Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 24, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-33626 | ||
Entity Registrant Name | GENPACT LIMITED | ||
Entity Incorporation, State or Country Code | D0 | ||
Entity Tax Identification Number | 98-0533350 | ||
Entity Address, Address Line One | Canon's, Court | ||
Entity Address, Address Line Two | 22 Victoria Street | ||
Entity Address, City or Town | Hamilton | ||
Entity Address, Postal Zip Code | HM 12 | ||
Entity Address, Country | BM | ||
City Area Code | 441 | ||
Local Phone Number | 298-3300 | ||
Title of 12(b) Security | Common shares, par value $0.01 per share | ||
Trading Symbol | G | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 8,472,136,029 | ||
Entity Common Stock, Shares Outstanding | 185,174,846 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001398659 | ||
Documents Incorporated by Reference | The registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days of the end of the fiscal year ended December 31, 2021. Portions of the proxy statement are incorporated herein by reference to the following parts of this Annual Report on Form 10-K: Part III, Item 10, Directors, Executive Officers and Corporate Governance; Part III, Item 11, Executive Compensation; Part III, Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters; Part III, Item 13, Certain Relationships and Related Transactions, and Director Independence; and Part III, Item 14, Principal Accountant Fees and Services. |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Name | KPMG Assurance and Consulting Services LLP |
Auditor Location | Mumbai, Maharashtra, India |
Auditor Firm ID | 2115 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 899,458 | $ 680,440 |
Accounts receivable, net of allowance for credit losses of $27,707 and $24,329 as of December 31, 2020 and 2021, respectively | 887,742 | 881,020 |
Prepaid expenses and other current assets | 134,441 | 187,408 |
Total current assets | 1,921,641 | 1,748,868 |
Property, plant and equipment, net | 215,089 | 231,122 |
Operating lease right-of-use assets | 270,603 | 304,714 |
Deferred tax assets | 106,322 | 106,674 |
Intangible assets, net | 169,635 | 236,732 |
Goodwill | 1,731,027 | 1,695,688 |
Contract cost assets | 238,794 | 225,897 |
Other assets, net of allowance for credit losses of $3,134 and $3,711 as of December 31, 2020 and 2021, respectively | 322,158 | 323,818 |
Total assets | 4,975,269 | 4,873,513 |
Current liabilities | ||
Short-term borrowings | 0 | 250,000 |
Current portion of long-term debt | 383,433 | 33,537 |
Accounts payable | 24,984 | 13,910 |
Income taxes payable | 47,353 | 41,941 |
Accrued expenses and other current liabilities | 791,440 | 806,769 |
Operating leases liability | 61,591 | 56,479 |
Total current liabilities | 1,308,801 | 1,202,636 |
Long-term debt, less current portion | 1,272,476 | 1,307,371 |
Operating leases liability | 247,707 | 289,363 |
Deferred tax liabilities | 3,942 | 1,516 |
Other liabilities | 245,210 | 238,398 |
Total liabilities | 3,078,136 | 3,039,284 |
Shareholders' equity | ||
Preferred shares, $0.01 par value, 250,000,000 authorized, none issued | 0 | 0 |
Common shares, $0.01 par value, 500,000,000 authorized, 189,045,661 and 185,336,357 issued and outstanding as of December 31, 2020 and 2021, respectively | 1,847 | 1,885 |
Additional paid-in capital | 1,717,165 | 1,636,026 |
Retained earnings | 732,474 | 741,658 |
Accumulated other comprehensive income (loss) | (554,353) | (545,340) |
Total equity | 1,897,133 | 1,834,229 |
Commitments and contingencies | ||
Total liabilities and equity | $ 4,975,269 | $ 4,873,513 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||||
Allowance for credit losses | $ 24,329 | $ 27,707 | $ 29,969 | $ 23,960 |
Allowance for credit losses, other assets | $ 3,711 | $ 3,134 | ||
Preferred shares, par value (in usd per share) | $ 0.01 | $ 0.01 | ||
Preferred shares, authorized (in shares) | 250,000,000 | 250,000,000 | ||
Preferred shares, issued (in shares) | 0 | 0 | ||
Common shares, par value (in usd per share) | $ 0.01 | $ 0.01 | ||
Common shares, authorized (in shares) | 500,000,000 | 500,000,000 | ||
Common shares, issued (in shares) | 185,336,357 | 189,045,661 | ||
Common shares, outstanding (in shares) | 185,336,357 | 189,045,661 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net revenues | $ 4,022,211 | $ 3,709,377 | $ 3,520,543 |
Cost of revenue | 2,590,252 | 2,418,137 | 2,294,688 |
Gross profit | 1,431,959 | 1,291,240 | 1,225,855 |
Operating expenses: | |||
Selling, general and administrative expenses | 865,715 | 789,849 | 794,901 |
Amortization of acquired intangible assets | 58,448 | 43,343 | 32,612 |
Other operating (income) expense, net | (1,203) | 19,331 | (31,034) |
Income from operations | 508,999 | 438,717 | 429,376 |
Foreign exchange gains (losses), net | 12,669 | 7,482 | 7,729 |
Interest income (expense), net | (51,434) | (48,960) | (43,458) |
Other income (expense), net | 12,895 | 3,238 | 5,786 |
Income before equity-method investment activity, net and income tax expense | 483,129 | 400,477 | 399,433 |
Equity-method investment activity, net | 0 | 0 | (16) |
Income before income tax expense | 483,129 | 400,477 | 399,417 |
Income tax expense | 113,681 | 92,201 | 94,536 |
Net income | $ 369,448 | $ 308,276 | $ 304,881 |
Earnings per common share | |||
Earnings per common share, basic (in usd per share) | $ 1.97 | $ 1.62 | $ 1.60 |
Earnings per common share, diluted (in usd per share) | $ 1.91 | $ 1.57 | $ 1.56 |
Weighted average number of common shares used in computing earnings per common share | |||
Weighted average number of common shares used in computing basic earnings per common share (in shares) | 187,802,219 | 190,396,780 | 190,074,475 |
Weighted average number of common shares used in computing dilutive earnings per common share (in shares) | 192,961,841 | 195,780,971 | 195,160,855 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 369,448 | $ 308,276 | $ 304,881 |
Other comprehensive income: | |||
Currency translation adjustments | (39,725) | (7,871) | (20,297) |
Net income (loss) on cash flow hedging derivatives, net of taxes (Note 7) | 23,124 | (3,468) | 2,343 |
Retirement benefits, net of taxes | (7,588) | 2,045 | 6,542 |
Other comprehensive income (loss) | (9,013) | (13,384) | (24,496) |
Comprehensive income (loss) | $ 360,435 | $ 294,892 | $ 280,385 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common shares | Common sharesCumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid- in Capital | Additional Paid- in CapitalCumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjusted Balance |
Beginning balance, value (in shares) at Dec. 31, 2018 | 189,346,101 | |||||||||||
Beginning balance, value at Dec. 31, 2018 | $ 1,404,182 | $ 1,888 | $ 1,471,301 | $ 438,453 | $ (507,460) | |||||||
Issuance of common shares on exercise of options (Note 18) (in shares) | 697,531 | 697,531 | ||||||||||
Issuance of common shares on exercise of options (Note 18) | $ 10,690 | $ 7 | 10,683 | |||||||||
Issuance of common shares under the employee stock purchase plan (Note 18) (in shares) | 264,440 | |||||||||||
Issuance of common shares under the employee stock purchase plan (Note 18) | 8,980 | $ 3 | 8,977 | |||||||||
Net settlement on vesting of restricted share units (Note 18) (in shares) | 574,112 | |||||||||||
Net settlement on vesting of restricted share units (Note 18) | $ (4,265) | $ 6 | (4,271) | |||||||||
Net settlement on vesting of performance units (Note 18) (in shares) | 2,151 | |||||||||||
Stock repurchased and retired (Note 19( (in shares) | (766,154) | (766,154) | ||||||||||
Stock repurchased and retired (Note 19) | $ (30,000) | $ (8) | 0 | (29,992) | ||||||||
Expenses related to stock repurchase (Note 19) | (15) | (15) | ||||||||||
Stock-based compensation expense (Note 18) | 83,885 | 83,885 | ||||||||||
Comprehensive income (loss): | ||||||||||||
Net income (loss) | 304,881 | 304,881 | ||||||||||
Other comprehensive income (loss) | (24,496) | (24,496) | ||||||||||
Dividend | (64,671) | (64,671) | ||||||||||
End balance, value (in shares) at Dec. 31, 2019 | 190,118,181 | 190,118,181 | ||||||||||
End balance, value at Dec. 31, 2019 | $ 1,689,171 | $ (3,984) | $ 1,685,187 | $ 1,896 | $ 1,896 | 1,570,575 | $ 1,570,575 | 648,656 | $ (3,984) | $ 644,672 | (531,956) | $ (531,956) |
Issuance of common shares on exercise of options (Note 18) (in shares) | 692,634 | 692,634 | ||||||||||
Issuance of common shares on exercise of options (Note 18) | $ 14,062 | $ 7 | 14,055 | |||||||||
Issuance of common shares under the employee stock purchase plan (Note 18) (in shares) | 315,245 | |||||||||||
Issuance of common shares under the employee stock purchase plan (Note 18) | 11,073 | $ 3 | 11,070 | |||||||||
Net settlement on vesting of restricted share units (Note 18) (in shares) | 429,362 | |||||||||||
Net settlement on vesting of restricted share units (Note 18) | (7,842) | $ 4 | (7,846) | |||||||||
Net settlement on vesting of performance units (Note 18) (in shares) | 902,532 | |||||||||||
Net settlement on vesting of performance units (Note 18) | $ (25,827) | $ 9 | (25,836) | |||||||||
Stock repurchased and retired (Note 19( (in shares) | (3,412,293) | (3,412,293) | ||||||||||
Stock repurchased and retired (Note 19) | $ (137,044) | $ (34) | 0 | (137,010) | ||||||||
Expenses related to stock repurchase (Note 19) | (68) | (68) | ||||||||||
Stock-based compensation expense (Note 18) | 74,008 | 74,008 | ||||||||||
Comprehensive income (loss): | ||||||||||||
Net income (loss) | 308,276 | 308,276 | ||||||||||
Other comprehensive income (loss) | (13,384) | (13,384) | ||||||||||
Dividend | $ (74,212) | (74,212) | ||||||||||
End balance, value (in shares) at Dec. 31, 2020 | 189,045,661 | 189,045,661 | ||||||||||
End balance, value at Dec. 31, 2020 | $ 1,834,229 | $ 1,885 | 1,636,026 | 741,658 | (545,340) | |||||||
Issuance of common shares on exercise of options (Note 18) (in shares) | 1,145,125 | 1,145,125 | ||||||||||
Issuance of common shares on exercise of options (Note 18) | $ 23,168 | $ 11 | 23,157 | |||||||||
Issuance of common shares under the employee stock purchase plan (Note 18) (in shares) | 285,657 | |||||||||||
Issuance of common shares under the employee stock purchase plan (Note 18) | 11,883 | $ 3 | 11,880 | |||||||||
Net settlement on vesting of restricted share units (Note 18) (in shares) | 335,036 | |||||||||||
Net settlement on vesting of restricted share units (Note 18) | (7,556) | $ 3 | (7,559) | |||||||||
Net settlement on vesting of performance units (Note 18) (in shares) | 1,102,440 | |||||||||||
Net settlement on vesting of performance units (Note 18) | $ (28,290) | $ 11 | (28,301) | |||||||||
Stock repurchased and retired (Note 19( (in shares) | (6,577,562) | (6,577,562) | ||||||||||
Stock repurchased and retired (Note 19) | $ (298,087) | $ (66) | (298,021) | |||||||||
Expenses related to stock repurchase (Note 19) | (132) | (132) | ||||||||||
Stock-based compensation expense (Note 18) | 81,968 | 81,968 | ||||||||||
Stockholders' Equity, Other | (6) | (6) | ||||||||||
Comprehensive income (loss): | ||||||||||||
Net income (loss) | 369,448 | 369,448 | ||||||||||
Other comprehensive income (loss) | (9,013) | (9,013) | ||||||||||
Dividend | $ (80,479) | (80,479) | ||||||||||
End balance, value (in shares) at Dec. 31, 2021 | 185,336,357 | 185,336,357 | ||||||||||
End balance, value at Dec. 31, 2021 | $ 1,897,133 | $ 1,847 | $ 1,717,165 | $ 732,474 | $ (554,353) |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Dividends per common share (in usd per share) | $ 0.34 |
Accounting Standards Update [Extensible List] | ASC 326 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income | $ 369,448 | $ 308,276 | $ 304,881 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 109,124 | 116,499 | 96,101 |
Amortization of debt issuance costs (including loss on extinguishment of debt) | 2,678 | 2,248 | 1,779 |
Amortization of acquired intangible assets | 58,448 | 43,343 | 32,612 |
Write-down of intangible assets and property, plant and equipment | 915 | 14,083 | 3,511 |
Reserve for doubtful receivables/allowance for credit losses | 1,487 | 5,707 | 7,443 |
Unrealized loss (gain) on revaluation of foreign currency asset/liability | (8,304) | 9,578 | (5,171) |
Stock-based compensation expense | 81,968 | 74,008 | 83,885 |
Deferred tax benefit | (9,263) | (22,587) | (16,315) |
Write-down of operating lease right-of-use assets and other assets | 0 | 18,084 | 0 |
Gain on exchange of non-monetary asset | 0 | 0 | (31,380) |
Others, net | 623 | (1,291) | (2,213) |
Change in operating assets and liabilities: | |||
(Increase) decrease in accounts receivable | (11,803) | 42,505 | (121,983) |
(Increase) decrease in prepaid expenses, other current assets, contract cost assets, operating lease right-of-use assets and other assets | 83,432 | (99,852) | (69,813) |
Increase (decrease) in accounts payable | 11,740 | (12,480) | (21,375) |
Increase (decrease) in accrued expenses, other current liabilities, operating lease liabilities and other liability | (2,057) | 87,180 | 157,580 |
Increase (decrease) in income taxes payable | 5,845 | (993) | 8,346 |
Net cash provided by operating activities | 694,281 | 584,308 | 427,888 |
Investing activities | |||
Purchase of property, plant and equipment | (53,341) | (70,170) | (74,927) |
Payment for internally generated intangible assets (including intangibles under development) | (3,907) | (10,201) | (33,834) |
Proceeds from sale of property, plant and equipment and intangibles assets | 6,384 | 607 | 1,750 |
Proceeds from sale of equity affiliates | 0 | 0 | 2,168 |
Payment for business acquisitions, net of cash acquired | (72,025) | (186,633) | (252,276) |
Proceed from sale of investment | 142 | 0 | 0 |
Net cash used for investing activities | (122,747) | (266,397) | (357,119) |
Financing activities | |||
Repayment of finance lease obligations | (13,926) | (10,567) | (7,380) |
Payment of debt issuance costs | (3,029) | (620) | (2,317) |
Proceeds from long-term debt | 350,000 | 0 | 400,000 |
Repayment of long-term debt | (34,002) | (34,000) | (34,000) |
Proceeds from short-term borrowings | 0 | 610,000 | 400,000 |
Repayment of short-term borrowings | (250,000) | (430,000) | (625,000) |
Proceeds from issuance of common shares under stock-based compensation plans | 35,051 | 25,135 | 19,670 |
Payment for net settlement of stock-based awards | (35,717) | (34,083) | (3,850) |
Payment of earn-out consideration | (2,556) | (6,552) | (12,790) |
Dividend paid | (80,479) | (74,212) | (64,671) |
Payment for stock repurchased and retired (including expenses related to stock repurchase) | (298,219) | (137,112) | (30,015) |
Others | (6) | 0 | 0 |
Net cash provided by/ (used for) financing activities | (332,883) | (92,011) | 39,647 |
Effect of exchange rate changes | (19,633) | (12,556) | (11,716) |
Net increase in cash and cash equivalents | 238,651 | 225,900 | 110,416 |
Cash and cash equivalents at the beginning of the period | 680,440 | 467,096 | 368,396 |
Cash and cash equivalents at the end of the period | 899,458 | 680,440 | 467,096 |
Supplementary information | |||
Cash paid during the period for interest (including interest rate swaps) | 46,348 | 49,101 | 45,084 |
Cash paid during the period for income taxes, net of refunds | 31,761 | 193,946 | 104,217 |
Property, plant and equipment acquired under finance lease obligations | 286 | 29,526 | 5,008 |
Non-cash transaction: Gain on exchange of non-monetary asset | $ 0 | $ 0 | $ (31,380) |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization | OrganizationThe Company is a global professional services firm that drives digitally-led innovation and runs digitally-enabled intelligent operations for its clients, guided by its experience over time running thousands of processes for hundreds of Fortune Global 500 clients. The Company has over 109,600 employees serving clients in key industry verticals from more than 30 countries. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies (a) Basis of preparation and principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-K. The accompanying consolidated financial statements reflect all adjustments that management considers necessary for a fair presentation of the results of operations for these periods . The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of Genpact Limited, a Bermuda company, and all of its subsidiaries that are more than 50% owned and controlled. When the Company does not have a controlling interest in an entity but exerts significant influence over the entity, the Company applies the equity method of accounting. All intercompany transactions and balances are eliminated on consolidation. (b) Use of estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, intangible assets and goodwill, revenue recognition, allowance for credit losses, valuation allowances for deferred tax assets, the valuation of derivative financial instruments, the measurement of lease liabilities and right-of-use ("ROU") assets, measurements of stock-based compensation, assets and obligations related to employee benefits, the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, variable consideration, other obligations for revenue recognition, income tax uncertainties and other contingencies. Management believes that the estimates used in the preparation of the consolidated financial statements are reasonable, and management has made assumptions about the possible effects of the ongoing COVID-19 pandemic on critical and significant accounting estimates. Although these estimates and assumptions are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates. Any changes in estimates are adjusted prospectively in the Company’s consolidated financial statements. (c) Business combinations, goodwill and other intangible assets The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standard Codification ("ASC") Topic 805, Business Combinations, by recognizing the identifiable tangible and intangible assets acquired and liabilities assumed, and any non-controlling interest in the acquired business, measured at their acquisition date fair values. Contingent consideration is included within the acquisition cost and is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is re-measured to fair value as of each reporting date until the contingency is resolved. Changes in fair value are recognized in earnings. All assets and liabilities of the acquired businesses, including goodwill, are assigned to reporting units. Acquisition-related costs are expensed as incurred under selling, general and administrative expenses. 2. Summary of significant accounting policies (Continued) Goodwill represents the cost of acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased. Goodwill is not amortized but is tested for impairment at least on an annual basis on December 31, based on a number of factors, including operating results, business plans and future cash flows. The Company performs an assessment of qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Based on the assessment of events or circumstances, the Company performs a quantitative assessment of goodwill impairment if it determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, based on the quantitative impairment analysis, the carrying value of the goodwill of a reporting unit exceeds the fair value of such goodwill, an impairment loss is recognized in an amount equal to the excess. In addition, the Company performs a qualitative assessment of goodwill impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. See Note 10 for information and related disclosures. Intangible assets acquired individually or with a group of other assets or in a business combination and developed internally are carried at cost less accumulated amortization and accumulated impairment loss based on their estimated useful lives as follows: Customer-related intangible assets 1 - 9 years Marketing-related intangible assets 1 - 8 years Technology-related intangible assets 2 - 10 years Intangible assets are amortized over their estimated useful lives using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise realized. In business combinations where the fair value of identifiable tangible and intangible net assets purchased exceeds the cost of the acquired business, the Company recognizes the resulting gain under “Other operating (income) expense, net” in the consolidated statements of income. The Company also capitalizes certain software and technology-related development costs incurred in connection with developing or obtaining software or technology for sale/lease to customers when the initial design phase is completed and commercial and technological feasibility has been established. Any development cost incurred before technological feasibility is established is expensed as incurred as research and development costs. Technological feasibility is established upon completion of a detailed design program or, in its absence, completion of a working model. Capitalized software and technology costs include only (i) external direct costs of materials and services utilized in developing or obtaining software and technology and (ii) compensation and related benefits for employees who are directly associated with the project. Costs incurred in connection with developing or obtaining software or technology for sale/lease to customers which are under development and not put to use are disclosed under “intangible assets under development.” Advances paid towards the acquisition of intangible assets outstanding as of each balance sheet date are disclosed under “intangible assets under development.” Capitalized software and technology costs are included in intangible assets under technology-related intangible assets on the Company’s consolidated balance sheet and are amortized on a straight-line basis when placed into service over the estimated useful lives of the software and technology. The Company evaluates the remaining useful life of intangible assets that are being amortized at each reporting period wherever events and circumstances warrant a revision to the remaining period of amortization, and the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. (d) Financial instruments and concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk are reflected principally in cash and cash equivalents, derivative financial instruments and accounts receivable. The Company places its cash and cash equivalents and derivative financial instruments with corporations and banks with high investment grade ratings, limits the amount of credit exposure with any one corporation or bank and conducts ongoing evaluations of the creditworthiness of the corporations and banks with which it does business. To reduce its credit risk on accounts receivable, the Company conducts ongoing credit evaluations of its customers. 2. Summary of significant accounting policies (Continued) The General Electric Company (“GE”) accounted for 16% and 8% of the Company’s receivables as of December 31, 2020 and 2021, respectively. GE accounted for 14%, 12% and 9% of the Company’s revenues in the years ended December 31, 2019, 2020 and 2021, respectively. (e) Accounts receivable Accounts receivable are recorded at the invoiced or to be invoiced amount and do not bear interest. Amounts collected on trade accounts receivable are included in net cash provided by operating activities in the consolidated statements of cash flows. The Company maintains an allowance for current expected credit losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses which are adjusted to current market conditions and a reasonable and supportable forecast. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. (f) Revenue Recognition The Company derives its revenue primarily from business process management services, including analytics, consulting and related digital solutions and information technology services, which are provided primarily on a time-and-material, transaction or fixed-price basis. The Company recognizes revenue upon the transfer of control of promised services to its customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. Revenues from services rendered under time-and-materials and transaction-based contracts are recognized as the services are provided. The Company’s fixed-price contracts include contracts for customization of applications, maintenance and support services. Revenues from these contracts are recognized ratably over the term of the agreement. The Company accrues for revenue and unbilled receivables for services rendered between the last billing date and the balance sheet date. The Company’s contracts with its customers also include incentive payments received for discrete benefits delivered or promised to be delivered to the customer or service level agreements that could result in credits or refunds to the customer. Revenues relating to such arrangements are accounted for as variable consideration when the amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur. The Company records deferred revenue attributable to certain process transition activities where such activities do not represent separate performance obligations. Revenues relating to such transition activities are classified under contract liabilities and subsequently recognized ratably over the period in which the related services are performed. Costs relating to such transition activities are fulfillment costs which are directly related to the contract and result in the generation or enhancement of resources. Such costs are expected to be recoverable under the contract and are therefore classified as contract cost assets and recognized ratably over the estimated expected period of benefit under cost of revenue. Revenues are reported net of value-added tax, business tax and applicable discounts and allowances. Reimbursements of out-of-pocket expenses received from customers have been included as part of revenues. Revenue for performance obligations that are satisfied over time is recognized in accordance with the methods prescribed for measuring progress. The input (cost expended) method has been used to measure progress towards completion as there is a direct relationship between input and the satisfaction of a performance obligation. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the current contract estimates. The Company enters into multiple-element revenue arrangements in which a customer may purchase a combination of products or services. The Company determines whether each product or service promised to a customer is capable of being distinct, and is distinct in the context of the contract. If not, the promised products or services are combined and accounted for as a single performance obligation. In the event of a multiple-element revenue arrangement, the Company allocates the arrangement consideration to separately identifiable performance obligations based on their relative stand-alone selling prices. 2. Summary of significant accounting policies (Continued) Certain contracts may include offerings such as sale of licenses, which may be perpetual or subscription-based. Revenue from distinct perpetual licenses is recognized upfront at the point in time when the software is made available to the customer. Revenue from distinct, non-cancellable, subscription-based licenses is recognized at the point in time when the license is transferred to the customer. Revenue from any associated maintenance or ongoing support services is recognized ratably over the term of the contract. For a combined software license/services performance obligation, revenue is recognized over the period that the services are performed. All incremental and direct costs incurred for acquiring contracts, such as certain sales commissions, are classified as contract cost assets. Such costs are amortized over the expected period of benefit and recorded under selling, general and administrative expenses. Other upfront fees paid to customers are classified as contract assets. Such fees are amortized over the expected period of benefit and recorded as an adjustment to the transaction price and deducted from revenue. Timing of revenue recognition may differ from the timing of invoicing. If a payment is received in respect of services prior to the delivery of services, the payment is recognized as an advance from the customer and classified as a contract liability. Contract assets and contract liabilities relating to the same customer contract are offset against each other and presented on a net basis in the consolidated financial statements. Significant judgements The Company often enters into contracts with its customers that include promises to transfer multiple products and services to the customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately rather than together may require significant judgement. Judgement is also required to determine the standalone selling price for each distinct performance obligation. In instances where the standalone selling price is not directly observable, it is determined using information that may include market conditions and other observable inputs. Customer contracts sometimes include incentive payments received for discrete benefits delivered to the customer or service level agreements that could result in credits or refunds to the customer. Such amounts are estimated at contract inception and are adjusted at the end of each reporting period as additional information becomes available only to the extent that it is probable that a significant reversal of any incremental revenue will not occur. (g) Leases At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on whether: (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (3) the Company has the right to direct the use of the asset. At the inception of a lease, the consideration in the contract is allocated to each lease component based on its relative standalone price to determine the lease payments. Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any one of the above criteria. For all leases at the lease commencement date, a right-of-use (ROU) asset and a lease liability are recognized. The lease liability represents the present value of the lease payments under the lease. Lease liabilities are initially measured at the present value of the lease payments not yet paid, discounted using the discount rate for the lease at the lease commencement. The lease liabilities are subsequently measured on an amortized cost basis. The lease liability is adjusted to reflect interest on the liability and the lease payments made during the period. Interest on the lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. 2. Summary of significant accounting policies (Continued) The ROU asset represents the right to use the leased asset for the lease term. The ROU asset for each lease initially includes the amount of the initial measurement of the lease liability adjusted for any lease payments made to the lessor at or before the commencement date, accrued lease liabilities and any lease incentives received or any initial direct costs incurred by the Company. The ROU asset of finance leases is subsequently measured at cost, less accumulated amortization. The ROU asset of operating leases is subsequently measured from the carrying amount of the lease liability at the end of each reporting period, and is equal to the carrying amount of lease liabilities adjusted for (1) unamortized initial direct costs, (2) prepaid/(accrued) lease payments and (3) the unamortized balance of lease incentives received. The carrying value of ROU assets is reviewed for impairment, similar to long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company has elected to not separate lease and non-lease components for all of its leases and to use the recognition exemptions for lease contracts that, at commencement date, have a lease term of 12 months or less and do not contain a purchase option (“short-term leases” ). Significant judgements The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. Under certain of its leases, the Company has a renewal and termination option to lease assets for additional terms between one The Company has applied an incremental borrowing rate for the purpose of computing lease liabilities based on the remaining lease term and the rates prevailing in the jurisdictions where leases were executed. For the year ended December 31, 2020, due to the impact of the COVID-19 pandemic on the Company’s current and future revenues and operations, the Company recorded restructuring charges related to the abandonment of leased office premises and related assets. See Note 28 for additional information. (h) Cost of revenue Cost of revenue primarily consists of salaries and benefits (including stock-based compensation), recruitment, training and related costs of employees who are directly responsible for the performance of services for customers, their supervisors and certain support personnel who may be dedicated to a particular customer or a set of processes. It also includes operational expenses, which consist of facilities maintenance expenses, travel and living expenses, rent, IT expenses, and consulting and certain other expenses. Consulting charges represent the cost of consultants and contract resources with specialized skills who are directly responsible for the performance of services for clients and travel and other billable costs related to the Company’s clients. It also includes depreciation of property, plant and equipment, and amortization of intangible and ROU assets which are directly related to providing services that generate revenue. (i) Selling, general and administrative expenses Selling, general and administrative (SG&A) expenses consist of expenses relating to salaries and benefits (including stock-based compensation) as well as costs related to recruitment, training and retention of senior management and other support personnel in enabling functions such as human resources, finance, legal, marketing, sales and sales support, and other support personnel. The operational costs component of SG&A expenses also includes travel and living costs for such personnel. SG&A expenses also include acquisition-related costs, legal and professional fees (which represent the costs of third party legal, tax, accounting and other advisors), investment in research and development, digital technology, advanced automation and robotics, and an allowance for credit losses. It also includes depreciation of property, plant and equipment, and amortization of intangibles and ROU assets other than those included in cost of revenue. 2. Summary of significant accounting policies (Continued) (j) Credit losses An allowance for credit losses is recognized for all debt instruments other than those held at fair value through profit or loss. The Company pools its accounts receivable (other than deferred billings) based on similar risk characteristics in estimating expected credit losses. Credit losses for accounts receivable are based on the roll-rate method, and the Company recognizes a loss allowance based on lifetime expected credit losses at each reporting date. The Company has established a provision matrix based on historical credit loss experience, adjusted for forward-looking factors and the economic environment. The Company believes the most relevant forward-looking factors are economic environment, gross domestic product, inflation rates and unemployment rates for each of the countries in which the Company or its customers operate, and accordingly the Company adjusts historical loss rates based on expected changes in these factors. At every reporting date, observed historical default rates are updated to reflect changes in the Company’s forward-looking estimates. Credit losses for other financial assets and deferred billings are based on the discounted cash flow (“DCF”) method. Under the DCF method, the allowance for credit losses reflects the difference between the contractual cash flows due in accordance with the contract and the present value of the cash flows expected to be collected. The expected cash flows are discounted at the effective interest rate of the financial asset. Such allowances are based on the credit losses expected to arise over the life of the asset which includes consideration of prepayments based on the Company’s expectation as of the balance sheet date. A financial asset is written off when it is deemed uncollectible and there is no reasonable expectation of recovering the contractual cash flows. Expected recoveries of amounts previously written off, not to exceed the aggregate amounts previously written off, are included in determining the allowance at each reporting period. Credit losses are presented as a credit loss expense within “Selling, general and administrative expenses.” Subsequent recoveries of amounts previously written off are credited against the same line item. (k) Reclassification Certain reclassifications have been made in the consolidated financial statements of prior periods to conform to the classification used in the current period. The impact of such reclassifications on the consolidated financial statements is not material. (l ) Cash and cash equivalents Cash and cash equivalents consist of cash and bank balances and all highly liquid investments purchased with an original maturity of three months or less. (m) Short-term investments All liquid investments with an original maturity greater than three months but less than one year are considered to be short-term investments. Marketable short-term investments are classified and accounted for as available-for-sale investments. Available-for-sale investments are reported at fair value with changes in unrealized gains and losses recorded as a separate component of other comprehensive income (loss) until realized. Realized gains and losses on investments are determined based on the specific identification method and are included in “Other income (expense), net.” The Company does not hold these investments for speculative purposes. (n) Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and amortization and accumulated impairment loss. Expenditures for replacements and improvements are capitalized, whereas the costs of maintenance and repairs are charged to earnings as incurred. 