommonStockSharesOutstanding

56076879

shares

CY2021Q4

us-gaap

Common Stock Shares Outstanding

CommonStockSharesOutstanding

56823266

shares

CY2023

us-gaap

Net Income Loss

NetIncomeLoss

21504000

usd

CY2022

us-gaap

Net Income Loss

NetIncomeLoss

24049000

usd

CY2021

us-gaap

Net Income Loss

NetIncomeLoss

14269000

usd

CY2023

us-gaap

Share Based Compensation

ShareBasedCompensation

8038000

usd

CY2022

us-gaap

Share Based Compensation

ShareBasedCompensation

6508000

usd

CY2021

us-gaap

Share Based Compensation

ShareBasedCompensation

6053000

usd

CY2023

us-gaap

Depreciation Depletion And Amortization

DepreciationDepletionAndAmortization

4102000

usd

CY2022

us-gaap

Depreciation Depletion And Amortization

DepreciationDepletionAndAmortization

4764000

usd

CY2021

us-gaap

Depreciation Depletion And Amortization

DepreciationDepletionAndAmortization

4502000

usd

CY2023

us-gaap

Operating Lease Right Of Use Asset Amortization Expense

OperatingLeaseRightOfUseAssetAmortizationExpense

1646000

usd

CY2022

us-gaap

Operating Lease Right Of Use Asset Amortization Expense

OperatingLeaseRightOfUseAssetAmortizationExpense

1538000

usd

CY2021

us-gaap

Operating Lease Right Of Use Asset Amortization Expense

OperatingLeaseRightOfUseAssetAmortizationExpense

1437000

usd

CY2023

us-gaap

Accretion Amortization Of Discounts And Premiums Investments

AccretionAmortizationOfDiscountsAndPremiumsInvestments

862000

usd

CY2022

us-gaap

Accretion Amortization Of Discounts And Premiums Investments

AccretionAmortizationOfDiscountsAndPremiumsInvestments

-680000

usd

CY2021

us-gaap

Accretion Amortization Of Discounts And Premiums Investments

AccretionAmortizationOfDiscountsAndPremiumsInvestments

-570000

usd

CY2023

us-gaap

Deferred Income Taxes And Tax Credits

DeferredIncomeTaxesAndTaxCredits

-61000

usd

CY2022

us-gaap

Deferred Income Taxes And Tax Credits

DeferredIncomeTaxesAndTaxCredits

1158000

usd

CY2021

us-gaap

Deferred Income Taxes And Tax Credits

DeferredIncomeTaxesAndTaxCredits

-391000

usd

CY2023

us-gaap

Other Noncash Income Expense

OtherNoncashIncomeExpense

-1026000

usd

CY2022

us-gaap

Other Noncash Income Expense

OtherNoncashIncomeExpense

201000

usd

CY2021

us-gaap

Other Noncash Income Expense

OtherNoncashIncomeExpense

-955000

usd

CY2023

us-gaap

Increase Decrease In Accounts Receivable

IncreaseDecreaseInAccountsReceivable

12873000

usd

CY2022

us-gaap

Increase Decrease In Accounts Receivable

IncreaseDecreaseInAccountsReceivable

13480000

usd

CY2021

us-gaap

Increase Decrease In Accounts Receivable

IncreaseDecreaseInAccountsReceivable

8823000

usd

CY2023

erii

Increase Decrease In Costs In Excess Of Billings On Uncompleted Contracts Or Programs1

IncreaseDecreaseInCostsInExcessOfBillingsOnUncompletedContractsOrPrograms1

1128000

usd

CY2022

erii

Increase Decrease In Costs In Excess Of Billings On Uncompleted Contracts Or Programs1

IncreaseDecreaseInCostsInExcessOfBillingsOnUncompletedContractsOrPrograms1

-1227000

usd

CY2021

erii

Increase Decrease In Costs In Excess Of Billings On Uncompleted Contracts Or Programs1