2. Summary of significant accounting policies (Continued) The Company depreciates and amortizes all property, plant and equipment using the straight-line method over the following estimated economic useful lives of the assets: Years Buildings 40 Furniture and fixtures 4 Computer equipment and servers 4 Plant, machinery and equipment 4 Computer software 4 - 7 Leasehold improvements Lease period or 10 years, whichever is less Vehicles 3 - 4 The Company capitalizes certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, (ii) compensation and related benefits for employees who are directly associated with the software project, and (iii) interest costs incurred while developing internal-use computer software. Capitalized computer software costs are included in property, plant and equipment on the Company’s consolidated balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software. Advances paid towards acquisition of property, plant and equipment outstanding as of each balance sheet date and the cost of property, plant and equipment not put to use before such date are disclosed under “Capital work in progress.” (o) Impairment of long-lived assets Long-lived assets, including certain intangible assets, to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Such assets are required to be tested for impairment if the carrying amount of the assets is higher than the future undiscounted net cash flows expected to be generated from the assets. The impairment amount to be recognized is measured as the amount by which the carrying value of the assets exceeds their fair value. The Company determines fair value by using a discounted cash flow approach. (p) Foreign currency The Company’s consolidated financial statements are reported in U.S. dollars, the Company’s functional currency. The functional currency for the Company’s subsidiaries organized in Europe, other than the United Kingdom, the Czech Republic, Luxembourg and one subsidiary in Poland, is the euro, and the functional currencies of the Company’s subsidiaries organized in Brazil, China, Colombia, Guatemala, India, Israel, Japan, Morocco, South Africa, the Philippines, Poland, the Czech Republic, Hong Kong, Singapore, Australia and Canada are their respective local currencies. The functional currency of all other Company subsidiaries is the U.S. dollar. The translation of the functional currencies of the Company’s subsidiaries into U.S. dollars is performed for balance sheet accounts using the exchange rates in effect as of the balance sheet date and for revenues and expense accounts using a monthly average exchange rate prevailing during the respective period. The gains or losses resulting from such translation are reported as currency translation adjustments under other comprehensive income (loss), net, under accumulated other comprehensive income (loss) as a separate component of equity. Monetary assets and liabilities of each subsidiary denominated in currencies other than the subsidiary’s functional currency are translated into their respective functional currency at the rates of exchange prevailing on the balance sheet date. 2. Summary of significant accounting policies (Continued) Transactions of each subsidiary in currencies other than the subsidiary’s functional currency are translated into the respective functional currencies at the average monthly exchange rate prevailing during the period of the transaction. The gains or losses resulting from foreign currency transactions are included in the consolidated statements of income. (q) Derivative instruments and hedging activities In the normal course of business, the Company uses derivative financial instruments to manage fluctuations in foreign currency exchange rates and interest rate fluctuation. The Company enters into forward foreign exchange contracts to mitigate the risk of changes in foreign exchange rates on intercompany transactions and forecasted transactions denominated in foreign currencies and interest rate swaps to mitigate interest rate fluctuation risk on its indebtedness. The Company recognizes derivative instruments and hedging activities as either assets or liabilities in its consolidated balance sheets and measures them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting. Changes in the fair values of derivatives designated as cash flow hedges are deferred and recorded as a component of other comprehensive income (loss) reported under accumulated other comprehensive income (loss) until the hedged transactions occur and are then recognized in the consolidated statements of income along with the underlying hedged item and disclosed as part of “Total net revenues,” “Cost of revenue,” “Selling, general and administrative expenses,” and “Interest expense,” as applicable. Changes in the fair value of derivatives not designated as hedging instruments and the ineffective portion of derivatives designated as cash flow hedges are recognized in the consolidated statements of income and are included in foreign exchange gains (losses), net, and other income (expense), net, respectively. With respect to derivatives designated as cash flow hedges, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. The Company also formally assesses, both at the inception of the hedge and on a quarterly basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If it is determined that a derivative or portion thereof is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, the Company will prospectively discontinue hedge accounting with respect to that derivative instrument. In all situations in which hedge accounting is discontinued and the derivative is retained, the Company continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent change in its fair value in the consolidated statements of income. When it is probable that a forecasted transaction will not occur, the Company discontinues hedge accounting and recognizes immediately, in foreign exchange gains (losses), net in the consolidated statements of income, the gains and losses attributable to such derivative that were accumulated in |
Business acquisitions
Business acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business acquisitions | Business acquisitions (a) Hoodoo Digital, LLC On December 31, 2021, the Company acquired 100% of the outstanding equity/limited liability company interests in Hoodoo Digital, LLC, a Utah limited liability company, for total purchase consideration of $66,592. This amount represents cash consideration of $64,310, net of cash acquired of $2,283. The total purchase consideration paid by the Company to the sellers on the closing date was $67,695, resulting in a recoverable of $1,102 as of December 31, 2021. The Company is evaluating adjustments related to certain income and other taxes, which, when determined, may result in the recognition of additional assets or liabilities as of the acquisition date. The measurement period will not exceed one year from the acquisition date. This acquisition furthers the Company's strategy to fuse experience and process innovation to help clients drive end-to-end digital transformation. Hoodoo Digital’s expertise with Adobe Experience Manager and other Adobe applications expands the Company's existing capabilities to provide clients with an end-to-end solution that integrates digital content, e-commerce, data analytics, and marketing operations. 3. Business acquisitions (Continued) In connection with this acquisition, the Company recorded $16,200 in customer-related intangibles and $2,400 in marketing-related intangibles which have a weighted average amortization period of five years. Goodwill arising from the acquisition amounting to $44,216 has been allocated using a relative fair value allocation method to each of the Company’s reporting segments as follows: to the Banking, Capital Markets and Insurance ("BCMI") segment in the amount of $4,167, to the Consumer Goods, Retail, Life Sciences and Healthcare ("CGRLH") segment in the amount of $7,032 and to the High Tech, Manufacturing and Services ("HMS") segment in the amount of $33,017. Goodwill arising from this acquisition is deductible for income tax purposes. The goodwill represents primarily the acquired capabilities and other benefits expected to result from combining the acquired operations with the Company’s existing operations. Acquisition-related costs of $1,177 have been included in selling, general and administrative expenses as incurred. In connection with the acquisition, the Company also acquired certain assets with a value of $5,629 and assumed certain liabilities amounting to $1,852. The agreement with the sellers provides a full indemnity to the Company for all pre-closing income and non-income tax liabilities up to a maximum of the purchase consideration, including interest and penalties thereon. The Company would not be financially or materially affected by any liabilities that may arise from such exposures. Accordingly, the Company recognized an indemnification asset of $278 based on the information that was available at the date of the acquisition, which is included in the assets taken over by the Company. The results of operations of the acquired business and the fair value of the acquired assets and assumed liabilities are included in the Company’s consolidated financial statements with effect from the date of the acquisition. No proforma revenue or earning information for 2021 and 2020 has been presented as the impact is not material. (b) Enquero, Inc. On December 31, 2020, the Company acquired 100% of the outstanding equity interests in Enquero, Inc., a California corporation, and certain affiliated entities in India, the Netherlands and Canada (collectively referred to as “Enquero”) for total purchase consideration of $148,797. This amount represents cash consideration of $137,166, net of cash acquired of $11,631. The total purchase consideration paid by the Company to the sellers on the closing date was $141,938. No portion of the purchase consideration is outstanding as of December 31, 2021. This acquisition increased the scale and depth of the Company’s data and analytics capabilities and enhanced the Company’s ability to accelerate the digital transformation journeys of its clients through cloud technologies and advanced data analytics. In connection with this acquisition, the Company recorded $49,000 in customer-related intangibles, $9,500 in marketing-related intangibles and $1,400 in technology-related intangibles, which have a weighted average amortization period of four years. Goodwill arising from the acquisition amounting to $87,874 has been allocated using a relative fair value allocation method to each of the Company’s reporting segments as follows: to the BCMI segment in the amount of $2,594, to the CGRLH segment in the amount of $22,548 and to the HMS segment in the amount of $62,732. The goodwill arising from this acquisition is not deductible for income tax purposes. The goodwill represents primarily the acquired capabilities and other benefits expected to result from combining the acquired operations with the Company’s existing operations. Acquisition-related costs of $1,590 have been included in selling, general and administrative expenses as incurred. In connection with the acquisition, the Company also acquired certain assets with a value of $32,879, assumed certain liabilities amounting to $17,232 and recognized a net deferred tax liability of $14,343. The agreement with the sellers provides a full indemnity to the Company for all pre-closing income and non-income tax liabilities up to a maximum of the purchase consideration, including interest and penalties thereon. The Company would not be financially or materially affected by any liabilities that may arise from such exposures. Accordingly, the Company recognized an indemnification asset of $5,968 based on the information that was available at the date of the acquisition, which is included in the assets taken over by the Company. The results of operations of the acquired business and the fair value of the acquired assets and assumed liabilities are included in the Company’s consolidated financial statements with effect from the date of the acquisition. 3. Business acquisitions (Continued) (c) SomethingDigital.Com LLC On October 5, 2020, the Company acquired 100% of the outstanding equity/limited liability company interests in SomethingDigital.Com LLC, a New York limited liability company, for total purchase consideration of $57,451. This amount represents cash consideration of $56,073, net of cash acquired of $1,378. The total purchase consideration paid by the Company to the sellers on the closing date was $57,704, resulting in a recoverable of $253, which was received in the three months ended March 31, 2021. This acquisition supported the Company’s strategy to integrate experience and process innovation to help clients on their digital transformation journeys and expanded on the Company’s existing experience capabilities to support end-to-end digital commerce solutions, both business-to-business and business-to-consumer. Additionally, this acquisition expanded the Company’s capabilities into Magento Commerce, which powers Adobe Commerce Cloud, and Shopify Plus, a cloud-based e-commerce platform for high volume merchants. In connection with this acquisition, the Company recorded $11,900 in customer-related intangibles and $3,500 in marketing-related intangibles which have a weighted average amortization period of four years. Goodwill arising from the acquisition amounting to $36,926 has been allocated using a relative fair value allocation method to two of the Company’s reporting segments as follows: to the CGRLH segment in the amount of $30,373 and to the HMS segment in the amount of $6,553. Of the total goodwill arising from this acquisition, $35,084 is deductible for income tax purposes. The goodwill represents primarily the acquired capabilities and other benefits expected to result from combining the acquired operations with those of the Company’s existing operations. Acquisition-related costs of $1,060 have been included in selling, general and administrative expenses as incurred. In connection with the acquisition, the Company also acquired certain assets with a value of $9,538, assumed certain liabilities amounting to $4,494 and recognized a net deferred tax asset of $81. The results of operations of the acquired business and the fair value of the acquired assets and assumed liabilities are included in the Company’s consolidated financial statements with effect from the date of the acquisition. (d) Rightpoint Consulting, LLC On November 12, 2019, the Company acquired 100% of the outstanding equity/limited liability company interests in Rightpoint Consulting, LLC, an Illinois limited liability company, and certain affiliated entities in the United States and India (collectively referred to as “Rightpoint”) for total purchase consideration of $270,669. This amount includes cash consideration of $268,170, net of cash acquired of $2,499. The total purchase consideration paid by the Company to the sellers on the closing date was $248,470, resulting in a payable of $22,199. $5,406 of the total purchase consideration remains payable as of December 31, 2021. This acquisition expanded the Company’s capabilities in improving customer experience. The securities purchase agreement between the Company and the selling equity holders of Rightpoint provided certain of the selling equity holders the option to elect to either (a) receive 100% consideration in cash at the closing date for their limited liability company interests and vested options or (b) “roll over” and retain 25% of their Rightpoint limited liability company interests and vested options for a three-year rollover period and receive cash consideration at closing for the remaining 75% of their Rightpoint limited liability company interests and vested options. Certain selling equity holders elected to receive deferred, variable earn-out consideration with an estimated value of $21,500 over the rollover period of three years. The amount of deferred earn-out consideration ultimately payable by the Company to the selling equity holders of Rightpoint will be based on the future revenue multiple of the acquired business. Additionally, under the purchase agreement the selling equity holders are obligated to sell their rollover interests to the Company. Accordingly, the Company has obtained control over 100% of the outstanding equity/limited liability company interests of Rightpoint as of as of November 12, 2019. See Note 6, “Fair value measurements,” for additional details. 3. Business acquisitions (Continued) In connection with this acquisition, the Company recorded $46,000 in customer-related intangibles and $29,000 in marketing-related intangibles which have a weighted average amortization period of five years. Goodwill arising from the acquisition amounting to $177,181 has been allocated using a relative fair value allocation method to each of the Company’s reporting segments as follows: to the BCMI segment in the amount of $16,983, to the CGRLH segment in the amount of $42,993 and to the HMS segment in the amount of $117,205. Of the total goodwill arising from this acquisition, $91,929 is deductible for income tax purposes. The goodwill represents primarily the acquired capabilities and other benefits expected to result from combining the acquired operations with those of the Company. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | Cash and cash equivalents As of December 31, 2020 2021 Cash and other bank balances $ 680,440 $ 899,458 Total $ 680,440 $ 899,458 |
Accounts receivable, net of all
Accounts receivable, net of allowance for credit losses | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Accounts receivable, net of allowance for credit losses | Accounts receivable, net of allowance for credit losses The following table provides details of the Company’s allowance for credit losses: Year ended December 31, 2019 2020 2021 Opening balance as of January 1 $ 23,960 $ 29,969 $ 27,707 Transition period adjustment on accounts receivables (through retained earnings) pursuant to adoption of ASC 326 — 4,185 — Adjusted balance as of January 1 23,960 34,154 27,707 Additions due to acquisitions 1,004 200 — Additions charged/reversal released to cost and expense, net 7,443 3,307 910 Deductions/effect of exchange rate fluctuations (2,438) (9,954) (4,288) Closing balance $ 29,969 $ 27,707 $ 24,329 Accounts receivable were $908,727 and $912,071, and allowances for credit losses were $27,707 and $24,329, resulting in net accounts receivable balances of $881,020 and $887,742 as of December 31, 2020 and 2021, respectively. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements The Company measures certain financial assets and liabilities, including derivative instruments, at fair value on a recurring basis. The fair value measurements of these financial assets and liabilities were determined using the following inputs as of December 31, 2020 and 2021: As of December 31, 2020 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Assets Derivative instruments (Note a, c) $ 27,709 $ — $ 27,709 $ — Deferred compensation plan assets (Note a, e) 26,832 — — 26,832 Total $ 54,541 $ — $ 27,709 $ 26,832 Liabilities Earn-out consideration (Note b, d) $ 8,272 $ — $ — $ 8,272 Derivative instruments (Note b, c) 40,981 — 40,981 — Deferred compensation plan liability (Note b, f) 26,390 — — 26,390 Total $ 75,643 $ — $ 40,981 $ 34,662 As of December 31, 2021 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Assets Derivative instruments (Note a, c) $ 34,070 $ — $ 34,070 $ — Deferred compensation plan assets (a, e) 38,584 — — 38,584 Total $ 72,654 $ — $ 34,070 $ 38,584 Liabilities Earn-out consideration (Note b, d) $ 5,406 $ — $ — $ 5,406 Derivative instruments (Note b, c) 15,254 — 15,254 — Deferred compensation plan liability (b, f) 38,007 — — 38,007 Total $ 58,667 $ — $ 15,254 $ 43,413 (a) Derivative assets are included in “prepaid expenses and other current assets” and “other assets;” deferred compensation plan assets are included in “other assets” in the consolidated balance sheets. (b) Included in “accrued expenses and other current liabilities” and “other liabilities” in the consolidated balance sheets. (c) The Company values its derivative instruments based on market observable inputs, including both forward and spot prices for the relevant currencies and interest rate indices for relevant interest rates. The quotes are taken from an independent market database. (d) The fair value of earn-out consideration, calculated as the present value of expected future payments to be made to the sellers of acquired businesses, was derived by estimating the future financial performance of the acquired businesses using the earn-out formula and performance targets specified in each purchase agreement and adjusting the result to reflect the Company’s estimate of the likelihood of achievement of such targets. Given the significance of the unobservable inputs, the valuations are classified in level 3 of the fair value hierarchy. 6. Fair value measurements (Continued) (e) Deferred compensation plan assets consist of life insurance policies held under a Rabbi Trust. Assets held in the Rabbi Trust are valued based on the cash surrender value of the insurance contract, which is determined based on the fair value of the underlying assets included in the insurance portfolio and are therefore classified within level 3 of the fair value hierarchy. (f) The fair value of the deferred compensation plan liability is derived based on the fair value of the underlying assets in the insurance policies and is therefore classified within level 3 of the fair value hierarchy. The following table provides a roll-forward of the fair value of earn-out consideration categorized as level 3 in the fair value hierarchy for the years ended December 31, 2020 and 2021: Year ended December 31, 2020 2021 Opening balance $ 22,184 $ 8,272 Payments made on earn-out consideration (Note a) (6,552) (2,556) Change in fair value of earn-out consideration (Note b) (7,790) (750) Others (Note c) 430 440 Closing balance $ 8,272 $ 5,406 (a) Includes the interest payment on earn-out consideration in excess of the acquisition date fair value, which is included in “cash flows from operating activities” amounting to $0 and $440 for the year ended December 31, 2020 and 2021, respectively. (b) Changes in the fair value of earn-out consideration are reported in “other operating (income) expense, net” in the consolidated statements of income. (c) “Others” is comprised of interest expense included in “interest income (expense), net” and the impact of changes in foreign exchange reported in “foreign exchange gains (losses), net” in the consolidated statements of income. This also includes a cumulative translation adjustment reported as a component of other comprehensive income (loss). The following table provides a roll-forward of the fair value of deferred compensation plan assets categorized as level 3 in the fair value hierarchy for the year ended December 31, 2020 and 2021: Year ended December 31, 2020 2021 Opening balance $ 11,208 $ 26,832 Additions (net of redemption) 11,460 7,523 Change in fair value of deferred compensation plan assets (Note a) 4,164 4,229 Closing balance $ 26,832 $ 38,584 (a) Changes in the fair value of plan assets are reported in “other income (expense), net” in the consolidated statements of income. 6. Fair value measurements (Continued) The following table provides a roll-forward of the fair value of deferred compensation liabilities categorized as level 3 in the fair value hierarchy for the year ended December 31, 2020 and 2021: Year ended December 31, 2020 2021 Opening balance $ 10,943 $ 26,390 Additions (net of redemption) 11,327 7,523 Change in fair value of deferred compensation plan liabilities (Note a) 4,120 4,094 Closing balance $ 26,390 $ 38,007 (a) Changes in the fair value of deferred compensation liabilities are reported in “selling, general and administrative expenses” in the consolidated statements of income. |
Derivative financial instrument
Derivative financial instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | Derivative financial instruments The Company is exposed to the risk of rate fluctuations on its foreign currency assets and liabilities and on foreign currency denominated forecasted cash flows and interest rates. The Company has established risk management policies, including the use of derivative financial instruments to hedge foreign currency assets and liabilities, foreign currency denominated forecasted cash flows and interest rate risk. These derivative financial instruments are largely deliverable and non-deliverable forward foreign exchange contracts, treasury rate locks and interest rate swaps. The Company enters into these contracts with counterparties that are banks or other financial institutions, and the Company considers the risk of non-performance by such counterparties not to be material. The forward foreign exchange contracts and interest rate swaps mature during a period of up to 48 months and the forecasted transactions are expected to occur during the same periods. The following table presents the aggregate notional principal amounts of outstanding derivative financial instruments together with the related balance sheet exposure: Notional principal amounts Balance sheet exposure asset As of December 31, 2020 As of December 31, 2021 As of December 31, 2020 As of December 31, 2021 Foreign exchange forward contracts denominated in: United States Dollars (sell) Indian Rupees (buy) $ 1,150,000 $ 1,348,600 $ 15,207 $ 26,247 United States Dollars (sell) Mexican Peso (buy) 17,500 23,750 716 140 United States Dollars (sell) Philippines Peso (buy) 67,200 75,600 1,332 (2,215) Euro (sell) United States Dollars (buy) 96,651 120,994 (5,659) 2,634 Singapore Dollars (buy) United States Dollars (sell) 10,153 3,655 66 65 Euro (sell) Romanian Leu (buy) 29,489 47,506 (22) (233) Japanese Yen (sell) Chinese Renminbi (buy) 19,230 10,440 473 202 United States Dollars (sell) Chinese Renminbi (buy) — 45,000 — 120 Pound Sterling (sell) United States Dollars (buy) — 49,031 — 545 United States Dollars (sell) Hungarian Font (buy) 30,000 39,000 904 (2,174) Hungarian Font (Sell) Euro (buy) 10,444 2,828 61 (17) Australian Dollars (sell) Indian Rupees (buy) 140,525 97,053 (7,670) 1,234 Interest rate swaps (floating to fixed) 488,022 460,135 (18,680) (7,732) $ (13,272) $ 18,816 7. Derivative financial instruments (Continued) (a) Notional amounts are key elements of derivative financial instrument agreements but do not represent the amount exchanged by counterparties and do not measure the Company’s exposure to credit, foreign exchange, interest rate or other market risks. However, the amounts exchanged are based on the notional amounts and other provisions of the underlying derivative financial instrument agreements. Notional amounts are denominated in U.S. dollars. (b) Balance sheet exposure is denominated in U.S. dollars and denotes the mark-to-market impact of the derivative financial instruments on the reporting date. FASB guidance on derivatives and hedging requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the balance sheet. In accordance with the FASB guidance on derivatives and hedging, the Company designates foreign exchange forward contracts, interest rate swaps and treasury rate locks as cash flow hedges. Foreign exchange forward contracts are entered into to cover the effects of future exchange rate variability on forecasted revenue and purchases of services, and interest rate swaps and treasury rate locks are entered into to cover interest rate fluctuation risk. In addition to this program, the Company uses derivative instruments that are not accounted for as hedges under the FASB guidance in order to hedge foreign exchange risks related to balance sheet items, such as receivables and intercompany borrowings, that are denominated in currencies other than the Company’s underlying functional currency. The fair values of the Company’s derivative instruments and their location in the Company’s financial statements are summarized in the table below: Cash flow hedges Non-designated As of December 31, 2020 As of December 31, 2021 As of December 31, 2020 As of December 31, 2021 Assets Prepaid expenses and other current assets $ 16,188 $ 16,064 $ 5,357 $ 3,130 Other assets $ 6,164 $ 14,876 $ — $ — Liabilities Accrued expenses and other current liabilities $ 16,387 $ 11,408 $ 3,785 $ 1,090 Other liabilities $ 16,886 $ 2,756 $ 3,923 $ — Cash flow hedges For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain (loss) on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction is recognized in the consolidated statements of income. Gains (losses) on the derivatives, representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness, are recognized in earnings as incurred. The Company executed a treasury rate lock agreement for $350,000 in connection with future interest payments to be made on its senior notes issued by Genpact Luxembourg S.à r.l. (“Genpact Luxembourg”) and Genpact USA, Inc. (“Genpact USA”), both wholly-owned subsidiaries of the Company, in March 2021 (the “2021 Senior Notes”), and the treasury rate lock was designated as a cash flow hedge. The treasury rate lock agreement was terminated on March 23, 2021 and a deferred gain was recorded in accumulated other comprehensive income and is being amortized to interest expense over the life of the 2021 Senior Notes. The remaining gain to be amortized related to the treasury rate lock agreement as of December 31, 2021 was $692. 7. Derivative financial instruments (Continued) In connection with cash flow hedges, the gains (losses) recorded as a component of other comprehensive income (loss), or OCI, and the related tax effects are summarized below: Year ended December 31, 2019 2020 2021 Before-Tax amount Tax (Expense) or Benefit Net of tax Amount Before-Tax Tax (Expense) or Benefit Net of tax Amount Before-Tax Tax (Expense) or Benefit Net of tax Amount Opening balance $ (2,411) $ (5,524) $ (7,935) $ (4,126) $ (1,466) $ (5,592) $ (10,921) $ 1,861 $ (9,060) Net gains (losses) reclassified into statement of income on completion of hedged transactions 19,401 (7,212) 12,189 (6,171) 605 (5,566) 7,628 (1,836) 5,792 Changes in fair value of effective portion of outstanding derivatives, net 17,686 (3,154) 14,532 (12,966) 3,932 (9,034) 36,017 (7,101) 28,916 Gain (loss) on cash flow hedging derivatives, net (1,715) 4,058 2,343 (6,795) 3,327 (3,468) 28,389 (5,265) 23,124 Closing balance $ (4,126) $ (1,466) $ (5,592) $ (10,921) $ 1,861 $ (9,060) $ 17,468 $ (3,404) $ 14,064 The gains or losses recognized in other comprehensive income (loss) and their effects on financial performance are summarized below: Derivatives in Amount of Gain (Loss) Location of Gain (Loss) Amount of Gain (Loss) reclassified Year ended December 31, Year ended December 31, 2019 2020 2021 2019 2020 2021 Forward foreign $ 24,581 $ 6,933 $ 32,270 Revenue $ 6,782 $ 4,432 $ 1,354 Interest rate swaps (6,895) (19,899) 2,931 Cost of revenue 6,435 (4,553) 11,155 Treasury rate lock — — 816 Selling, general and administrative expenses 1,732 (1,266) 3,012 Interest expense 4,452 (4,784) (7,893) $ 17,686 $ (12,966) $ 36,017 $ 19,401 $ (6,171) $ 7,628 There were no gains (losses) recognized in the statement of income on the ineffective portion of derivatives and excluded from effectiveness testing for the years ended December 31, 2019, 2020 and 2021, respectively. N on-designated Hedges Derivatives not designated as hedging instruments Location of Gain (Loss) recognized in Statement of Income on Derivatives Amount of Gain (Loss) recognized in Statement of Income on Derivatives Year ended December 31, 2019 2020 2021 Forward foreign exchange contracts (Note a) Foreign exchange gains (losses), net $ 4,299 $ (8,055) $ 12,116 Forward foreign exchange contracts (Note b) Foreign exchange gains (losses), net — 3,963 — $ 4,299 $ (4,092) $ 12,116 7. Derivative financial instruments (Continued) a) These forward foreign exchange contracts were entered into to hedge fluctuations in foreign exchange rates for recognized balance sheet items, such as receivables and intercompany borrowings, and were not originally designated as hedges under FASB guidance on derivatives and hedging. Realized gains (losses) and changes in the fair value of these derivatives are recorded in foreign exchange gains (losses), net in the consolidated statements of income. b) These forward foreign exchange contracts were initially designated as cash flow hedges under ASC guidance on derivatives and hedging. These contracts were terminated because certain forecasted transactions were no longer expected to occur and therefore hedge accounting was no longer applied. Subsequently, the realized gains (losses) are recorded in foreign exchange gains (losses) net in the consolidated statements of income. In connection with the COVID-19 pandemic, the Company has reevaluated its hedging arrangements. The Company has considered the effect of changes, if any, in both counterparty credit risk and the Company’s own non-performance risk while assessing hedge effectiveness and measuring hedge ineffectiveness. The Company believes that its hedges continue to be effective after taking into account the expected impact of the COVID-19 pandemic on the Company’s hedged transactions. |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid expenses and other current assets | Prepaid expenses and other current assets Prepaid expenses and other current assets consist of the following: As of December 31, 2020 2021 Advance income and non-income taxes $ 73,008 $ 28,075 Contract asset (Note 25) 9,035 8,506 Prepaid expenses 32,375 38,528 Derivative instruments 21,545 19,194 Employee advances 2,636 2,797 Deposits 8,774 5,839 Advances to suppliers 2,716 804 Others 37,319 30,698 Total $ 187,408 $ 134,441 |
Property, plant and equipment,
Property, plant and equipment, net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment, net | Property, plant and equipment, net Property, plant and equipment, net consist of the following: As of December 31, 2020 2021 Land $ 5,792 $ 7,292 Buildings 41,622 41,282 Furniture and fixtures 52,610 52,901 Computer equipment and servers 270,376 309,551 Plant, machinery and equipment 109,722 108,527 Computer software 141,417 138,343 Leasehold improvements 126,761 114,747 Vehicles 152 162 Capital work in progress 44,011 45,647 Property, plant and equipment, gross $ 792,463 $ 818,452 Less: Accumulated depreciation, amortization and impairment (561,341) (603,363) Property, plant and equipment, net $ 231,122 $ 215,089 Depreciation expense on property, plant and equipment for the years ended December 31, 2019, 2020 and 2021 was $53,332, $67,662 and $62,159, respectively. Computer software amortization for the years ended December 31, 2019, 2020 and 2021 was $14,167, $9,421 and 5,842, respectively. The depreciation and amortization expenses set forth above include the effect of the reclassification of foreign exchange (gains) losses related to the effective portion of foreign currency derivative contracts, amounting to $(267), $213 and $(430) for the years ended December 31, 2019, 2020 and 2021, respectively. The Company recorded a write-down to computer software during the years ended December 31, 2020 and 2021 as described in Note 10. |
Goodwill and intangible assets