IncreaseDecreaseInCostsInExcessOfBillingsOnUncompletedContractsOrPrograms1

1399000

usd

CY2023

us-gaap

Increase Decrease In Inventories

IncreaseDecreaseInInventories

-1354000

usd

CY2022

us-gaap

Increase Decrease In Inventories

IncreaseDecreaseInInventories

8282000

usd

CY2021

us-gaap

Increase Decrease In Inventories

IncreaseDecreaseInInventories

8766000

usd

CY2023

us-gaap

Increase Decrease In Prepaid Deferred Expense And Other Assets

IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets

96000

usd

CY2022

us-gaap

Increase Decrease In Prepaid Deferred Expense And Other Assets

IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets

-138000

usd

CY2021

us-gaap

Increase Decrease In Prepaid Deferred Expense And Other Assets

IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets

-314000

usd

CY2023

us-gaap

Increase Decrease In Accounts Payable

IncreaseDecreaseInAccountsPayable

2629000

usd

CY2022

us-gaap

Increase Decrease In Accounts Payable

IncreaseDecreaseInAccountsPayable

138000

usd

CY2023

us-gaap

Increase Decrease In Accrued Liabilities And Other Operating Liabilities

IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities

-1352000

usd

CY2022

us-gaap

Proceeds From Sale And Maturity Of Marketable Securities

ProceedsFromSaleAndMaturityOfMarketableSecurities

39756000

usd

CY2021

us-gaap

Payments To Acquire Marketable Securities

PaymentsToAcquireMarketableSecurities

48903000

usd

CY2023

us-gaap

Payments To Acquire Property Plant And Equipment

PaymentsToAcquirePropertyPlantAndEquipment

2567000

usd

CY2022

us-gaap

Payments To Acquire Property Plant And Equipment

PaymentsToAcquirePropertyPlantAndEquipment

4232000

usd

CY2021

us-gaap

Payments To Acquire Property Plant And Equipment

PaymentsToAcquirePropertyPlantAndEquipment

6684000

usd

CY2023

us-gaap

Proceeds From Sale Of Property Plant And Equipment

ProceedsFromSaleOfPropertyPlantAndEquipment

87000

usd

CY2022

us-gaap

Proceeds From Sale Of Property Plant And Equipment

ProceedsFromSaleOfPropertyPlantAndEquipment

1102000

usd

CY2021

us-gaap

Proceeds From Sale Of Property Plant And Equipment

ProceedsFromSaleOfPropertyPlantAndEquipment

5000

usd

CY2023

us-gaap

Net Cash Provided By Used In Investing Activities

NetCashProvidedByUsedInInvestingActivities

-19114000

usd

CY2022

us-gaap

Net Cash Provided By Used In Investing Activities

NetCashProvidedByUsedInInvestingActivities

-6946000

usd

CY2021

us-gaap

Net Cash Provided By Used In Investing Activities

NetCashProvidedByUsedInInvestingActivities

-20563000

usd

CY2023

us-gaap

Proceeds From Issuance Of Common Stock

ProceedsFromIssuanceOfCommonStock

4794000

usd

CY2022

us-gaap

Proceeds From Issuance Of Common Stock

ProceedsFromIssuanceOfCommonStock

2986000

usd

CY2021

us-gaap

Proceeds From Issuance Of Common Stock

ProceedsFromIssuanceOfCommonStock

10554000

usd

CY2023

us-gaap

Payments For Repurchase Of Common Stock

PaymentsForRepurchaseOfCommonStock

0

usd

CY2022

us-gaap

Payments For Repurchase Of Common Stock

PaymentsForRepurchaseOfCommonStock

26654000

usd

CY2021

us-gaap

Payments For Repurchase Of Common Stock

PaymentsForRepurchaseOfCommonStock

23346000

usd

CY2023

us-gaap

Net Cash Provided By Used In Financing Activities

NetCashProvidedByUsedInFinancingActivities

4794000

usd

CY2022

us-gaap

Net Cash Provided By Used In Financing Activities

NetCashProvidedByUsedInFinancingActivities

-23668000

usd

CY2021

us-gaap

Net Cash Provided By Used In Financing Activities

NetCashProvidedByUsedInFinancingActivities

-12792000

usd

CY2023

us-gaap

Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents

EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

33000

usd

CY2022

us-gaap

Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents

EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

-20000

usd

CY2021

us-gaap

Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents

EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

-68000

usd

CY2023

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect

11767000

usd

CY2022

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect

-18003000

usd

CY2021

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect

-19897000

usd

CY2022Q4

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

56458000

usd

CY2021Q4

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

74461000

usd

CY2021Q4

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

74461000

usd

CY2023

us-gaap

Proceeds From Income Tax Refunds

ProceedsFromIncomeTaxRefunds

3000

usd

CY2022

us-gaap

Proceeds From Income Tax Refunds

ProceedsFromIncomeTaxRefunds

2000

usd

CY2021

us-gaap

Proceeds From Income Tax Refunds

ProceedsFromIncomeTaxRefunds

270000

usd

CY2023

us-gaap

Income Taxes Paid

IncomeTaxesPaid

505000

usd

CY2022

us-gaap

Income Taxes Paid

IncomeTaxesPaid

549000

usd

CY2021

us-gaap

Income Taxes Paid

IncomeTaxesPaid

76000

usd

CY2023

us-gaap

Capital Expenditures Incurred But Not Yet Paid

CapitalExpendituresIncurredButNotYetPaid

647000

usd

CY2022

us-gaap

Capital Expenditures Incurred But Not Yet Paid

CapitalExpendituresIncurredButNotYetPaid

740000

usd

CY2021

us-gaap

Capital Expenditures Incurred But Not Yet Paid

CapitalExpendituresIncurredButNotYetPaid

421000

usd

CY2023

us-gaap

Nature Of Operations

NatureOfOperations

<span style="color: #7d560b; font-family: Arial Narrow; font-size: 14pt; font-style: normal; font-weight: bold; left: 102.41pt; position: var(--position); text-decoration: none; white-space: pre;">Description of Business and Significant Accounting Policies<span style="display: inline-block; height: 10.19pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 136.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 457.23pt;">Energy Recovery, Inc. and its wholly-owned subsidiaries (the “Company” or “Energy Recovery”) designs and manufactures <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 533.73pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.7pt;">reliable,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 148.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.86pt;">high-performance solutions that provide cost savings through improved energy efficiency in commercial and industrial processes, with<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 160.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 138.75pt;">applications across several industries<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 188.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 374.25pt;">. Leveraging the Company’s pressure exchanger technology, which generates little to no emissions<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 172.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.85pt;">when operating, the Company’s solutions lowers costs, saves energy, reduces waste, and minimizes emissions for companies across a<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 184.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.99pt;">variety of industrial processes. As the world coalesces around the urgent need to address climate change and its impacts, the Company is<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 196.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.85pt;">helping companies reduce their energy consumption in their industrial processes, which in turn, reduces their carbon footprint. The Company<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 208.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">believes that its customers do not have to sacrifice quality and cost savings for sustainability and is committed to developing solutions that<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 220.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">drive long-term value – both financial and environmental. The Company’s solutions are marketed, sold in, or developed for, the fluid-flow and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 232.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 379.57pt;">gas markets, such as seawater and wastewater desalination, natural gas, chemical processing and CO<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 429.07pt; position: var(--position); text-decoration: none; top: 2.548pt; vertical-align: sub; white-space: pre; width: 2.96pt;">2<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 432.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 130.4pt;">-based refrigeration systems, under<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 244.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.75pt;">the trademarks <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 107.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.65pt;">ERI<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 120.9pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 3.92pt;">®<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 124.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.96pt;">, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 129.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 10.92pt;">PX<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 140.7pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 3.92pt;">®<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 144.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.96pt;">, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.57999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 74.64pt;">Pressure Exchanger<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 224.22pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 3.92pt;">®<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 228.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.96pt;">, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 233.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 10.92pt;">PX<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 244.02pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 3.92pt;">®<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 247.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 77.32pt;"> Pressure Exchanger<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 325.26pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 3.92pt;">®<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 29.44pt;"> (“PX”), <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 358.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.89pt;">Ultra PX<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 389.51pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 5.32pt;">™<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 394.83pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.96pt;">, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 399.79pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.98pt;">PX G<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 419.77pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 5.32pt;">™<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 425.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.96pt;">, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 430.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 38.22pt;">PX G1300<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 468.27pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 5.32pt;">™<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 473.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.96pt;">, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 478.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.47pt;">PX PowerTrain<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 534.02pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 5.32pt;">™<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 539.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.96pt;">, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 544.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 10.46pt;">AT<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 554.76pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 5.32pt;">™<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 560.0799999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 256.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.6pt;">and <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 66.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.64pt;">Aquabold<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 100.74000000000001pt; position: var(--position); text-decoration: none; top: -2.548pt; vertical-align: super; white-space: pre; width: 5.32pt;">™<span style="display: inline-block; height: 4.732pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 106.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 332.41pt;">. The Company owns, manufactures and/or develops its solutions, in whole or in part, in <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 438.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 123.94pt;">the United States of America (the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 268.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.09pt;">“U.S.”)<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 73.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: normal; font-weight: bold; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre;">Basis of Presentation<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 324pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.12pt;">The<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 90.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.4pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 95.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.41pt;">Consolidated Financial Statements include the accounts of Energy Recovery, Inc. and its wholly-owned subsidiaries. All<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 336pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 288.06pt;">intercompany accounts and transactions have been eliminated in consolidation.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: normal; font-weight: bold; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre;">Reclassifications<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 386.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 283.47pt;">Certain prior period amounts have been reclassified in certain notes to the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 359.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.65pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 363.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 198.71pt;">Consolidated Financial Statements to conform to the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 398.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 100.24pt;">current period presentation.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: normal; font-weight: bold; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre;">Use of Estimates<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 448.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.24pt;">The preparation of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 145.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.41pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 203.62pt;">Consolidated Financial Statements, in conformity with <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 207.44pt;">U.S. generally accepted accounting principles (“GAAP”)<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 560.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 460.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 462.15pt;">requires the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 511.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.85pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 514.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.85pt;">Consolidated<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 472.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 172.28pt;">Financial Statements and accompanying notes.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 496.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.93pt;">The accounting policies that reflect the Company’s significant estimates and judgments and that the Company believes are the most<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 508.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 303.04pt;">critical to aid in fully understanding and evaluating its reported financial results are <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 209.8pt;">revenue recognition; valuation of stock options; useful life<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 520.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">and valuation of equipment; valuation and impairment of goodwill; deferred taxes and valuation allowances on deferred tax assets; and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 532.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 171.08pt;">evaluation and measurement of contingencies<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 220.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.51pt;">. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 226.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 336.39pt;"> Those estimates could change, and as a result, actual results could differ materially from<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 544.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.71pt;">those estimates.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 568.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.89pt;">The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 580.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 224.44pt;">revision of the carrying value of its assets or liabilities as of <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 273.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.54pt;">February 21, 2024<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 342.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 109.86pt;">, the date of issuance of this <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 452.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.52pt;">Annual<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 477.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.06pt;"> Report on Form <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 542.9200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.3pt;">10-K<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 560.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 592.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 604.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.89pt;">estimates under different assumptions or conditions. The Company undertakes no obligation to update publicly these estimates for any<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 616.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 102.1pt;">reason after the date of this <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.52pt;">Annual<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 177.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.94pt;"> Report on Form <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 239.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.3pt;">10-K<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 256.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 99.79pt;">, except as required by law.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: normal; font-weight: bold; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre;">Significant Accounting Policies<span style="display: inline-block; height: 8.73pt;"></span></span><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Cash and Cash Equivalents<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 142.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 228.65pt;">The Company considers all highly liquid investments with an <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 305.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 257.3pt;">original or remaining contractual maturity on date of purchase of less<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 154.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.19pt;">than or equal to<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 106.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.35pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 109.03999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.92pt;">three months<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 156.95999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.01pt;"> to be <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 179.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 163.07pt;">classified and presented as cash equivalents<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 343.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.22pt;"> on the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 368.26pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.35pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 370.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 191.82pt;">Consolidated Balance Sheets. Cash equivalents are<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 166.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.99pt;">stated at cost, which approximates fair value. The Company’s cash and cash equivalents may include demand deposit accounts with large<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 178.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 199.96pt;">financial institutions, institutional money market funds, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 249.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 312.94pt;">U.S. treasury securities, corporate notes and bonds, and municipal and agency notes<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 190.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 39.12pt;">and bonds<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 88.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 473.74pt;">. The Company monitors the creditworthiness of the financial institutions, institutional money market funds, and corporations in<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 202.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 438.37pt;">which the Company invests its surplus funds. The Company has experienced no credit losses from its cash investments.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Short-term and Long-term<span style="display: inline-block; height: 8.73pt;"></span></span><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 180.3pt; position: var(--position); text-decoration: none; white-space: pre;"> Investments<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 253.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 437.01pt;">The Company’s short-term and long-term investments consist primarily of investment-grade debt securities, such as <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 513.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.89pt;">U.S. treasury<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 265.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 324.11pt;">securities, corporate notes and bonds, and municipal and agency notes and bonds<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 373.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 188.81pt;">, all of which are classified as available-for-sale.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 277.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.92pt;">Available-for-sale securities are carried at fair value. Amortization or accretion of premium or discount is included in other income (expense)<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 289.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.79pt;">on the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 73.28999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.27pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.82pt;">Consolidated Statements of Operations. Changes in the fair value of available-for-sale securities are reported as a component of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 301.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 144.04pt;">accumulated other comprehensive loss<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 193.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 125.69pt;"> within stockholders’ equity on the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 319.23pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.9pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 322.13pt; position: var(--position); text-decoration: none; white-space: pre; width: 240.3pt;">Consolidated Balance Sheets. Realized gains and losses on the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 313.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 395.09pt;">sale of available-for-sale securities are determined by specific identification of the cost basis of each security.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 444.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 337.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 434.55pt;">The Company categorizes and classifies short-term and long-term available-for-sale investments on the Company’s<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 511.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.6pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 514.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.85pt;">Consolidated<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 349.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 97.97pt;">Balance Sheets as follows:<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 373.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.87pt;">•<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 88.14pt;">Short-term investments:<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.42pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 186.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 354.29pt;">Investments purchased with an original or remaining maturity at time of purchase greater than<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 540.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.42pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 543.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.68pt;">three<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 385.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.89pt;">months<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 121.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.71pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 124.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 142.04pt;">and that are expected to mature within<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 266.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.71pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 268.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 38.72pt;">12 months<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 307.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.71pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 310.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 103.37pt;">from the balance sheet date<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 413.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.71pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 416.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 146.14pt;">are classified as short-term investments<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 397.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 128.96pt;">and are presented in current assets<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 223.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 412.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.87pt;">•<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 86.88pt;">Long-term investments:<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 181.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 184.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 355.33pt;">Investments purchased with an original or remaining maturity at time of purchase greater than<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 540.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 543.71pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.68pt;">three<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 424.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.89pt;">months<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 121.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.43pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 125.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 170.47pt;">and that are expected to mature more than<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 296.28999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.43pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 300.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.44pt;">12 months<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 341.15999999999997pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.43pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 345.59000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 110.25pt;">from the balance sheet date<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 455.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.43pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 460.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 102.12pt;">are classified as long-term<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 436.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 191.39pt;">investments and are presented in non-current assets<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 285.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Allowance for Doubtful Accounts<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 489.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 486pt;">The Company records a provision for doubtful accounts based on historical experience and an estimate of the expected credit losses.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 501.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.86pt;">In estimating the allowance for doubtful accounts, the Company considers, among other factors, the aging of the accounts receivable, its<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 513.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.93pt;">historical write-offs, the credit worthiness of each customer, and general economic conditions. Account balances are charged off against the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 525.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">allowance when the Company believes that it is probable that the receivable will not be recovered. Actual write-offs may be in excess of the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 537.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 119.84pt;">Company’s estimated allowance.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Inventories<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 588pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.88pt;">Inventories are stated at the lower of cost (using the first-in, first-out “FIFO” method) or net realizable value. The Company calculates<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 600pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.96pt;">inventory valuation adjustments for excess and obsolete inventory based on current inventory levels, movement, expected useful lives, and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 612pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 208.74pt;">estimated future demand of the products and spare parts.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Property and Equipment<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 116.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.99pt;">Property and equipment is recorded at cost and reduced by accumulated depreciation. Depreciation expense is recognized over the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 128.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 248.9pt;">estimated useful lives of the assets using the straight-line method. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 298.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 263.92pt;">The following table presents the estimated useful life, or range of useful<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 140.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 432.46pt;">lives, of the Company’s property and equipment. Maintenance and repairs are charged directly to expense as incurred.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="position: var(--position); top: 155.4pt; width: 612pt;"><div style="left: 49.5pt; position: var(--position); top: 0pt; width: 513pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 391.5pt;"></td><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"></td><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"></td><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 391.5pt; position: var(--position); top: 0pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: bold; left: 13.44pt; position: var(--position); text-decoration: none; white-space: pre;">Minimum<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 453.75pt; position: var(--position); top: 0pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: bold; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">Maximum<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 0pt; position: var(--position); top: 12.75pt; width: 391.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 391.5pt;"><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Machinery and equipment (excluding equipment used for manufacturing of ceramic components)<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 5.8500000000000005pt; font-style: normal; font-weight: normal; left: 317.73pt; position: var(--position); top: -2.2925pt; vertical-align: super; white-space: pre;">)<span style="display: inline-block; height: 4.2575pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #feeac5; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 391.5pt; position: var(--position); top: 12.75pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">3 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="background-color: #feeac5; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 453.75pt; position: var(--position); top: 12.75pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">7 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 0pt; position: var(--position); top: 25.5pt; width: 391.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 391.5pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Machinery and equipment used for manufacturing of ceramic components<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 391.5pt; position: var(--position); top: 25.5pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">3 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 453.75pt; position: var(--position); top: 25.5pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 15.48pt; position: var(--position); text-decoration: none; white-space: pre;">10 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 0pt; position: var(--position); top: 38.25pt; width: 391.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 391.5pt;"><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Leasehold improvements <span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 5.8500000000000005pt; font-style: normal; font-weight: normal; left: 87.03999999999999pt; position: var(--position); top: -2.2925pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.2575pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 391.5pt; position: var(--position); top: 38.25pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 19.38pt; position: var(--position); text-decoration: none; white-space: pre;">1 year<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 453.75pt; position: var(--position); top: 38.25pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 14.46pt; position: var(--position); text-decoration: none; white-space: pre;">5.5 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 0pt; position: var(--position); top: 51pt; width: 391.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 391.5pt;"><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Software <span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 5.8500000000000005pt; font-style: normal; font-weight: normal; left: 33.77pt; position: var(--position); top: -2.2925pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.2575pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 391.5pt; position: var(--position); top: 51pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">3 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 453.75pt; position: var(--position); top: 51pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">5 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 0pt; position: var(--position); top: 63.75pt; width: 391.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 391.5pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office equipment, furniture, and fixtures<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 391.5pt; position: var(--position); top: 63.75pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">3 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="background-color: #feeac5; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 453.75pt; position: var(--position); top: 63.75pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">5 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 0pt; position: var(--position); top: 76.5pt; width: 391.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 391.5pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Automobiles<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 391.5pt; position: var(--position); top: 76.5pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 19.38pt; position: var(--position); text-decoration: none; white-space: pre;">1 year<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 12.75pt; left: 453.75pt; position: var(--position); top: 76.5pt; width: 59.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 2.81pt; width: 59.25pt;"><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.53pt; position: var(--position); text-decoration: none; white-space: pre;">7 years<span style="display: inline-block; height: 6.55pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 249.65pt; width: 612pt;"><div style="left: 49.5pt; position: var(--position); top: 0pt; width: 513pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 30pt;"></td><td colspan="1" rowspan="1" style="padding: 0; width: 483pt;"></td></tr><tr style="height: 3.75pt;"><td colspan="1" rowspan="1" style="border-top: 0.25pt solid #494949; font-size: 0; text-align: left; vertical-align: top;"></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"></td></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 9pt; position: var(--position); text-align: justify; text-align-last: justify; top: 258.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 5.8500000000000005pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; top: -2.2925pt; vertical-align: super; white-space: pre; width: 5.84pt;">(1)<span style="display: inline-block; height: 4.2575pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">Leasehold improvements represent remodeling and retrofitting costs for leased office and manufacturing space and are depreciated over the shorter of<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 562.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.05pt;"> <span style="display: inline-block; height: 6.55pt;"></span></span></div><div style="font-size: 12pt; line-height: 9pt; position: var(--position); text-align: justify; text-align-last: justify; top: 269.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 218.68pt;">either the estimated useful lives or the term of the lease. See <span style="display: inline-block; height: 6.55pt;"></span></span><span style="color: #000000; font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 286.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.57pt;"><a href="#i11038644b572480ea143f7a07f953725_361" style="color: inherit; text-decoration: inherit; z-index: 1;">Note</a><span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 301.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.3pt;"> <span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 305.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.1pt;">7<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 309.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.35pt;">, <span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 314.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 111.07pt;">Commitments and Contingencies<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 425.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.45pt;">-<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 428.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 95.93pt;">Operating Lease Obligations<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 523.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 38.55pt;">, for further<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.05pt;"> <span style="display: inline-block; height: 6.55pt;"></span></span></div><div style="font-size: 12pt; line-height: 9pt; position: var(--position); text-align: justify; text-align-last: justify; top: 280pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 84.82pt;">discussion of lease terms.<span style="display: inline-block; height: 6.55pt;"></span></span></div><div style="font-size: 12pt; line-height: 9pt; position: var(--position); text-align: justify; text-align-last: justify; top: 293.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 5.8500000000000005pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; top: -2.2925pt; vertical-align: super; white-space: pre; width: 5.84pt;">(2)<span style="display: inline-block; height: 4.2575pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">Software purchased for internal use consists primarily of amounts paid for perpetual licenses to third-party software providers and implementation<span style="display: inline-block; height: 6.55pt;"></span></span><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.05pt;"> <span style="display: inline-block; height: 6.55pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 304.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 9pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.22pt;">costs<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 84.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 331.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.99pt;">Estimated useful lives are periodically reviewed, and when appropriate, changes are made prospectively. When certain events or<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 343.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.9pt;">changes in operating conditions occur, asset lives may be adjusted and an impairment assessment may be performed on the recoverability of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 355.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.89pt;">the carrying amounts. The Company evaluates the recoverability of long-lived assets by comparing the carrying amount of an asset to<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 367.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.99pt;">estimated future net undiscounted cash flows generated by the asset (asset group). If such assets are considered to be impaired, the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 379.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">impairment recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. The<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 391.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.84pt;">evaluation of recoverability involves estimates of future operating cash flows based upon certain forecasted assumptions, including, but not<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 403.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 285.25pt;">limited to, revenue growth rates, gross profit margins, and operating expenses.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 334.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Leases<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 454pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.81pt;">The Company determines if an arrangement is a lease, or contains a lease, at the inception of the arrangement and evaluates<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 466pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.98pt;">whether the lease is an operating or a finance lease at the commencement date. The Company recognizes right-of-use (“ROU”) assets and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 478pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 217.86pt;">lease liabilities for operating leases with terms greater than <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 267.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.04pt;">1 year<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 290.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 272.04pt;">. ROU assets represent the Company’s right to use an asset for the lease<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 490pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.96pt;">term, while lease liabilities represent the Company’s obligation to make lease payments. Operating lease ROU assets and liabilities are<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 502pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.89pt;">recognized based on the present value of lease payments over the lease term at the lease commencement date. The Company uses the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 514pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.86pt;">implicit interest rate or, if not readily determinable, its incremental borrowing rate as of the lease commencement date to determine the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 526pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.98pt;">present value of lease payments. The incremental borrowing rate is based on the Company’s unsecured borrowing rate, adjusted for the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 538pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.99pt;">effects of collateral. Operating lease ROU assets are recognized net of any lease prepayments and incentives. Based on materiality, the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 550pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">Company accounts for both the non-lease components and related lease components as a single lease component. Lease terms may<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 562pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.81pt;">include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 574pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 240.61pt;">expense is recognized on a straight-line basis over the lease term.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 290.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 598pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.87pt;">The Company applies lease modifications that change the contractual terms and conditions of a lease, that were not part of the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 610pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">original lease, and grants additional right of use with a price consistent with the market, as a new lease. These modifications will be<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 622pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">assessed in compliance with the above parameters. For other types of lease modification, the modified lease is reassessed and all new<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 634pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 329.99pt;">assumptions are applied in the calculation of the updated lease liability and the ROU asset.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Goodwill<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 116.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.82pt;">Our goodwill represents the excess of the purchase price of a business combination over the fair value of the net assets acquired.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 128.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.99pt;">Goodwill is not amortized but is evaluated annually (July 1) for impairment at the reporting unit level or when indicators of a potential<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 140.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 92.8pt;">impairment are present. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 142.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 420.18pt;">Goodwill impairment testing requires significant judgment and management estimates, including, but not limited to,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 152.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.87pt;">the determination of (i) the number of reporting units, (ii) the goodwill and other assets and liabilities to be allocated to the reporting units and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 164.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.95pt;">(iii) the fair values of the reporting units. The estimates and assumptions described above, along with other factors such as discount rates,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 176.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.84pt;">will significantly affect the outcome of the impairment tests and the amounts of any resulting impairment losses. We perform a quantitative<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 188.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.81pt;">assessment of goodwill for impairment on an annual basis during the third quarter of each year, which would consist primarily of a discounted<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 200.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 310.84pt;">cash flow (“DCF”) analysis to determine the fair value of the reporting unit’s goodwill. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 360.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 188.29pt;">The forecast of future cash flows, which is based on<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 548.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.29pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.9200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.4pt;">the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 212.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 41pt;">Company’s<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 90.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.2pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 93.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 468.65pt;">best estimate of future net sales and operating expenses, is based primarily on expected category expansion, pricing, market<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 224.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 161.48pt;">segment, and general economic conditions<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 210.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 9.64pt;">. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 220.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 39.24pt;">In addition<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 259.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.8pt;">, the Company <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 319.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 45.1pt;">incorporates<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 364.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.68pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 368.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 193.92pt;">other significant inputs to its fair value calculations,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 236.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 295.29pt;">including discount rate and market multiples, to reflect current market conditions.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 344.79pt; position: var(--position); text-decoration: none; white-space: pre; width: 217.67pt;"> Between annual tests, a qualitative assessment whenever<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 248.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.99pt;">events or changes in circumstances indicate that the carrying amount may not be recoverable. If these interim qualitative factors were to<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 260.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">indicate that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying value, we would then perform a<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 272.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 89.53pt;">quantitative assessment<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 139.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 6.12pt;">. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 145.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 417.27pt;"> To the extent the carrying amount of the reporting unit’s allocated goodwill exceeds the unit’s fair value, we<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 284.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 366.41pt;">recognize an impairment of goodwill for the excess up to the amount of goodwill of that reporting unit.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Fair Value of Financial Instruments<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 334.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.87pt;">The Company’s financial instruments include cash and cash equivalents, restricted cash, investments in marketable securities,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 346.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 76.01pt;">accounts receivable,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 125.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 85.87pt;"> and accounts payable<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 211.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 266.41pt;">. The carrying amounts for these financial instruments reported in the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 477.79pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.55pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 481.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.02pt;">Consolidated Balance<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 358.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 133.05pt;">Sheets approximate their fair values.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.42pt;"> See <span style="display: inline-block; height: 7.28pt;"></span></span><span style="color: #000000; font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 203.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.31pt;"><a href="#i11038644b572480ea143f7a07f953725_292" style="color: inherit; text-decoration: inherit; z-index: 1;">Note</a><span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 221.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 223.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;">5<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 228.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 7.28pt;">, “<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 235.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 156.29pt;">Investments and Fair Value Measurements<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 391.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 157.64pt;">,” for further discussion related to fair value.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Revenue Recognition<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 409.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.97pt;">Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 421.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.83pt;">that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Performance obligations are<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 433.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 401.55pt;">identified and the total transaction price is allocated to the performance obligations at execution of the contract.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 457.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.96pt;">The Company’s payment terms vary based on the credit risk of its customer. For certain customer types, the Company requires<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 469.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.99pt;">payment before the products or services are delivered to the customer. The Company performs an evaluation of customer credit worthiness<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 481.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">on an individual contract basis to assess whether collectability is reasonably assured at the inception of the contract. As part of this<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 493.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.87pt;">evaluation, the Company considers many factors about the individual customer, including the underlying financial strength of the customer<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 505.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.85pt;">and/or partnership consortium and the Company’s prior history or industry-specific knowledge about the customer and its supplier<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 517.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 407.47pt;">relationships. For smaller projects, the Company requires the customer to remit payment generally within <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 456.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 9.12pt;">30<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 466.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.52pt;"> to <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 480.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.28pt;">60 days<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 510.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.42pt;"> after product<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 529.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 393.68pt;">delivery. In some cases, if credit worthiness cannot be determined, prepayment or other security is required.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 553.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.84pt;">Sales commissions are expensed as incurred when product revenue is earned. These costs are recorded within sales and marketing<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 565.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.38pt;">expenses.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre;">Arrangements with Multiple Performance Obligations and Termination for Convenience<span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 613.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 486pt;">The Company’s contracts with customers may include multiple performance obligations. For such arrangements, the Company<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 625.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.86pt;">allocates revenue to each performance obligation based on its relative stand-alone selling price. The Company generally determines stand-<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 637.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 214.66pt;">alone selling prices based on stand-alone observable sales<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 264.15999999999997pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.21pt;"> to customers<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 313.