Goodwill and intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | Goodwill and intangible assets The following table presents the changes in goodwill for the years ended December 31, 2020 and 2021: As of December 31, 2020 2021 Opening balance $ 1,574,466 $ 1,695,688 Goodwill relating to acquisitions consummated during the period 123,595 44,216 Impact of measurement period adjustments (5,653) 1,205 Effect of exchange rate fluctuations 3,280 (10,082) Closing balance $ 1,695,688 $ 1,731,027 The following table presents the changes in goodwill by reporting unit for the year ended December 31, 2020: BCMI CGRLH HMS Total Opening balance $ 417,213 $ 555,130 $ 602,123 $ 1,574,466 Goodwill relating to acquisitions consummated during the period 2,559 52,612 68,424 123,595 Impact of measurement period adjustments (542) (1,372) (3,739) (5,653) Effect of exchange rate fluctuations 942 1,204 1,134 3,280 Closing balance $ 420,172 $ 607,574 $ 667,942 $ 1,695,688 10. Goodwill and intangible assets (Continued) The following table presents the changes in goodwill by reporting unit for the year ended December 31, 2021: BCMI CGRLH HMS Total Opening balance $ 420,172 $ 607,574 $ 667,942 $ 1,695,688 Goodwill relating to acquisitions consummated during the period 4,167 7,032 33,017 44,216 Impact of measurement period adjustments 35 309 861 1,205 Effect of exchange rate fluctuations (3,117) (3,795) (3,170) (10,082) Closing balance $ 421,257 $ 611,120 $ 698,650 $ 1,731,027 During the years ended December 31, 2020 and 2021, in accordance with ASC 350, Intangibles-Goodwill and Other, the Company performed an assessment to determine whether events or circumstances exist that may lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Based on such assessment, as of December 31, 2020 and 2021, the Company concluded that it is not more likely than not that the fair values of any of the Company’s reporting units are less than their carrying amounts. The total amount of the Company’s goodwill deductible for tax purposes was $296,046 and $326,795 as of December 31, 2020 and 2021, respectively. The Company’s intangible assets are as follows: As of December 31, 2020 As of December 31, 2021 Gross carrying amount Accumulated amortization & Impairment Net Gross carrying amount Accumulated amortization & Impairment Net Customer-related intangible assets $ 478,189 $ 359,652 $ 118,537 $ 489,974 $ 394,688 $ 95,286 Marketing-related intangible assets 96,561 61,154 35,407 98,870 76,663 22,207 Technology-related intangible assets 152,293 90,866 61,427 171,772 119,630 52,142 Intangible assets under development 23,864 2,503 21,361 — — — Total $ 750,907 $ 514,175 $ 236,732 $ 760,616 $ 590,981 $ 169,635 Amortization expenses for intangible assets acquired as part of a business combination and disclosed in the consolidated statements of income under amortization of acquired intangible assets for the years ended December 31, 2019, 2020 and 2021 were $32,612, $43,343 and $58,448, respectively. Amortization expenses for internally-developed and other intangible assets disclosed in the consolidated statements of income under cost of revenue and selling, general and administrative expenses for the years ended December 31, 2019, 2020 and 2021 were $18,957, $27,290 and $24,987, respectively. Amortization expenses for the technology-related, internally-developed intangible assets set forth above include the effect of the reclassification of foreign exchange (gains) losses related to the effective portion of foreign currency derivative contracts, amounting to $(76), $74 and $(157) for the years ended December 31, 2019, 2020 and 2021, respectively. During the years ended December 31, 2019, 2020 and 2021, the Company tested for recoverability certain customer-related and technology-related intangible assets, including those under development, and certain property, plant and equipment, as a result of changes in the Company’s investment strategy and market trends which led to a decision to cease certain service offerings. Based on the results of its testing, the Company determined that the carrying value of certain assets tested were not recoverable and the Company recorded complete write-downs of the carrying values of these assets amounting to $3,511, $14,083 and $915 for the years ended December 31, 2019, 2020 and 2021, respectively. These write-downs have been recorded in “other operating (income) expense, net” in the consolidated statements of income. 10. Goodwill and intangible assets (Continued) The summary below represents the impairment charges recorded for various categories of assets during the years ended December 31, 2019, 2020 and 2021: Year ended December 31, 2019 2020 2021 Technology related intangibles $ 3,511 $ 5,179 $ 205 Customer related intangibles — 938 — Total Intangibles $ 3,511 $ 6,117 $ 205 Property, plant and equipment $ — $ 7,966 $ 710 Total Property, plant and equipment $ — $ 7,966 $ 710 Grand Total $ 3,511 $ 14,083 $ 915 The estimated amortization schedule for the Company’s intangible assets for future periods is set out below: For the year ending December 31: 2022 $ 63,620 2023 48,718 2024 32,938 2025 19,527 2026 and beyond 4,832 Total $ 169,635 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Other assets consist of the following: As of December 31, 2020 2021 Contract asset (Note 25) $ 6,770 $ 5,235 Advance income and non-income taxes 155,035 124,219 Deposits 32,058 28,463 Derivative instruments 6,164 14,876 Prepaid expenses 5,176 5,979 Deferred billings, net* 25,357 44,360 Right of use (ROU) assets finance lease 50,083 34,284 Others 43,175 64,742 Total $ 323,818 $ 322,158 *Deferred billings were $28,491 and $48,071 and allowances for credit losses on deferred billings were $3,134 and $3,711, resulting in net deferred billings balances of $25,357 and $44,360 as of December 31, 2020 and 2021, respectively. Total credit losses on deferred billings of $3,134 as of December 31, 2020 includes $734 as a transition date adjustment through retained earnings pursuant to the adoption of ASC 326 and $2,400 as a charge for the year ended December 31, 2020. During the year ended December 31, 2021, the Company recorded an additional charge of $577 to cost and expense on account of credit losses on deferred billings. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company has leased buildings, vehicles, furniture and fixtures, leased lines, computer equipment and servers from various lessors. Certain lease agreements include options to terminate or extend the leases for up to 10 years. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease cost for operating and finance leases for the years ended December 31, 2019, 2020 and 2021 are summarized below: Year ended December 31, 2019 Year ended December 31, 2020 Year ended December 31, 2021 Finance lease cost: Amortization of ROU assets (Note a) 9,302 12,483 15,549 Interest on lease liabilities (Note b) 2,997 2,454 2,538 Operating lease cost (Note c) 74,436 88,596 81,637 Short-term lease cost (Note c) 438 1,643 1,057 Variable lease cost (Note c) 4,052 5,347 5,307 Total lease cost $ 91,225 $ 110,523 $ 106,088 a) Included in “depreciation and amortization” in the consolidated statements of income. b) Included in “interest income (expense), net” in the consolidated statements of income. c) Included in “cost of revenue” and “selling, general and administrative expenses” in the consolidated statements of income. ROU assets relating to finance leases of $50,083 and $34,284 as of December 31, 2020 and December 31, 2021, respectively, are included in “ other assets The operating lease cost set out above includes the effect of the reclassification of foreign exchange (gains) losses related to the effective portion of foreign currency derivative contracts amounting to $(105), $161 and $(333) for the years ended December 31, 2019, 2020 and 2021, respectively. Other information Year ended December 31, 2019 Year ended December 31, 2020 Year ended December 31, 2021 Weighted-average remaining lease term—finance leases 3.9 years 3.1 years 2.34 years Weighted-average remaining lease term—operating leases 6.77 years 6.42 years 5.76 years Weighted-average discount rate—finance leases 9.20 % 6.61 % 5.70 % Weighted-average discount rate—operating leases 6.87 % 7.28 % 6.98 % Year ended December 31, 2019 Year ended December 31, 2020 Year ended December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 2,859 $ 2,898 $ 2,592 Operating cash flows from operating leases $ 72,645 $ 92,010 $ 80,159 Financing cash flows from finance leases $ 7,380 $ 10,567 $ 13,926 12. Leases (Continued) The following table reconciles the undiscounted cash flows for the Company’s operating and finance leases as of December 31, 2021 to the operating and finance lease liabilities recorded on the Company’s consolidated balance sheet: Period range Finance lease Operating lease 2022 $ 20,008 $ 80,226 2023 10,178 73,374 2024 5,105 62,132 2025 2,062 64,383 2026 34 37,131 Thereafter — 66,004 Total lease payments $ 37,387 $ 383,250 Less: Imputed interest 2,541 73,952 Total lease liabilities $ 34,846 $ 309,298 The following table reconciles the undiscounted cash flows for the Company’s operating and finance leases as of December 31, 2020 to the operating and finance lease liabilities recorded on the Company’s consolidated balance sheet: Period range Finance lease Operating lease 2021 $ 19,584 $ 78,148 2022 17,165 75,288 2023 10,081 66,790 2024 3,876 56,013 2025 1,000 43,696 Thereafter — 117,580 Total lease payments $ 51,706 $ 437,515 Less: Imputed interest 2,682 91,673 Total lease liabilities $ 49,024 $ 345,842 During the year ended December 31, 2020, the Company recorded an impairment charge of $16,322 relating to operating lease right-of-use assets due to the Company’s shift to a virtual operating environment. There were no corresponding impairment charges during the years ended December 31, 2019 and 2021. Of the total impairment charge recorded in the year ended December 31, 2020, $8,482 pertains to restructuring charges. See Note 28 for additional details. |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: As of December 31, 2020 2021 Accrued expenses $ 150,390 $ 162,054 Accrued employee cost 286,399 307,777 Earn-out consideration 2,651 2,501 Statutory liabilities 104,768 67,948 Retirement benefits 1,967 1,746 Compensated absences 28,635 26,596 Derivative instruments 20,172 12,498 Contract liabilities (Note 25) 154,717 160,602 Finance lease liability 18,066 18,549 Others 39,004 31,169 Total $ 806,769 $ 791,440 |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt Borrowings under the Company's credit facility, which was amended in August 2018, bear interest at a rate equal to, at the election of the Company, either LIBOR plus an applicable margin equal to 1.375% per annum or a base rate plus an applicable margin equal to 0.375% per annum, in each case subject to adjustment based on the Company’s debt ratings provided by Standard & Poor’s Rating Services and Moody’s Investors Service, Inc. Based on the Company’s election and current credit rating, the applicable interest rate is equal to LIBOR plus 1.375% per annum. The amended credit agreement restricts certain payments, including dividend payments, if there is an event of default under the credit agreement or if the Company is not, or after making the payment would not be, in compliance with certain financial covenants contained in the amended credit agreement. These covenants require the Company to maintain a net debt to EBITDA leverage ratio of below 3x and an interest coverage ratio of more than 3x. During the year ended December 31, 2021, the Company was in compliance with the terms of the credit agreement, including all of the financial covenants therein. The Company’s retained earnings are not subject to any restrictions on availability to make dividend payments to shareholders, subject to compliance with the financial covenants described above that are contained in the amended credit agreement. As of December 31, 2020 and 2021, the amount outstanding under the term loan, net of debt amortization expense of $1,150 and $687, respectively, was $593,850 and $560,313, respectively. As of December 31, 2020 and 2021, the term loan bore interest at a rate equal to LIBOR plus a margin of 1.375% per annum. Indebtedness under the amended facility is unsecured. The amount outstanding on the term loan as of December 31, 2021 requires quarterly payments of $8,500, and the balance of the loan is due and payable upon the maturity of the term loan on August 8, 2023. The maturity profile of the term loan outstanding as of December 31, 2021, net of debt amortization expense, is as follows: Year ended Amount 2022 33,564 2023 526,749 Total $ 560,313 14. Long-term debt (Continued) Genpact Luxembourg S.à r.l., a wholly-owned subsidiary of the Company, issued $350,000 aggregate principal amount of 3.70% senior notes in March 2017 (the “2017 Senior Notes”) and $400,000 aggregate principal amount of 3.375% senior notes in November 2019 (the “2019 Senior Notes”). The 2017 Senior Notes and 2019 Senior Notes are fully guaranteed by the Company. The total debt issuance costs of $2,642 and $2,937 incurred in connection with the 2017 Senior Notes and 2019 Senior Notes offerings, respectively, are being amortized over the lives of the respective notes as an additional interest expense. As of December 31, 2020 and 2021, the amount outstanding under the 2017 Senior Notes, net of debt amortization expense of $658 and $131, respectively, was $349,342 and $349,869, respectively, which is payable on April 1, 2022. As of December 31, 2020 and 2021, the amount outstanding under the 2019 Senior Notes, net of debt amortization expense of $2,284 and $1,702, respectively, was $397,716 and $398,298, respectively, which is payable on December 1, 2024. In March 2021, Genpact Luxembourg S.à r.l. and Genpact USA, Inc., both wholly-owned subsidiaries of the Company, co-issued $350,000 aggregate principal amount of 1.750% senior notes (the “2021 Senior Notes,” and together with the 2017 Senior Notes and the 2019 Senior Notes, the “Senior Notes”). The 2021 Senior Notes are fully guaranteed by the Company. The total debt issuance cost of $3,032 incurred in connection with the 2021 Senior Notes is being amortized over the life of the 2021 Senior Notes as additional interest expense. As of December 31, 2021, the amount outstanding under the 2021 Senior Notes, net of debt amortization expense of $2,571, was $347,429, which is payable on April 10, 2026. The Company pays interest on (i) the 2017 Senior Notes semi-annually in arrears on April 1 and October 1 of each year, (ii) the 2019 Senior Notes semi-annually in arrears on June 1 and December 1 of each year, and (iii) the 2021 Senior Notes semi-annually in arrears on April 10 and October 10 of each year, ending on the maturity dates of April 1, 2022, December 1, 2024 and April 10, 2026, respectively. The Company, at its option, may redeem the Senior Notes at any time in whole or in part, at a redemption price equal to (i) 100% of the principal amount of the notes redeemed, together with accrued and unpaid interest on the redeemed amount, and (ii) if the notes are redeemed prior to, in the case of the 2017 Senior Notes, March 1, 2022, in the case of the 2019 Senior Notes, November 1, 2024, and in the case of the 2021 Senior Notes, March 10, 2026, a specified “make-whole” premium. The Senior Notes are subject to certain customary covenants, including limitations on the ability of the Company and certain of its subsidiaries to incur debt secured by liens, engage in certain sale and leaseback transactions and consolidate, merge, convey or transfer their assets substantially as an entirety. During the year ended December 31, 2021, the Company and its applicable subsidiaries were in compliance with the covenants. Upon certain change of control transactions, the applicable issuer or issuers will be required to make an offer to repurchase the Senior Notes at a price equal to 101% of the aggregate principal amount of the Senior Notes, plus accrued and unpaid interest. The interest rate payable on the Senior Notes is subject to adjustment if the credit rating of the Senior Notes is downgraded, up to a maximum increase of 2.0%. A summary of the Company’s long-term debt is as follows: As of December 31, 2020 2021 Credit facility, net of debt amortization expenses $ 593,850 $ 560,313 3.70% 2017 Senior Notes, net of debt amortization expenses 349,342 349,869 3.375% 2019 Senior Notes, net of debt amortization expenses 397,716 398,298 1.750% 2021 Senior Notes, net of debt amortization expenses $ — $ 347,429 Total $ 1,340,908 $ 1,655,909 Current portion 33,537 383,433 Non-current portion 1,307,371 1,272,476 Total $ 1,340,908 $ 1,655,909 |
Short-term borrowings
Short-term borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Short-term borrowings | Short-term borrowings The Company has the following borrowing facilities: (a) Fund-based and non-fund-based credit facilities with banks, which are available for operational requirements in the form of overdrafts, letters of credit, guarantees and short-term loans. As of December 31, 2020 and 2021, the limits available were $14,311 and $24,727, respectively, of which $7,809 and $5,848, respectively, was utilized, constituting non-funded drawdown. |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other liabilities | Other liabilities Other liabilities consist of the following: As of December 31, 2020 2021 Accrued employee cost 19,797 15,790 Earn-out consideration 5,621 2,905 Retirement benefits 11,947 11,993 Compensated absences 47,656 52,023 Derivative instruments 20,809 2,756 Contract liabilities (Note 25) 68,760 80,222 Finance lease liability 30,958 16,297 Others 32,850 63,224 Total $ 238,398 $ 245,210 |
Employee benefit plans
Employee benefit plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee benefit plans | Employee benefit plans The Company has employee benefit plans in the form of certain statutory and other programs covering its employees. Defined benefit plans In accordance with Indian law, the Company provides a defined benefit retirement plan (the “Gratuity Plan”) covering substantially all of its Indian employees. The Gratuity Plan provides a lump-sum payment to vested employees upon retirement or termination of employment in an amount based on each employee’s salary and duration of employment with the Company. The Gratuity Plan benefit cost for the year is calculated on an actuarial basis. The Company contributes the required funding for all ascertained liabilities to the Gratuity Plan. Trustees administer contributions made to the trust, and contributions are invested in specific designated instruments as permitted by Indian law. The Company’s overall investment strategy is to invest predominantly in fixed income funds managed by asset management companies and a small portion in equity funds. These funds further invest in debt securities such as money market instruments, government securities and public and private bonds. During the years ended December 31, 2019, 2020 and 2021, all of the plan assets were primarily invested in debt securities. In addition, in accordance with Mexican law, the Company provides certain termination benefits (the “Mexican Plan”) to all of its Mexican employees based on the age, duration of service and salary of each eligible employee. The full-year benefit cost of the Mexican Plan is calculated on an actuarial basis. 17. Employee benefit plans (Continued) In addition, certain of the Company’s subsidiaries organized or operating in the Philippines and Japan have sponsored defined benefit retirement programs (respectively, the “Philippines Plan” and the “Japan Plan”). The full-year benefit costs of the Philippines Plan and the Japan Plan are calculated on an actuarial basis. Company contributions in respect of these plans are made to insurer-managed funds or to a trust. The trust contributions are further invested in government bonds. In addition, in accordance with Israeli law, the Company provides certain termination benefits (the “Israeli Plan”) to all of its Israeli employees based on the age, duration of service and salary of each eligible employee. The full-year benefit cost of the Israeli Plan is calculated on an actuarial basis. The plan contributions are further invested into insurer managed funds. Current service costs for defined benefit plans are accrued in the year to which they relate on a monthly basis. Actuarial gains or losses, or prior service costs, if any, resulting from amendments to the plans are recognized and amortized over the remaining period of service of the employees or over the average remaining life expectancies for inactive employees if most of the plan obligations are payable to inactive employees. The following table sets forth the funded status of the Company’s defined benefit plans and the amounts recognized in the Company’s financial statements based on actuarial valuations carried out as of December 31, 2020 and 2021. As of December 31, 2020 2021 Change in benefit obligation Projected benefit obligation at the beginning of the year $ 80,561 $ 97,660 Service cost 11,897 14,546 Actuarial loss (Gain) 6,843 (10,436) Interest cost 5,297 5,497 Liabilities assumed on acquisition/ transfer of employees 180 — Benefits paid (6,388) (9,162) Settlements — (4,328) Curtailments — (181) Effect of exchange rate changes (730) (1,814) Projected benefit obligation at the end of the year $ 97,660 $ 91,782 Change in fair value of plan assets Fair value of plan assets at the beginning of the year $ 70,900 $ 93,809 Employer contributions 24,523 12,907 Actual gain on plan assets 5,370 4,831 Benefits paid (6,287) (9,162) Settlements — (3,495) Effect of exchange rate changes (697) (1,915) Fair value of plan assets at the end of the year $ 93,809 $ 96,975 Funded status, end of year $ (3,851) $ 5,193 Amounts recognized in the consolidated balance sheets Non-current assets (recorded under other assets-others) $ 10,063 $ 18,932 Current liabilities (recorded under accrued expenses and other current liabilities-retirement benefits) (1,967) (1,746) Non-current liabilities (recorded under other liabilities- retirement benefits) (11,947) (11,993) Funded status, end of year $ (3,851) $ 5,193 The change in defined benefit obligation for the years ended December 31, 2020 and 2021 is largely due to changes in actuarial assumptions pertaining to discount rates. 17. Employee benefit plans (Continued) Amounts included in accumulated other comprehensive income (loss) as of December 31, 2019, 2020 and 2021 were as follows: As of December 31, 2019 2020 2021 Net actuarial loss $ (21,490) $ (24,669) $ (13,399) Net prior service credit / (cost) (717) (477) (300) Deferred tax benefits 6,171 7,065 3,206 Other comprehensive income (loss), net $ (16,036) $ (18,081) $ (10,493) Changes in other comprehensive income (loss) during the year ended December 31, 2020 and 2021 were as follows: As of December 31, 2020 2021 Net Actuarial (Loss) Gain $ (5,891) $ 9,019 Amortization of net actuarial loss 2,242 1,379 Deferred tax (expense) benefits 894 (3,859) Net prior service credit / (cost) 219 170 Curtailment — 181 Settlements — 519 Effect of exchange rate changes 491 179 Other comprehensive income (loss), net $ (2,045) $ 7,588 Funded status for defined benefit plans The accumulated benefit obligation for defined benefit plans in excess of plan assets as of December 31, 2020 and 2021 was as follows: As of December 31, 2020 2021 Accumulated benefit obligation $ 15,441 $ 12,496 Fair value of plan assets at the end of the year $ 5,446 $ 3,161 The projected benefit obligation for defined benefit plans in excess of plan assets as of December 31, 2020 and 2021 was as follows: As of December 31, 2020 2021 Projected benefit obligation $ 23,090 $ 18,806 Fair value of plan assets at the end of the year $ 9,176 $ 5,067 The amount of net projected benefit obligation and plan assets for all underfunded (including unfunded) defined benefit obligation plans was $13,914 and $13,739 as of December 31, 2020 and 2021, respectively, and was classified as liabilities in the consolidated balance sheets. 17. Employee benefit plans (Continued) Net defined benefit plan costs for the years ended December 31, 2019, 2020 and 2021 include the following components: Year ended December 31, 2019 2020 2021 Service costs $ 8,915 $ 11,897 $ 14,546 Interest costs 4,667 5,297 5,497 Amortization of actuarial loss 1,384 2,461 1,549 Expected return on plan assets (2,605) (4,589) (6,239) One-time cost 202 — — Settlements — — 519 Net defined benefit plan costs $ 12,563 $ 15,066 $ 15,872 Expected Contributions The Company estimates that it will pay approximately $9,733 in fiscal 2022 related to contributions to defined benefit plans. The weighted average assumptions used to determine the benefit obligations of the Indian Gratuity Plan as of December 31, 2020 and 2021 are presented below: As of December 31, 2020 2021 Discount rate 4.45 % - 5.90% 5.25 % - 6.45% Rate of increase in compensation per annum 5.20 % - 9.00% 4.60 % - 8.00% The weighted average assumptions used to determine the Indian Gratuity Plan costs for the years ended December 31, 2019, 2020 and 2021 are presented below: Year ended December 31, 2019 2020 2021 Discount rate 8.30 % - 8.40 % 6.80 % - 7.35 % 4.45% - 5.90% Rate of increase in compensation per annum 5.20 % - 11.00 % 5.20 % - 11.50 % 5.20% - 9.00% Expected long term rate of return on plan assets per annum 7.50% 7.50% 7.00% - 7.50% The weighted average assumptions used to determine the benefit obligations of the Mexican Plan as of December 31, 2020 and 2021 are presented below: As of December 31, 2020 2021 Discount rate 7.20 % 8.20 % Rate of increase in compensation per annum 5.50 % 5.50 % The weighted average assumptions used to determine the costs of the Mexican Plan for the years ended December 31, 2019, 2020 and 2021 are presented below: Year ended December 31, 2019 2020 2021 Discount rate 9.40 % 7.60 % 7.20 % Rate of increase in compensation per annum 5.50 % 5.50 % 5.50 % 17. Employee benefit plans (Continued) The weighted average assumptions used to determine the benefit obligations of the Philippines Plan as of December 31, 2020 and 2021 are presented below: As of December 31, 2020 2021 Discount rate 5.26 % 7.67% Rate of increase in compensation per annum 5.00 % 3.00% - 6.00% The weighted average assumptions used to determine the costs of the Philippines Plan for the years ended December 31, 2019, 2020 and 2021 are presented below: Year ended December 31, 2019 2020 2021 Discount rate 7.53 % 5.22 % 5.26 % Rate of increase in compensation per annum 6.00 % 6.00 % 5.00 % Expected long-term rate of return on plan assets per annum 1.00 % 2.40 % 2.00 % The weighted average assumptions used to determine the benefit obligation of the Japan Plan as of December 31, 2020 and 2021 are presented below: As of December 31, 2020 2021 Discount rate 0.17% — 0.41% 0.14% — 0.81% Rate of increase in compensation per annum 0.00% 0.00% The weighted average assumptions used to determine the costs of the Japan Plan for the years ended December 31, 2019, 2020 and 2021 are presented below: Year ended December 31, 2019 2020 2021 Discount rate 0.076 % - 0.269 % 0.094% - 0.271% 0.17 % - 0.41% Rate of increase in compensation per annum 0.00 % 0.00 % 0.00% Expected long term rate of return on plan assets per annum 0.00 % - 1.77 % 0.00% - 1.77% 1.77 % - 3.12% The expected returns on plan assets set forth above are based on the Company’s expectation of the average long-term rate of return expected to prevail over the next 15 to 20 years on the types of investments prescribed by applicable statute. The Company evaluates these assumptions based on projections of the Company’s long-term growth and prevalent industry standards. Unrecognized actuarial loss is amortized over the average remaining service period of the active employees expected to receive benefits under the plan. Investment and risk management strategy The overall investment objective of the Company’s defined benefit plans is to match the duration of the plans’ assets to the plans’ liabilities while managing risk in order to meet defined benefit obligations. The plans’ future prospects, their current financial conditions, our current funding levels and other relevant factors suggest that the plans can tolerate some interim fluctuations in market value and rates of return in order to achieve long-term objectives without undue risk to the plans’ ability to meet their current benefit obligations. Plan investments are exposed to risks including market, interest rate and operating risk. In order to mitigate significant concentrations of these risks, the assets are invested in a diversified portfolio primarily consisting of fixed income instruments, liquid assets, equities and debt. 17. Employee benefit plans (Continued) The fair values of the Company’s plan assets as of December 31, 2020 and 2021 by asset category are as follows: As of December 31, 2020 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Asset Category Cash 21,707 21,707 — — Fixed income securities (Note a) 63,444 — 63,444 — Other securities (Note b) 8,658 — 8,658 — Total $ 93,809 $ 21,707 $ 72,102 $ — As of December 31, 2021 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Asset Category Cash 14,059 14,059 — — Fixed income securities (Note a) 80,612 — 80,612 — Other securities (Note b) 2,304 — 2,304 — Total $ 96,975 $ 14,059 $ 82,916 $ — (a) Includes investments in funds that invest 100% of their assets in fixed income securities such as money market instruments, government securities and public and private bonds. (b) Includes investments in funds that invest primarily in fixed income securities and the remaining portion in equity securities. The expected benefit plan payments set forth below reflect expected future service: Year ending December 31, 2022 $ 12,938 2023 13,353 2024 14,310 2025 15,182 2026 16,250 2027 - 2031 83,964 $ 155,997 The Company’s expected benefit plan payments are based on the same assumptions that were used to measure the Company’s benefit obligations as of December 31, 2021. 17. Employee benefit plans (Continued) Defined contribution plans During the years ended December 31, 2019, 2020 and 2021, the Company contributed the following amounts to defined contribution plans in various jurisdictions: Year ended December 31, 2019 2020 2021 India $ 29,729 $ 30,396 $ 37,508 U.S. 19,401 19,491 21,496 U.K. 19,260 18,643 19,874 China 18,816 16,436 24,988 Other regions 8,538 11,481 15,516 Total $ 95,744 $ 96,447 $ 119,382 Deferred compensation plan On July 1, 2018, Genpact LLC, a wholly-owned subsidiary of the Company, adopted an executive deferred compensation plan (the “Plan”). The Plan provides a select group of U.S.-based members of Company management with the opportunity to defer from 1% to 80% of their base salary and from 1% to 100% of their qualifying bonus compensation (or such other minimums or maximums as determined by the Plan administrator from time to time) pursuant to the terms of the Plan. Participant deferrals are 100% vested at all times. The Plan also allows for discretionary supplemental employer contributions by the Company, in its sole discretion, which will be subject to a two-year vesting schedule (50% vesting on the one-year anniversary of approval of the contribution and 50% vesting on the second year anniversary of approval of the contribution) or such other vesting schedule as determined by the Company. However, no such contributions have been made by the Company to date. The Plan also provides an option for participants to elect to receive deferred compensation and earnings thereon on either fixed date(s) no earlier than two years following the applicable Plan year (or end of the applicable performance period for performance-based bonus compensation) or following a separation from service, in each case either in a lump sum or in annual installments over a term of up to 15 years. Each Plan participant’s compensation deferrals and discretionary supplemental employer contributions (if any) are credited or debited with notional investment gains and losses equal to the performance of selected hypothetical investment funds offered under the Plan and elected by the participant. The Company has investments in funds held in Company-owned life insurance policies which are held in a Rabbi Trust that are classified as trading securities. Management determines the appropriate classification of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The liability for the deferred compensation plan was $26,390 and $38,007 as of December 31, 2020 and December 31, 2021, respectively, and is included in “accrued expenses and other current liabilities” and “other liabilities” in the consolidated balance sheets. In connection with the administration of the Plan, the Company has purchased company-owned life insurance policies insuring the lives of certain employees. The cash surrender value of these policies was $26,832 and $38,584 as of December 31, 2020 and December 31, 2021, respectively. The cash surrender value of these insurance policies is included in “other assets” in the consolidated balance sheets. During the years ended December 31, 2019, 2020 and 2021, the change in the fair value of Plan assets was $1,296, $4,164 and $4,229, respectively, which is included in “other income (expense), net,” in the consolidated statements of income. During the years ended December 31, 2019, 2020 and 2021, the change in the fair value of deferred compensation liabilities was $1,062, $4,120 and $4,094, respectively, which is included in “selling, general and administrative expenses.” |
Stock-based compensation
Stock-based compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based compensation | Stock-based compensation The Company has granted stock-based awards under the Genpact Limited 2007 Omnibus Incentive Compensation Plan (the “2007 Omnibus Plan”) and the Genpact Limited 2017 Omnibus Incentive Compensation Plan (the “2017 Omnibus Plan”) to eligible persons, including employees, directors and certain other persons associated with the Company. A brief summary of each plan is provided below: 2007 Omnibus Plan The Company adopted the 2007 Omnibus Plan on July 13, 2007 and amended and restated it on April 11, 2012. The 2007 Omnibus Plan provided for the grant of awards intended to qualify as incentive stock options, non-qualified stock options, share appreciation rights, restricted share awards, restricted share units, performance units, cash incentive awards and other equity-based or equity-related awards. Under the 2007 Omnibus Plan, the Company was authorized to grant awards for the issuance of up to a total of 23,858,823 common shares. 2017 Omnibus Plan On May 9, 2017, the Company’s shareholders approved the adoption of the 2017 Omnibus Plan, pursuant to which 15,000,000 Company common shares are available for issuance. The 2017 Omnibus Plan was amended and restated on April 5, 2019 to increase the number of common shares authorized for issuance by 8,000,000 shares to 23,000,000 shares. No grants may be made under the 2007 Omnibus Plan after the date of adoption of the 2017 Omnibus Plan. Grants that were outstanding under the 2007 Omnibus Plan as of the Company’s adoption of the 2017 Omnibus Plan, remain subject to the terms of the 2007 Omnibus Plan. Stock-based compensation costs relating to the foregoing plans during the years ended December 31, 2019, 2020 and 2021, were $82,802, $72,709 and $80,548, respectively, and have been allocated to cost of revenue and selling, general, and administrative expenses. Income tax benefits recognized in relation to stock-based compensation costs, including options, RSUs and PUs, including excess tax benefits, during the years ended December 31, 2019, 2020 and 2021 were $18,921, $21,832 and $21,857, respectively. Stock options All options granted under the 2007 and 2017 Omnibus Plans are exercisable into common shares of the Company, have a contractual period of ten years and vest over three The compensation cost is determined at the date of grant by estimating the fair value of an option using the Black-Scholes option-pricing model. The following table shows the significant assumptions used in connection with the determination of the fair value of options granted in 2019, 2020 and 2021: 2019 2020 2021 Dividend yield 0.82% — 1.08% 0.89% 0.84% — 1.08% Expected life (in months) 84 84 84 Risk-free rate of interest for expected life 1.56% — 2.63% 1.50% 1.12% — 1.37% Volatility 21.00% — 21.38% 20.96% 26.05% — 26.18% Volatility was calculated based on the historical volatility of the Company’s share price during a period equivalent to the estimated term of the option. The Company estimates the expected term of an option using the “simplified method,” which is based on the average of its contractual vesting term. The risk-free interest rate that the Company uses in the option valuation model is based on U.S. Treasury bonds with a term similar to the expected term of the options. The Company paid cash dividends of $0.0975 and $0.1075 per share in each quarter of fiscal 2020 and 2021, respectively. The Company has issued, and intends to continue to issue, new common shares upon stock option exercises and the vesting of share awards under its equity-based incentive compensation plans. 18. Stock-based compensation (Continued) A summary of stock option activity during the years ended December 31, 2019, 2020 and 2021 is set out below: Year ended December 31, 2019 Shares arising Weighted Weighted average Aggregate Outstanding as of January 1, 2019 7,261,675 23.61 6.4 — Granted 1,881,068 28.50 — — Forfeited (85,000) 29.91 — — Expired — — — — Exercised (697,531) 15.33 — 18,724 Outstanding as of December 31, 2019 8,360,212 25.33 6.5 $ 140,760 Vested as of December 31, 2019 and expected to vest 8,006,985 25.18 6.5 $ 136,017 Vested and exercisable as of December 31, 2019 3,111,039 19.16 3.4 $ 71,584 Weighted average grant-date fair value of options granted during the period $ 6.98 Year ended December 31, 2020 Shares arising Weighted Weighted average Aggregate Outstanding as of January 1, 2020 8,360,212 $ 25.33 6.5 — Granted 431,924 43.94 — — Forfeited (752,261) 30.09 — — Expired — — — — Exercised (692,634) 20.30 — 11,813 Outstanding as of December 31, 2020 7,347,241 $ 26.41 5.7 $ 110,925 Vested as of December 31, 2020 and expected to vest thereafter (Note a) 7,132,162 $ 26.26 5.7 $ 108,671 Vested and exercisable as of December 31, 2020 2,713,405 $ 19.40 2.6 $ 59,593 Weighted average grant-date fair value of options granted during the period $ 9.72 Year Ended December 31, 2021 Shares arising Weighted Weighted average Aggregate Outstanding as of January 1, 2021 7,347,241 $ 26.41 5.7 — Granted 1,831,180 43.98 — — Forfeited (25,000) 31.50 — — Expired — — — — Exercised (1,145,125) 20.23 — 30,463 Outstanding as of December 31, 2021 8,008,296 $ 31.30 6.1 $ 174,428 Vested as of December 31, 2021 and expected to vest thereafter (Note a) 7,422,919 $ 30.51 6.1 $ 167,551 Vested and exercisable as of December 31, 2021 3,117,333 $ 24.17 3.4 $ 90,117 Weighted average grant-date fair value of options granted during the period $ 11.35 (a) Options expected to vest after considering an estimated forfeiture rate. 18. Stock-based compensation (Continued) Cash received by the Company upon the exercise of stock options during the years ended December 31, 2019, 2020 and 2021 amounted to $10,690, $14,062 and $23,168, respectively. Tax benefits from the exercise of stock options during the years ended December 31, 2019, 2020 and 2021 were $2,966, $7,381 and $6,927 (including excess tax benefits of $2,743, $7,310 and $4,191), respectively. As of December 31, 2021, the total remaining unrecognized stock-based compensation cost for options expected to vest amounted to $24,199 which will be recognized over the weighted average remaining requisite vesting period of 3.2 years. Restricted Share Units The Company has granted restricted share units, or RSUs, under the 2007 and 2017 Omnibus Plans. Each RSU represents the right to receive one common share. The fair value of each RSU is the market price of one common share of the Company on the date of grant. The RSUs granted to date have graded vesting schedules of three months to four years. The compensation expense is recognized on a straight-line basis over the vesting term. A summary of RSU activity during the years ended December 31, 2019, 2020 and 2021 is set out below: Year ended December 31, 2019 Number of Weighted Outstanding as of January 1, 2019 1,528,999 $ 27.45 Granted 470,939 37.58 Vested (Note b) (672,025) 26.84 Forfeited (66,207) 30.43 Outstanding as of December 31, 2019 1,261,706 $ 31.41 Expected to vest (Note a) 1,149,286 Year ended December 31, 2020 Number of Weighted Outstanding as of January 1, 2020 1,261,706 $ 31.41 Granted 296,332 40.40 Vested (Note c) (640,212) 28.28 Forfeited (57,518) 37.35 Outstanding as of December 31, 2020 860,308 $ 36.44 Expected to vest (Note a) 762,877 18. Stock-based compensation (Continued) Year ended December 31, 2021 Number of Weighted Outstanding as of January 1, 2021 860,308 $ 36.44 Granted 466,702 44.00 Vested (Note d) (501,273) 34.41 Forfeited (66,230) 38.02 Outstanding as of December 31, 2021 759,507 $ 42.29 Expected to vest (Note a) 654,594 (a) RSUs expected to vest after considering an estimated forfeiture rate. (b) 637,933 RSUs that vested during the period were net settled upon vesting by issuing 521,707 shares (net of minimum statutory tax withholding). 34,092 RSUs that vested in the year ended December 31, 2019 were issued during the period ended December 31, 2021. (c) 590,699 RSUs that vested during the period were net settled upon vesting by issuing 385,197 shares (net of minimum statutory tax withholding). 49,513 RSUs vested in the year ended December 31, 2020, shares in respect of which will be issued in 2022 after withholding shares to the extent of minimum statutory withholding taxes. (d) 461,640 RSUs that vested during the period were net settled upon vesting by issuing 300,944 shares (net of minimum statutory tax withholding). 39,633 RSUs vested in the year ended December 31, 2021, shares in respect of which will be issued in 2022 after withholding shares to the extent of minimum statutory withholding taxes. As of December 31, 2021, the total remaining unrecognized stock-based compensation cost related to RSUs amounted to $18,045, which will be recognized over the weighted average remaining requisite vesting period of 2.3 years. Performance Units The Company also grants stock awards in the form of performance units, or PUs, and has granted PUs under both the 2007 and 2017 Omnibus Plans. Each PU represents the right to receive one common share at a future date based on the Company’s performance against specified targets. PUs granted to date have vesting schedules of six months to three years. The fair value of each PU is the market price of one common share of the Company on the date of grant and assumes that performance targets will be achieved. PUs granted under the plan are subject to cliff vesting. The compensation expense for such awards is recognized on a straight-line basis over the vesting term. During the performance period, the Company’s estimate of the number of shares to be issued is adjusted upward or downward based upon the probability of achievement of the performance targets. The ultimate number of shares issued and the related compensation cost recognized is based on a comparison of the final performance metrics to the specified targets. 18. Stock-based compensation (Continued) A summary of PU activity during the years ended December 31, 2019, 2020 and 2021 is set out below: Year ended December 31, 2019 Number of Weighted Average Maximum Shares Outstanding as of January 1, 2019 3,712,402 $ 28.40 3,712,402 Granted 1,579,109 34.68 3,158,218 Vested (Note b) (3,276) 27.47 (3,276) Forfeited (248,031) 29.04 (278,755) Adjustment upon final determination of level of performance goal achievement (Note c) 1,018,260 34.72 Adjustment upon final determination of level of performance goal achievement (Note d) (530,125) Outstanding as of December 31, 2019 6,058,464 $ 31.07 6,058,464 Expected to vest (Note a) 5,507,640 Year ended December 31, 2020 Number of Weighted Average Maximum Shares Outstanding as of January 1, 2020 6,058,464 $ 31.07 6,058,464 Granted 1,253,766 42.49 2,507,532 Vested (Note e) (1,496,377) 25.21 (1,496,377) Forfeited (539,670) 33.77 (560,867) Adjustment upon final determination of level of performance goal achievement (Note f) (399,987) 42.60 Adjustment upon final determination of level of performance goal achievement (Note g) (1,632,556) Outstanding as of December 31, 2020 4,876,196 $ 34.56 4,876,196 Expected to vest (Note a) 4,573,356 Year ended December 31, 2021 Number of Weighted Average Maximum Shares Outstanding as of January 1, 2021 4,876,196 $ 34.56 4,876,196 Granted 1,340,877 44.06 2,681,754 Vested (Note h) (1,784,140) 30.66 (1,784,140) Forfeited (258,258) 39.97 (320,098) Adjustment upon final determination of level of performance goal achievement (Note i) 408,480 43.99 Adjustment upon final determination of level of performance goal achievement (Note j) (870,557) Outstanding as of December 31, 2021 4,583,155 $ 39.40 4,583,155 Expected to vest (Note a) 4,263,803 (a) PUs expected to vest are based on the probable achievement of the performance targets after considering an estimated forfeiture rate. 18. Stock-based compensation (Continued) (b) PUs that vested in 2019 were net settled upon vesting by issuing 2,151 shares (net of minimum statutory tax withholding). (c) Represents a 66.67% increase in the number of target shares expected to vest as a result of achievement of higher-than-target performance for PUs granted in 2019 partially offset by an adjustment made in March 2019 to the number of shares subject to the PUs granted in 2018 upon certification of the level of achievement of the performance targets underlying such awards. (d) Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2019 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2019 to the number of shares subject to the PUs granted in 2018 upon certification of the level of achievement of the performance targets underlying such awards. (e) Vested PUs in the year 2020 were net settled upon vesting by issuing 902,532 shares (net of minimum statutory tax withholding). (f) Represents a 32.98% decrease in the number of target shares expected to vest as a result of achievement of lower-than-target performance for PUs granted in 2020, partially offset by an adjustment made in March 2020 to the number of shares subject to the PUs granted in 2019 upon certification of the level of achievement of the performance targets underlying such awards. (g) Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2020 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2020 to the number of shares subject to the PUs granted in 2019 upon certification of the level of achievement of the performance targets underlying such awards. (h) 1,784,140 PSUs that vested during the year 2021 were net settled upon vesting by issuing 1,102,440 shares (net of minimum statutory tax withholding). (i) Represents a 31.20% increase in the number of target shares expected to vest as a result of achievement of higher-than-target performance for PUs granted in 2021, partially offset by an adjustment made in March 2021 to the number of shares subject to the PUs granted in 2020 upon certification of the level of achievement of the performance targets underlying such awards. (j) Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2021 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2021 to the number of shares subject to the PUs granted in 2020 upon certification of the level of achievement of the performance targets underlying such awards. As of December 31, 2021, the total remaining unrecognized stock-based compensation cost related to PUs amounted to $58,752, which will be recognized over the weighed average remaining requisite vesting period of 1.8 years. Employee Stock Purchase Plan (ESPP) On May 1, 2008, the Company adopted the Genpact Limited U.S. Employee Stock Purchase Plan and the Genpact Limited International Employee Stock Purchase Plan (together, the “ESPP”). In April 2018, these plans were amended and restated, and their terms were extended to August 31, 2028. The ESPP allows eligible employees to purchase the Company’s common shares through payroll deductions at 90% of the closing price of the Company’s common shares on the last business day of each purchase interval. The dollar amount of common shares purchased under the ESPP must not exceed 15% of the participating employee’s base salary, subject to a cap of $25 per employee per calendar year. With effect from September 1, 2009, the offering periods commence on the first business day in March, June, September and December of each year and end on the last business day of the subsequent May, August, November and February. 4,200,000 common shares have been reserved for issuance in the aggregate over the term of the ESPP. During the years ended December 31, 2019, 2020 and 2021, 264,440, 315,245 and 285,657 common shares, respectively, were issued under the ESPP. The ESPP is considered compensatory under FASB guidance on Compensation-Stock Compensation. 18. Stock-based compensation (Continued) The compensation expense for the ESPP is recognized in accordance with the FASB guidance on Compensation—Stock Compensation. The compensation expense for the ESPP during the years ended December 31, 2019, 2020 and 2021 was $1,083, $1,299 and $1,420, respectively, and has been allocated to cost of revenue and selling, general, and administrative expenses. |
Capital stock
Capital stock | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Capital stock | Capital stock The Company’s authorized capital stock as of December 31, 2020 and 2021 consisted of 500 million common shares with a par value of $0.01 per share, and 250 million preferred shares with a par value of $0.01 per share. There were 189,045,661 and 185,336,357 common shares, and no preferred shares, issued and outstanding as of December 31, 2020 and 2021, respectively. Holders of common shares are entitled to one vote per share. Upon the liquidation, dissolution or winding up of the Company, common shareholders are entitled to receive a ratable share of the available net assets of the Company after payment of all debts and other liabilities. The common shares have no preemptive, subscription, redemption or conversion rights. The Company’s board of directors by resolution can establish one or more series of preferred shares having such par value, designations, dividend rates, relative voting rights, conversion or exchange rights, redemption rights, liquidation rights and other relative participation, optional or other rights, qualifications, limitations or restrictions as may be fixed by the board of directors without shareholder approval. Such rights, preferences, powers and limitations as may be established could also have the effect of discouraging an attempt to obtain control of the Company. These preferred shares are of the type commonly known as “blank-check” preferred shares. Under Bermuda law, the Company may declare and pay dividends from time to time unless there are reasonable grounds for believing that the Company is or would, after the payment, be unable to pay its liabilities as they become due or that the realizable value of its assets would thereby be less than the aggregate of its liabilities, its issued share capital, and its share premium accounts. Under the Company’s bye-laws, each common share is entitled to dividends if, as and when dividends are declared by the Company’s board of directors. There are no restrictions in Bermuda on the Company’s ability to transfer funds (other than funds denominated in Bermuda dollars) in or out of Bermuda or to pay dividends to U.S. residents who are holders of common shares. The Company’s ability to declare and pay cash dividends is restricted by its debt covenants. Share Repurchases The Board of Directors of the Company (the “Board”) has authorized repurchases of up to $1,750,000 under the Company’s existing share repurchase program. The Company’s share repurchase program does not obligate it to acquire any specific number of shares. Under the program, shares may be purchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. During the years ended December 31, 2019, 2020 and 2021, the Company repurchased 766,154, 3,412,293 and 6,577,562 of its common shares, respectively, on the open market at a weighted average price of $39.16, $40.16 and $45.32 per share, respectively, for an aggregate cash amount of $30,000, $137,044 and $298,087, respectively. All repurchased shares have been retired. The Company records repurchases of its common shares on the settlement date of each transaction. Shares purchased and retired are deducted to the extent of their par value from common stock and from retained earnings for the excess over par value. Direct costs incurred to acquire the shares are included in the total cost of the shares purchased. For the years ended December 31, 2019, December 31, 2020 and December 31, 2021, $15, $68 and $132, respectively, was deducted from retained earnings in direct costs related to share repurchases. $338,911 remained available for share repurchases under our existing share repurchase program as of December 31, 2021. This repurchase program does not obligate us to acquire any specific number of shares and does not specify an expiration date. 19. Capital stock (Continued) Dividend On February 7, 2019, the Company announced that its Board of Directors had approved a 13% increase in its quarterly cash dividend to $0.085 per share, up from $0.075 per share in 2018, representing an annual dividend of $0.34 per common share, up from $0.30 per share in 2018, payable to holders of the Company’s common shares. On March 20, 2019, June 21, 2019, September 20, 2019 and December 18, 2019, the Company paid dividends of $0.085 per share, amounting to $16,119, $16,188, $16,208 and $16,156 in the aggregate, to shareholders of record as of March 8, 2019, June 12, 2019, September 11, 2019 and December 9, 2019, respectively. On February 6, 2020, the Company announced that its Board of Directors had approved a 15% increase in its quarterly cash dividend to $0.0975 per share, up from $0.085 per share in 2019, representing an annual dividend of $0.39 per common share, up from $0.34 per share in 2019, payable to holders of the Company’s common shares. On March 18, 2020, June 26, 2020, September 23, 2020 and December 23, 2020, the Company paid dividends of $0.0975 per share, amounting to $18,543, $18,595, $18,637 and $18,437 in the aggregate, to shareholders of record as of March 9, 2020, June 11, 2020, September 11, 2020 and December 9, 2020, respectively. On February 9, 2021, the Company announced that its Board of Directors had approved a 10% increase in its quarterly cash dividend to $0.1075 per share, up from $0.0975 per share in 2020, representing an annual dividend of $0.43 per common share, up from $0.39 per share in 2020, payable to holders of the Company’s common shares. On March 19, 2021, June 23, 2021, September 24, 2021 and December 22, 2021, the Company paid a dividend of $0.1075 per share, amounting to $20,115, $20,133, $20,213 and $20,018 in the aggregate, to shareholders of record as of March 10, 2021, June 11, 2021, September 10, 2021 and December 10, 2021, respectively. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share The Company calculates earnings per share in accordance with FASB guidance on earnings per share. Basic and diluted earnings per common share give effect to the change in the number of Company common shares outstanding. The calculation of basic earnings per common share is determined by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the respective periods. The potentially dilutive shares, consisting of outstanding options on common shares, restricted share units, common shares to be issued under the ESPP and performance units, have been included in the computation of diluted net earnings per share and the number of weighted average shares outstanding, except where the result would be anti-dilutive. The number of stock awards outstanding but not included in the computation of diluted earnings per common share because their effect was anti-dilutive is 1,809,069, 1,182,572 and 1,663,219 for the years ended December 31, 2019, 2020 and 2021, respectively. Year ended December 31, 2019 2020 2021 Net income $ 304,881 $ 308,276 $ 369,448 Weighted average number of common shares used in computing basic earnings per common share 190,074,475 190,396,780 187,802,219 Dilutive effect of stock-based awards 5,086,380 5,384,191 5,159,622 Weighted average number of common shares used in computing dilutive earnings per common share 195,160,855 195,780,971 192,961,841 Earnings per common share Basic $ 1.60 $ 1.62 $ 1.97 Diluted $ 1.56 $ 1.57 $ 1.91 |
Other operating (income) expens
Other operating (income) expense, net | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other operating (income) expense, net | Other operating (income) expense, net Year ended December 31, 2019 2020 2021 Write-down of intangible assets and property, plant and equipment* $ 3,511 $ 14,083 $ 915 Write-down of operating lease right-of-use assets and other assets** — 18,084 — Change in fair value of earn out consideration and deferred consideration (relating to business acquisitions) — (7,790) (750) Other operating (income) expense# (34,545) (5,046) (1,368) Other operating (income) expense, net $ (31,034) $ 19,331 $ (1,203) * Refer to Notes 10 and 28 for additional information about other operating (income) expense, net for the year ended December 31, 2020. ** Of the total write-down, $10,244 pertains to restructuring charges for the year ended December 31, 2020. No such charges were recorded for the years ended December 31, 2019 and 2021. Refer to Notes 12 and 28 for additional details. #Includes a gain of $31,380 for the year ended December 31, 2019 on land rights transferred to a third-party real estate developer in exchange for an interest in commercial property being developed on the land. No corresponding charges were recorded in the years ended December 31, 2020 and 2021. |
Interest income (expense), net
Interest income (expense), net | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Interest [Abstract] | |
Interest income (expense), net | Interest income (expense), net Interest income (expense), net consists of the following: Year ended December 31, 2019 2020 2021 Interest income $ 7,321 $ 7,284 $ 6,878 Interest expense (50,779) (56,244) (58,312) Interest income (expense), net $ (43,458) $ (48,960) $ (51,434) |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes Income tax expense (benefit) for the years ended December 31, 2019, 2020 and 2021 is allocated as follows: Year ended December 31, 2019 2020 2021 Income from continuing operations $ 94,536 $ 92,201 $ 113,681 Other comprehensive income: Unrealized gains (losses) on cash flow hedges (4,058) (3,327) 5,265 Retirement benefits (2,720) (894) 3,859 Retained earnings: Deferred tax benefit recognized on adoption of ASU 2016-13 — (935) — The components of income before income tax expense from continuing operations are as follows: Year ended December 31, 2019 2020 2021 Domestic (U.S.) $ 27,783 $ 122,497 $ 126,107 Foreign (other than U.S.) 371,634 277,980 357,022 Income before income tax expense $ 399,417 $ 400,477 $ 483,129 23. Income taxes (Continued) Income tax expense (benefit) attributable to income from continuing operations consists of: Year ended December 31, 2019 2020 2021 Current tax expense: Domestic (U.S. federal) $ 2,854 $ 23,668 $ 34,538 Domestic (U.S. state) 3,908 10,765 5,605 Foreign (other than U.S.) 104,089 80,355 82,801 $ 110,851 $ 114,788 $ 122,944 Deferred tax expense (benefit): Domestic (U.S. federal) $ 2,669 $ (7,329) $ (6,039) Domestic (U.S. state) (1,679) (3,770) 232 Foreign (other than U.S.) (17,305) (11,488) (3,456) $ (16,315) $ (22,587) $ (9,263) Total income tax expense (benefit) $ 94,536 $ 92,201 $ 113,681 Income tax expense (benefit) attributable to income from continuing operations differed from the amounts computed by applying the U.S. federal statutory income tax rate of 21% to income before income taxes as a result of the following: Year ended December 31, 2019 2020 2021 Income before income tax expense $ 399,417 $ 400,477 $ 483,129 Statutory tax rates 21 % 21 % 21 % Computed expected income tax expense 83,878 84,100 101,457 Increase (decrease) in income taxes resulting from: Foreign tax rate differential 31,121 15,456 10,747 Tax benefit from tax holiday (21,393) (16,063) (3,159) True-up of prior years tax liability (3,568) (3,420) 7,590 Interest income on income tax refund — — (7,780) Non-deductible expenses 2,152 372 1,755 Effect of change in tax rates 6,497 453 1,740 Change in valuation allowance 10,515 142,733 6,244 Unrecognized tax benefits 5,502 3,228 (327) Employment related tax incentive (5,239) — (3,930) Internal restructuring — (129,688) — State income taxes 2,229 6,995 5,837 Excess tax benefit on share-based compensation (2,743) (7,310) (7,773) Others* (14,415) (4,655) 1,280 Reported income tax expense (benefit) $ 94,536 $ 92,201 $ 113,681 *Following the transfer/closure of certain affiliated entities, deferred tax liabilities recorded against the outside basis difference were reversed amounting to $3,782 during the year ended December 31, 2019. Additionally, during the years ended December 31, 2019 and 2020, the Company created a deferred tax asset on the impairment of one of its intercompany investments for income tax purposes amounting to $8,069 and $8,384, respectively. It was not more likely than not that the resulting net deferred tax asset would be realized. Therefore, a full valuation allowance was established. 23. Income taxes (Continued) A portion of the profits of the Company’s operations is exempt from income tax in India. One of the Company’s Indian subsidiaries has certain units eligible for a tax holiday as a special economic zone ("SEZ") unit in respect of 100% of the export profits it generates for a period of 5 years from commencement, 50% of such profits for the next 5 years (year 6 to year 10 from commencement) and 50% of the profits for an additional period of 5 years (year 11 to year 15 from commencement), subject to the satisfaction of certain capital investment requirements. During the year ended December 31, 2019, the Indian taxing authorities introduced a new tax regime under which a company can elect to pay taxes at a lower tax rate by foregoing certain deductions and exemptions, including SEZ exemptions. The Company has elected to forego applicable Indian tax holidays in order to benefit from the reduced tax rate under the new tax regime after March 31, 2021. The effect of the Indian tax holiday on both basic and diluted earnings per share was $0.11, $0.08 and $0.02, respectively, for the years ended December 31, 2019, 2020 and 2021. The components of the Company’s deferred tax balances as of December 31, 2020 and 2021 are as follows: As of December 31, 2020 2021 Deferred tax assets Net operating loss carry forwards $ 37,278 $ 37,593 Accrued expenses and other liabilities 70,634 70,802 Allowance for credit losses 9,930 9,000 Property, plant & equipment, net 3,387 4,079 Lease liabilities 59,823 50,091 Share-based compensation 35,424 31,147 Intangible assets, net 165,347 168,737 Retirement benefits 14,761 9,721 Contract liabilities 6,080 8,012 Tax credit carry forwards 8,692 15,724 Others 14,619 10,277 Total deferred tax assets $ 425,975 $ 415,183 Less: Valuation allowance (206,011) (212,192) Total deferred tax assets, net of valuation allowance $ 219,964 $ 202,991 Deferred tax liabilities Intangible assets, net $ 21,884 $ 6,598 Property, plant and equipment, net 3,700 1,907 Right-of use lease assets 48,816 40,733 Earn-out liabilities 6,189 5,368 Retirement benefits 6,579 3,404 Investments in foreign subsidiaries not indefinitely reinvested 2,726 1,708 Derivative instruments 2,810 6,153 Goodwill 18,649 29,229 Others 3,453 5,511 Total deferred tax liabilities $ 114,806 $ 100,611 Net of deferred tax assets and liabilities $ 105,158 $ 102,380 23. Income taxes (Continued) As of December 31, Classified as 2020 2021 Deferred tax assets non-current $ 106,674 $ 106,322 Deferred tax liabilities non-current 1,516 3,942 $ 105,158 $ 102,380 The change in the Company’s total valuation allowance for deferred tax assets as of December 31, 2019, 2020 and 2021 is as follows: Year ended December 31, 2019 2020 2021 Opening valuation allowance $ 51,986 $ 62,628 $ 206,011 Reduction during the year (4,240) (35,662) (1,206) Addition during the year 14,882 179,045 7,387 Closing valuation allowance $ 62,628 $ 206,011 $ 212,192 During the year ended December 31, 2020, the Company undertook an internal restructuring that involved the transfer of certain marketing intangibles between its Luxembourg subsidiaries for a total of $650,000. The Company had net operating loss carry forwards with a full valuation allowance from prior years that were used to offset the Luxembourg taxable income arising from such transfer. The tax benefits resulting from the step-up of the tax basis of the intangibles transferred are not expected to be realized and a full valuation allowance has been recorded to reduce the deferred tax balances. Accordingly, this internal restructuring did not have any impact on the Company’s income tax expense. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which temporary differences are deductible. Management considers the scheduled reversal of deferred tax liabilities and projected taxable income in making this assessment. In order to fully realize a deferred tax asset, the Company must generate future taxable income prior to the expiration of the deferred tax asset under applicable law. Based on the level of historical taxable income and projections for future taxable income over the periods during which the Company’s deferred tax assets are deductible, management believes that it is more likely than not that the Company will realize the benefits of its deductible differences and carry forwards, net of the existing valuation allowances as of December 31, 2021. The amount of the Company’s deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. For the years ended December 31, 2019, 2020 and 2021, the Company recognized net excess tax benefits on share-based compensation of $2,743, $7,310 and $7,773, respectively, in income tax expense attributable to continuing operations. As of December 31, 2021, the Company’s deferred tax assets related to net operating loss carry forwards of $145,525 amounted to $34,459 (excluding state net operating losses). Net operating losses of subsidiaries in the United Kingdom, Brazil, Israel, Hong Kong, Germany, Austria, the United States and Luxembourg (for 2016 and prior years) amounted to $47,025 and can be carried forward for an indefinite period. 23. Income taxes (Continued) The Company’s remaining operating loss carry forwards expire as set forth in the table below: Europe Others Year ending December 31, 2022 $ 57 $ — 2023 310 1,039 2024 567 2,225 2025 1,772 2 2026 38 19 2028 — 94 2029 — 185 2034 18,820 — 2035 7,357 — 2036 63,374 — 2041 — 2,641 $ 92,295 $ 6,205 In the table above, “Europe” includes net operating losses of subsidiaries in the Czech Republic, the Netherlands, Slovakia, Latvia, Luxembourg and Portugal, while “Others” includes net operating losses of subsidiaries in Japan, the Philippines, China and Canada. As of December 31, 2021, the Company had additional deferred tax assets for U.S. state and local tax loss carry forwards amounting to $3,134 with varying expiration periods, most of which are between 2022 and 2040. As of December 31, 2021, the Company had a total foreign tax credit carry forward of $15,724 for subsidiaries in the United States and India which will expire as set forth in the table below: Year ending December 31, Amount 2028 6,378 2029 2,554 2030 2,665 2031 3,803 2035 121 2041 203 $ 15,724 Undistributed earnings of the Company’s foreign (non-Bermuda) subsidiaries for which a deferred tax liability has not been recognized due to being indefinitely reinvested amounted to approximately $622,521 as of December 31, 2021. The Company plans to indefinitely reinvest its undistributed earnings, except for those earnings for which a deferred tax liability has already been accrued or which can be repatriated in a tax-free manner. Accordingly, with limited exceptions, the Company does not accrue any income, distribution or withholding taxes that would arise if such earnings were repatriated. Due to the Company’s changing corporate structure, the various methods that are available to repatriate earnings, and uncertainty relative to the applicable taxes at the time of repatriation, it is not practicable to determine the amount of tax that would be imposed upon repatriation. If undistributed earnings are repatriated in the future, or are no longer deemed to be indefinitely reinvested, the Company will accrue the applicable amount of taxes associated with such earnings at that time. 23. Income taxes (Continued) As of December 31, 2021, $875,924 of the Company’s $899,458 in cash and cash equivalents was held by the Company’s foreign (non-Bermuda) subsidiaries. $3,481 of this cash is held by foreign subsidiaries for which the Company expects to incur and has accrued a deferred tax liability on the repatriation of $9,628 of retained earnings. $872,443 of the Company’s cash and cash equivalents is either held as retained earnings by foreign subsidiaries in jurisdictions where no tax is expected to be imposed upon repatriation or is being indefinitely reinvested. The Company reports its gain/loss on derivatives designated as cash flow hedges, actuarial gain/loss on retirement benefits and currency translation adjustment, net of income taxes to the extent applicable, in OCI. In June 2016, the FASB issued ASU No. 2016-13, requiring measurement and recognition of expected credit losses for financial assets held by the Company. In the quarter ended March 31, 2020, the Company adopted this ASU, effective January 1, 2020, and accordingly recorded deferred tax assets of $935 through retained earnings. The following table summarizes activities related to our unrecognized tax benefits from January 1 to December 31 for each of 2020 and 2021: 2020 2021 Opening Balance at January 1 $ 31,029 $ 34,300 Increase related to prior year tax positions, including recorded in acquisition accounting 2,875 2,992 Decrease related to prior year tax positions (1,309) (455) Decrease related to prior year tax positions due to lapse of applicable statute of limitation (287) (455) Increase related to current year tax positions, including recorded in acquisition accounting 2,454 1,385 Decrease related to settlements with taxing authorities (317) (11,170) Effect of exchange rate changes (145) (946) Closing Balance at December 31 $ 34,300 $ 25,651 As of December 31, 2020 and 2021, the Company had unrecognized tax benefits amounting to $34,300 and $25,651, respectively, which, if recognized, would impact the effective tax rate. As of December 31, 2020 and 2021, the Company had accrued $6,369 and $2,842, respectively, in interest and $900 and $628, respectively, for penalties relating to unrecognized tax benefits. During the years ended December 31, 2019, 2020 and 2021, the Company recognized $826, $662 and $(13,851), respectively, in interest related to income taxes. In the next twelve months and for all tax years that remain open to examinations by U.S. federal and various state, local, and other U.S. taxing authorities, the Company estimates that it is reasonably possible that the total amount of its unrecognized tax benefits will vary. However, the Company does not expect significant changes within the next twelve months other than depending on the progress of tax matters or examinations with various taxing authorities, which are difficult to predict. With certain immaterial exceptions, the Company is no longer subject to U.S. federal, state and local or other U.S. income tax examinations by taxing authorities for years prior to 2017. The Company’s subsidiaries in India and China are open to examination by relevant taxing authorities for tax years beginning on or after April 1, 2012 and January 1, 2011, respectively. The Company regularly reviews the likelihood of additional tax assessments and adjusts its unrecognized tax benefits as additional information or events require. |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment reporting | Segment reporting The Company manages various types of business process and information technology services in an integrated manner for clients in various industries and geographic locations. The Company's operating segments are significant strategic business units that align its products and services with how it manages its business, approaches key markets and interacts with its clients. The Company’s reportable segments are as follows: (1) Banking, Capital Markets and Insurance (BCMI); (2) Consumer Goods, Retail, Life Sciences and Healthcare (CGRLH); and (3) High Tech, Manufacturing and Services (HMS). 24. Segment reporting (Continued) The Company’s Chief Executive Officer, who has been identified as the CODM, reviews operating segment revenue, which is a GAAP measure, and operating segment adjusted income from operations, which is a non-GAAP measure. The Company does not allocate and therefore the CODM does not evaluate foreign exchange gain/(losses), interest income/(expense), restructuring expenses, acquisition-related expenses, stock-based compensation, amortization and impairment of intangible assets and income taxes by segment. The Company’s operating assets and liabilities pertain to multiple segments. The Company manages assets and liabilities on a total Company basis, not by operating segment, and therefore information about assets, liabilities and capital expenditures by operating segment are not presented to the CODM and are not reviewed by the CODM. Revenues and adjusted income from operations for each of the Company’s segments for the year ended December 31, 2019 were as follows: Reportable segments BCMI CGRLH HMS Total Reportable segments Others*** Total Revenues, net 1,078,844 1,107,534 1,348,635 3,535,013 (14,470) 3,520,543 Adjusted income from operations 115,998 161,515 238,129 515,642 43,199 558,841 Stock-based compensation (83,885) Amortization and impairment of acquired intangible assets (other than included above) (31,458) Acquisition-related expenses (8,352) Foreign exchange gains (losses), net 7,729 Interest income (expense), net (43,458) Income tax expense (94,536) Net income 304,881 ***Revenues, net for “Others” primarily represents the impact of foreign exchange fluctuations, which is not allocated to the Company’s segments for management’s internal reporting purposes. Adjusted income from operations for “Others” primarily represents gains related to a transfer of land, government incentives and the impact of foreign exchange fluctuations, which are not allocated to the Company’s segments for management’s internal reporting purposes. #Includes $10,524 toward the accelerated charge of a contract cost asset relating to a wealth management platform used in the Company’s BCMI segment that the Company no longer plans to leverage beyond its current scope. If this charge had been recorded in the BCMI segment in the year ended December 31, 2019, AOI for the Company’s BCMI segment in 2019 would have been $105,474, with a corresponding increase in AOI of “Others” to $53,723. 24. Segment reporting (Continued) Revenues and adjusted income from operations for each of the Company’s segments for the year ended December 31, 2020 were as follows: Reportable segments BCMI CGRLH HMS Total Reportable segments Others** Total Revenues, net 1,079,193 1,264,654 1,388,826 3,732,673 (23,296) 3,709,377 Adjusted income from 0perations 132,939 197,197 244,166 574,302 14,506 588,808 Stock-based compensation (74,008) Amortization and impairment of acquired intangible assets (other than included above) (43,648) Acquisition-related expenses (2,650) Foreign exchange gains (losses), net 7,482 Interest income (expense), net (48,960) Restructuring expenses (refer (a) below and Note 28) (26,547) Income tax expense (92,201) Net income 308,276 (a) We do not allocate these charges to individual segments in internal management reports used by the chief operating decision maker. Accordingly, such expenses are included in our segment reporting as “unallocated costs.” **Revenues, net for “Others” primarily represents the impact of foreign exchange fluctuations, which is not allocated to the Company’s segments for management’s internal reporting purposes. Adjusted income from operations for “Others” primarily represents the impact of over-absorption of overhead, unallocated allowances for credit losses, impairments related to operating ROU assets and property, plant and equipment, and foreign exchange fluctuations, which are not allocated to the Company’s segments for management’s internal reporting purposes. Revenues and adjusted income from operations for each of the Company’s segments for the year ended December 31, 2021 were as follows: Reportable segments BCMI CGRLH HMS Total Reportable segments Others* Total Revenues, net 1,016,786 1,509,534 1,479,153 4,005,473 16,738 4,022,211 Adjusted income from operations 126,972 250,765 272,754 650,491 12,189 662,680 Stock-based compensation (81,968) Amortization and impairment of acquired intangible assets (other than included above) (57,641) Acquisition-related expenses (1,177) Foreign exchange gains (losses), net 12,669 Interest income (expense), net (51,434) Income tax expense (113,681) Net income 369,448 *Revenues, net for “Others” primarily represents the impact of foreign exchange fluctuations, which is not allocated to the Company’s segments for management’s internal reporting purposes. Adjusted income from operations for “Others” primarily represents the impact of over-absorption of overhead, unallocated allowances for credit losses, and foreign exchange fluctuations, which are not allocated to the Company’s segments for management’s internal reporting purposes. 24. Segment reporting (Continued) Revenues from a single customer in the Company’s HMS segment comprised 14.0%, 12.0% and 9.4% of the Company’s consolidated total net revenues in 2019, 2020 and 2021, respectively. Net revenues from geographic areas based on the location of the Company’s service delivery centers are as follows. A portion of net revenues attributable to India consists of net revenues for services performed by delivery centers in India or at clients’ premises outside of India by business units or personnel normally based in India. Year ended December 31, 2019 2020 2021 India $ 1,890,897 $ 1,851,347 $ 2,022,123 Asia, other than India 356,726 461,839 536,595 North and Latin America 863,748 1,007,635 1,011,759 Europe 409,172 388,556 451,734 Total net revenues $ 3,520,543 $ 3,709,377 $ 4,022,211 Property, plant and equipment, net by geographic region are as follows: As of December 31, 2020 2021 India $ 157,129 $ 142,237 Asia, other than India 16,790 16,315 North and Latin America 44,934 36,973 Europe 12,269 19,564 Total $ 231,122 $ 215,089 |