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 661.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.82pt;">With respect to termination, the Company does not have the ability to cancel the contract for convenience. In general, customers can<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 673.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 326.8pt;">cancel for convenience upon the payment of a termination fee that covers costs and profit.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre;">Practical Expedients and Exemptions<span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 721.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.82pt;">The time period between when the Company transfers control of products to the customer and the payment for the products is, in<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 733.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 510.94pt;">general, less than one year and, therefore, the practical expedient with respect to a financing component has been adopted by the Company.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 560.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 102pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 469.41pt;">With respect to taxes, the Company has made the policy election to exclude taxes from the measurement of the transaction price.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 126pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.91pt;">The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 138pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.89pt;">one year or less; and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 150pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 83.81pt;">for services performed.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre;">Contract Costs<span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 198pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.84pt;">The Company recognizes the incremental cost of obtaining contracts as an expense when incurred if the amortization period of the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 210pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.82pt;">assets that the Company otherwise would have recognized is one year or less. The costs of obtaining contracts are included in sales and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 222pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 75.65pt;">marketing expenses.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre;">Product<span style="display: inline-block; height: 7.28pt;"></span></span><span style="color: #7d560b; font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 95.74pt; position: var(--position); text-decoration: none; white-space: pre;"> and Service Revenue Recognition<span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 270pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.89pt;">A contract is established by a written agreement (executed sales order, executed purchase order or stand-alone contract) with the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 282pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.91pt;">customer with fixed pricing, and a credit risk assessment is completed prior to the signing of the agreement to ensure that collectability is<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 294pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 73.82pt;">reasonably assured.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 318pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.99pt;">The Company adheres to consistent pricing in the stand-alone sale of products and services. Performance obligations consist of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 330pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 181.69pt;">delivery of products, such as the Company’s <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 231.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 10.92pt;">PX<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 242.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 320.32pt;">s, hydraulic turbochargers, pumps and spare parts. Service obligations, such as<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 342pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 383.17pt;">commissioning, which are not material, are deferred as contract liabilities until the services are performed.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 366pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.89pt;">The transfer of control for the Company’s products follows transfer of title which typically occurs upon shipment or delivery of the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 378pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">equipment in accordance with International Commercial Terms (commonly referred to as “incoterms”). The specified product performance<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 390pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.98pt;">criteria for the Company’s products pertain to the ability of the Company’s product to meet its published performance specifications and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 402pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.87pt;">warranty provisions, which the Company’s products have demonstrated on a consistent basis. This factor, combined with historical<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 414pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.91pt;">performance metrics, provides the Company’s management with a reasonable basis to conclude that the products will perform satisfactorily<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 426pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">upon commissioning of the plant. Installation is relatively simple, requires no customization, and is performed by the customer under the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 438pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.9pt;">supervision of the Company’s personnel. Based on these factors, the Company concluded that performance has been completed upon<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 450pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 460.74pt;">shipment or delivery when title transfers based on the shipping terms, and that product revenue is recognized at a point in time.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 474pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.85pt;">The Company does not provide its customers with a right of product return; however, the Company will accept returns of products that<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 486pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.93pt;">are deemed to be damaged or defective when delivered that are covered by the terms and conditions of the product warranty. Product<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 498pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">warranty is provided consistent with the industry and is considered to be an assurance warranty, not a separate performance obligation.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 510pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 225.08pt;">Product returns and warranty charges have not been material.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 534pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.92pt;">For large projects, stand-alone contracts are utilized. For these contracts, consistent with industry practice, the Company’s customers<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 546pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.93pt;">typically require their suppliers, including the Company, to accept contractual holdback provisions (also referred to as a retention payment)<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 558pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.92pt;">whereby the final amounts due under the sales contract are remitted over extended periods of time or alternatively, stand-by letters of credit<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 570pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 200.19pt;">are issued. These retention payments are generally <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 249.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.41pt;">10%<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 266.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 296.39pt;"> or less of the total contract amount and are due and payable based upon the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 582pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 180.56pt;">contractual milestone billing, generally between<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 230.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.47pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 234.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 9.12pt;">24<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 243.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.78pt;"> to <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 259.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.48pt;">36 months<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 299.90999999999997pt; position: var(--position); text-decoration: none; white-space: pre; width: 262.42pt;"> from the date of product delivery. These retention payments with<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 594pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">performance conditions are recorded as contract assets and align with the product warranty period. Given that they are not material in the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 606pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 278.51pt;">context of the contract, they are not considered to be a financing component.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 328.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 630pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.95pt;">Shipping and handling charges billed to customers are pass-through from the freight forwarder to the customer and are included in<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 642pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 328.59pt;">product revenue. The cost of shipping to customers is included in product cost of revenue.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.92pt;">Contracts are sometimes modified for a change in scope or other requirements. The Company considers contract modifications to<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 678pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">exist when the modification either creates new or changes the existing enforceable rights and obligations. Any subsequent contract<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 690pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.98pt;">modifications are analyzed to determine the treatment of the contract modification as a separate contract, prospectively or through a<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 702pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 117.58pt;">cumulative catch-up adjustment.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Warranty Costs<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 116.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 292.46pt;">The Company sells products with a limited warranty for a period ranging from <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 368.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 39.13pt;">18 months<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 408.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.08pt;"> to <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 421.17pt; position: var(--position); text-decoration: none; white-space: pre; width: 35.92pt;">five years<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 457.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 105.34pt;">. The Company accrues for<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 128.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">warranty costs based on estimated product failure rates, historical activity, and expectations of future costs. Periodically, the Company<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 140.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 409.22pt;">evaluates and adjusts the warranty costs to the extent that actual warranty costs vary from the original estimates.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Stock-based Compensation<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 190.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.94pt;">The Company measures and recognizes stock-based compensation expense based on the fair value measurement for all stock-<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 202.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">based awards made to its employees, non-employee consultants and directors, including restricted stock units (“RSUs”), and incentive stock<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 214.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.81pt;">options over the requisite service period (typically the vesting period of the awards). The fair value of RSUs is based on the Company’s<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 226.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 162.86pt;">common stock price on the date of grant. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 212.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 349.96pt;">The fair value of stock options is calculated on the date of grant using a Black-Scholes (also<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 238.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 181.3pt;">referred to as the “Black-Scholes-Merton”) model,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 230.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 331.58pt;"> which requires a number of complex assumptions including the expected life to exercise a<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 250.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.94pt;">vested award based upon the Company’s exercise history, expected volatility based upon the Company’s historical stock prices, risk-free<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 262.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 111.08pt;">interest rate based upon the <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 160.57999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.93pt;">U.S.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 176.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 385.96pt;"> Treasury rates, and the Company’s dividend yield. The estimation of awards that will ultimately vest<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 274.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.87pt;">requires judgment, and to the extent that actual results or updated estimates differ from the Company’s current estimates, such amounts are<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 286.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 310.98pt;">recorded as a cumulative adjustment in the period in which the estimates are revised.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 360.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.78pt;"> See <span style="display: inline-block; height: 7.28pt;"></span></span><span style="color: #000000; font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 382.26pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.31pt;"><a href="#i11038644b572480ea143f7a07f953725_535" style="color: inherit; text-decoration: inherit; z-index: 1;">Note</a><span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 399.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.4pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 401.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 9.12pt;">12<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 411.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 7.4pt;">, “<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 418.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 100.82pt;">Stock-based Compensation<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 519.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 43.04pt;">,” for further<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 298.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 149.49pt;">discussion of stock-based compensation.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Foreign Currency<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 349.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 150.12pt;">The Company’s reporting currency is the <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 226.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.93pt;">U.S.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 242.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 319.92pt;"> dollar. The functional currency of the Company’s foreign subsidiaries is their respective<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 361.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.92pt;">local currencies. The asset and liability accounts of the Company’s foreign subsidiaries are translated from their local currencies at the rates<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 373.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.81pt;">in effect on the balance sheet date. Revenue and expenses are translated at average rates of exchange prevailing during the period. Gains<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 385.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.93pt;">and losses resulting from the translation of the Company’s subsidiary balance sheets are recorded as a component of accumulated other<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 397.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.96pt;">comprehensive income (loss). Gains and losses from foreign currency transactions are recorded in other income (expense) in the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 409.2pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 145.38pt;">Consolidated Statements of Operations.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: italic; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Income Taxes<span style="display: inline-block; height: 8.73pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 459.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.88pt;">Current and non-current tax assets and liabilities are based upon an estimate of taxes refundable or payable for each of the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 471.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.91pt;">jurisdictions in which the Company is subject to tax. In the ordinary course of business, there is inherent uncertainty in quantifying income tax<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 483.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.82pt;">positions. The Company assesses income tax positions and records tax benefits for all years subject to examination based upon the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 495.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.9pt;">Company’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 507.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.78pt;">likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 519.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.8pt;">being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 531.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 543.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.86pt;">When applicable, associated interest and penalties are recognized as a component of income tax expense. Accrued interest and penalties<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 555.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 205.53pt;">are included within the related tax asset or liability on the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 255.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 257.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 109.83pt;">Consolidated Balance Sheets.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 579.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.85pt;">Deferred income taxes are provided for temporary differences arising from differences in bases of assets and liabilities for tax and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 591.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.86pt;">financial reporting purposes. Deferred income taxes are recorded on temporary differences using enacted tax rates in effect for the year in<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 603.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.79pt;">which the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 615.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 627.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.78pt;">opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Significant judgment<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 639.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.79pt;">is required in determining whether and to what extent any valuation allowance is needed on the Company’s deferred tax assets. In making<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 651.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.91pt;">such a determination, the Company considers all available positive and negative evidence including recent results of operations, scheduled<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 663.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 383.57pt;">reversals of deferred tax liabilities, projected future income, and available tax planning strategies. See <span style="display: inline-block; height: 7.28pt;"></span></span><span style="color: #000000; font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 433.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.31pt;"><a href="#i11038644b572480ea143f7a07f953725_415" style="color: inherit; text-decoration: inherit; z-index: 1;">Note</a><span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 450.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 3pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 453.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;">8<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 457.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 460.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 3pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 463.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.72pt;">“<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 465.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 52.21pt;">Income Taxes<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 518.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 44.24pt;">,” for further<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 675.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 140.83pt;">discussion of tax valuation allowances.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 699.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 287.93pt;">The Company’s operations are subject to income and transaction taxes in the <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 364.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.93pt;">U.S.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 380.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 181.96pt;"> and in foreign jurisdictions. Significant estimates<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 711.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.81pt;">and judgments are required in determining the Company’s worldwide provision for income taxes. Some of these estimates are based on<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 723.6pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 413.32pt;">interpretations of existing tax laws or regulations. The ultimate amount of tax liability may be uncertain as a result.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="color: #7d560b; font-family: Arial Narrow; font-size: 12pt; font-style: normal; font-weight: bold; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre;">Recently Issued Accounting Pronouncement Not Yet Adopted<span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.68pt;">In October 2023,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 140.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 420.02pt;"> the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-06<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 560.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 140.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.92pt;">Disclosure Agreements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 562.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 152.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.91pt;">(“ASU 2023-06”). The amendments in ASU 2023-06 will impact various disclosure areas, including the statement of cash flows, accounting<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 164.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.86pt;">changes and error corrections, earnings per share, debt, equity, derivatives, and transfers of financial assets. The amendments in<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 176.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.96pt;">ASU 2023-06 will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the Securities and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 188.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">Exchange Commission (the “SEC”), and will no longer be effective if the SEC has not removed the applicable disclosure requirement by<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 200.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 408.89pt;">June 30, 2027. Early adoption is prohibited. The Company does not believe the amendments in ASU 2023-06<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 458.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.69pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 461.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.06pt;">will <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 475.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 87.35pt;">materially impact any of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 212.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 128.02pt;">the Company’s current disclosures.<span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 210.11pt;">In November 2023, the FASB issued ASU 2023-07, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 286.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 275.83pt;">Segment Reporting (Topic 280): Improvements to Reportable Segment<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 562.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 248.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 42.35pt;">Disclosures<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 91.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 470.56pt;"> (“ASU 2023-07”). ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 260.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.94pt;">expenses that are regularly provided to the Chief Operating Decision-Maker (“CODM”) and included within each reported measure of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 272.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.92pt;">segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 284.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.82pt;">segment’s profit or loss and assets. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 (i.e., the Company’s 2024<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 296.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.91pt;">Annual Report) and interim periods within fiscal years beginning after December 15, 2024 (i.e., the Company’s first quarter of fiscal 2025).<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 308.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.9pt;">Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2023-07 on its consolidated financial<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 320.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 101.63pt;">statements and disclosures.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.13pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 214.27pt;">In December 2023, the FASB issued ASU 2023-09, <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 290.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 271.67pt;">Income Taxes (Topic 740): Improvement to Income Tax Disclosures<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 356.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.45pt;">(“ASU 2023-09”)<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: italic; font-weight: normal; left: 109.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 7.6pt;">. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 117.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 444.84pt;">ASU 2023-09 was issued to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 368.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 513pt;">is effective for annual periods beginning after December 15, 2024 (i.e., the Company’s 2025 Annual Report) on a prospective basis; however,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 380.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.83pt;">retrospective application is permitted. In addition, early adoption is permitted. The Company is currently evaluating the impact of the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 298.52pt;">adoption of ASU 2023-09 on its consolidated financial statements and disclosures.<span style="display: inline-block; height: 7.28pt;"></span></span>