Net revenues
Net revenues | 12 Months Ended |
Dec. 31, 2021 | |
Revenues [Abstract] | |
Net revenues | Net revenues Disaggregation of revenue In the following tables, the Company’s revenue is disaggregated by customer classification. Year ended December 31, 2019 2020 2021 Global Clients $ 3,042,452 $ 3,250,527 $ 3,646,007 GE 478,091 458,850 376,204 Total net revenues $ 3,520,543 $ 3,709,377 $ 4,022,211 All revenue from GE is included in revenue from the HMS segment, and the remainder of revenue from the HMS segment consists of revenue from Global Clients. All of the segment revenue from both the BCMI and CGRLH segments consists of revenue from Global Clients. Refer to Note 24 for details on net revenues attributable to each of the Company’s segments. The Company has evaluated the impact of the COVID-19 pandemic on the Company’s net revenues for the years ended December 31, 2020 and 2021 to ensure that revenue is recognized after considering all impacts to the extent currently known. Impacts observed include constraints on the Company’s ability to render services, whether due to full or partial shutdowns of the Company’s facilities or travel restrictions, penalties relating to breaches of service level agreements, and contract terminations or contract performance delays initiated by clients. The Company’s net revenues for the year ended December 31, 2020 were lower than expected before the onset of the pandemic, primarily due to delays in obtaining client approvals to shift to a virtual, work-from-home operating environment, whether as a result of regulatory constraints or due to privacy or security concerns. The COVID-19 pandemic did not have a significant impact on the Company’s net revenues for the year ended December 31, 2021. Due to the nature of the pandemic, the Company will continue to monitor developments to identify significant uncertainties relating to revenue in future periods. 25. Net revenues (Continued) Contract balances Accounts receivable include amounts for services that the Company has performed but for which payment has not been received. The Company typically follows a 30-day billing cycle and, as such, at any point in time may have accrued up to 30 days of revenues that have not been billed. The Company has determined that in instances where the timing of revenue recognition differs from the timing of invoicing, the related contracts generally do not include a significant financing component. See Note 5 for details on the Company’s accounts receivable and allowance for credit losses and Note 11 for deferred billings. The following table provides details of the Company’s contract balances: As of December 31, 2020 2021 Contract assets (Note a) $ 15,805 $ 13,741 Contract liabilities (Note b) Deferred transition revenue $ 130,804 $ 155,077 Advance from customers $ 92,673 $ 85,747 (a) Included in "prepaid expenses and other current assets" and "other assets" in the consolidated balance sheet. (b) Included in "accrued expenses and other current liabilities" and "other liabilities" in the consolidated balance sheet. Contract assets represent the contract acquisition fees or other upfront fees paid to a customer. Such costs are amortized over the expected period of benefit and recorded as an adjustment to the transaction price and deducted from revenue. The Company’s assessment did not indicate any significant impairment losses on its contract assets for the periods presented. Contract liabilities include that portion of revenue for which payments have been received in advance from customers. The Company also defers revenues attributable to certain process transition activities for which costs have been capitalized by the Company as contract fulfillment costs. Consideration received from customers, if any, relating to such transition activities is also included as part of contract liabilities. The contract liabilities are included within “Accrued expenses and other current liabilities” and “Other liabilities” in the consolidated balance sheets. The revenues are recognized as (or when) the performance obligation is fulfilled pursuant to the contract with the customer. Changes in the Company’s contract asset and liability balances during the years ended December 31, 2020 and 2021 were a result of normal business activity and not materially impacted by any other factors. Revenue recognized during the year ended December 31, 2020 and 2021 that was included in the contract liabilities balance at the beginning of the period was $102,893 and $141,774, respectively. The following table includes estimated revenue expected to be recognized in the future related to remaining performance obligations as of December 31, 2021: Particulars Total Less than 1 year 1-3 years 3-5 years After 5 years Transaction price allocated to remaining performance obligations $ 240,824 $ 160,606 $ 64,184 $ 13,924 $ 2,110 25. Net revenues (Continued) The following table provides details of the Company’s contract cost assets: As of December 31, 2020 As of December 31, 2021 Particulars Sales incentive programs Transition activities Sales incentive programs Transition activities Opening balance $ 35,366 $ 170,132 $ 33,390 $ 192,507 Closing balance 33,390 192,507 32,296 206,498 Amortization 19,960 68,770 22,227 79,779 |
Other income (expense), net
Other income (expense), net | 12 Months Ended |
Dec. 31, 2021 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other income (expense), net | 26. Other income (expense), net Year ended December 31, 2019 2020 2021 Government incentives $ 3,976 $ — $ — Other income (expense) 1,810 3,238 12,895 Other Income (expense), net $ 5,786 $ 3,238 $ 12,895 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Capital commitments As of December 31, 2020 and 2021, the Company has committed to spend $5,128 and $13,317, respectively, under agreements to purchase property, plant and equipment. This amount is net of capital advances paid in respect of such purchases. Bank guarantees The Company has outstanding bank guarantees and letters of credit amounting to $10,156 and $7,865 as of December 31, 2020 and 2021, respectively. Bank guarantees are generally provided to government agencies and excise and customs authorities for the purposes of maintaining a bonded warehouse. These guarantees may be revoked by the government agencies if they suffer any losses or damages through the breach of any of the covenants contained in the agreements governing such guarantees. Other commitments Certain units of the Company’s Indian subsidiaries are established as Software Technology Parks of India units or Special Economic Zone (“SEZ”) units under the relevant regulations issued by the Government of India. These units are exempt from customs and other duties on imported and indigenous capital goods, stores and spares. SEZ units are also exempt from the Goods and Services Tax (“GST”) that was introduced in India in 2017. The Company has undertaken to pay taxes and duties, if any, in respect of capital goods, stores, spares and services consumed duty-free, in the event that certain terms and conditions are not fulfilled. Contingency In February 2019, there was a judicial pronouncement in India with respect to defined contribution benefit payments interpreting certain statutory defined contribution obligations of employees and employers. It is not currently clear whether the interpretation set out in the pronouncement has retrospective application. If applied retrospectively, the interpretation would result in an increase in contributions payable by the Company for past periods for certain of its India-based employees. There are numerous interpretative challenges concerning the retrospective application of the judgment. Due to such challenges and a lack of interpretive guidance, and based on legal advice the Company has obtained on the matter, it is currently impracticable to reliably estimate the timing and amount of any payments the Company may be required to make. Accordingly, the Company plans to obtain further clarity and will evaluate the amount of a potential provision, if any. 27. Commitments and contingencies (Continued) The Indian taxing authorities (“ITA”) have initiated proceedings to examine the availability of a tax exemption claimed by the Company in respect of exports of services and related refunds under the Indian Goods and Services (“GST”) tax regime and the previous service tax regime. In the second quarter of 2020, ITA began to challenge or reject the Company’s Indian GST and service tax refunds in certain states. In total, refunds of $25,069 have been denied or challenged by the ITA and additional refunds may be denied. The Company is pursuing appeals before relevant appellate authorities. The Company had requested these refunds pursuant to the tax exemption available for exports under the previous service tax regime as well as the current GST regime in respect of services performed by the Company in India for affiliates and clients outside of India. In denying the refunds, the ITA have taken the position that the services provided are local services, which interpretation, if correct, would make the service tax and GST exemption on exports unavailable to the Company in respect of such services. Additional potentially material challenges and assessments may result from ongoing proceedings related to service tax recovery. The Company believes that the denial of the refunds claimed pursuant to the service tax and GST exemption is incorrect and that the risk that the liability will materialize is remote. The Government of India has recently issued an administrative circular which supports the Company’s position, and the Company believes that the appellate authorities will reverse the previous orders denying refunds owed to the Company. Accordingly, no reserve has been provided as of December 31, 2021. An affiliate of the Company in India received an assessment order in 2016 seeking to assess tax amounting to $110,142 (including interest to the date of the order) on certain transactions that occurred in 2013. This amount excludes penalty or interest accrued since the date of the order. The Income Tax Appellate Tribunal of India (the “Tribunal”) has accepted the legal arguments raised by the Company in appeal and the assessment order has been cancelled. Taxes paid under protest have been refunded along with interest to the Company. The Indian tax authorities may appeal the order of the Tribunal before higher court. Based on its evaluation of the facts underlying the transaction and legal advice received, the Company believes that it is more likely than not that this transaction would not be subject to tax liability in India. Accordingly, no reserve has been provided as of December 31, 2021. In September 2020, the Indian Parliament approved the Code on Social Security, 2020 (the “Code”), which will impact the Company’s contributions to its defined contribution and defined benefit plans for employees based in India. The date the changes will take effect is not yet known and the rules for quantifying the financial impact have not yet been published. The Company will evaluate the impact of the Code on the Company in its financial statements for the period in which the Code becomes effective and the related rules are published. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In the second quarter of 2020, due to the impact of the COVID-19 pandemic on the Company’s current and expected future revenues, the Company recorded a $21,658 restructuring charge primarily relating to the abandonment of leased office premises and employee severance charges. In the third quarter of 2020, the Company recorded an additional charge of $4,889 relating to employee severance charges. Of the total recorded restructuring charges of $26,547, $11,152 was a non-cash charge (including $908 related to writing down certain property, plant and equipment) recorded as other operating expense, which pertains to the abandonment of various leased office premises as a result of the Company’s consolidation of underutilized office premises due to lower demand or shifting to a work-from-home model. The Company made efforts to sublease certain office premises instead of abandoning them, but due to the COVID-19 pandemic and the related widespread adoption of work-from-home practices by many businesses worldwide, the Company has been unable to sublease such premises to date and the Company believes it is unlikely that it will be able to sublease such premises in the foreseeable future. The Company also recorded a severance charge of $15,395 in personnel expense as a result of a focused reduction in its workforce, which has been subsequently settled. No further restructuring costs have been incurred related to this restructuring plan since the third quarter of 2020. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Share Repurchase Pursuant to its share repurchase program, the Company repurchased 1,444,014 of its common shares on the open market between January 1, 2022 and February 24, 2022 at a weighted average price of $47.09 per share for an aggregate cash amount of $68,000. Dividend In February 2022, the Company announced that its Board of Directors approved a 16% increase in its quarterly cash dividend, representing a planned annual dividend of $0.50 per common share, increased from $0.43 per common share in 2021. The Board of Directors also declared a dividend for the first quarter of 2022 of $0.125 per common share, which will be paid on March 23, 2022 to shareholders of record as of the close of business on March 10, 2022. The declaration of any future dividends will be at the discretion of the Board of Directors and subject to Bermuda and other applicable laws. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of preparation and principles of consolidation | (a) Basis of preparation and principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-K. The accompanying consolidated financial statements reflect all adjustments that management considers necessary for a fair presentation of the results of operations for these periods . The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of Genpact Limited, a Bermuda company, and all of its subsidiaries that are more than 50% owned and controlled. When the Company does not have a controlling interest in an entity but exerts significant influence over the entity, the Company applies the equity method of accounting. All intercompany transactions and balances are eliminated on consolidation. |
Use of estimates | (b) Use of estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, intangible assets and goodwill, revenue recognition, allowance for credit losses, valuation allowances for deferred tax assets, the valuation of derivative financial instruments, the measurement of lease liabilities and right-of-use ("ROU") assets, measurements of stock-based compensation, assets and obligations related to employee benefits, the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, variable consideration, other obligations for revenue recognition, income tax uncertainties and other contingencies. Management believes that the estimates used in the preparation of the consolidated financial statements are reasonable, and management has made assumptions about the possible effects of the ongoing COVID-19 pandemic on critical and significant accounting estimates. Although these estimates and assumptions are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates. Any changes in estimates are adjusted prospectively in the Company’s consolidated financial statements. |
Business combinations | (c) Business combinations, goodwill and other intangible assets The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standard Codification ("ASC") Topic 805, Business Combinations, by recognizing the identifiable tangible and intangible assets acquired and liabilities assumed, and any non-controlling interest in the acquired business, measured at their acquisition date fair values. Contingent consideration is included within the acquisition cost and is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is re-measured to fair value as of each reporting date until the contingency is resolved. Changes in fair value are recognized in earnings. All assets and liabilities of the acquired businesses, including goodwill, are assigned to reporting units. Acquisition-related costs are expensed as incurred under selling, general and administrative expenses. |
Goodwill | Goodwill represents the cost of acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased. Goodwill is not amortized but is tested for impairment at least on an annual basis on December 31, based on a number of factors, including operating results, business plans and future cash flows. The Company performs an assessment of qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Based on the assessment of events or circumstances, the Company performs a quantitative assessment of goodwill impairment if it determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, based on the quantitative impairment analysis, the carrying value of the goodwill of a reporting unit exceeds the fair value of such goodwill, an impairment loss is recognized in an amount equal to the excess. In addition, the Company performs a qualitative assessment of goodwill impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. See Note 10 for information and related disclosures. |
Intangible Assets | Intangible assets acquired individually or with a group of other assets or in a business combination and developed internally are carried at cost less accumulated amortization and accumulated impairment loss based on their estimated useful lives as follows: Customer-related intangible assets 1 - 9 years Marketing-related intangible assets 1 - 8 years Technology-related intangible assets 2 - 10 years Intangible assets are amortized over their estimated useful lives using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise realized. In business combinations where the fair value of identifiable tangible and intangible net assets purchased exceeds the cost of the acquired business, the Company recognizes the resulting gain under “Other operating (income) expense, net” in the consolidated statements of income. The Company also capitalizes certain software and technology-related development costs incurred in connection with developing or obtaining software or technology for sale/lease to customers when the initial design phase is completed and commercial and technological feasibility has been established. Any development cost incurred before technological feasibility is established is expensed as incurred as research and development costs. Technological feasibility is established upon completion of a detailed design program or, in its absence, completion of a working model. Capitalized software and technology costs include only (i) external direct costs of materials and services utilized in developing or obtaining software and technology and (ii) compensation and related benefits for employees who are directly associated with the project. Costs incurred in connection with developing or obtaining software or technology for sale/lease to customers which are under development and not put to use are disclosed under “intangible assets under development.” Advances paid towards the acquisition of intangible assets outstanding as of each balance sheet date are disclosed under “intangible assets under development.” Capitalized software and technology costs are included in intangible assets under technology-related intangible assets on the Company’s consolidated balance sheet and are amortized on a straight-line basis when placed into service over the estimated useful lives of the software and technology. The Company evaluates the remaining useful life of intangible assets that are being amortized at each reporting period wherever events and circumstances warrant a revision to the remaining period of amortization, and the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. |
Financial instruments and concentration of credit risk | (d) Financial instruments and concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk are reflected principally in cash and cash equivalents, derivative financial instruments and accounts receivable. The Company places its cash and cash equivalents and derivative financial instruments with corporations and banks with high investment grade ratings, limits the amount of credit exposure with any one corporation or bank and conducts ongoing evaluations of the creditworthiness of the corporations and banks with which it does business. To reduce its credit risk on accounts receivable, the Company conducts ongoing credit evaluations of its customers. 2. Summary of significant accounting policies (Continued) The General Electric Company (“GE”) accounted for 16% and 8% of the Company’s receivables as of December 31, 2020 and 2021, respectively. GE accounted for 14%, 12% and 9% of the Company’s revenues in the years ended December 31, 2019, 2020 and 2021, respectively. |
Accounts receivable | (e) Accounts receivable Accounts receivable are recorded at the invoiced or to be invoiced amount and do not bear interest. Amounts collected on trade accounts receivable are included in net cash provided by operating activities in the consolidated statements of cash flows. The Company maintains an allowance for current expected credit losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses which are adjusted to current market conditions and a reasonable and supportable forecast. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. |
Revenue recognition | (f) Revenue Recognition The Company derives its revenue primarily from business process management services, including analytics, consulting and related digital solutions and information technology services, which are provided primarily on a time-and-material, transaction or fixed-price basis. The Company recognizes revenue upon the transfer of control of promised services to its customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. Revenues from services rendered under time-and-materials and transaction-based contracts are recognized as the services are provided. The Company’s fixed-price contracts include contracts for customization of applications, maintenance and support services. Revenues from these contracts are recognized ratably over the term of the agreement. The Company accrues for revenue and unbilled receivables for services rendered between the last billing date and the balance sheet date. The Company’s contracts with its customers also include incentive payments received for discrete benefits delivered or promised to be delivered to the customer or service level agreements that could result in credits or refunds to the customer. Revenues relating to such arrangements are accounted for as variable consideration when the amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur. The Company records deferred revenue attributable to certain process transition activities where such activities do not represent separate performance obligations. Revenues relating to such transition activities are classified under contract liabilities and subsequently recognized ratably over the period in which the related services are performed. Costs relating to such transition activities are fulfillment costs which are directly related to the contract and result in the generation or enhancement of resources. Such costs are expected to be recoverable under the contract and are therefore classified as contract cost assets and recognized ratably over the estimated expected period of benefit under cost of revenue. Revenues are reported net of value-added tax, business tax and applicable discounts and allowances. Reimbursements of out-of-pocket expenses received from customers have been included as part of revenues. Revenue for performance obligations that are satisfied over time is recognized in accordance with the methods prescribed for measuring progress. The input (cost expended) method has been used to measure progress towards completion as there is a direct relationship between input and the satisfaction of a performance obligation. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the current contract estimates. The Company enters into multiple-element revenue arrangements in which a customer may purchase a combination of products or services. The Company determines whether each product or service promised to a customer is capable of being distinct, and is distinct in the context of the contract. If not, the promised products or services are combined and accounted for as a single performance obligation. In the event of a multiple-element revenue arrangement, the Company allocates the arrangement consideration to separately identifiable performance obligations based on their relative stand-alone selling prices. 2. Summary of significant accounting policies (Continued) Certain contracts may include offerings such as sale of licenses, which may be perpetual or subscription-based. Revenue from distinct perpetual licenses is recognized upfront at the point in time when the software is made available to the customer. Revenue from distinct, non-cancellable, subscription-based licenses is recognized at the point in time when the license is transferred to the customer. Revenue from any associated maintenance or ongoing support services is recognized ratably over the term of the contract. For a combined software license/services performance obligation, revenue is recognized over the period that the services are performed. All incremental and direct costs incurred for acquiring contracts, such as certain sales commissions, are classified as contract cost assets. Such costs are amortized over the expected period of benefit and recorded under selling, general and administrative expenses. Other upfront fees paid to customers are classified as contract assets. Such fees are amortized over the expected period of benefit and recorded as an adjustment to the transaction price and deducted from revenue. Timing of revenue recognition may differ from the timing of invoicing. If a payment is received in respect of services prior to the delivery of services, the payment is recognized as an advance from the customer and classified as a contract liability. Contract assets and contract liabilities relating to the same customer contract are offset against each other and presented on a net basis in the consolidated financial statements. Significant judgements The Company often enters into contracts with its customers that include promises to transfer multiple products and services to the customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately rather than together may require significant judgement. Judgement is also required to determine the standalone selling price for each distinct performance obligation. In instances where the standalone selling price is not directly observable, it is determined using information that may include market conditions and other observable inputs. |
Leases | (g) Leases At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on whether: (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (3) the Company has the right to direct the use of the asset. At the inception of a lease, the consideration in the contract is allocated to each lease component based on its relative standalone price to determine the lease payments. Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any one of the above criteria. For all leases at the lease commencement date, a right-of-use (ROU) asset and a lease liability are recognized. The lease liability represents the present value of the lease payments under the lease. Lease liabilities are initially measured at the present value of the lease payments not yet paid, discounted using the discount rate for the lease at the lease commencement. The lease liabilities are subsequently measured on an amortized cost basis. The lease liability is adjusted to reflect interest on the liability and the lease payments made during the period. Interest on the lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. 2. Summary of significant accounting policies (Continued) The ROU asset represents the right to use the leased asset for the lease term. The ROU asset for each lease initially includes the amount of the initial measurement of the lease liability adjusted for any lease payments made to the lessor at or before the commencement date, accrued lease liabilities and any lease incentives received or any initial direct costs incurred by the Company. The ROU asset of finance leases is subsequently measured at cost, less accumulated amortization. The ROU asset of operating leases is subsequently measured from the carrying amount of the lease liability at the end of each reporting period, and is equal to the carrying amount of lease liabilities adjusted for (1) unamortized initial direct costs, (2) prepaid/(accrued) lease payments and (3) the unamortized balance of lease incentives received. The carrying value of ROU assets is reviewed for impairment, similar to long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company has elected to not separate lease and non-lease components for all of its leases and to use the recognition exemptions for lease contracts that, at commencement date, have a lease term of 12 months or less and do not contain a purchase option (“short-term leases” ). Significant judgements The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. Under certain of its leases, the Company has a renewal and termination option to lease assets for additional terms between one The Company has applied an incremental borrowing rate for the purpose of computing lease liabilities based on the remaining lease term and the rates prevailing in the jurisdictions where leases were executed. For the year ended December 31, 2020, due to the impact of the COVID-19 pandemic on the Company’s current and future revenues and operations, the Company recorded restructuring charges related to the abandonment of leased office premises and related assets. See Note 28 for additional information. |
Cost of revenue | (h) Cost of revenue Cost of revenue primarily consists of salaries and benefits (including stock-based compensation), recruitment, training and related costs of employees who are directly responsible for the performance of services for customers, their supervisors and certain support personnel who may be dedicated to a particular customer or a set of processes. It also includes operational expenses, which consist of facilities maintenance expenses, travel and living expenses, rent, IT expenses, and consulting and certain other expenses. Consulting charges represent the cost of consultants and contract resources with specialized skills who are directly responsible for the performance of services for clients and travel and other billable costs related to the Company’s clients. It also includes depreciation of property, plant and equipment, and amortization of intangible and ROU assets which are directly related to providing services that generate revenue. |
Selling, general and administrative expenses | (i) Selling, general and administrative expensesSelling, general and administrative (SG&A) expenses consist of expenses relating to salaries and benefits (including stock-based compensation) as well as costs related to recruitment, training and retention of senior management and other support personnel in enabling functions such as human resources, finance, legal, marketing, sales and sales support, and other support personnel. The operational costs component of SG&A expenses also includes travel and living costs for such personnel. SG&A expenses also include acquisition-related costs, legal and professional fees (which represent the costs of third party legal, tax, accounting and other advisors), investment in research and development, digital technology, advanced automation and robotics, and an allowance for credit losses. It also includes depreciation of property, plant and equipment, and amortization of intangibles and ROU assets other than those included in cost of revenue. |
Credit losses | (j) Credit losses An allowance for credit losses is recognized for all debt instruments other than those held at fair value through profit or loss. The Company pools its accounts receivable (other than deferred billings) based on similar risk characteristics in estimating expected credit losses. Credit losses for accounts receivable are based on the roll-rate method, and the Company recognizes a loss allowance based on lifetime expected credit losses at each reporting date. The Company has established a provision matrix based on historical credit loss experience, adjusted for forward-looking factors and the economic environment. The Company believes the most relevant forward-looking factors are economic environment, gross domestic product, inflation rates and unemployment rates for each of the countries in which the Company or its customers operate, and accordingly the Company adjusts historical loss rates based on expected changes in these factors. At every reporting date, observed historical default rates are updated to reflect changes in the Company’s forward-looking estimates. Credit losses for other financial assets and deferred billings are based on the discounted cash flow (“DCF”) method. Under the DCF method, the allowance for credit losses reflects the difference between the contractual cash flows due in accordance with the contract and the present value of the cash flows expected to be collected. The expected cash flows are discounted at the effective interest rate of the financial asset. Such allowances are based on the credit losses expected to arise over the life of the asset which includes consideration of prepayments based on the Company’s expectation as of the balance sheet date. A financial asset is written off when it is deemed uncollectible and there is no reasonable expectation of recovering the contractual cash flows. Expected recoveries of amounts previously written off, not to exceed the aggregate amounts previously written off, are included in determining the allowance at each reporting period. |
Reclassification | (k) Reclassification Certain reclassifications have been made in the consolidated financial statements of prior periods to conform to the classification used in the current period. The impact of such reclassifications on the consolidated financial statements is not material. |
Cash and cash equivalents | (l ) Cash and cash equivalents Cash and cash equivalents consist of cash and bank balances and all highly liquid investments purchased with an original maturity of three months or less. |
Short- term investments | (m) Short-term investments All liquid investments with an original maturity greater than three months but less than one year are considered to be short-term investments. Marketable short-term investments are classified and accounted for as available-for-sale investments. Available-for-sale investments are reported at fair value with changes in unrealized gains and losses recorded as a separate component of other comprehensive income (loss) until realized. Realized gains and losses on investments are determined based on the specific identification method and are included in “Other income (expense), net.” The Company does not hold these investments for speculative purposes. |
Property, plant and equipment, net | (n) Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and amortization and accumulated impairment loss. Expenditures for replacements and improvements are capitalized, whereas the costs of maintenance and repairs are charged to earnings as incurred. 2. Summary of significant accounting policies (Continued) The Company depreciates and amortizes all property, plant and equipment using the straight-line method over the following estimated economic useful lives of the assets: Years Buildings 40 Furniture and fixtures 4 Computer equipment and servers 4 Plant, machinery and equipment 4 Computer software 4 - 7 Leasehold improvements Lease period or 10 years, whichever is less Vehicles 3 - 4 The Company capitalizes certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, (ii) compensation and related benefits for employees who are directly associated with the software project, and (iii) interest costs incurred while developing internal-use computer software. Capitalized computer software costs are included in property, plant and equipment on the Company’s consolidated balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software. Advances paid towards acquisition of property, plant and equipment outstanding as of each balance sheet date and the cost of property, plant and equipment not put to use before such date are disclosed under “Capital work in progress.” |
Impairment of long-lived assets | (o) Impairment of long-lived assets Long-lived assets, including certain intangible assets, to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Such assets are required to be tested for impairment if the carrying amount of the assets is higher than the future undiscounted net cash flows expected to be generated from the assets. The impairment amount to be recognized is measured as the amount by which the carrying value of the assets exceeds their fair value. The Company determines fair value by using a discounted cash flow approach. |
Foreign currency | (p) Foreign currency The Company’s consolidated financial statements are reported in U.S. dollars, the Company’s functional currency. The functional currency for the Company’s subsidiaries organized in Europe, other than the United Kingdom, the Czech Republic, Luxembourg and one subsidiary in Poland, is the euro, and the functional currencies of the Company’s subsidiaries organized in Brazil, China, Colombia, Guatemala, India, Israel, Japan, Morocco, South Africa, the Philippines, Poland, the Czech Republic, Hong Kong, Singapore, Australia and Canada are their respective local currencies. The functional currency of all other Company subsidiaries is the U.S. dollar. The translation of the functional currencies of the Company’s subsidiaries into U.S. dollars is performed for balance sheet accounts using the exchange rates in effect as of the balance sheet date and for revenues and expense accounts using a monthly average exchange rate prevailing during the respective period. The gains or losses resulting from such translation are reported as currency translation adjustments under other comprehensive income (loss), net, under accumulated other comprehensive income (loss) as a separate component of equity. Monetary assets and liabilities of each subsidiary denominated in currencies other than the subsidiary’s functional currency are translated into their respective functional currency at the rates of exchange prevailing on the balance sheet date. |
Derivative instruments and hedging activities | (q) Derivative instruments and hedging activities In the normal course of business, the Company uses derivative financial instruments to manage fluctuations in foreign currency exchange rates and interest rate fluctuation. The Company enters into forward foreign exchange contracts to mitigate the risk of changes in foreign exchange rates on intercompany transactions and forecasted transactions denominated in foreign currencies and interest rate swaps to mitigate interest rate fluctuation risk on its indebtedness. The Company recognizes derivative instruments and hedging activities as either assets or liabilities in its consolidated balance sheets and measures them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting. Changes in the fair values of derivatives designated as cash flow hedges are deferred and recorded as a component of other comprehensive income (loss) reported under accumulated other comprehensive income (loss) until the hedged transactions occur and are then recognized in the consolidated statements of income along with the underlying hedged item and disclosed as part of “Total net revenues,” “Cost of revenue,” “Selling, general and administrative expenses,” and “Interest expense,” as applicable. Changes in the fair value of derivatives not designated as hedging instruments and the ineffective portion of derivatives designated as cash flow hedges are recognized in the consolidated statements of income and are included in foreign exchange gains (losses), net, and other income (expense), net, respectively. With respect to derivatives designated as cash flow hedges, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. The Company also formally assesses, both at the inception of the hedge and on a quarterly basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If it is determined that a derivative or portion thereof is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, the Company will prospectively discontinue hedge accounting with respect to that derivative instrument. In all situations in which hedge accounting is discontinued and the derivative is retained, the Company continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent change in its fair value in the consolidated statements of income. When it is probable that a forecasted transaction will not occur, the Company discontinues hedge accounting and recognizes immediately, in foreign exchange gains (losses), net in the consolidated statements of income, the gains and losses attributable to such derivative that were accumulated in other comprehensive income (loss). |
Income taxes | (r) Income taxes The Company accounts for income taxes using the asset and liability method of accounting for income taxes. Under this method, income tax expense is recognized for the amount of taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and for all operating loss and tax credit carry forwards, if any. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in the consolidated statement of income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company applies a two-step approach for recognizing and measuring the benefit of tax positions. The first step is to evaluate the tax position for recognition by determining, based on the technical merits, that the position will more likely than not be sustained upon examination. The second step is to measure the tax benefit as the largest amount of the tax benefit that is greater than 50 percent likely of being realized upon settlement. The Company includes interest and penalties related to an underpayment of income taxes within income tax expense. The Company follows the specific identification approach for releasing stranded tax effects from accumulated other comprehensive income (“AOCI”) upon recognition of these AOCI items in the consolidated statement of income. |
Employee benefit plans | (s) Employee benefit plans Contributions to defined contribution plans are charged to consolidated statements of income in the period in which services are rendered by the covered employees. Current service costs for defined benefit plans are accrued in the period to which they relate. The liability in respect of defined benefit plans is calculated annually by the Company using the projected unit credit method. Prior service cost, if any, resulting from an amendment to a plan is recognized and amortized over the remaining period of service of the covered employees. The Company recognizes its liabilities for compensated absences dependent on whether the obligation is attributable to employee services already rendered, relates to rights that vest or accumulate and payment is probable and estimable. The service cost is recognized under “cost of revenue” and “selling, general and administrative expenses,” depending on the functional area of the underlying employees included in the plans, and the non-operating components of net benefit plan costs are included within “other income (expense), net” in the consolidated statements of income. The Company records annual amounts relating to its defined benefit plans based on calculations that incorporate various actuarial and other assumptions, including discount rates, mortality, assumed rates of return on plan assets, future compensation increases and attrition rates. The Company reviews its assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The effect of modifications to those assumptions is recorded in other comprehensive income (loss) and amortized to net periodic cost over future periods using the corridor method. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience and market conditions. |
Deferred Compensation Plans | (t) Deferred Compensation Plans The Company maintains a non-qualified deferred compensation plan for certain employees. The plan is accounted for using the fair value measurement approach. Plan earnings are calculated by reference to actual earnings of the funds chosen by individual participants. In connection with the administration of this plan, the Company has purchased Company-owned life insurance policies insuring the lives of certain employees, held under a Rabbi Trust. The Company consolidates the invested assets of the trust. The cash surrender value of these insurance policies is included in “other assets” in the consolidated balance sheets at fair value. Gains or losses on the plan’s assets and changes in the fair value of deferred compensation liabilities are included in “other income (expense), net,” and “selling, general and administrative expenses,” respectively, in the consolidated statements of income. |
Stock-based compensation | (u) Stock-based compensation The Company recognizes and measures compensation expense for all stock-based awards based on the grant date fair value. For option awards, grant date fair value is determined under the option-pricing model (Black-Scholes-Merton model) and for stock based awards other than option awards, grant date fair value is determined on the basis of the fair market value of a Company common share on the date of grant of such awards. The fair value determined at the grant date is expensed over the vesting period of the stock-based awards. The Company recognizes compensation expense for stock-based awards net of estimated forfeitures. Stock-based compensation recognized in the consolidated statements of income is based on awards ultimately expected to vest. As a result, the expense has been reduced for estimated forfeitures. |
Government incentives | (v) Government incentives The Company recognizes incentives in the consolidated statements of income under “other income (expense), net.” Incentives are recognized in the consolidated statements of income when there is probable assurance that the Company will comply with the conditions for their receipt and a reasonable expectation that the funds will be received. In certain circumstances, the receipt of an incentive may not be subject to any condition or requirement to incur further costs, in which case the incentive is recognized in the consolidated statement of income for the period in which it becomes receivable. In the event that it becomes likely that the Company will be required to repay an incentive that has already been recognized, the Company makes a provision for the estimated liability. |
Earnings (loss) per share | (w) Earnings (loss) per share Basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the period. For the purposes of calculating diluted earnings per share, the treasury stock method is used for stock-based awards except where the results would be anti-dilutive. |
Commitments and contingencies | (x) Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Legal costs incurred in connection with such liabilities are expensed as incurred. |
Debt restructuring | (y) Debt restructuring The Company accounts for any restructuring of its credit facility using the ten percent cash flow test in accordance with ASC 470, Debt. If the cash flow effect of the change in terms on a present-value basis is less than ten percent, the debt instruments are not considered to be substantially different, and are accounted for as a modification. If the change is more than ten percent, it is treated as an extinguishment. In performing the cash flow test, the Company includes all amounts paid to its lenders in connection with the restructuring but excludes third party expenses. In the case of a modification, all new fees paid to lenders are capitalized and amortized as part of the existing effective yield and any new fees paid to third parties are expensed as incurred under selling, general and administrative expenses. No gain or loss is recorded in the case of a modification. In the case of an extinguishment, all new fees paid to lenders are expensed as incurred under selling, general and administrative expenses and any new fees paid to third parties are capitalized and amortized as a debt issuance cost. The old debt is derecognized and the new debt is recorded at fair value and a gain or loss is recorded for the difference between the net carrying value of the original debt and the fair value of the new debt. |
Recently issued accounting pronouncements | (z) Recently issued accounting pronouncements The authoritative bodies release standards and guidance which are assessed by management for impact on the Company’s consolidated financial statements. The Company has adopted the following recently released accounting standards: In June 2016, the FASB issued ASU No. 2016-13, “Measurement of credit losses on financial instruments.” The ASU requires measurement and recognition of expected credit losses for financial assets held by the Company. The ASU requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. The ASU became effective for the Company beginning January 1, 2020, including interim periods in fiscal year 2020. In May 2019, the FASB issued ASU No. 2019-05, “Financial Instruments—Credit Losses (Topic 326).” The ASU provides final guidance that allows entities to make an irrevocable one-time election upon adoption of the new credit losses standard to measure financial assets at amortized cost (except held-to-maturity securities) using the fair value option. The ASU is effective for the Company beginning January 1, 2020, including interim periods in fiscal year 2020. In November 2019, the FASB issued ASU No. 2019-11, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses.” This ASU clarifies that the scope of the guidance related to expected recoveries extends to purchased financial assets with credit deterioration. For entities that have not yet adopted ASU 2016-13, the amendments in ASU 2019-11 are effective on the same date as those in ASU 2016-13. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-11 are effective for fiscal years beginning January 1, 2020 and interim periods therein. The Company adopted ASU 2016-13, ASU 2019-05 and ASU 2019-11 beginning January 1, 2020, including interim periods in fiscal year 2020. The Company assessed the impact of these ASUs and concluded that they do not have a material impact on its consolidated results of operations, cash flows, financial position or disclosures. 2. Summary of significant accounting policies (Continued) In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” The ASU provides additional guidance on the recognition of credit losses and addresses partial-term fair value hedges, fair value hedge basis adjustments and certain transition requirements, among other things. The ASU also addresses the scope of the guidance on the requirement for re-measurement under ASC 820 when using the measurement alternative, certain disclosure requirements and which foreign currency-denominated equity securities must be re-measured at historical exchange rates. The ASU is effective for the Company beginning January 1, 2020, including interim periods in fiscal year 2020. The Company assessed the impact of this ASU and concluded that it does not have any material impact on its consolidated results of operations, cash flows, financial position or disclosures. In October 2020, the FASB issued ASU No. 2020-09, “Codification Improvements to Topic 470, Debt— Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762.” The SEC in its Release No. 33-10762 in March 2020 has adopted new rules on financial disclosure requirements for guarantors and issuers of guaranteed securities and affiliates whose securities collateralize issuers’ securities. This ASU revises certain SEC paragraphs of the FASB’s Accounting Standards Codification (ASC) to reflect, as appropriate, the amended financial statement disclosure requirements in SEC Release 33-10762. The amended rules are effective January 4, 2021 but early compliance is permitted. The Company adopted the amended rules issued by the SEC in its Release No. 33-10762 in the first quarter of 2020. Accordingly, the Company has already adopted the amendments under this ASU and the disclosures related to guarantor financial information has been omitted from the Notes to the Consolidated Financial Statements and included as part of Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The following recently released accounting standards have not yet been adopted by the Company: In November 2021, the FASB issued ASU No. 2021-10, “Government Assistance.” This ASU improves financial reporting by requiring disclosures that increase the transparency of transactions with governments. The ASU is effective for the Company for annual periods, beginning December 15, 2021. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its consolidated results of operations, cash flows, financial position and disclosures. In October 2021, the FASB issued ASU No. 2021-08, “Business Combination.” This ASU requires acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination and improve comparability for both the recognition and measurement of acquired revenue contracts at the date of and after a business combination and revenue contracts not acquired in a business combination. The ASU is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning December 15, 2022. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its consolidated results of operations, cash flows, financial position and disclosures. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives of intangible assets acquired | Intangible assets acquired individually or with a group of other assets or in a business combination and developed internally are carried at cost less accumulated amortization and accumulated impairment loss based on their estimated useful lives as follows: Customer-related intangible assets 1 - 9 years Marketing-related intangible assets 1 - 8 years Technology-related intangible assets 2 - 10 years |
Schedule of estimated economic useful lives of property, plant and equipment | The Company depreciates and amortizes all property, plant and equipment using the straight-line method over the following estimated economic useful lives of the assets: Years Buildings 40 Furniture and fixtures 4 Computer equipment and servers 4 Plant, machinery and equipment 4 Computer software 4 - 7 Leasehold improvements Lease period or 10 years, whichever is less Vehicles 3 - 4 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents | As of December 31, 2020 2021 Cash and other bank balances $ 680,440 $ 899,458 Total $ 680,440 $ 899,458 |
Accounts receivable, net of a_2
Accounts receivable, net of allowance for credit losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of allowance for credit losses | The following table provides details of the Company’s allowance for credit losses: Year ended December 31, 2019 2020 2021 Opening balance as of January 1 $ 23,960 $ 29,969 $ 27,707 Transition period adjustment on accounts receivables (through retained earnings) pursuant to adoption of ASC 326 — 4,185 — Adjusted balance as of January 1 23,960 34,154 27,707 Additions due to acquisitions 1,004 200 — Additions charged/reversal released to cost and expense, net 7,443 3,307 910 Deductions/effect of exchange rate fluctuations (2,438) (9,954) (4,288) Closing balance $ 29,969 $ 27,707 $ 24,329 |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of assets and liabilities, including derivative instruments, at fair value on a recurring basis | The Company measures certain financial assets and liabilities, including derivative instruments, at fair value on a recurring basis. The fair value measurements of these financial assets and liabilities were determined using the following inputs as of December 31, 2020 and 2021: As of December 31, 2020 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Assets Derivative instruments (Note a, c) $ 27,709 $ — $ 27,709 $ — Deferred compensation plan assets (Note a, e) 26,832 — — 26,832 Total $ 54,541 $ — $ 27,709 $ 26,832 Liabilities Earn-out consideration (Note b, d) $ 8,272 $ — $ — $ 8,272 Derivative instruments (Note b, c) 40,981 — 40,981 — Deferred compensation plan liability (Note b, f) 26,390 — — 26,390 Total $ 75,643 $ — $ 40,981 $ 34,662 As of December 31, 2021 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Assets Derivative instruments (Note a, c) $ 34,070 $ — $ 34,070 $ — Deferred compensation plan assets (a, e) 38,584 — — 38,584 Total $ 72,654 $ — $ 34,070 $ 38,584 Liabilities Earn-out consideration (Note b, d) $ 5,406 $ — $ — $ 5,406 Derivative instruments (Note b, c) 15,254 — 15,254 — Deferred compensation plan liability (b, f) 38,007 — — 38,007 Total $ 58,667 $ — $ 15,254 $ 43,413 (a) Derivative assets are included in “prepaid expenses and other current assets” and “other assets;” deferred compensation plan assets are included in “other assets” in the consolidated balance sheets. (b) Included in “accrued expenses and other current liabilities” and “other liabilities” in the consolidated balance sheets. (c) The Company values its derivative instruments based on market observable inputs, including both forward and spot prices for the relevant currencies and interest rate indices for relevant interest rates. The quotes are taken from an independent market database. (d) The fair value of earn-out consideration, calculated as the present value of expected future payments to be made to the sellers of acquired businesses, was derived by estimating the future financial performance of the acquired businesses using the earn-out formula and performance targets specified in each purchase agreement and adjusting the result to reflect the Company’s estimate of the likelihood of achievement of such targets. Given the significance of the unobservable inputs, the valuations are classified in level 3 of the fair value hierarchy. 6. Fair value measurements (Continued) (e) Deferred compensation plan assets consist of life insurance policies held under a Rabbi Trust. Assets held in the Rabbi Trust are valued based on the cash surrender value of the insurance contract, which is determined based on the fair value of the underlying assets included in the insurance portfolio and are therefore classified within level 3 of the fair value hierarchy. (f) The fair value of the deferred compensation plan liability is derived based on the fair value of the underlying assets in the insurance policies and is therefore classified within level 3 of the fair value hierarchy. |
Schedule of roll-forward of fair value of earn-out consideration categorized as level 3 in fair value hierarchy | The following table provides a roll-forward of the fair value of earn-out consideration categorized as level 3 in the fair value hierarchy for the years ended December 31, 2020 and 2021: Year ended December 31, 2020 2021 Opening balance $ 22,184 $ 8,272 Payments made on earn-out consideration (Note a) (6,552) (2,556) Change in fair value of earn-out consideration (Note b) (7,790) (750) Others (Note c) 430 440 Closing balance $ 8,272 $ 5,406 (a) Includes the interest payment on earn-out consideration in excess of the acquisition date fair value, which is included in “cash flows from operating activities” amounting to $0 and $440 for the year ended December 31, 2020 and 2021, respectively. (b) Changes in the fair value of earn-out consideration are reported in “other operating (income) expense, net” in the consolidated statements of income. (c) “Others” is comprised of interest expense included in “interest income (expense), net” and the impact of changes in foreign exchange reported in “foreign exchange gains (losses), net” in the consolidated statements of income. This also includes a cumulative translation adjustment reported as a component of other comprehensive income (loss). The following table provides a roll-forward of the fair value of deferred compensation liabilities categorized as level 3 in the fair value hierarchy for the year ended December 31, 2020 and 2021: Year ended December 31, 2020 2021 Opening balance $ 10,943 $ 26,390 Additions (net of redemption) 11,327 7,523 Change in fair value of deferred compensation plan liabilities (Note a) 4,120 4,094 Closing balance $ 26,390 $ 38,007 (a) Changes in the fair value of deferred compensation liabilities are reported in “selling, general and administrative expenses” in the consolidated statements of income. |
Schedule of roll-forward of fair value of deferred compensation plan assets categorized as level 3 in fair value hierarchy | The following table provides a roll-forward of the fair value of deferred compensation plan assets categorized as level 3 in the fair value hierarchy for the year ended December 31, 2020 and 2021: Year ended December 31, 2020 2021 Opening balance $ 11,208 $ 26,832 Additions (net of redemption) 11,460 7,523 Change in fair value of deferred compensation plan assets (Note a) 4,164 4,229 Closing balance $ 26,832 $ 38,584 (a) Changes in the fair value of plan assets are reported in “other income (expense), net” in the consolidated statements of income. |
Schedule of fair value of deferred compensation liabilities categorized as Level 3 in fair value hierarchy | The following table provides a roll-forward of the fair value of earn-out consideration categorized as level 3 in the fair value hierarchy for the years ended December 31, 2020 and 2021: Year ended December 31, 2020 2021 Opening balance $ 22,184 $ 8,272 Payments made on earn-out consideration (Note a) (6,552) (2,556) Change in fair value of earn-out consideration (Note b) (7,790) (750) Others (Note c) 430 440 Closing balance $ 8,272 $ 5,406 (a) Includes the interest payment on earn-out consideration in excess of the acquisition date fair value, which is included in “cash flows from operating activities” amounting to $0 and $440 for the year ended December 31, 2020 and 2021, respectively. (b) Changes in the fair value of earn-out consideration are reported in “other operating (income) expense, net” in the consolidated statements of income. (c) “Others” is comprised of interest expense included in “interest income (expense), net” and the impact of changes in foreign exchange reported in “foreign exchange gains (losses), net” in the consolidated statements of income. This also includes a cumulative translation adjustment reported as a component of other comprehensive income (loss). The following table provides a roll-forward of the fair value of deferred compensation liabilities categorized as level 3 in the fair value hierarchy for the year ended December 31, 2020 and 2021: Year ended December 31, 2020 2021 Opening balance $ 10,943 $ 26,390 Additions (net of redemption) 11,327 7,523 Change in fair value of deferred compensation plan liabilities (Note a) 4,120 4,094 Closing balance $ 26,390 $ 38,007 (a) Changes in the fair value of deferred compensation liabilities are reported in “selling, general and administrative expenses” in the consolidated statements of income. |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of aggregate notional principal amounts of outstanding derivative financial instruments with related balance sheet exposure | The following table presents the aggregate notional principal amounts of outstanding derivative financial instruments together with the related balance sheet exposure: Notional principal amounts Balance sheet exposure asset As of December 31, 2020 As of December 31, 2021 As of December 31, 2020 As of December 31, 2021 Foreign exchange forward contracts denominated in: United States Dollars (sell) Indian Rupees (buy) $ 1,150,000 $ 1,348,600 $ 15,207 $ 26,247 United States Dollars (sell) Mexican Peso (buy) 17,500 23,750 716 140 United States Dollars (sell) Philippines Peso (buy) 67,200 75,600 1,332 (2,215) Euro (sell) United States Dollars (buy) 96,651 120,994 (5,659) 2,634 Singapore Dollars (buy) United States Dollars (sell) 10,153 3,655 66 65 Euro (sell) Romanian Leu (buy) 29,489 47,506 (22) (233) Japanese Yen (sell) Chinese Renminbi (buy) 19,230 10,440 473 202 United States Dollars (sell) Chinese Renminbi (buy) — 45,000 — 120 Pound Sterling (sell) United States Dollars (buy) — 49,031 — 545 United States Dollars (sell) Hungarian Font (buy) 30,000 39,000 904 (2,174) Hungarian Font (Sell) Euro (buy) 10,444 2,828 61 (17) Australian Dollars (sell) Indian Rupees (buy) 140,525 97,053 (7,670) 1,234 Interest rate swaps (floating to fixed) 488,022 460,135 (18,680) (7,732) $ (13,272) $ 18,816 7. Derivative financial instruments (Continued) (a) Notional amounts are key elements of derivative financial instrument agreements but do not represent the amount exchanged by counterparties and do not measure the Company’s exposure to credit, foreign exchange, interest rate or other market risks. However, the amounts exchanged are based on the notional amounts and other provisions of the underlying derivative financial instrument agreements. Notional amounts are denominated in U.S. dollars. (b) Balance sheet exposure is denominated in U.S. dollars and denotes the mark-to-market impact of the derivative financial instruments on the reporting date. |
Schedule of fair value of derivative instruments and their location in the Company's financial statements | The fair values of the Company’s derivative instruments and their location in the Company’s financial statements are summarized in the table below: Cash flow hedges Non-designated As of December 31, 2020 As of December 31, 2021 As of December 31, 2020 As of December 31, 2021 Assets Prepaid expenses and other current assets $ 16,188 $ 16,064 $ 5,357 $ 3,130 Other assets $ 6,164 $ 14,876 $ — $ — Liabilities Accrued expenses and other current liabilities $ 16,387 $ 11,408 $ 3,785 $ 1,090 Other liabilities $ 16,886 $ 2,756 $ 3,923 $ — |
Schedule gains (losses) recorded as component of other comprehensive income (loss) in connection with cash flow hedges | In connection with cash flow hedges, the gains (losses) recorded as a component of other comprehensive income (loss), or OCI, and the related tax effects are summarized below: Year ended December 31, 2019 2020 2021 Before-Tax amount Tax (Expense) or Benefit Net of tax Amount Before-Tax Tax (Expense) or Benefit Net of tax Amount Before-Tax Tax (Expense) or Benefit Net of tax Amount Opening balance $ (2,411) $ (5,524) $ (7,935) $ (4,126) $ (1,466) $ (5,592) $ (10,921) $ 1,861 $ (9,060) Net gains (losses) reclassified into statement of income on completion of hedged transactions 19,401 (7,212) 12,189 (6,171) 605 (5,566) 7,628 (1,836) 5,792 Changes in fair value of effective portion of outstanding derivatives, net 17,686 (3,154) 14,532 (12,966) 3,932 (9,034) 36,017 (7,101) 28,916 Gain (loss) on cash flow hedging derivatives, net (1,715) 4,058 2,343 (6,795) 3,327 (3,468) 28,389 (5,265) 23,124 Closing balance $ (4,126) $ (1,466) $ (5,592) $ (10,921) $ 1,861 $ (9,060) $ 17,468 $ (3,404) $ 14,064 |
Schedule of gains or losses recognized in other comprehensive income (loss) | The gains or losses recognized in other comprehensive income (loss) and their effects on financial performance are summarized below: Derivatives in Amount of Gain (Loss) Location of Gain (Loss) Amount of Gain (Loss) reclassified Year ended December 31, Year ended December 31, 2019 2020 2021 2019 2020 2021 Forward foreign $ 24,581 $ 6,933 $ 32,270 Revenue $ 6,782 $ 4,432 $ 1,354 Interest rate swaps (6,895) (19,899) 2,931 Cost of revenue 6,435 (4,553) 11,155 Treasury rate lock — — 816 Selling, general and administrative expenses 1,732 (1,266) 3,012 Interest expense 4,452 (4,784) (7,893) $ 17,686 $ (12,966) $ 36,017 $ 19,401 $ (6,171) $ 7,628 There were no gains (losses) recognized in the statement of income on the ineffective portion of derivatives and excluded from effectiveness testing for the years ended December 31, 2019, 2020 and 2021, respectively. N on-designated Hedges Derivatives not designated as hedging instruments Location of Gain (Loss) recognized in Statement of Income on Derivatives Amount of Gain (Loss) recognized in Statement of Income on Derivatives Year ended December 31, 2019 2020 2021 Forward foreign exchange contracts (Note a) Foreign exchange gains (losses), net $ 4,299 $ (8,055) $ 12,116 Forward foreign exchange contracts (Note b) Foreign exchange gains (losses), net — 3,963 — $ 4,299 $ (4,092) $ 12,116 7. Derivative financial instruments (Continued) a) These forward foreign exchange contracts were entered into to hedge fluctuations in foreign exchange rates for recognized balance sheet items, such as receivables and intercompany borrowings, and were not originally designated as hedges under FASB guidance on derivatives and hedging. Realized gains (losses) and changes in the fair value of these derivatives are recorded in foreign exchange gains (losses), net in the consolidated statements of income. b) These forward foreign exchange contracts were initially designated as cash flow hedges under ASC guidance on derivatives and hedging. These contracts were terminated because certain forecasted transactions were no longer expected to occur and therefore hedge accounting was no longer applied. Subsequently, the realized gains (losses) are recorded in foreign exchange gains (losses) net in the consolidated statements of income. |
Prepaid expenses and other cu_2
Prepaid expenses and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of prepaid expenses and other current assets | Prepaid expenses and other current assets consist of the following: As of December 31, 2020 2021 Advance income and non-income taxes $ 73,008 $ 28,075 Contract asset (Note 25) 9,035 8,506 Prepaid expenses 32,375 38,528 Derivative instruments 21,545 19,194 Employee advances 2,636 2,797 Deposits 8,774 5,839 Advances to suppliers 2,716 804 Others 37,319 30,698 Total $ 187,408 $ 134,441 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment, net | Property, plant and equipment, net consist of the following: As of December 31, 2020 2021 Land $ 5,792 $ 7,292 Buildings 41,622 41,282 Furniture and fixtures 52,610 52,901 Computer equipment and servers 270,376 309,551 Plant, machinery and equipment 109,722 108,527 Computer software 141,417 138,343 Leasehold improvements 126,761 114,747 Vehicles 152 162 Capital work in progress 44,011 45,647 Property, plant and equipment, gross $ 792,463 $ 818,452 Less: Accumulated depreciation, amortization and impairment (561,341) (603,363) Property, plant and equipment, net $ 231,122 $ 215,089 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in goodwill | The following table presents the changes in goodwill for the years ended December 31, 2020 and 2021: As of December 31, 2020 2021 Opening balance $ 1,574,466 $ 1,695,688 Goodwill relating to acquisitions consummated during the period 123,595 44,216 Impact of measurement period adjustments (5,653) 1,205 Effect of exchange rate fluctuations 3,280 (10,082) Closing balance $ 1,695,688 $ 1,731,027 |
Schedule of changes in goodwill by reporting unit | The following table presents the changes in goodwill by reporting unit for the year ended December 31, 2020: BCMI CGRLH HMS Total Opening balance $ 417,213 $ 555,130 $ 602,123 $ 1,574,466 Goodwill relating to acquisitions consummated during the period 2,559 52,612 68,424 123,595 Impact of measurement period adjustments (542) (1,372) (3,739) (5,653) Effect of exchange rate fluctuations 942 1,204 1,134 3,280 Closing balance $ 420,172 $ 607,574 $ 667,942 $ 1,695,688 10. Goodwill and intangible assets (Continued) The following table presents the changes in goodwill by reporting unit for the year ended December 31, 2021: BCMI CGRLH HMS Total Opening balance $ 420,172 $ 607,574 $ 667,942 $ 1,695,688 Goodwill relating to acquisitions consummated during the period 4,167 7,032 33,017 44,216 Impact of measurement period adjustments 35 309 861 1,205 Effect of exchange rate fluctuations (3,117) (3,795) (3,170) (10,082) Closing balance $ 421,257 $ 611,120 $ 698,650 $ 1,731,027 |
Schedule of intangible assets | The Company’s intangible assets are as follows: As of December 31, 2020 As of December 31, 2021 Gross carrying amount Accumulated amortization & Impairment Net Gross carrying amount Accumulated amortization & Impairment Net Customer-related intangible assets $ 478,189 $ 359,652 $ 118,537 $ 489,974 $ 394,688 $ 95,286 Marketing-related intangible assets 96,561 61,154 35,407 98,870 76,663 22,207 Technology-related intangible assets 152,293 90,866 61,427 171,772 119,630 52,142 Intangible assets under development 23,864 2,503 21,361 — — — Total $ 750,907 $ 514,175 $ 236,732 $ 760,616 $ 590,981 $ 169,635 |
Schedule of impairment charge recorded for various categories of assets | The summary below represents the impairment charges recorded for various categories of assets during the years ended December 31, 2019, 2020 and 2021: Year ended December 31, 2019 2020 2021 Technology related intangibles $ 3,511 $ 5,179 $ 205 Customer related intangibles — 938 — Total Intangibles $ 3,511 $ 6,117 $ 205 Property, plant and equipment $ — $ 7,966 $ 710 Total Property, plant and equipment $ — $ 7,966 $ 710 Grand Total $ 3,511 $ 14,083 $ 915 |