CY2023

us-gaap

Prior Period Reclassification Adjustment Description

PriorPeriodReclassificationAdjustmentDescription

<span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 283.47pt;">Certain prior period amounts have been reclassified in certain notes to the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 359.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.65pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 363.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 198.71pt;">Consolidated Financial Statements to conform to the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 398.4pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 100.24pt;">current period presentation.<span style="display: inline-block; height: 7.28pt;"></span></span></div>

CY2023

us-gaap

Use Of Estimates

UseOfEstimates

<span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.24pt;">The preparation of<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 145.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.41pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 203.62pt;">Consolidated Financial Statements, in conformity with <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 207.44pt;">U.S. generally accepted accounting principles (“GAAP”)<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 560.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">,<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 460.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 462.15pt;">requires the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in the<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 511.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.85pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 514.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.85pt;">Consolidated<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 472.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 172.28pt;">Financial Statements and accompanying notes.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 496.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.93pt;">The accounting policies that reflect the Company’s significant estimates and judgments and that the Company believes are the most<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 508.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 303.04pt;">critical to aid in fully understanding and evaluating its reported financial results are <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 209.8pt;">revenue recognition; valuation of stock options; useful life<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 520.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.97pt;">and valuation of equipment; valuation and impairment of goodwill; deferred taxes and valuation allowances on deferred tax assets; and<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 532.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 171.08pt;">evaluation and measurement of contingencies<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 220.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.51pt;">. <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 226.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 336.39pt;"> Those estimates could change, and as a result, actual results could differ materially from<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 544.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.71pt;">those estimates.<span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 568.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 485.89pt;">The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 580.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 224.44pt;">revision of the carrying value of its assets or liabilities as of <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 273.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.54pt;">February 21, 2024<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 342.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 109.86pt;">, the date of issuance of this <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 452.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.52pt;">Annual<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 477.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.06pt;"> Report on Form <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 542.9200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.3pt;">10-K<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 560.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;">.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.56pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 592.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.88pt;">These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 604.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 512.89pt;">estimates under different assumptions or conditions. The Company undertakes no obligation to update publicly these estimates for any<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 562.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.28pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: justify; top: 616.8pt; width: 612pt;"><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 102.1pt;">reason after the date of this <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.52pt;">Annual<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 177.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.94pt;"> Report on Form <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 239.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.3pt;">10-K<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: Arial Narrow; font-size: 10pt; font-style: normal; font-weight: normal; left: 256.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 99.79pt;">, except as required by law.<span style="display: inline-block; height: 7.28pt;"></span></span></div>