Schedule of estimated amortization for intangible assets for future periods | The estimated amortization schedule for the Company’s intangible assets for future periods is set out below: For the year ending December 31: 2022 $ 63,620 2023 48,718 2024 32,938 2025 19,527 2026 and beyond 4,832 Total $ 169,635 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of other assets | Other assets consist of the following: As of December 31, 2020 2021 Contract asset (Note 25) $ 6,770 $ 5,235 Advance income and non-income taxes 155,035 124,219 Deposits 32,058 28,463 Derivative instruments 6,164 14,876 Prepaid expenses 5,176 5,979 Deferred billings, net* 25,357 44,360 Right of use (ROU) assets finance lease 50,083 34,284 Others 43,175 64,742 Total $ 323,818 $ 322,158 *Deferred billings were $28,491 and $48,071 and allowances for credit losses on deferred billings were $3,134 and $3,711, resulting in net deferred billings balances of $25,357 and $44,360 as of December 31, 2020 and 2021, respectively. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of components of lease cost for operating and finance leases | The components of lease cost for operating and finance leases for the years ended December 31, 2019, 2020 and 2021 are summarized below: Year ended December 31, 2019 Year ended December 31, 2020 Year ended December 31, 2021 Finance lease cost: Amortization of ROU assets (Note a) 9,302 12,483 15,549 Interest on lease liabilities (Note b) 2,997 2,454 2,538 Operating lease cost (Note c) 74,436 88,596 81,637 Short-term lease cost (Note c) 438 1,643 1,057 Variable lease cost (Note c) 4,052 5,347 5,307 Total lease cost $ 91,225 $ 110,523 $ 106,088 a) Included in “depreciation and amortization” in the consolidated statements of income. b) Included in “interest income (expense), net” in the consolidated statements of income. c) Included in “cost of revenue” and “selling, general and administrative expenses” in the consolidated statements of income. |
Schedule of other information on leases | Other information Year ended December 31, 2019 Year ended December 31, 2020 Year ended December 31, 2021 Weighted-average remaining lease term—finance leases 3.9 years 3.1 years 2.34 years Weighted-average remaining lease term—operating leases 6.77 years 6.42 years 5.76 years Weighted-average discount rate—finance leases 9.20 % 6.61 % 5.70 % Weighted-average discount rate—operating leases 6.87 % 7.28 % 6.98 % Year ended December 31, 2019 Year ended December 31, 2020 Year ended December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 2,859 $ 2,898 $ 2,592 Operating cash flows from operating leases $ 72,645 $ 92,010 $ 80,159 Financing cash flows from finance leases $ 7,380 $ 10,567 $ 13,926 |
Schedule of future minimum lease payments under operating lease arrangements | The following table reconciles the undiscounted cash flows for the Company’s operating and finance leases as of December 31, 2021 to the operating and finance lease liabilities recorded on the Company’s consolidated balance sheet: Period range Finance lease Operating lease 2022 $ 20,008 $ 80,226 2023 10,178 73,374 2024 5,105 62,132 2025 2,062 64,383 2026 34 37,131 Thereafter — 66,004 Total lease payments $ 37,387 $ 383,250 Less: Imputed interest 2,541 73,952 Total lease liabilities $ 34,846 $ 309,298 The following table reconciles the undiscounted cash flows for the Company’s operating and finance leases as of December 31, 2020 to the operating and finance lease liabilities recorded on the Company’s consolidated balance sheet: Period range Finance lease Operating lease 2021 $ 19,584 $ 78,148 2022 17,165 75,288 2023 10,081 66,790 2024 3,876 56,013 2025 1,000 43,696 Thereafter — 117,580 Total lease payments $ 51,706 $ 437,515 Less: Imputed interest 2,682 91,673 Total lease liabilities $ 49,024 $ 345,842 |
Schedule of future minimum lease payments under finance lease arrangements | The following table reconciles the undiscounted cash flows for the Company’s operating and finance leases as of December 31, 2021 to the operating and finance lease liabilities recorded on the Company’s consolidated balance sheet: Period range Finance lease Operating lease 2022 $ 20,008 $ 80,226 2023 10,178 73,374 2024 5,105 62,132 2025 2,062 64,383 2026 34 37,131 Thereafter — 66,004 Total lease payments $ 37,387 $ 383,250 Less: Imputed interest 2,541 73,952 Total lease liabilities $ 34,846 $ 309,298 The following table reconciles the undiscounted cash flows for the Company’s operating and finance leases as of December 31, 2020 to the operating and finance lease liabilities recorded on the Company’s consolidated balance sheet: Period range Finance lease Operating lease 2021 $ 19,584 $ 78,148 2022 17,165 75,288 2023 10,081 66,790 2024 3,876 56,013 2025 1,000 43,696 Thereafter — 117,580 Total lease payments $ 51,706 $ 437,515 Less: Imputed interest 2,682 91,673 Total lease liabilities $ 49,024 $ 345,842 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consist of the following: As of December 31, 2020 2021 Accrued expenses $ 150,390 $ 162,054 Accrued employee cost 286,399 307,777 Earn-out consideration 2,651 2,501 Statutory liabilities 104,768 67,948 Retirement benefits 1,967 1,746 Compensated absences 28,635 26,596 Derivative instruments 20,172 12,498 Contract liabilities (Note 25) 154,717 160,602 Finance lease liability 18,066 18,549 Others 39,004 31,169 Total $ 806,769 $ 791,440 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of maturity profile of term loan outstanding net of debt amortization expense | The maturity profile of the term loan outstanding as of December 31, 2021, net of debt amortization expense, is as follows: Year ended Amount 2022 33,564 2023 526,749 Total $ 560,313 |
Schedule of long term debt | A summary of the Company’s long-term debt is as follows: As of December 31, 2020 2021 Credit facility, net of debt amortization expenses $ 593,850 $ 560,313 3.70% 2017 Senior Notes, net of debt amortization expenses 349,342 349,869 3.375% 2019 Senior Notes, net of debt amortization expenses 397,716 398,298 1.750% 2021 Senior Notes, net of debt amortization expenses $ — $ 347,429 Total $ 1,340,908 $ 1,655,909 Current portion 33,537 383,433 Non-current portion 1,307,371 1,272,476 Total $ 1,340,908 $ 1,655,909 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of other liabilities | Other liabilities consist of the following: As of December 31, 2020 2021 Accrued employee cost 19,797 15,790 Earn-out consideration 5,621 2,905 Retirement benefits 11,947 11,993 Compensated absences 47,656 52,023 Derivative instruments 20,809 2,756 Contract liabilities (Note 25) 68,760 80,222 Finance lease liability 30,958 16,297 Others 32,850 63,224 Total $ 238,398 $ 245,210 |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of funded status of the Company's defined benefit plans and the amounts recognized | The following table sets forth the funded status of the Company’s defined benefit plans and the amounts recognized in the Company’s financial statements based on actuarial valuations carried out as of December 31, 2020 and 2021. As of December 31, 2020 2021 Change in benefit obligation Projected benefit obligation at the beginning of the year $ 80,561 $ 97,660 Service cost 11,897 14,546 Actuarial loss (Gain) 6,843 (10,436) Interest cost 5,297 5,497 Liabilities assumed on acquisition/ transfer of employees 180 — Benefits paid (6,388) (9,162) Settlements — (4,328) Curtailments — (181) Effect of exchange rate changes (730) (1,814) Projected benefit obligation at the end of the year $ 97,660 $ 91,782 Change in fair value of plan assets Fair value of plan assets at the beginning of the year $ 70,900 $ 93,809 Employer contributions 24,523 12,907 Actual gain on plan assets 5,370 4,831 Benefits paid (6,287) (9,162) Settlements — (3,495) Effect of exchange rate changes (697) (1,915) Fair value of plan assets at the end of the year $ 93,809 $ 96,975 Funded status, end of year $ (3,851) $ 5,193 Amounts recognized in the consolidated balance sheets Non-current assets (recorded under other assets-others) $ 10,063 $ 18,932 Current liabilities (recorded under accrued expenses and other current liabilities-retirement benefits) (1,967) (1,746) Non-current liabilities (recorded under other liabilities- retirement benefits) (11,947) (11,993) Funded status, end of year $ (3,851) $ 5,193 |
Schedule of amounts included in accumulated other comprehensive income (loss) | Amounts included in accumulated other comprehensive income (loss) as of December 31, 2019, 2020 and 2021 were as follows: As of December 31, 2019 2020 2021 Net actuarial loss $ (21,490) $ (24,669) $ (13,399) Net prior service credit / (cost) (717) (477) (300) Deferred tax benefits 6,171 7,065 3,206 Other comprehensive income (loss), net $ (16,036) $ (18,081) $ (10,493) |
Schedule of changes in other comprehensive income (loss) | Changes in other comprehensive income (loss) during the year ended December 31, 2020 and 2021 were as follows: As of December 31, 2020 2021 Net Actuarial (Loss) Gain $ (5,891) $ 9,019 Amortization of net actuarial loss 2,242 1,379 Deferred tax (expense) benefits 894 (3,859) Net prior service credit / (cost) 219 170 Curtailment — 181 Settlements — 519 Effect of exchange rate changes 491 179 Other comprehensive income (loss), net $ (2,045) $ 7,588 |
Schedule of accumulated benefit obligation for defined benefit plans | : As of December 31, 2020 2021 Accumulated benefit obligation $ 15,441 $ 12,496 Fair value of plan assets at the end of the year $ 5,446 $ 3,161 The projected benefit obligation for defined benefit plans in excess of plan assets as of December 31, 2020 and 2021 was as follows: As of December 31, 2020 2021 Projected benefit obligation $ 23,090 $ 18,806 Fair value of plan assets at the end of the year $ 9,176 $ 5,067 |
Schedule of net defined benefit plan costs | Net defined benefit plan costs for the years ended December 31, 2019, 2020 and 2021 include the following components: Year ended December 31, 2019 2020 2021 Service costs $ 8,915 $ 11,897 $ 14,546 Interest costs 4,667 5,297 5,497 Amortization of actuarial loss 1,384 2,461 1,549 Expected return on plan assets (2,605) (4,589) (6,239) One-time cost 202 — — Settlements — — 519 Net defined benefit plan costs $ 12,563 $ 15,066 $ 15,872 |
Schedule of weighted average assumptions used to determine benefit obligations and plan costs | The weighted average assumptions used to determine the benefit obligations of the Indian Gratuity Plan as of December 31, 2020 and 2021 are presented below: As of December 31, 2020 2021 Discount rate 4.45 % - 5.90% 5.25 % - 6.45% Rate of increase in compensation per annum 5.20 % - 9.00% 4.60 % - 8.00% The weighted average assumptions used to determine the Indian Gratuity Plan costs for the years ended December 31, 2019, 2020 and 2021 are presented below: Year ended December 31, 2019 2020 2021 Discount rate 8.30 % - 8.40 % 6.80 % - 7.35 % 4.45% - 5.90% Rate of increase in compensation per annum 5.20 % - 11.00 % 5.20 % - 11.50 % 5.20% - 9.00% Expected long term rate of return on plan assets per annum 7.50% 7.50% 7.00% - 7.50% The weighted average assumptions used to determine the benefit obligations of the Mexican Plan as of December 31, 2020 and 2021 are presented below: As of December 31, 2020 2021 Discount rate 7.20 % 8.20 % Rate of increase in compensation per annum 5.50 % 5.50 % The weighted average assumptions used to determine the costs of the Mexican Plan for the years ended December 31, 2019, 2020 and 2021 are presented below: Year ended December 31, 2019 2020 2021 Discount rate 9.40 % 7.60 % 7.20 % Rate of increase in compensation per annum 5.50 % 5.50 % 5.50 % The weighted average assumptions used to determine the benefit obligations of the Philippines Plan as of December 31, 2020 and 2021 are presented below: As of December 31, 2020 2021 Discount rate 5.26 % 7.67% Rate of increase in compensation per annum 5.00 % 3.00% - 6.00% The weighted average assumptions used to determine the costs of the Philippines Plan for the years ended December 31, 2019, 2020 and 2021 are presented below: Year ended December 31, 2019 2020 2021 Discount rate 7.53 % 5.22 % 5.26 % Rate of increase in compensation per annum 6.00 % 6.00 % 5.00 % Expected long-term rate of return on plan assets per annum 1.00 % 2.40 % 2.00 % The weighted average assumptions used to determine the benefit obligation of the Japan Plan as of December 31, 2020 and 2021 are presented below: As of December 31, 2020 2021 Discount rate 0.17% — 0.41% 0.14% — 0.81% Rate of increase in compensation per annum 0.00% 0.00% The weighted average assumptions used to determine the costs of the Japan Plan for the years ended December 31, 2019, 2020 and 2021 are presented below: Year ended December 31, 2019 2020 2021 Discount rate 0.076 % - 0.269 % 0.094% - 0.271% 0.17 % - 0.41% Rate of increase in compensation per annum 0.00 % 0.00 % 0.00% Expected long term rate of return on plan assets per annum 0.00 % - 1.77 % 0.00% - 1.77% 1.77 % - 3.12% |
Schedule of fair values of plan assets | The fair values of the Company’s plan assets as of December 31, 2020 and 2021 by asset category are as follows: As of December 31, 2020 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Asset Category Cash 21,707 21,707 — — Fixed income securities (Note a) 63,444 — 63,444 — Other securities (Note b) 8,658 — 8,658 — Total $ 93,809 $ 21,707 $ 72,102 $ — As of December 31, 2021 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Asset Category Cash 14,059 14,059 — — Fixed income securities (Note a) 80,612 — 80,612 — Other securities (Note b) 2,304 — 2,304 — Total $ 96,975 $ 14,059 $ 82,916 $ — (a) Includes investments in funds that invest 100% of their assets in fixed income securities such as money market instruments, government securities and public and private bonds. (b) Includes investments in funds that invest primarily in fixed income securities and the remaining portion in equity securities. |
Schedule of expected benefit plan payments | The expected benefit plan payments set forth below reflect expected future service: Year ending December 31, 2022 $ 12,938 2023 13,353 2024 14,310 2025 15,182 2026 16,250 2027 - 2031 83,964 $ 155,997 |
Schedule of amounts contributed to defined contribution plans in various jurisdictions | During the years ended December 31, 2019, 2020 and 2021, the Company contributed the following amounts to defined contribution plans in various jurisdictions: Year ended December 31, 2019 2020 2021 India $ 29,729 $ 30,396 $ 37,508 U.S. 19,401 19,491 21,496 U.K. 19,260 18,643 19,874 China 18,816 16,436 24,988 Other regions 8,538 11,481 15,516 Total $ 95,744 $ 96,447 $ 119,382 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of significant assumptions used in determining fair value of options granted | The following table shows the significant assumptions used in connection with the determination of the fair value of options granted in 2019, 2020 and 2021: 2019 2020 2021 Dividend yield 0.82% — 1.08% 0.89% 0.84% — 1.08% Expected life (in months) 84 84 84 Risk-free rate of interest for expected life 1.56% — 2.63% 1.50% 1.12% — 1.37% Volatility 21.00% — 21.38% 20.96% 26.05% — 26.18% |
Schedule of stock option activity | A summary of stock option activity during the years ended December 31, 2019, 2020 and 2021 is set out below: Year ended December 31, 2019 Shares arising Weighted Weighted average Aggregate Outstanding as of January 1, 2019 7,261,675 23.61 6.4 — Granted 1,881,068 28.50 — — Forfeited (85,000) 29.91 — — Expired — — — — Exercised (697,531) 15.33 — 18,724 Outstanding as of December 31, 2019 8,360,212 25.33 6.5 $ 140,760 Vested as of December 31, 2019 and expected to vest 8,006,985 25.18 6.5 $ 136,017 Vested and exercisable as of December 31, 2019 3,111,039 19.16 3.4 $ 71,584 Weighted average grant-date fair value of options granted during the period $ 6.98 Year ended December 31, 2020 Shares arising Weighted Weighted average Aggregate Outstanding as of January 1, 2020 8,360,212 $ 25.33 6.5 — Granted 431,924 43.94 — — Forfeited (752,261) 30.09 — — Expired — — — — Exercised (692,634) 20.30 — 11,813 Outstanding as of December 31, 2020 7,347,241 $ 26.41 5.7 $ 110,925 Vested as of December 31, 2020 and expected to vest thereafter (Note a) 7,132,162 $ 26.26 5.7 $ 108,671 Vested and exercisable as of December 31, 2020 2,713,405 $ 19.40 2.6 $ 59,593 Weighted average grant-date fair value of options granted during the period $ 9.72 Year Ended December 31, 2021 Shares arising Weighted Weighted average Aggregate Outstanding as of January 1, 2021 7,347,241 $ 26.41 5.7 — Granted 1,831,180 43.98 — — Forfeited (25,000) 31.50 — — Expired — — — — Exercised (1,145,125) 20.23 — 30,463 Outstanding as of December 31, 2021 8,008,296 $ 31.30 6.1 $ 174,428 Vested as of December 31, 2021 and expected to vest thereafter (Note a) 7,422,919 $ 30.51 6.1 $ 167,551 Vested and exercisable as of December 31, 2021 3,117,333 $ 24.17 3.4 $ 90,117 Weighted average grant-date fair value of options granted during the period $ 11.35 (a) Options expected to vest after considering an estimated forfeiture rate. |
Schedule of RSU activity | A summary of RSU activity during the years ended December 31, 2019, 2020 and 2021 is set out below: Year ended December 31, 2019 Number of Weighted Outstanding as of January 1, 2019 1,528,999 $ 27.45 Granted 470,939 37.58 Vested (Note b) (672,025) 26.84 Forfeited (66,207) 30.43 Outstanding as of December 31, 2019 1,261,706 $ 31.41 Expected to vest (Note a) 1,149,286 Year ended December 31, 2020 Number of Weighted Outstanding as of January 1, 2020 1,261,706 $ 31.41 Granted 296,332 40.40 Vested (Note c) (640,212) 28.28 Forfeited (57,518) 37.35 Outstanding as of December 31, 2020 860,308 $ 36.44 Expected to vest (Note a) 762,877 18. Stock-based compensation (Continued) Year ended December 31, 2021 Number of Weighted Outstanding as of January 1, 2021 860,308 $ 36.44 Granted 466,702 44.00 Vested (Note d) (501,273) 34.41 Forfeited (66,230) 38.02 Outstanding as of December 31, 2021 759,507 $ 42.29 Expected to vest (Note a) 654,594 (a) RSUs expected to vest after considering an estimated forfeiture rate. (b) 637,933 RSUs that vested during the period were net settled upon vesting by issuing 521,707 shares (net of minimum statutory tax withholding). 34,092 RSUs that vested in the year ended December 31, 2019 were issued during the period ended December 31, 2021. (c) 590,699 RSUs that vested during the period were net settled upon vesting by issuing 385,197 shares (net of minimum statutory tax withholding). 49,513 RSUs vested in the year ended December 31, 2020, shares in respect of which will be issued in 2022 after withholding shares to the extent of minimum statutory withholding taxes. |
Schedule of Performance Units activity | A summary of PU activity during the years ended December 31, 2019, 2020 and 2021 is set out below: Year ended December 31, 2019 Number of Weighted Average Maximum Shares Outstanding as of January 1, 2019 3,712,402 $ 28.40 3,712,402 Granted 1,579,109 34.68 3,158,218 Vested (Note b) (3,276) 27.47 (3,276) Forfeited (248,031) 29.04 (278,755) Adjustment upon final determination of level of performance goal achievement (Note c) 1,018,260 34.72 Adjustment upon final determination of level of performance goal achievement (Note d) (530,125) Outstanding as of December 31, 2019 6,058,464 $ 31.07 6,058,464 Expected to vest (Note a) 5,507,640 Year ended December 31, 2020 Number of Weighted Average Maximum Shares Outstanding as of January 1, 2020 6,058,464 $ 31.07 6,058,464 Granted 1,253,766 42.49 2,507,532 Vested (Note e) (1,496,377) 25.21 (1,496,377) Forfeited (539,670) 33.77 (560,867) Adjustment upon final determination of level of performance goal achievement (Note f) (399,987) 42.60 Adjustment upon final determination of level of performance goal achievement (Note g) (1,632,556) Outstanding as of December 31, 2020 4,876,196 $ 34.56 4,876,196 Expected to vest (Note a) 4,573,356 Year ended December 31, 2021 Number of Weighted Average Maximum Shares Outstanding as of January 1, 2021 4,876,196 $ 34.56 4,876,196 Granted 1,340,877 44.06 2,681,754 Vested (Note h) (1,784,140) 30.66 (1,784,140) Forfeited (258,258) 39.97 (320,098) Adjustment upon final determination of level of performance goal achievement (Note i) 408,480 43.99 Adjustment upon final determination of level of performance goal achievement (Note j) (870,557) Outstanding as of December 31, 2021 4,583,155 $ 39.40 4,583,155 Expected to vest (Note a) 4,263,803 (a) PUs expected to vest are based on the probable achievement of the performance targets after considering an estimated forfeiture rate. 18. Stock-based compensation (Continued) (b) PUs that vested in 2019 were net settled upon vesting by issuing 2,151 shares (net of minimum statutory tax withholding). (c) Represents a 66.67% increase in the number of target shares expected to vest as a result of achievement of higher-than-target performance for PUs granted in 2019 partially offset by an adjustment made in March 2019 to the number of shares subject to the PUs granted in 2018 upon certification of the level of achievement of the performance targets underlying such awards. (d) Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2019 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2019 to the number of shares subject to the PUs granted in 2018 upon certification of the level of achievement of the performance targets underlying such awards. (e) Vested PUs in the year 2020 were net settled upon vesting by issuing 902,532 shares (net of minimum statutory tax withholding). (f) Represents a 32.98% decrease in the number of target shares expected to vest as a result of achievement of lower-than-target performance for PUs granted in 2020, partially offset by an adjustment made in March 2020 to the number of shares subject to the PUs granted in 2019 upon certification of the level of achievement of the performance targets underlying such awards. (g) Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2020 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2020 to the number of shares subject to the PUs granted in 2019 upon certification of the level of achievement of the performance targets underlying such awards. (h) 1,784,140 PSUs that vested during the year 2021 were net settled upon vesting by issuing 1,102,440 shares (net of minimum statutory tax withholding). (i) Represents a 31.20% increase in the number of target shares expected to vest as a result of achievement of higher-than-target performance for PUs granted in 2021, partially offset by an adjustment made in March 2021 to the number of shares subject to the PUs granted in 2020 upon certification of the level of achievement of the performance targets underlying such awards. (j) Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2021 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2021 to the number of shares subject to the PUs granted in 2020 upon certification of the level of achievement of the performance targets underlying such awards. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | The number of stock awards outstanding but not included in the computation of diluted earnings per common share because their effect was anti-dilutive is 1,809,069, 1,182,572 and 1,663,219 for the years ended December 31, 2019, 2020 and 2021, respectively. Year ended December 31, 2019 2020 2021 Net income $ 304,881 $ 308,276 $ 369,448 Weighted average number of common shares used in computing basic earnings per common share 190,074,475 190,396,780 187,802,219 Dilutive effect of stock-based awards 5,086,380 5,384,191 5,159,622 Weighted average number of common shares used in computing dilutive earnings per common share 195,160,855 195,780,971 192,961,841 Earnings per common share Basic $ 1.60 $ 1.62 $ 1.97 Diluted $ 1.56 $ 1.57 $ 1.91 |
Other operating (income) expe_2
Other operating (income) expense, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of other operating (income) expense, net | Year ended December 31, 2019 2020 2021 Write-down of intangible assets and property, plant and equipment* $ 3,511 $ 14,083 $ 915 Write-down of operating lease right-of-use assets and other assets** — 18,084 — Change in fair value of earn out consideration and deferred consideration (relating to business acquisitions) — (7,790) (750) Other operating (income) expense# (34,545) (5,046) (1,368) Other operating (income) expense, net $ (31,034) $ 19,331 $ (1,203) * Refer to Notes 10 and 28 for additional information about other operating (income) expense, net for the year ended December 31, 2020. ** Of the total write-down, $10,244 pertains to restructuring charges for the year ended December 31, 2020. No such charges were recorded for the years ended December 31, 2019 and 2021. Refer to Notes 12 and 28 for additional details. #Includes a gain of $31,380 for the year ended December 31, 2019 on land rights transferred to a third-party real estate developer in exchange for an interest in commercial property being developed on the land. No corresponding charges were recorded in the years ended December 31, 2020 and 2021. |
Interest income (expense), net
Interest income (expense), net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of interest income (expense), net | Interest income (expense), net consists of the following: Year ended December 31, 2019 2020 2021 Interest income $ 7,321 $ 7,284 $ 6,878 Interest expense (50,779) (56,244) (58,312) Interest income (expense), net $ (43,458) $ (48,960) $ (51,434) |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense (benefit) | Income tax expense (benefit) for the years ended December 31, 2019, 2020 and 2021 is allocated as follows: Year ended December 31, 2019 2020 2021 Income from continuing operations $ 94,536 $ 92,201 $ 113,681 Other comprehensive income: Unrealized gains (losses) on cash flow hedges (4,058) (3,327) 5,265 Retirement benefits (2,720) (894) 3,859 Retained earnings: Deferred tax benefit recognized on adoption of ASU 2016-13 — (935) — |
Schedule of components of income before income tax expense from continuing operations | The components of income before income tax expense from continuing operations are as follows: Year ended December 31, 2019 2020 2021 Domestic (U.S.) $ 27,783 $ 122,497 $ 126,107 Foreign (other than U.S.) 371,634 277,980 357,022 Income before income tax expense $ 399,417 $ 400,477 $ 483,129 |
Schedule of income tax expense (benefit) attributable to income from continuing operations | Income tax expense (benefit) attributable to income from continuing operations consists of: Year ended December 31, 2019 2020 2021 Current tax expense: Domestic (U.S. federal) $ 2,854 $ 23,668 $ 34,538 Domestic (U.S. state) 3,908 10,765 5,605 Foreign (other than U.S.) 104,089 80,355 82,801 $ 110,851 $ 114,788 $ 122,944 Deferred tax expense (benefit): Domestic (U.S. federal) $ 2,669 $ (7,329) $ (6,039) Domestic (U.S. state) (1,679) (3,770) 232 Foreign (other than U.S.) (17,305) (11,488) (3,456) $ (16,315) $ (22,587) $ (9,263) Total income tax expense (benefit) $ 94,536 $ 92,201 $ 113,681 |
Schedule of income tax expense (benefit) computed by applying the U.S. federal statutory income tax rate to income before income taxes | Income tax expense (benefit) attributable to income from continuing operations differed from the amounts computed by applying the U.S. federal statutory income tax rate of 21% to income before income taxes as a result of the following: Year ended December 31, 2019 2020 2021 Income before income tax expense $ 399,417 $ 400,477 $ 483,129 Statutory tax rates 21 % 21 % 21 % Computed expected income tax expense 83,878 84,100 101,457 Increase (decrease) in income taxes resulting from: Foreign tax rate differential 31,121 15,456 10,747 Tax benefit from tax holiday (21,393) (16,063) (3,159) True-up of prior years tax liability (3,568) (3,420) 7,590 Interest income on income tax refund — — (7,780) Non-deductible expenses 2,152 372 1,755 Effect of change in tax rates 6,497 453 1,740 Change in valuation allowance 10,515 142,733 6,244 Unrecognized tax benefits 5,502 3,228 (327) Employment related tax incentive (5,239) — (3,930) Internal restructuring — (129,688) — State income taxes 2,229 6,995 5,837 Excess tax benefit on share-based compensation (2,743) (7,310) (7,773) Others* (14,415) (4,655) 1,280 Reported income tax expense (benefit) $ 94,536 $ 92,201 $ 113,681 *Following the transfer/closure of certain affiliated entities, deferred tax liabilities recorded against the outside basis difference were reversed amounting to $3,782 during the year ended December 31, 2019. Additionally, during the years ended December 31, 2019 and 2020, the Company created a deferred tax asset on the impairment of one of its intercompany investments for income tax purposes amounting to $8,069 and $8,384, respectively. It was not more likely than not that the resulting net deferred tax asset would be realized. Therefore, a full valuation allowance was established. |
Schedule of components of deferred tax balances | The components of the Company’s deferred tax balances as of December 31, 2020 and 2021 are as follows: As of December 31, 2020 2021 Deferred tax assets Net operating loss carry forwards $ 37,278 $ 37,593 Accrued expenses and other liabilities 70,634 70,802 Allowance for credit losses 9,930 9,000 Property, plant & equipment, net 3,387 4,079 Lease liabilities 59,823 50,091 Share-based compensation 35,424 31,147 Intangible assets, net 165,347 168,737 Retirement benefits 14,761 9,721 Contract liabilities 6,080 8,012 Tax credit carry forwards 8,692 15,724 Others 14,619 10,277 Total deferred tax assets $ 425,975 $ 415,183 Less: Valuation allowance (206,011) (212,192) Total deferred tax assets, net of valuation allowance $ 219,964 $ 202,991 Deferred tax liabilities Intangible assets, net $ 21,884 $ 6,598 Property, plant and equipment, net 3,700 1,907 Right-of use lease assets 48,816 40,733 Earn-out liabilities 6,189 5,368 Retirement benefits 6,579 3,404 Investments in foreign subsidiaries not indefinitely reinvested 2,726 1,708 Derivative instruments 2,810 6,153 Goodwill 18,649 29,229 Others 3,453 5,511 Total deferred tax liabilities $ 114,806 $ 100,611 Net of deferred tax assets and liabilities $ 105,158 $ 102,380 23. Income taxes (Continued) As of December 31, Classified as 2020 2021 Deferred tax assets non-current $ 106,674 $ 106,322 Deferred tax liabilities non-current 1,516 3,942 $ 105,158 $ 102,380 |
Schedule of change in total valuation allowance for deferred tax assets | The change in the Company’s total valuation allowance for deferred tax assets as of December 31, 2019, 2020 and 2021 is as follows: Year ended December 31, 2019 2020 2021 Opening valuation allowance $ 51,986 $ 62,628 $ 206,011 Reduction during the year (4,240) (35,662) (1,206) Addition during the year 14,882 179,045 7,387 Closing valuation allowance $ 62,628 $ 206,011 $ 212,192 |
Schedule of remaining tax loss carry-forwards expiration | Europe Others Year ending December 31, 2022 $ 57 $ — 2023 310 1,039 2024 567 2,225 2025 1,772 2 2026 38 19 2028 — 94 2029 — 185 2034 18,820 — 2035 7,357 — 2036 63,374 — 2041 — 2,641 $ 92,295 $ 6,205 |
Schedule of foreign tax credit carry-forward expiry period | As of December 31, 2021, the Company had a total foreign tax credit carry forward of $15,724 for subsidiaries in the United States and India which will expire as set forth in the table below: Year ending December 31, Amount 2028 6,378 2029 2,554 2030 2,665 2031 3,803 2035 121 2041 203 $ 15,724 |
Schedule of activities related to unrecognized tax benefits | The following table summarizes activities related to our unrecognized tax benefits from January 1 to December 31 for each of 2020 and 2021: 2020 2021 Opening Balance at January 1 $ 31,029 $ 34,300 Increase related to prior year tax positions, including recorded in acquisition accounting 2,875 2,992 Decrease related to prior year tax positions (1,309) (455) Decrease related to prior year tax positions due to lapse of applicable statute of limitation (287) (455) Increase related to current year tax positions, including recorded in acquisition accounting 2,454 1,385 Decrease related to settlements with taxing authorities (317) (11,170) Effect of exchange rate changes (145) (946) Closing Balance at December 31 $ 34,300 $ 25,651 |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of revenue and adjusted income from operations by reporting segments | Revenues and adjusted income from operations for each of the Company’s segments for the year ended December 31, 2019 were as follows: Reportable segments BCMI CGRLH HMS Total Reportable segments Others*** Total Revenues, net 1,078,844 1,107,534 1,348,635 3,535,013 (14,470) 3,520,543 Adjusted income from operations 115,998 161,515 238,129 515,642 43,199 558,841 Stock-based compensation (83,885) Amortization and impairment of acquired intangible assets (other than included above) (31,458) Acquisition-related expenses (8,352) Foreign exchange gains (losses), net 7,729 Interest income (expense), net (43,458) Income tax expense (94,536) Net income 304,881 ***Revenues, net for “Others” primarily represents the impact of foreign exchange fluctuations, which is not allocated to the Company’s segments for management’s internal reporting purposes. Adjusted income from operations for “Others” primarily represents gains related to a transfer of land, government incentives and the impact of foreign exchange fluctuations, which are not allocated to the Company’s segments for management’s internal reporting purposes. #Includes $10,524 toward the accelerated charge of a contract cost asset relating to a wealth management platform used in the Company’s BCMI segment that the Company no longer plans to leverage beyond its current scope. If this charge had been recorded in the BCMI segment in the year ended December 31, 2019, AOI for the Company’s BCMI segment in 2019 would have been $105,474, with a corresponding increase in AOI of “Others” to $53,723. 24. Segment reporting (Continued) Revenues and adjusted income from operations for each of the Company’s segments for the year ended December 31, 2020 were as follows: Reportable segments BCMI CGRLH HMS Total Reportable segments Others** Total Revenues, net 1,079,193 1,264,654 1,388,826 3,732,673 (23,296) 3,709,377 Adjusted income from 0perations 132,939 197,197 244,166 574,302 14,506 588,808 Stock-based compensation (74,008) Amortization and impairment of acquired intangible assets (other than included above) (43,648) Acquisition-related expenses (2,650) Foreign exchange gains (losses), net 7,482 Interest income (expense), net (48,960) Restructuring expenses (refer (a) below and Note 28) (26,547) Income tax expense (92,201) Net income 308,276 (a) We do not allocate these charges to individual segments in internal management reports used by the chief operating decision maker. Accordingly, such expenses are included in our segment reporting as “unallocated costs.” **Revenues, net for “Others” primarily represents the impact of foreign exchange fluctuations, which is not allocated to the Company’s segments for management’s internal reporting purposes. Adjusted income from operations for “Others” primarily represents the impact of over-absorption of overhead, unallocated allowances for credit losses, impairments related to operating ROU assets and property, plant and equipment, and foreign exchange fluctuations, which are not allocated to the Company’s segments for management’s internal reporting purposes. Revenues and adjusted income from operations for each of the Company’s segments for the year ended December 31, 2021 were as follows: Reportable segments BCMI CGRLH HMS Total Reportable segments Others* Total Revenues, net 1,016,786 1,509,534 1,479,153 4,005,473 16,738 4,022,211 Adjusted income from operations 126,972 250,765 272,754 650,491 12,189 662,680 Stock-based compensation (81,968) Amortization and impairment of acquired intangible assets (other than included above) (57,641) Acquisition-related expenses (1,177) Foreign exchange gains (losses), net 12,669 Interest income (expense), net (51,434) Income tax expense (113,681) Net income 369,448 *Revenues, net for “Others” primarily represents the impact of foreign exchange fluctuations, which is not allocated to the Company’s segments for management’s internal reporting purposes. Adjusted income from operations for “Others” primarily represents the impact of over-absorption of overhead, unallocated allowances for credit losses, and foreign exchange fluctuations, which are not allocated to the Company’s segments for management’s internal reporting purposes. |
Schedule of net revenues from geographic areas based on location of service delivery centers | Net revenues from geographic areas based on the location of the Company’s service delivery centers are as follows. A portion of net revenues attributable to India consists of net revenues for services performed by delivery centers in India or at clients’ premises outside of India by business units or personnel normally based in India. Year ended December 31, 2019 2020 2021 India $ 1,890,897 $ 1,851,347 $ 2,022,123 Asia, other than India 356,726 461,839 536,595 North and Latin America 863,748 1,007,635 1,011,759 Europe 409,172 388,556 451,734 Total net revenues $ 3,520,543 $ 3,709,377 $ 4,022,211 |
Schedule of property, plant and equipment, net by geographic areas | Property, plant and equipment, net by geographic region are as follows: As of December 31, 2020 2021 India $ 157,129 $ 142,237 Asia, other than India 16,790 16,315 North and Latin America 44,934 36,973 Europe 12,269 19,564 Total $ 231,122 $ 215,089 |
Net revenues (Tables)
Net revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenues [Abstract] | |
Schedule of net revenues disaggregated by customer | In the following tables, the Company’s revenue is disaggregated by customer classification. Year ended December 31, 2019 2020 2021 Global Clients $ 3,042,452 $ 3,250,527 $ 3,646,007 GE 478,091 458,850 376,204 Total net revenues $ 3,520,543 $ 3,709,377 $ 4,022,211 |
Schedule of details of Company's contract liabilities | The following table provides details of the Company’s contract balances: As of December 31, 2020 2021 Contract assets (Note a) $ 15,805 $ 13,741 Contract liabilities (Note b) Deferred transition revenue $ 130,804 $ 155,077 Advance from customers $ 92,673 $ 85,747 (a) Included in "prepaid expenses and other current assets" and "other assets" in the consolidated balance sheet. (b) Included in "accrued expenses and other current liabilities" and "other liabilities" in the consolidated balance sheet. |
Schedule of estimated revenue expected to be recognized in the future related to remaining performance obligation | The following table includes estimated revenue expected to be recognized in the future related to remaining performance obligations as of December 31, 2021: Particulars Total Less than 1 year 1-3 years 3-5 years After 5 years Transaction price allocated to remaining performance obligations $ 240,824 $ 160,606 $ 64,184 $ 13,924 $ 2,110 |