CY2023

us-gaap

Revenue From Contract With Customer Excluding Assessed Tax

RevenueFromContractWithCustomerExcludingAssessedTax

128349000

usd

CY2022

us-gaap

Revenue From Contract With Customer Excluding Assessed Tax

RevenueFromContractWithCustomerExcludingAssessedTax

125591000

usd

CY2021

us-gaap

Revenue From Contract With Customer Excluding Assessed Tax

RevenueFromContractWithCustomerExcludingAssessedTax

103904000

usd

CY2023

erii

Retention Payments Percentage

RetentionPaymentsPercentage

0.10

CY2022

us-gaap

Revenue From Contract With Customer Excluding Assessed Tax

RevenueFromContractWithCustomerExcludingAssessedTax

125591000

usd

CY2021

us-gaap

Revenue From Contract With Customer Excluding Assessed Tax

RevenueFromContractWithCustomerExcludingAssessedTax

103904000

usd

CY2023Q4

us-gaap

Accounts Receivable Net Current

AccountsReceivableNetCurrent

46937000

usd

CY2022Q4

us-gaap

Accounts Receivable Net Current

AccountsReceivableNetCurrent

34062000

usd

CY2023Q4

us-gaap

Contract With Customer Asset Net Current

ContractWithCustomerAssetNetCurrent

592000

usd

CY2022Q4

us-gaap

Contract With Customer Asset Net Current

ContractWithCustomerAssetNetCurrent

1720000

usd

CY2023Q4

us-gaap

Contract With Customer Liability Current

ContractWithCustomerLiabilityCurrent

1097000

usd

CY2022Q4

us-gaap

Contract With Customer Liability Current

ContractWithCustomerLiabilityCurrent

1195000

usd

CY2023Q4

us-gaap

Contract With Customer Liability Noncurrent

ContractWithCustomerLiabilityNoncurrent

90000

usd

CY2022Q4

us-gaap

Contract With Customer Liability Noncurrent

ContractWithCustomerLiabilityNoncurrent

121000

usd

CY2023Q4

us-gaap

Contract With Customer Liability

ContractWithCustomerLiability

1187000

usd

CY2022Q4

us-gaap

Contract With Customer Liability

ContractWithCustomerLiability

1316000

usd

CY2022Q4

us-gaap

Contract With Customer Liability

ContractWithCustomerLiability

1316000

usd

CY2021Q4

us-gaap

Contract With Customer Liability

ContractWithCustomerLiability

3406000

usd

CY2020Q4

us-gaap

Contract With Customer Liability

ContractWithCustomerLiability

1640000

usd

CY2023

us-gaap

Contract With Customer Liability Revenue Recognized

ContractWithCustomerLiabilityRevenueRecognized

1254000

usd

CY2022

us-gaap

Contract With Customer Liability Revenue Recognized

ContractWithCustomerLiabilityRevenueRecognized

3123000

usd

CY2021

us-gaap

Contract With Customer Liability Revenue Recognized

ContractWithCustomerLiabilityRevenueRecognized

1415000

usd

CY2023

erii

Contract With Customer Liability Increase Decrease From Cash Receipts

ContractWithCustomerLiabilityIncreaseDecreaseFromCashReceipts

1125000

usd

CY2022

erii

Contract With Customer Liability Increase Decrease From Cash Receipts

ContractWithCustomerLiabilityIncreaseDecreaseFromCashReceipts

1033000

usd

CY2021

erii

Contract With Customer Liability Increase Decrease From Cash Receipts

ContractWithCustomerLiabilityIncreaseDecreaseFromCashReceipts

3181000

usd

CY2023Q4

us-gaap

Contract With Customer Liability

ContractWithCustomerLiability

1187000

usd

CY2022Q4

us-gaap

Contract With Customer Liability

ContractWithCustomerLiability

1316000

usd

CY2021Q4

us-gaap

Contract With Customer Liability

ContractWithCustomerLiability

3406000

usd

CY2022Q4

us-gaap

Inventory Finished Goods

InventoryFinishedGoods

15062000

usd

CY2023Q4

us-gaap

Inventory Gross

InventoryGross

27305000

usd

CY2022Q4

us-gaap

Inventory Gross

InventoryGross

28868000

usd

CY2023Q4

us-gaap

Revenue Remaining Performance Obligation

RevenueRemainingPerformanceObligation

6861000

usd

CY2023

us-gaap

Net Income Loss

NetIncomeLoss

21504000

usd

CY2022

us-gaap

Net Income Loss

NetIncomeLoss

24049000

usd

CY2021

us-gaap

Net Income Loss

NetIncomeLoss

14269000

usd

CY2023

us-gaap

Weighted Average Number Of Shares Outstanding Basic

WeightedAverageNumberOfSharesOutstandingBasic

56444000

shares

CY2022

us-gaap

Weighted Average Number Of Shares Outstanding Basic

WeightedAverageNumberOfSharesOutstandingBasic

56221000

shares

CY2021

us-gaap

Weighted Average Number Of Shares Outstanding Basic

WeightedAverageNumberOfSharesOutstandingBasic

56993000

shares

CY2023

us-gaap

Weighted Average Number Diluted Shares Outstanding Adjustment

WeightedAverageNumberDilutedSharesOutstandingAdjustment

1296000

shares

CY2022

us-gaap

Weighted Average Number Diluted Shares Outstanding Adjustment

WeightedAverageNumberDilutedSharesOutstandingAdjustment

1420000

shares

CY2021

us-gaap

Weighted Average Number Diluted Shares Outstanding Adjustment

WeightedAverageNumberDilutedSharesOutstandingAdjustment

1730000

shares

CY2023

us-gaap

Weighted Average Number Of Diluted Shares Outstanding

WeightedAverageNumberOfDilutedSharesOutstanding

57740000

shares

CY2022

us-gaap

Weighted Average Number Of Diluted Shares Outstanding

WeightedAverageNumberOfDilutedSharesOutstanding

57641000

shares

CY2021

us-gaap

Weighted Average Number Of Diluted Shares Outstanding

WeightedAverageNumberOfDilutedSharesOutstanding

58723000

shares

CY2023

us-gaap

Earnings Per Share Basic

EarningsPerShareBasic

0.38

CY2022

us-gaap

Earnings Per Share Basic

EarningsPerShareBasic

0.43

CY2021

us-gaap

Earnings Per Share Basic

EarningsPerShareBasic

0.25

CY2023

us-gaap

Earnings Per Share Diluted

EarningsPerShareDiluted

0.37

CY2022

us-gaap

Earnings Per Share Diluted

EarningsPerShareDiluted

0.42

CY2021

us-gaap

Earnings Per Share Diluted

EarningsPerShareDiluted

0.24

CY2023

us-gaap

Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount

AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount

399000

shares

CY2022

us-gaap

Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount

AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount

374000

shares

CY2021

us-gaap

Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount

AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount

17000

shares

CY2023Q4

us-gaap

Inventory Valuation Reserves

InventoryValuationReserves

1156000

usd

CY2022Q4

us-gaap

Inventory Valuation Reserves

InventoryValuationReserves

502000

usd

CY2023Q4

us-gaap

Inventory Net

InventoryNet

26149000

usd

CY2022Q4

us-gaap

Inventory Net

InventoryNet

28366000

usd

CY2023Q4

us-gaap

Contract With Customer Asset Net Current

ContractWithCustomerAssetNetCurrent

592000

usd

CY2023Q4

us-gaap

Cash And Cash Equivalents At Carrying Value

CashAndCashEquivalentsAtCarryingValue

68098000

usd

CY2022Q4

us-gaap

Cash And Cash Equivalents At Carrying Value

CashAndCashEquivalentsAtCarryingValue

56354000

usd

CY2021Q4

us-gaap

Cash And Cash Equivalents At Carrying Value

CashAndCashEquivalentsAtCarryingValue

74358000

usd

CY2023Q4

us-gaap

Restricted Cash Noncurrent

RestrictedCashNoncurrent

127000

usd

CY2022Q4

us-gaap

Restricted Cash Noncurrent

RestrictedCashNoncurrent

104000

usd

CY2021Q4

us-gaap

Restricted Cash Noncurrent

RestrictedCashNoncurrent

103000

usd

CY2023Q4

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

68225000

usd

CY2022Q4

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

56458000

usd

CY2021Q4

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

74461000

usd

CY2023Q4

us-gaap

Accounts Receivable Gross Current

AccountsReceivableGrossCurrent

47075000

usd

CY2022Q4

us-gaap

Accounts Receivable Gross Current

AccountsReceivableGrossCurrent

34210000

usd

CY2023Q4

us-gaap

Allowance For Doubtful Accounts Receivable Current

AllowanceForDoubtfulAccountsReceivableCurrent

138000

usd

CY2022Q4

us-gaap

Allowance For Doubtful Accounts Receivable Current

AllowanceForDoubtfulAccountsReceivableCurrent

148000

usd

CY2023Q4

us-gaap

Accounts Receivable Net Current

AccountsReceivableNetCurrent

46937000

usd

CY2022Q4

us-gaap

Accounts Receivable Net Current

AccountsReceivableNetCurrent

34062000

usd

CY2023Q4

us-gaap

Inventory Raw Materials

InventoryRawMaterials

8752000

usd

CY2022Q4

us-gaap

Inventory Raw Materials

InventoryRawMaterials

11178000

usd

CY2023Q4

us-gaap

Inventory Work In Process

InventoryWorkInProcess

5234000

usd

CY2022Q4

us-gaap

Inventory Work In Process

InventoryWorkInProcess

2628000

usd

CY2023Q4

us-gaap

Inventory Finished Goods

InventoryFinishedGoods

13319000

usd

CY2022Q4

us-gaap

Contract With Customer Asset Net Current

ContractWithCustomerAssetNetCurrent

1720000

usd

CY2023Q4

erii

Cloud Computing Arrangements Current

CloudComputingArrangementsCurrent

474000

usd

CY2022Q4

erii

Cloud Computing Arrangements Current

CloudComputingArrangementsCurrent

784000

usd

CY2023Q4

erii

Supplier Advances Current

SupplierAdvancesCurrent

487000

usd

CY2022Q4

erii

Supplier Advances Current

SupplierAdvancesCurrent

1308000

usd

CY2023Q4

erii

Prepaid Insurance Current

PrepaidInsuranceCurrent

754000

usd

CY2022Q4

erii

Prepaid Insurance Current

PrepaidInsuranceCurrent

637000

usd

CY2023Q4

us-gaap

Interest Receivable Current

InterestReceivableCurrent

581000

usd

CY2022Q4

us-gaap

Interest Receivable Current

InterestReceivableCurrent

319000

usd

CY2023Q4

us-gaap

Other Prepaid Expense Current

OtherPrepaidExpenseCurrent

955000

usd

CY2022Q4

us-gaap

Other Prepaid Expense Current

OtherPrepaidExpenseCurrent

838000

usd

CY2023Q4

us-gaap

Prepaid Expense And Other Assets Current

PrepaidExpenseAndOtherAssetsCurrent

3843000

usd

CY2022Q4

us-gaap

Prepaid Expense And Other Assets Current

PrepaidExpenseAndOtherAssetsCurrent

5606000

usd

CY2023Q4

us-gaap

Restricted Cash Noncurrent

RestrictedCashNoncurrent

127000

usd

CY2022Q4

us-gaap

Restricted Cash Noncurrent

RestrictedCashNoncurrent

104000

usd

CY2023Q4

us-gaap

Security Deposit

SecurityDeposit

261000

usd

CY2022Q4

us-gaap

Security Deposit

SecurityDeposit

262000

usd

CY2023Q4

us-gaap

Other Assets Noncurrent

OtherAssetsNoncurrent

388000

usd

CY2022Q4

us-gaap

Other Assets Noncurrent

OtherAssetsNoncurrent

366000

usd

CY2023Q4

us-gaap

Prepaid Expense And Other Assets

PrepaidExpenseAndOtherAssets

4231000

usd

CY2022Q4

us-gaap

Prepaid Expense And Other Assets

PrepaidExpenseAndOtherAssets

5972000

usd

CY2023Q4

us-gaap

Property Plant And Equipment Gross

PropertyPlantAndEquipmentGross

56150000

usd

CY2022Q4

us-gaap

Property Plant And Equipment Gross

PropertyPlantAndEquipmentGross

53523000

usd

CY2023Q4

us-gaap

Accumulated Depreciation Depletion And Amortization Property Plant And Equipment

AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment

37451000

usd

CY2022Q4

us-gaap

Accumulated Depreciation Depletion And Amortization Property Plant And Equipment

AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment

33943000

usd

CY2023Q4

us-gaap

Property Plant And Equipment Net

PropertyPlantAndEquipmentNet

18699000

usd

CY2022Q4

us-gaap

Property Plant And Equipment Net

PropertyPlantAndEquipmentNet

19580000

usd

CY2023

us-gaap

Depreciation

4102000

usd

CY2022

us-gaap

Depreciation

4727000

usd

CY2021

us-gaap

Depreciation

4490000

usd

CY2023Q4

us-gaap

Goodwill

12800000

usd

CY2022Q4

us-gaap

Goodwill

12800000

usd

CY2023

us-gaap

Goodwill Impairment Loss

GoodwillImpairmentLoss

0

usd

CY2023Q4

us-gaap

Employee Related Liabilities Current

EmployeeRelatedLiabilitiesCurrent

11037000

usd

CY2022Q4

us-gaap

Employee Related Liabilities Current

EmployeeRelatedLiabilitiesCurrent

10479000

usd

CY2023Q4

us-gaap

Product Warranty Accrual Classified Current

ProductWarrantyAccrualClassifiedCurrent

1057000

usd

CY2022Q4

us-gaap

Product Warranty Accrual Classified Current

ProductWarrantyAccrualClassifiedCurrent

968000

usd

CY2023Q4

us-gaap

Accrued Income Taxes Current

AccruedIncomeTaxesCurrent

1077000

usd

CY2022Q4

us-gaap

Accrued Income Taxes Current

AccruedIncomeTaxesCurrent

268000

usd

CY2023Q4

erii

Other Accrued Expenses And Current Liabilities

OtherAccruedExpensesAndCurrentLiabilities

2412000

usd

CY2022Q4

erii

Other Accrued Expenses And Current Liabilities

OtherAccruedExpensesAndCurrentLiabilities

2978000

usd

CY2023Q4

erii

Accrued Expenses And Other Current Liabilities

AccruedExpensesAndOtherCurrentLiabilities

15583000

usd

CY2022Q4

erii

Accrued Expenses And Other Current Liabilities

AccruedExpensesAndOtherCurrentLiabilities

14693000

usd

CY2023Q4

us-gaap

Other Liabilities Noncurrent

OtherLiabilitiesNoncurrent

207000

usd

CY2022Q4

us-gaap

Other Liabilities Noncurrent

OtherLiabilitiesNoncurrent

121000

usd

CY2023Q4

us-gaap

Accrued Liabilities And Other Liabilities

AccruedLiabilitiesAndOtherLiabilities

15790000

usd

CY2022Q4

us-gaap

Accrued Liabilities And Other Liabilities

AccruedLiabilitiesAndOtherLiabilities

14814000

usd

CY2023

us-gaap

Proceeds From Sale Of Available For Sale Securities Debt

ProceedsFromSaleOfAvailableForSaleSecuritiesDebt

3000000

usd

CY2023Q4

us-gaap

Available For Sale Debt Securities Amortized Cost Basis

AvailableForSaleDebtSecuritiesAmortizedCostBasis

73042000

usd

CY2023Q4

us-gaap

Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax

AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax

40000

usd

CY2023Q4

us-gaap

Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax

AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax

38000

usd

CY2023Q4

us-gaap

Debt Securities Available For Sale Excluding Accrued Interest

DebtSecuritiesAvailableForSaleExcludingAccruedInterest

73044000

usd

CY2022Q4

us-gaap

Available For Sale Debt Securities Amortized Cost Basis

AvailableForSaleDebtSecuritiesAmortizedCostBasis

70127000

usd

CY2022Q4

us-gaap

Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax

AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax

6000

usd

CY2022Q4

us-gaap

Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax

AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax

328000

usd

CY2022Q4

us-gaap

Debt Securities Available For Sale Excluding Accrued Interest

DebtSecuritiesAvailableForSaleExcludingAccruedInterest

69805000

usd

CY2023Q4

us-gaap

Debt Securities Available For Sale Unrealized Loss Position

DebtSecuritiesAvailableForSaleUnrealizedLossPosition

31163000

usd

CY2023Q4

us-gaap

Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss

DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss

38000

usd

CY2022Q4

us-gaap

Debt Securities Available For Sale Unrealized Loss Position

DebtSecuritiesAvailableForSaleUnrealizedLossPosition

28911000

usd

CY2022Q4

us-gaap

Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss

DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss

328000

usd

CY2021

us-gaap

Operating Lease Payments

OperatingLeasePayments

2431000

usd

CY2023Q4

us-gaap

Operating Lease Weighted Average Remaining Lease Term1

OperatingLeaseWeightedAverageRemainingLeaseTerm1

P5Y6M

CY2023Q4

us-gaap

Lessee Operating Lease Discount Rate

LesseeOperatingLeaseDiscountRate

0.070

CY2023Q4

us-gaap

Operating Lease Right Of Use Asset

OperatingLeaseRightOfUseAsset

11469000

usd

CY2022Q4

us-gaap

Operating Lease Right Of Use Asset

OperatingLeaseRightOfUseAsset

13115000

usd

CY2023Q4

us-gaap

Operating Lease Liability Current

OperatingLeaseLiabilityCurrent

1791000

usd

CY2022Q4

us-gaap

Operating Lease Liability Current

OperatingLeaseLiabilityCurrent

1600000

usd

CY2023Q4

us-gaap

Operating Lease Liability Noncurrent

OperatingLeaseLiabilityNoncurrent

11488000

usd

CY2022Q4

us-gaap

Operating Lease Liability Noncurrent

OperatingLeaseLiabilityNoncurrent

13278000

usd

CY2023Q4

us-gaap

Operating Lease Liability

OperatingLeaseLiability

13279000

usd

CY2022Q4

us-gaap

Operating Lease Liability

OperatingLeaseLiability

14878000

usd

CY2023

us-gaap

Operating Lease Cost

OperatingLeaseCost

2571000

usd

CY2022

us-gaap

Operating Lease Cost

OperatingLeaseCost

2571000

usd

CY2021

us-gaap

Operating Lease Cost

OperatingLeaseCost

2571000

usd

CY2023

us-gaap

Operating Lease Payments

OperatingLeasePayments

2580000

usd

CY2022

us-gaap

Operating Lease Payments

OperatingLeasePayments

2650000

usd

CY2023Q4

us-gaap

Lessee Operating Lease Liability Payments Due Next Twelve Months

LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths

2812000

usd

CY2023Q4

us-gaap

Lessee Operating Lease Liability Payments Due Year Two

LesseeOperatingLeaseLiabilityPaymentsDueYearTwo

2736000

usd

CY2023Q4

us-gaap

Lessee Operating Lease Liability Payments Due Year Three

LesseeOperatingLeaseLiabilityPaymentsDueYearThree

2982000

usd

CY2023Q4

us-gaap

Lessee Operating Lease Liability Payments Due Year Four

LesseeOperatingLeaseLiabilityPaymentsDueYearFour

3072000

usd

CY2023Q4

us-gaap

Lessee Operating Lease Liability Payments Due Year Five

LesseeOperatingLeaseLiabilityPaymentsDueYearFive

3165000

usd

CY2023Q4

us-gaap

Lessee Operating Lease Liability Payments Due After Year Five

LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive

1243000

usd

CY2023Q4

us-gaap

Lessee Operating Lease Liability Payments Due

LesseeOperatingLeaseLiabilityPaymentsDue

16010000

usd

CY2023Q4

us-gaap

Lessee Operating Lease Liability Undiscounted Excess Amount

LesseeOperatingLeaseLiabilityUndiscountedExcessAmount

2731000

usd

CY2023Q4

us-gaap

Operating Lease Liability

OperatingLeaseLiability

13279000

usd

CY2022Q4

us-gaap

Product Warranty Accrual Classified Current

ProductWarrantyAccrualClassifiedCurrent

968000

usd

CY2021Q4

us-gaap

Product Warranty Accrual Classified Current

ProductWarrantyAccrualClassifiedCurrent

879000

usd

CY2020Q4

us-gaap

Product Warranty Accrual Classified Current

ProductWarrantyAccrualClassifiedCurrent

760000

usd

CY2023

us-gaap

Product Warranty Accrual Warranties Issued

ProductWarrantyAccrualWarrantiesIssued

515000

usd

CY2022

us-gaap

Product Warranty Accrual Warranties Issued

ProductWarrantyAccrualWarrantiesIssued

483000

usd

CY2021

us-gaap

Product Warranty Accrual Warranties Issued

ProductWarrantyAccrualWarrantiesIssued

445000

usd

CY2023

us-gaap

Product Warranty Accrual Payments

ProductWarrantyAccrualPayments

92000

usd

CY2022

us-gaap

Product Warranty Accrual Payments

ProductWarrantyAccrualPayments

64000

usd

CY2021

us-gaap

Product Warranty Accrual Payments

ProductWarrantyAccrualPayments

16000

usd

CY2023

us-gaap

Standard Product Warranty Accrual Preexisting Increase Decrease

StandardProductWarrantyAccrualPreexistingIncreaseDecrease

-334000

usd

CY2022

us-gaap

Standard Product Warranty Accrual Preexisting Increase Decrease

StandardProductWarrantyAccrualPreexistingIncreaseDecrease

-330000

usd

CY2021

us-gaap

Standard Product Warranty Accrual Preexisting Increase Decrease

StandardProductWarrantyAccrualPreexistingIncreaseDecrease

-310000

usd

CY2023Q4

us-gaap

Product Warranty Accrual Classified Current

ProductWarrantyAccrualClassifiedCurrent

1057000

usd

CY2022Q4

us-gaap

Product Warranty Accrual Classified Current

ProductWarrantyAccrualClassifiedCurrent

968000

usd

CY2021Q4

us-gaap

Product Warranty Accrual Classified Current

ProductWarrantyAccrualClassifiedCurrent

879000

usd

CY2023

us-gaap

Long Term Purchase Commitment Amount

LongTermPurchaseCommitmentAmount

1500000

usd

CY2023

erii

Retention Payments Percentage

RetentionPaymentsPercentage

0.10

CY2023

us-gaap

Income Loss From Continuing Operations Before Income Taxes Domestic

IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic

22592000

usd

CY2022

us-gaap

Income Loss From Continuing Operations Before Income Taxes Domestic

IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic

25918000

usd

CY2021

us-gaap

Income Loss From Continuing Operations Before Income Taxes Domestic

IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic

13913000

usd

CY2023

us-gaap

Income Loss From Continuing Operations Before Income Taxes Foreign

IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign

113000

usd

CY2022

us-gaap

Income Loss From Continuing Operations Before Income Taxes Foreign

IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign

153000

usd

CY2021

us-gaap

Income Loss From Continuing Operations Before Income Taxes Foreign

IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign

91000

usd

CY2023

us-gaap

Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest

IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

22705000

usd

CY2022

us-gaap

Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest

IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

26071000

usd

CY2021

us-gaap

Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest

IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

14004000

usd

CY2023

us-gaap

Current Federal Tax Expense Benefit

CurrentFederalTaxExpenseBenefit

1268000

usd

CY2022

us-gaap

Current Federal Tax Expense Benefit

CurrentFederalTaxExpenseBenefit

698000

usd

CY2021

us-gaap

Current Federal Tax Expense Benefit

CurrentFederalTaxExpenseBenefit

0

usd

CY2023

us-gaap

Current State And Local Tax Expense Benefit

CurrentStateAndLocalTaxExpenseBenefit

13000

usd

CY2022

us-gaap

Current State And Local Tax Expense Benefit

CurrentStateAndLocalTaxExpenseBenefit

22000

usd

CY2021

us-gaap

Current State And Local Tax Expense Benefit

CurrentStateAndLocalTaxExpenseBenefit

10000

usd

CY2023

us-gaap

Current Foreign Tax Expense Benefit

CurrentForeignTaxExpenseBenefit

51000

usd

CY2022

us-gaap

Current Foreign Tax Expense Benefit

CurrentForeignTaxExpenseBenefit

84000

usd

CY2021

us-gaap

Current Foreign Tax Expense Benefit

CurrentForeignTaxExpenseBenefit

80000

usd

CY2023

us-gaap

Current Income Tax Expense Benefit

CurrentIncomeTaxExpenseBenefit

1332000

usd

CY2022

us-gaap

Current Income Tax Expense Benefit

CurrentIncomeTaxExpenseBenefit

804000

usd

CY2021

us-gaap

Current Income Tax Expense Benefit

CurrentIncomeTaxExpenseBenefit

90000

usd

CY2023

us-gaap

Deferred Federal Income Tax Expense Benefit

DeferredFederalIncomeTaxExpenseBenefit

-262000

usd

CY2022

us-gaap

Deferred Federal Income Tax Expense Benefit

DeferredFederalIncomeTaxExpenseBenefit

1104000

usd

CY2021

us-gaap

Deferred Federal Income Tax Expense Benefit

DeferredFederalIncomeTaxExpenseBenefit

-382000

usd

CY2023

us-gaap

Deferred State And Local Income Tax Expense Benefit

DeferredStateAndLocalIncomeTaxExpenseBenefit

131000

usd

CY2022

us-gaap

Deferred State And Local Income Tax Expense Benefit

DeferredStateAndLocalIncomeTaxExpenseBenefit

114000

usd

CY2021

us-gaap

Deferred State And Local Income Tax Expense Benefit

DeferredStateAndLocalIncomeTaxExpenseBenefit

27000

usd

CY2023

us-gaap

Deferred Income Tax Expense Benefit

DeferredIncomeTaxExpenseBenefit

-131000

usd

CY2022

us-gaap

Deferred Income Tax Expense Benefit

DeferredIncomeTaxExpenseBenefit

1218000

usd

CY2021

us-gaap

Deferred Income Tax Expense Benefit

DeferredIncomeTaxExpenseBenefit

-355000

usd

CY2023

us-gaap

Income Tax Expense Benefit

IncomeTaxExpenseBenefit

1201000

usd

CY2022

us-gaap

Income Tax Expense Benefit

IncomeTaxExpenseBenefit

2022000

usd

CY2021

us-gaap

Income Tax Expense Benefit

IncomeTaxExpenseBenefit

-265000

usd

CY2023

us-gaap

Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate

EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate

0.21

CY2022

us-gaap

Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate

EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate

0.21

CY2021

us-gaap

Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate

EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate

0.21

CY2023

us-gaap

Effective Income Tax Rate Reconciliation State And Local Income Taxes

EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes

0

CY2022

us-gaap

Effective Income Tax Rate Reconciliation State And Local Income Taxes

EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes

0.01

CY2021

us-gaap

Effective Income Tax Rate Reconciliation State And Local Income Taxes

EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes

0

CY2023

us-gaap

Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential

EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential

0

CY2022

us-gaap

Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential

EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential

0

CY2021

us-gaap

Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential

EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential

0.01

CY2023

us-gaap

Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost

EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost

0.01

CY2022

us-gaap

Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost

EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost

0.04

CY2021

us-gaap

Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost

EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost

0.18

CY2023

us-gaap

Effective Income Tax Rate Reconciliation Nondeductible Expense

EffectiveIncomeTaxRateReconciliationNondeductibleExpense

0.01

CY2022

us-gaap

Effective Income Tax Rate Reconciliation Nondeductible Expense

EffectiveIncomeTaxRateReconciliationNondeductibleExpense

0.01

CY2021

us-gaap

Effective Income Tax Rate Reconciliation Nondeductible Expense

EffectiveIncomeTaxRateReconciliationNondeductibleExpense

0.01

CY2023

us-gaap

Effective Income Tax Rate Reconciliation Tax Credits Research

EffectiveIncomeTaxRateReconciliationTaxCreditsResearch

0.06

CY2022

us-gaap

Effective Income Tax Rate Reconciliation Tax Credits Research

EffectiveIncomeTaxRateReconciliationTaxCreditsResearch

0.04

CY2021

us-gaap

Effective Income Tax Rate Reconciliation Tax Credits Research

EffectiveIncomeTaxRateReconciliationTaxCreditsResearch

0.07

CY2023

us-gaap

Effective Income Tax Rate Reconciliation Fdii Percent

EffectiveIncomeTaxRateReconciliationFdiiPercent

0.10

CY2022

us-gaap

Effective Income Tax Rate Reconciliation Fdii Percent

EffectiveIncomeTaxRateReconciliationFdiiPercent

0.07

CY2021

us-gaap

Effective Income Tax Rate Reconciliation Fdii Percent

EffectiveIncomeTaxRateReconciliationFdiiPercent

0

CY2023

us-gaap

Effective Income Tax Rate Continuing Operations

EffectiveIncomeTaxRateContinuingOperations

0.05

CY2022

us-gaap

Effective Income Tax Rate Continuing Operations

EffectiveIncomeTaxRateContinuingOperations

0.08

CY2021

us-gaap

Effective Income Tax Rate Continuing Operations

EffectiveIncomeTaxRateContinuingOperations

-0.02

CY2023Q4

us-gaap

Deferred Tax Assets Operating Loss Carryforwards

DeferredTaxAssetsOperatingLossCarryforwards

547000

usd

CY2022Q4

us-gaap

Deferred Tax Assets Operating Loss Carryforwards

DeferredTaxAssetsOperatingLossCarryforwards

702000

usd

CY2023Q4

erii

Deferred Tax Assets Amortization Of Research And Experimental Expenditures

DeferredTaxAssetsAmortizationOfResearchAndExperimentalExpenditures

6079000

usd

CY2022Q4

erii

Deferred Tax Assets Amortization Of Research And Experimental Expenditures

DeferredTaxAssetsAmortizationOfResearchAndExperimentalExpenditures

3605000

usd

CY2023Q4

us-gaap

Deferred Tax Assets Tax Deferred Expense Reserves And Accruals

DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals

4857000

usd

CY2022Q4

us-gaap

Deferred Tax Assets Tax Deferred Expense Reserves And Accruals

DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals

4320000

usd

CY2023Q4

erii

Deferred Tax Assets Operating Lease Liabilities

DeferredTaxAssetsOperatingLeaseLiabilities

2870000

usd

CY2022Q4

erii

Deferred Tax Assets Operating Lease Liabilities

DeferredTaxAssetsOperatingLeaseLiabilities

3199000

usd

CY2023Q4

erii

Deferred Tax Assets Tax Credit Carryforwards Research And Foreign

DeferredTaxAssetsTaxCreditCarryforwardsResearchAndForeign

7609000

usd

CY2022Q4

erii

Deferred Tax Assets Tax Credit Carryforwards Research And Foreign

DeferredTaxAssetsTaxCreditCarryforwardsResearchAndForeign

9642000

usd

CY2023Q4

us-gaap

Deferred Tax Assets Goodwill And Intangible Assets

DeferredTaxAssetsGoodwillAndIntangibleAssets

157000

usd

CY2022Q4

us-gaap

Deferred Tax Assets Goodwill And Intangible Assets

DeferredTaxAssetsGoodwillAndIntangibleAssets

321000

usd

CY2023Q4

us-gaap

Deferred Tax Assets Other

DeferredTaxAssetsOther

0

usd

CY2022Q4

us-gaap

Deferred Tax Assets Other

DeferredTaxAssetsOther

66000

usd

CY2023Q4

us-gaap

Deferred Tax Assets Gross

DeferredTaxAssetsGross

22119000

usd

CY2022Q4

us-gaap

Deferred Tax Assets Gross

DeferredTaxAssetsGross

21855000

usd

CY2023Q4

us-gaap

Deferred Tax Assets Valuation Allowance

DeferredTaxAssetsValuationAllowance

4600000

usd

CY2022Q4

us-gaap

Deferred Tax Assets Valuation Allowance

DeferredTaxAssetsValuationAllowance

4185000

usd

CY2023Q4

us-gaap

Deferred Tax Assets Net

DeferredTaxAssetsNet

17519000

usd

CY2022Q4

us-gaap

Deferred Tax Assets Net

DeferredTaxAssetsNet

17670000

usd

CY2023Q4

us-gaap

Deferred Tax Liabilities Property Plant And Equipment

DeferredTaxLiabilitiesPropertyPlantAndEquipment

2545000

usd

CY2022Q4

us-gaap

Deferred Tax Liabilities Property Plant And Equipment

DeferredTaxLiabilitiesPropertyPlantAndEquipment

2646000

usd

CY2023Q4

erii

Deferred Tax Liabilities Right Of Use Asset

DeferredTaxLiabilitiesRightOfUseAsset

2473000

usd

CY2022Q4

erii

Deferred Tax Liabilities Right Of Use Asset

DeferredTaxLiabilitiesRightOfUseAsset

2809000

usd

CY2023Q4

us-gaap

Deferred Tax Liabilities Other

DeferredTaxLiabilitiesOther

10000

usd

CY2022Q4

us-gaap

Deferred Tax Liabilities Other

DeferredTaxLiabilitiesOther

0

usd

CY2023Q4

us-gaap

Deferred Tax Liabilities Goodwill And Intangible Assets Goodwill

DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsGoodwill

2167000

usd

CY2022Q4

us-gaap

Deferred Tax Liabilities Goodwill And Intangible Assets Goodwill

DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsGoodwill

1952000

usd

CY2023Q4

us-gaap

Deferred Income Tax Liabilities

DeferredIncomeTaxLiabilities

7195000

usd

CY2022Q4

us-gaap

Deferred Income Tax Liabilities

DeferredIncomeTaxLiabilities

7407000

usd

CY2023Q4

us-gaap

Deferred Tax Assets Liabilities Net

DeferredTaxAssetsLiabilitiesNet

10324000

usd

CY2022Q4

us-gaap

Deferred Tax Assets Liabilities Net

DeferredTaxAssetsLiabilitiesNet

10263000

usd

CY2022Q4

us-gaap

Unrecognized Tax Benefits

UnrecognizedTaxBenefits

1505000

usd

CY2021Q4

us-gaap

Unrecognized Tax Benefits

UnrecognizedTaxBenefits

1321000

usd

CY2020Q4

us-gaap

Unrecognized Tax Benefits

UnrecognizedTaxBenefits

1134000

usd

CY2023

us-gaap

Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions

UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions

200000

usd

CY2022

us-gaap

Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions

UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions

184000

usd

CY2021

us-gaap

Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions

UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions

193000

usd

CY2023

us-gaap

Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions

UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions

0

usd

CY2022

us-gaap

Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions

UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions

0

usd

CY2021

us-gaap

Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions

UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions

6000

usd

CY2023Q4

us-gaap

Unrecognized Tax Benefits

UnrecognizedTaxBenefits

1705000

usd

CY2022Q4

us-gaap

Unrecognized Tax Benefits

UnrecognizedTaxBenefits

1505000

usd

CY2021Q4

us-gaap

Unrecognized Tax Benefits

UnrecognizedTaxBenefits

1321000

usd

CY2023Q4

us-gaap

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CY2023Q4

us-gaap

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UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate

1000000

usd

CY2023Q4

us-gaap

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UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued

0

usd

CY2023

us-gaap

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OperatingIncomeLoss

19050000

usd

CY2022

us-gaap

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OperatingIncomeLoss

24829000

usd

CY2021

us-gaap

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OperatingIncomeLoss

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usd

CY2023

us-gaap

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DepreciationAndAmortization

4102000

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CY2022

us-gaap

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DepreciationAndAmortization

4764000

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CY2021

us-gaap

Depreciation And Amortization

DepreciationAndAmortization

4502000

usd

CY2022Q4

us-gaap

Preferred Stock Shares Authorized

PreferredStockSharesAuthorized

10000000

shares

CY2023Q4

us-gaap

Preferred Stock Shares Authorized

PreferredStockSharesAuthorized

10000000

shares

CY2023Q4

us-gaap

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PreferredStockParOrStatedValuePerShare

0.001

CY2022Q4

us-gaap

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PreferredStockParOrStatedValuePerShare

0.001

CY2023Q4

us-gaap

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PreferredStockSharesOutstanding

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CY2023Q4

us-gaap

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PreferredStockSharesIssued

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CY2022Q4

us-gaap

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PreferredStockSharesOutstanding

0

shares

CY2022Q4

us-gaap

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PreferredStockSharesIssued

0

shares

CY2022Q4

us-gaap

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CommonStockSharesAuthorized

200000000

shares

CY2023Q4

us-gaap

Common Stock Shares Authorized

CommonStockSharesAuthorized

200000000

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CY2023Q4

us-gaap

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CommonStockParOrStatedValuePerShare

0.001

CY2022Q4

us-gaap

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CommonStockParOrStatedValuePerShare

0.001

CY2023Q4

us-gaap

Treasury Stock Common Shares

TreasuryStockCommonShares

8100000

shares

CY2023Q4

us-gaap

Treasury Stock Common Value

TreasuryStockCommonValue

80500000

usd

CY2023

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1

ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1

P4Y

CY2023

us-gaap

Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period

SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod

P10Y

CY2023

us-gaap

Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period

SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod

P10Y

CY2023

erii

Share Based Compensation Arrangement By Share Based Payment Award Forfeiture Rate

ShareBasedCompensationArrangementByShareBasedPaymentAwardForfeitureRate

0.064

CY2022

erii

Share Based Compensation Arrangement By Share Based Payment Award Forfeiture Rate

ShareBasedCompensationArrangementByShareBasedPaymentAwardForfeitureRate

0.092

CY2021

erii

Share Based Compensation Arrangement By Share Based Payment Award Forfeiture Rate

ShareBasedCompensationArrangementByShareBasedPaymentAwardForfeitureRate

0.081

CY2023

us-gaap

Allocated Share Based Compensation Expense

AllocatedShareBasedCompensationExpense

8038000

usd

CY2022

us-gaap

Allocated Share Based Compensation Expense

AllocatedShareBasedCompensationExpense

6511000

usd

CY2021

us-gaap

Allocated Share Based Compensation Expense

AllocatedShareBasedCompensationExpense

6056000

usd

CY2023

us-gaap

Allocated Share Based Compensation Expense

AllocatedShareBasedCompensationExpense

8038000

usd

CY2022

us-gaap

Allocated Share Based Compensation Expense

AllocatedShareBasedCompensationExpense

6511000

usd

CY2021

us-gaap

Allocated Share Based Compensation Expense

AllocatedShareBasedCompensationExpense

6056000

usd

CY2020Q4

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber

3620000

shares

CY2020Q4

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice

7.48

CY2021

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross

613000

shares

CY2021

us-gaap

Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price

ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice

14.39

CY2021

us-gaap

Stock Issued During Period Shares Stock Options Exercised

StockIssuedDuringPeriodSharesStockOptionsExercised

1518000

shares

CY2021

us-gaap

Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price

ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice

6.96

CY2021

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue

16952000

usd

CY2021

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod

171000

shares

CY2021

us-gaap

Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price

ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice

11.26

CY2021Q4

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber

2544000

shares

CY2021Q4

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice

9.21

CY2022

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross

403000

shares

CY2022

us-gaap

Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price

ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice

19.13

CY2022

us-gaap

Stock Issued During Period Shares Stock Options Exercised

StockIssuedDuringPeriodSharesStockOptionsExercised

429000

shares

CY2022

us-gaap

Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price

ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice

7.32

CY2022

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue

6387000

usd

CY2022

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod

97000

shares

CY2022

us-gaap

Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price

ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice

13.66

CY2022Q4

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber

2421000

shares

CY2022Q4

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice

11.02

CY2022Q4

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue

usd

CY2023

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross

14000

shares

CY2023

us-gaap

Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price

ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice

22.13

CY2023

us-gaap

Stock Issued During Period Shares Stock Options Exercised

StockIssuedDuringPeriodSharesStockOptionsExercised

511000

shares

CY2023

us-gaap

Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price

ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice

9.38

CY2023

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue

5619000

usd

CY2023

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod

0

shares

CY2023

us-gaap

Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price

ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice

0

CY2023Q4

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber

1924000

shares

CY2023Q4

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice

11.54

CY2023

us-gaap

Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2

SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2

P5Y6M

CY2023Q4

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue

14264000

usd

CY2023Q4

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber

1537000

shares

CY2023Q4

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice

10.28

CY2023

us-gaap

Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1

SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1

P5Y

CY2023Q4

us-gaap

Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1

SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1

13246000

usd

CY2023Q4

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber

1902000

shares

CY2023Q4

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice

11.47

CY2023

us-gaap

Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1

SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1

P5Y6M

CY2023Q4

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue

14232000

usd

CY2023

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value

ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue

6836000

usd

CY2022

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value

ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue

5909000

usd

CY2021

us-gaap

Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value

ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue

5358000

usd

CY2023Q4

us-gaap

Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized

EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized

20036000

usd

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$ERII
Energy Recovery, Inc. Stock $erii

2024 Q1 Form 10-K Financial Statement

#000142151724000055 Filed on February 21, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$ERII Energy Recovery, Inc. Stock $erii

2024 Q1 Form 10-K Financial Statement

#000142151724000055 Filed on February 21, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$ERII
Energy Recovery, Inc. Stock $erii