Schedule of contract cost assets | The following table provides details of the Company’s contract cost assets: As of December 31, 2020 As of December 31, 2021 Particulars Sales incentive programs Transition activities Sales incentive programs Transition activities Opening balance $ 35,366 $ 170,132 $ 33,390 $ 192,507 Closing balance 33,390 192,507 32,296 206,498 Amortization 19,960 68,770 22,227 79,779 |
Other income (expense), net (Ta
Other income (expense), net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of other Income (expense), net | Year ended December 31, 2019 2020 2021 Government incentives $ 3,976 $ — $ — Other income (expense) 1,810 3,238 12,895 Other Income (expense), net $ 5,786 $ 3,238 $ 12,895 |
Organization (Detail)
Organization (Detail) | Dec. 31, 2021EmployeeCountry |
Accounting Policies [Abstract] | |
Number of employees around the globe, minimum | Employee | 109,600 |
Number of countries in which entity operates | Country | 30 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of estimated useful lives of intangible assets acquired (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Customer-related intangible assets | Minimum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful lives | 1 year |
Customer-related intangible assets | Maximum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful lives | 9 years |
Marketing-related intangible assets | Minimum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful lives | 1 year |
Marketing-related intangible assets | Maximum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful lives | 8 years |
Technology-related intangible assets | Minimum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful lives | 2 years |
Technology-related intangible assets | Maximum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful lives | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Narrative (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Minimum | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Additional terms of termination option | 1 year | ||
Short term investment, maturity period | 3 months | ||
Maximum | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Additional terms of termination option | 10 years | ||
Short term investment, maturity period | 1 year | ||
Customer Concentration Risk | Receivables | GE | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 8.00% | 16.00% | |
Customer Concentration Risk | Revenue From Contract With Customer | GE | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 9.00% | 12.00% | 14.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of estimated economic useful lives of property, plant and equipment (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 40 years |
Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 4 years |
Computer equipment and servers | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 4 years |
Plant, machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 4 years |
Computer software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 4 years |
Computer software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 7 years |
Leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 10 years |
Vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 3 years |
Vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 4 years |
Business acquisitions - Hoodoo
Business acquisitions - Hoodoo Digital, LLC. - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||
Payment for business acquisitions, net of cash acquired | $ 72,025 | $ 186,633 | $ 252,276 |
Goodwill | 1,731,027 | 1,695,688 | 1,574,466 |
Acquisition related cost | $ 1,177 | $ 2,650 | $ 8,352 |
Hoodoo Digital, LLC | |||
Business Acquisition [Line Items] | |||
Ownership percentage acquired (in percentage) | 100.00% | ||
Purchase consideration | $ 66,592 | ||
Payment for business acquisitions, net of cash acquired | 64,310 | ||
Cash and cash equivalents | 2,283 | ||
Cash consideration to acquired certain assets and assumed certain liabilities | 67,695 | ||
Consideration receivable | $ 1,102 | ||
Acquired intangible assets, weighted average amortization period | 5 years | ||
Goodwill | $ 44,216 | ||
Acquisition related cost | 1,177 | ||
Acquired assets | 5,629 | ||
Liabilities assumed | 1,852 | ||
Indemnification assets | 278 | ||
Hoodoo Digital, LLC | BCMI | |||
Business Acquisition [Line Items] | |||
Goodwill | 4,167 | ||
Hoodoo Digital, LLC | CGRLH | |||
Business Acquisition [Line Items] | |||
Goodwill | 7,032 | ||
Hoodoo Digital, LLC | HMS | |||
Business Acquisition [Line Items] | |||
Goodwill | 33,017 | ||
Hoodoo Digital, LLC | Customer-related intangible assets | |||
Business Acquisition [Line Items] | |||
Acquired intangibles | 16,200 | ||
Hoodoo Digital, LLC | Marketing-related intangible assets | |||
Business Acquisition [Line Items] | |||
Acquired intangibles | $ 2,400 |
Business acquisitions - Enquero
Business acquisitions - Enquero, Inc. - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Payment for business acquisitions, net of cash acquired | $ 72,025 | $ 186,633 | $ 252,276 | |
Goodwill | $ 1,695,688 | 1,731,027 | 1,695,688 | 1,574,466 |
Acquisition related cost | $ 1,177 | 2,650 | $ 8,352 | |
Enquero Inc. | ||||
Business Acquisition [Line Items] | ||||
Purchase consideration | 148,797 | |||
Payment for business acquisitions, net of cash acquired | 137,166 | |||
Cash and cash equivalents | 11,631 | |||
Cash consideration to acquired certain assets and assumed certain liabilities | $ 141,938 | |||
Acquired intangible assets, weighted average amortization period | 4 years | |||
Goodwill | $ 87,874 | 87,874 | ||
Acquisition related cost | 1,590 | |||
Acquired assets | 32,879 | 32,879 | ||
Liabilities assumed | 17,232 | 17,232 | ||
Recognized net deferred tax liability | 14,343 | 14,343 | ||
Indemnification assets | 5,968 | 5,968 | ||
Enquero Inc. | BCMI | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 2,594 | 2,594 | ||
Enquero Inc. | CGRLH | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 22,548 | 22,548 | ||
Enquero Inc. | HMS | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 62,732 | 62,732 | ||
Enquero Inc. | Customer-related intangible assets | ||||
Business Acquisition [Line Items] | ||||
Acquired intangibles | 49,000 | 49,000 | ||
Enquero Inc. | Marketing-related intangible assets | ||||
Business Acquisition [Line Items] | ||||
Acquired intangibles | 9,500 | 9,500 | ||
Enquero Inc. | Technology-related intangible assets | ||||
Business Acquisition [Line Items] | ||||
Acquired intangibles | $ 1,400 | $ 1,400 | ||
Hoodoo Digital, LLC | ||||
Business Acquisition [Line Items] | ||||
Ownership percentage acquired (in percentage) | 100.00% | |||
Purchase consideration | $ 66,592 | |||
Payment for business acquisitions, net of cash acquired | 64,310 | |||
Cash and cash equivalents | 2,283 | |||
Cash consideration to acquired certain assets and assumed certain liabilities | $ 67,695 | |||
Acquired intangible assets, weighted average amortization period | 5 years | |||
Goodwill | $ 44,216 | |||
Acquisition related cost | 1,177 | |||
Acquired assets | 5,629 | |||
Liabilities assumed | 1,852 | |||
Indemnification assets | 278 | |||
Hoodoo Digital, LLC | BCMI | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 4,167 | |||
Hoodoo Digital, LLC | CGRLH | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 7,032 | |||
Hoodoo Digital, LLC | HMS | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 33,017 | |||
Hoodoo Digital, LLC | Customer-related intangible assets | ||||
Business Acquisition [Line Items] | ||||
Acquired intangibles | 16,200 | |||
Hoodoo Digital, LLC | Marketing-related intangible assets | ||||
Business Acquisition [Line Items] | ||||
Acquired intangibles | $ 2,400 |
Business acquisitions - Somethi
Business acquisitions - SomethingDigital.Com LLC - Narrative (Details) $ in Thousands | Oct. 05, 2020USD ($)numberOfOperatingSegment | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||
Payment for business acquisitions, net of cash acquired | $ 72,025 | $ 186,633 | $ 252,276 | |
Goodwill | 1,731,027 | 1,695,688 | 1,574,466 | |
Goodwill deductible for tax purposes | 326,795 | 296,046 | ||
Acquisition related cost | $ 1,177 | $ 2,650 | $ 8,352 | |
SomethingDigital.Com LLC | ||||
Business Acquisition [Line Items] | ||||
Ownership percentage acquired (in percentage) | 100.00% | |||
Purchase consideration | $ 57,451 | |||
Payment for business acquisitions, net of cash acquired | 56,073 | |||
Cash and cash equivalents | 1,378 | |||
Cash consideration to acquired certain assets and assumed certain liabilities | 57,704 | |||
Consideration receivable | $ 253 | |||
Acquired intangible assets, weighted average amortization period | 4 years | |||
Goodwill | $ 36,926 | |||
Number of reportable segments | numberOfOperatingSegment | 2 | |||
Goodwill deductible for tax purposes | $ 35,084 | |||
Acquisition related cost | 1,060 | |||
Acquired assets | 9,538 | |||
Liabilities assumed | 4,494 | |||
Net deferred tax assets | 81 | |||
SomethingDigital.Com LLC | CGRLH | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 30,373 | |||
SomethingDigital.Com LLC | HMS | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 6,553 | |||
SomethingDigital.Com LLC | Customer-related intangible assets | ||||
Business Acquisition [Line Items] | ||||
Acquired intangibles | 11,900 | |||
SomethingDigital.Com LLC | Marketing-related intangible assets | ||||
Business Acquisition [Line Items] | ||||
Acquired intangibles | $ 3,500 | |||
Hoodoo Digital, LLC | ||||
Business Acquisition [Line Items] | ||||
Ownership percentage acquired (in percentage) | 100.00% | |||
Purchase consideration | $ 66,592 | |||
Payment for business acquisitions, net of cash acquired | 64,310 | |||
Cash and cash equivalents | 2,283 | |||
Cash consideration to acquired certain assets and assumed certain liabilities | 67,695 | |||
Consideration receivable | $ 1,102 | |||
Acquired intangible assets, weighted average amortization period | 5 years | |||
Goodwill | $ 44,216 | |||
Acquisition related cost | 1,177 | |||
Acquired assets | 5,629 | |||
Liabilities assumed | 1,852 | |||
Hoodoo Digital, LLC | CGRLH | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 7,032 | |||
Hoodoo Digital, LLC | HMS | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 33,017 | |||
Hoodoo Digital, LLC | Customer-related intangible assets | ||||
Business Acquisition [Line Items] | ||||
Acquired intangibles | 16,200 | |||
Hoodoo Digital, LLC | Marketing-related intangible assets | ||||
Business Acquisition [Line Items] | ||||
Acquired intangibles | $ 2,400 |
Business Acquisitions - Rightpo
Business Acquisitions - Rightpoint Consulting, LLC - Narrative (Detail) - USD ($) $ in Thousands | Nov. 12, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,731,027 | $ 1,695,688 | $ 1,574,466 | |
Goodwill deductible for tax purposes | 326,795 | 296,046 | ||
Acquisition related cost | 1,177 | $ 2,650 | $ 8,352 | |
Rightpoint Consulting LLC | ||||
Business Acquisition [Line Items] | ||||
Ownership percentage acquired (in percentage) | 100.00% | |||
Purchase consideration | $ 270,669 | |||
Payment for business acquisitions, net of cash acquired | 268,170 | |||
Cash and cash equivalents | 2,499 | |||
Cash consideration to acquired certain assets and assumed certain liabilities | 248,470 | |||
Consideration payable | $ 22,199 | $ 5,406 | ||
Percentage of receive consideration in cash at closing date for limited liability company interests and vested options to selling equity holders | 100.00% | |||
Retain percentage of limited liability company interests and vested options to selling equity holders | 25.00% | |||
Deferred earn out consideration rolling period to certain selling equity holders | 3 years | |||
Percentage of receive consideration for remaining limited liability company interests and vested options to selling equity holders | 75.00% | |||
Deferred variable earnout consideration to certain selling equity holders | $ 21,500 | |||
Vested options rolling period to certain selling equity holders | 3 years | |||
Acquired intangible assets, weighted average amortization period | 5 years | |||
Goodwill | $ 177,181 | |||
Goodwill deductible for tax purposes | 91,929 | |||
Acquisition related cost | 7,385 | |||
Acquired assets | 39,140 | |||
Liabilities assumed | 22,295 | |||
Recognized net deferred tax liability | 1,643 | |||
Rightpoint Consulting LLC | BCMI | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 16,983 | |||
Rightpoint Consulting LLC | CGRLH | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 42,993 | |||
Rightpoint Consulting LLC | HMS | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 117,205 | |||
Rightpoint Consulting LLC | Customer-related intangible assets | ||||
Business Acquisition [Line Items] | ||||
Acquired intangibles | 46,000 | |||
Rightpoint Consulting LLC | Marketing-related intangible assets | ||||
Business Acquisition [Line Items] | ||||
Acquired intangibles | $ 29,000 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of cash and cash equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Cash and other bank balances | $ 899,458 | $ 680,440 |
Total | $ 899,458 | $ 680,440 |
Accounts receivable, net of a_3
Accounts receivable, net of allowance for credit losses - Schedule of allowance for credit losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable [Line Items] | |||
Opening balance | $ 27,707 | $ 29,969 | $ 23,960 |
Additions due to acquisitions | 0 | 200 | 1,004 |
Additions charged/reversal released to cost and expense, net | 910 | 3,307 | 7,443 |
Deductions/effect of exchange rate fluctuations | (4,288) | (9,954) | (2,438) |
Closing balance | 24,329 | 27,707 | 29,969 |
Cumulative Effect, Period of Adoption, Adjustment | |||
Accounts Receivable [Line Items] | |||
Opening balance | 0 | 4,185 | 0 |
Closing balance | 0 | 4,185 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Accounts Receivable [Line Items] | |||
Opening balance | $ 27,707 | 34,154 | 23,960 |
Closing balance | $ 27,707 | $ 34,154 |
Accounts receivable, net of a_4
Accounts receivable, net of allowance for credit losses - Narrative (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||||
Gross accounts receivable | $ 912,071 | $ 908,727 | ||
Allowance for credit losses | 24,329 | 27,707 | $ 29,969 | $ 23,960 |
Accounts receivable, after allowance for credit loss, current | $ 887,742 | $ 881,020 |
Fair value measurements - Sched
Fair value measurements - Schedule of fair value of assets and liabilities, including derivative instruments, at fair value on a recurring basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 12, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative instruments, assets | $ 34,070 | $ 27,709 | |
Deferred compensation plan assets | 38,584 | 26,832 | |
Total, assets | 72,654 | 54,541 | |
Earn out consideration | 8,272 | $ 5,406 | |
Derivative instruments, liabilities | 15,254 | 40,981 | |
Deferred compensation plan liability | 38,007 | 26,390 | |
Total, liabilities | 58,667 | 75,643 | |
Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative instruments, assets | 0 | 0 | |
Deferred compensation plan assets | 0 | 0 | |
Total, assets | 0 | 0 | |
Earn out consideration | 0 | 0 | |
Derivative instruments, liabilities | 0 | 0 | |
Deferred compensation plan liability | 0 | 0 | |
Total, liabilities | 0 | 0 | |
Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative instruments, assets | 34,070 | 27,709 | |
Deferred compensation plan assets | 0 | 0 | |
Total, assets | 34,070 | 27,709 | |
Earn out consideration | 0 | 0 | |
Derivative instruments, liabilities | 15,254 | 40,981 | |
Deferred compensation plan liability | 0 | 0 | |
Total, liabilities | 15,254 | 40,981 | |
Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative instruments, assets | 0 | 0 | |
Deferred compensation plan assets | 38,584 | 26,832 | |
Total, assets | 38,584 | 26,832 | |
Earn out consideration | 5,406 | 8,272 | |
Derivative instruments, liabilities | 0 | 0 | |
Deferred compensation plan liability | 38,007 | 26,390 | |
Total, liabilities | $ 43,413 | $ 34,662 |
Fair value measurements - Sch_2
Fair value measurements - Schedule of roll-forward of fair value of earn-out consideration categorized as level 3 in fair value hierarchy (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Payment of earn-out consideration include in cash flows from operating activities | $ 440 | $ 0 |
Business Acquisition Contingent Consideration | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening balance | 8,272 | 22,184 |
Payments made on earn-out consideration | (2,556) | (6,552) |
Change in fair value of earn out consideration | (750) | (7,790) |
Others | 440 | 430 |
Closing balance | $ 5,406 | $ 8,272 |
Fair value measurements - Sch_3
Fair value measurements - Schedule of roll-forward of fair value of deferred compensation plan assets categorized as level 3 in fair value hierarchy (Detail) - Deferred Compensation Plan Assets - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening balance | $ 26,832 | $ 11,208 |
Additions (net of redemption) | 7,523 | 11,460 |
Change in fair value of deferred compensation plan assets | 4,229 | 4,164 |
Closing balance | $ 38,584 | $ 26,832 |
Fair value measurements - Sch_4
Fair value measurements - Schedule of fair value of deferred compensation liabilities categorized as Level 3 in fair value hierarchy (Detail) - Deferred Compensation Liabilities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Opening balance | $ 26,390 | $ 10,943 |
Additions (net of redemption) | 7,523 | 11,327 |
Change in fair value of deferred compensation plan liabilities | 4,094 | 4,120 |
Closing balance | $ 38,007 | $ 26,390 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | |
Forward foreign exchange contract | Maximum | ||
Derivative [Line Items] | ||
Derivatives, term of contract | 48 months | |
Interest rate swaps | Maximum | ||
Derivative [Line Items] | ||
Derivatives, term of contract | 48 months | |
Treasury rate lock | ||
Derivative [Line Items] | ||
Treasury lock on fair value edges, amount | $ 350 | |
Derivative instrument, gain amortized | $ 692 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of aggregate notional principal amounts of outstanding derivative financial instruments with related balance sheet exposure (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative financial instrument, balance sheet exposure asset (liability) | $ 18,816 | $ (13,272) |
United States Dollars (sell) Indian Rupees (buy) | ||
Derivative [Line Items] | ||
Derivative instrument notional principal amount | 1,348,600 | 1,150,000 |
Derivative financial instrument, balance sheet exposure asset (liability) | 26,247 | 15,207 |
United States Dollars (sell) Mexican Peso (buy) | ||
Derivative [Line Items] | ||
Derivative instrument notional principal amount | 23,750 | 17,500 |
Derivative financial instrument, balance sheet exposure asset (liability) | 140 | 716 |
United States Dollars (sell) Philippines Peso (buy) | ||
Derivative [Line Items] | ||
Derivative instrument notional principal amount | 75,600 | 67,200 |
Derivative financial instrument, balance sheet exposure asset (liability) | (2,215) | 1,332 |
Euro (sell) United States Dollars (buy) | ||
Derivative [Line Items] | ||
Derivative instrument notional principal amount | 120,994 | 96,651 |
Derivative financial instrument, balance sheet exposure asset (liability) | 2,634 | (5,659) |
Singapore Dollars (buy) United States Dollars (sell) | ||
Derivative [Line Items] | ||
Derivative instrument notional principal amount | 3,655 | 10,153 |
Derivative financial instrument, balance sheet exposure asset (liability) | 65 | 66 |
Euro (sell) Romanian Leu (buy) | ||
Derivative [Line Items] | ||
Derivative instrument notional principal amount | 47,506 | 29,489 |
Derivative financial instrument, balance sheet exposure asset (liability) | (233) | (22) |
Japanese Yen (sell) Chinese Renminbi (buy) | ||
Derivative [Line Items] | ||
Derivative instrument notional principal amount | 10,440 | 19,230 |
Derivative financial instrument, balance sheet exposure asset (liability) | 202 | 473 |
United States Dollars (sell) Chinese Renminbi (buy) | ||
Derivative [Line Items] | ||
Derivative instrument notional principal amount | 45,000 | 0 |
Derivative financial instrument, balance sheet exposure asset (liability) | 120 | 0 |
Pound Sterling (sell) United States Dollars (buy) | ||
Derivative [Line Items] | ||
Derivative instrument notional principal amount | 49,031 | 0 |
Derivative financial instrument, balance sheet exposure asset (liability) | 545 | 0 |
United States Dollars (sell) Hungarian Font (buy) | ||
Derivative [Line Items] | ||
Derivative instrument notional principal amount | 39,000 | 30,000 |
Derivative financial instrument, balance sheet exposure asset (liability) | (2,174) | 904 |
Hungarian Font (Sell) Euro (buy) | ||
Derivative [Line Items] | ||
Derivative instrument notional principal amount | 2,828 | 10,444 |
Derivative financial instrument, balance sheet exposure asset (liability) | (17) | 61 |
Australian Dollars (sell) Indian Rupees (buy) | ||
Derivative [Line Items] | ||
Derivative instrument notional principal amount | 97,053 | 140,525 |
Derivative financial instrument, balance sheet exposure asset (liability) | 1,234 | (7,670) |
Interest rate swaps (floating to fixed) | ||
Derivative [Line Items] | ||
Derivative instrument notional principal amount | 460,135 | 488,022 |
Derivative financial instrument, balance sheet exposure asset (liability) | $ (7,732) | $ (18,680) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of fair value of derivative instruments and their location in the Company's financial statements (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid expenses and other current assets | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of assets | $ 3,130 | $ 5,357 |
Other assets | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of assets | 0 | 0 |
Accrued expenses and other current liabilities | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of liabilities | 1,090 | 3,785 |
Other liabilities | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of liabilities | 0 | 3,923 |
Cash flow hedges | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of assets | 16,064 | 16,188 |
Cash flow hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of assets | 14,876 | 6,164 |
Cash flow hedges | Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of liabilities | 11,408 | 16,387 |
Cash flow hedges | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of liabilities | $ 2,756 | $ 16,886 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule gains (losses) recorded as component of other comprehensive income (loss) in connection with cash flow hedges (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Opening balance, before-tax amount | $ (10,921) | $ (4,126) | $ (2,411) |
Net gains (losses) reclassified into statement of income on completion of hedged transactions, before-tax amount | 7,628 | (6,171) | 19,401 |
Changes in fair value of effective portion of outstanding derivatives, net, before tax amount | 36,017 | (12,966) | 17,686 |
Gain (loss) on cash flow hedging derivatives, before tax amount | 28,389 | (6,795) | (1,715) |
Closing balance, before-tax amount | 17,468 | (10,921) | (4,126) |
Opening balance, tax (expense) benefit | (1,861) | 1,466 | 5,524 |
Net gains (losses) reclassified into statement of income on completion of hedged transactions, tax (expense) or benefit | (1,836) | 605 | (7,212) |
Changes in fair value of effective portion of outstanding derivatives, net, tax (expense) or benefit | (7,101) | 3,932 | (3,154) |
Gain (loss) on cash flow hedging derivatives, tax (expense) benefit | (5,265) | 3,327 | 4,058 |
Closing balance, tax (expense) or benefit | 3,404 | (1,861) | 1,466 |
Opening balance, net of tax amount | (9,060) | (5,592) | (7,935) |
Net gains (losses) reclassified into statement of income on completion of hedged transactions, net of tax amount | 5,792 | (5,566) | 12,189 |
Changes in fair value of effective portion of outstanding derivatives, net, net of tax amount | 28,916 | (9,034) | 14,532 |
Gain (loss) on cash flow hedging derivatives, net of tax amount | 23,124 | (3,468) | 2,343 |
Closing balance, net of tax amount | $ 14,064 | $ (9,060) | $ (5,592) |
Derivative Financial Instrume_7
Derivative Financial Instruments - Schedule of gains or losses recognized in other comprehensive income (loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) recognized in OCI on Derivatives (Effective Portion) | $ 36,017 | $ (12,966) | $ 17,686 |
Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion) | 7,628 | (6,171) | 19,401 |
Amount of Gain (Loss) recognized in Statement of Income on Derivatives | 12,116 | (4,092) | 4,299 |
Revenue | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion) | 1,354 | 4,432 | 6,782 |
Cost of Revenue | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion) | 11,155 | (4,553) | 6,435 |
Selling, general and administrative expenses | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion) | 3,012 | (1,266) | 1,732 |
Interest expense | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion) | (7,893) | (4,784) | 4,452 |
Forward foreign exchange contracts | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) recognized in OCI on Derivatives (Effective Portion) | 32,270 | 6,933 | 24,581 |
Forward foreign exchange contracts | Foreign exchange (gains) losses, net | Not designated as hedging instrument | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) recognized in Statement of Income on Derivatives | 12,116 | (8,055) | 4,299 |
Forward foreign exchange contracts | Foreign exchange (gains) losses, net | Designated as hedging instrument | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) recognized in Statement of Income on Derivatives | 0 | 3,963 | 0 |
Interest rate swaps | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) recognized in OCI on Derivatives (Effective Portion) | 2,931 | (19,899) | (6,895) |
Treasury rate lock | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) recognized in OCI on Derivatives (Effective Portion) | $ 816 | $ 0 | $ 0 |
Prepaid expenses and other cu_3
Prepaid expenses and other current assets - Schedule of prepaid expenses and other current assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Advance income and non-income taxes | $ 28,075 | $ 73,008 |
Contract asset (Note 25) | 8,506 | 9,035 |
Prepaid expenses | 38,528 | 32,375 |
Derivative instruments | 19,194 | 21,545 |
Employee advances | 2,797 | 2,636 |
Deposits | 5,839 | 8,774 |
Advances to suppliers | 804 | 2,716 |
Others | 30,698 | 37,319 |
Prepaid expenses and other current assets, net | $ 134,441 | $ 187,408 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of property, plant and equipment, net (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 818,452 | $ 792,463 |
Less: Accumulated depreciation and amortization | (603,363) | (561,341) |
Property, plant and equipment, net | 215,089 | 231,122 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 7,292 | 5,792 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 41,282 | 41,622 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 52,901 | 52,610 |
Computer equipment and servers | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 309,551 | 270,376 |
Plant, machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 108,527 | 109,722 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 138,343 | 141,417 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 114,747 | 126,761 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 162 | 152 |
Capital work in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 45,647 | $ 44,011 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 109,124 | $ 116,499 | $ 96,101 |
Depreciation expense on property, plant and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 62,159 | 67,662 | 53,332 |
Computer software | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 5,842 | 9,421 | 14,167 |
Effect of reclassification of foreign exchange (gains) losses | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ (430) | $ 213 | $ (267) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Goodwill deductible for tax purposes | $ 326,795 | $ 296,046 | |
Amortization of acquired intangible assets | 58,448 | 43,343 | $ 32,612 |
Tangible assets write-down | 915 | 14,083 | 3,511 |
Internally developed and other intangibles | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Amortization of acquired intangible assets | 24,987 | 27,290 | 18,957 |
Internally developed and other intangibles | Effect of reclassification of foreign exchange (gains) losses | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Amortization of acquired intangible assets | $ (157) | $ 74 | $ (76) |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Changes in goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Opening balance | $ 1,695,688 | $ 1,574,466 |
Goodwill relating to acquisitions consummated during the period | 44,216 | 123,595 |
Impact of measurement period adjustments | 1,205 | (5,653) |
Effect of exchange rate fluctuations | (10,082) | 3,280 |
Closing balance | $ 1,731,027 | $ 1,695,688 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of changes in goodwill by reporting unit (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Opening balance | $ 1,695,688 | $ 1,574,466 |
Goodwill relating to acquisitions consummated during the period | 44,216 | 123,595 |
Impact of measurement period adjustments | 1,205 | (5,653) |
Effect of exchange rate fluctuations | (10,082) | 3,280 |
Closing balance | 1,731,027 | 1,695,688 |
BCMI | ||
Goodwill [Roll Forward] | ||
Opening balance | 420,172 | 417,213 |
Goodwill relating to acquisitions consummated during the period | 4,167 | 2,559 |
Impact of measurement period adjustments | 35 | (542) |
Effect of exchange rate fluctuations | (3,117) | 942 |
Closing balance | 421,257 | 420,172 |
CGRLH | ||
Goodwill [Roll Forward] | ||
Opening balance | 607,574 | 555,130 |
Goodwill relating to acquisitions consummated during the period | 7,032 | 52,612 |
Impact of measurement period adjustments | 309 | (1,372) |
Effect of exchange rate fluctuations | (3,795) | 1,204 |
Closing balance | 611,120 | 607,574 |
HMS | ||
Goodwill [Roll Forward] | ||
Opening balance | 667,942 | 602,123 |
Goodwill relating to acquisitions consummated during the period | 33,017 | 68,424 |
Impact of measurement period adjustments | 861 | (3,739) |
Effect of exchange rate fluctuations | (3,170) | 1,134 |
Closing balance | $ 698,650 | $ 667,942 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of intangible assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 760,616 | $ 750,907 |
Accumulated amortization & Impairment | 590,981 | 514,175 |
Net | 169,635 | 236,732 |
Customer-related intangible assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 489,974 | 478,189 |
Accumulated amortization & Impairment | 394,688 | 359,652 |
Net | 95,286 | 118,537 |
Marketing-related intangible assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 98,870 | 96,561 |
Accumulated amortization & Impairment | 76,663 | 61,154 |
Net | 22,207 | 35,407 |
Technology-related intangible assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 171,772 | 152,293 |
Accumulated amortization & Impairment | 119,630 | 90,866 |
Net | 52,142 | 61,427 |
Intangible assets under development | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 0 | 23,864 |
Accumulated amortization & Impairment | 0 | 2,503 |
Net | $ 0 | $ 21,361 |
Goodwill and intangible asset_6
Goodwill and intangible assets - Schedule of impairment charge recorded for various categories of assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Impairment of intangible assets, finite-lived | $ 205 | $ 6,117 | $ 3,511 |
Impairment of property, plant and equipment | 710 | 7,966 | 0 |
Grand Total | 915 | 14,083 | 3,511 |
Property, plant and equipment | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Impairment of property, plant and equipment | 710 | 7,966 | 0 |
Technology-related intangible assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Impairment of intangible assets, finite-lived | 205 | 5,179 | 3,511 |
Customer-related intangible assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Impairment of intangible assets, finite-lived | $ 0 | $ 938 | $ 0 |
Goodwill and Intangible Asset_7
Goodwill and Intangible Assets - Schedule of estimated amortization for intangible assets for future periods (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 63,620 |
2023 | 48,718 |
2024 | 32,938 |
2025 | 19,527 |
2026 and beyond | 4,832 |
Intangible assets excluding under development assets | $ 169,635 |
Other Assets - Schedule of othe
Other Assets - Schedule of other assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets, Noncurrent Disclosure [Abstract] | ||
Contract asset | $ 5,235 | $ 6,770 |
Advance income and non-income taxes | 124,219 | 155,035 |
Deposits | 28,463 | 32,058 |
Derivative instruments | 14,876 | 6,164 |
Prepaid expenses | 5,979 | 5,176 |
Deferred billings, net | 44,360 | 25,357 |
Right of use (ROU) assets finance lease | 34,284 | 50,083 |
Others | 64,742 | 43,175 |
Other assets, net | 322,158 | 323,818 |
Deferred billings | 48,071 | 28,491 |
Allowance for credit losses | $ 3,711 | $ 3,134 |
Other Assets - Narrative (Detai
Other Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for credit losses, other assets | $ 3,711 | $ 3,134 |
Allowance for credit losses current period charge | $ 577 | 2,400 |
ASC 326 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Transition period adjustment on accounts receivables (through retained earnings) pursuant to ASC 326 | $ 734 |
Leases - Narrative (Detail)
Leases - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Right of use (ROU) assets finance lease | $ 34,284 | $ 50,083 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets, net of allowance for credit losses of $3,134 and $3,711 as of December 31, 2020 and 2021, respectively | Other assets, net of allowance for credit losses of $3,134 and $3,711 as of December 31, 2020 and 2021, respectively | |
Operating lease cost | $ 81,637 | $ 88,596 | $ 74,436 |
Operating lease right of use asset impairment charge | 0 | 16,322 | 0 |
Operating lease, impairment loss | 0 | 18,084 | 0 |
Restructuring charges | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, impairment loss | 8,482 | ||
Effect of reclassification of foreign exchange (gains) losses | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | $ (333) | $ 161 | $ (105) |
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lease renewal term | 10 years |
Leases - Schedule of components
Leases - Schedule of components of lease cost for operating and finance leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance lease cost: | |||
Amortization of ROU assets | $ 15,549 | $ 12,483 | $ 9,302 |
Interest on lease liabilities | 2,538 | 2,454 | 2,997 |
Operating lease cost | 81,637 | 88,596 | 74,436 |
Short-term lease cost | 1,057 | 1,643 | 438 |
Variable lease cost | 5,307 | 5,347 | 4,052 |
Total lease cost | $ 106,088 | $ 110,523 | $ 91,225 |
Leases - Schedule of other info
Leases - Schedule of other information on leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Weighted-average remaining lease term—finance leases | 2 years 4 months 2 days | 3 years 1 month 6 days | 3 years 10 months 24 days |
Weighted-average remaining lease term—operating leases | 5 years 9 months 3 days | 6 years 5 months 1 day | 6 years 9 months 7 days |
Weighted-average discount rate—finance leases | 5.70% | 6.61% | 9.20% |
Weighted-average discount rate—operating leases | 6.98% | 7.28% | 6.87% |
Operating cash flows from finance leases | $ 2,592 | $ 2,898 | $ 2,859 |
Operating cash flows from operating leases | 80,159 | 92,010 | 72,645 |
Financing cash flows from finance leases | $ 13,926 | $ 10,567 | $ 7,380 |
Leases - Schedule of future min
Leases - Schedule of future minimum lease payments under operating and finance lease arrangements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finance lease | ||
2021/2022 | $ 20,008 | $ 19,584 |
2022/2023 | 10,178 | 17,165 |
2023/2024 | 5,105 | 10,081 |
2024/2025 | 2,062 | 3,876 |
2025/2026 | 34 | 1,000 |
Thereafter | 0 | 0 |
Total lease payments | 37,387 | 51,706 |
Less: Imputed interest | 2,541 | 2,682 |
Total lease liabilities | 34,846 | 49,024 |
Operating lease | ||
2021/2022 | 80,226 | 78,148 |
2022/2023 | 73,374 | 75,288 |
2023/2024 | 62,132 | 66,790 |
2024/2025 | 64,383 | 56,013 |
2025/2026 | 37,131 | 43,696 |
Thereafter | 66,004 | 117,580 |
Total lease payments | 383,250 | 437,515 |
Less: Imputed interest | 73,952 | 91,673 |
Total lease liabilities | $ 309,298 | $ 345,842 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities - Schedule of accrued expenses and other current liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued expenses | $ 162,054 | $ 150,390 |
Accrued employee cost | 307,777 | 286,399 |
Earn-out consideration | 2,501 | 2,651 |
Statutory liabilities | 67,948 | 104,768 |
Retirement benefits | 1,746 | 1,967 |
Compensated absences | 26,596 | 28,635 |
Derivative instruments | 12,498 | 20,172 |
Contract liabilities | 160,602 | 154,717 |
Finance lease liability | 18,549 | 18,066 |
Others | 31,169 | 39,004 |
Accrued expenses and other current liabilities, net | $ 791,440 | $ 806,769 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses and other current liabilities, net | Accrued expenses and other current liabilities, net |
Long-term debt - Narrative (Det
Long-term debt - Narrative (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Nov. 30, 2019 | Mar. 31, 2017 | |
Debt Instrument [Line Items] | ||||||
Margin over LIBOR (in percentage) | 1.375% | 1.375% | 1.375% | |||
Debt amount outstanding | $ 1,655,909,000 | $ 1,340,908,000 | ||||
Term loan credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt amortization expense | 687,000 | 1,150,000 | ||||
Debt amount outstanding | 560,313,000 | 593,850,000 | ||||
Principal amount of term loan | 8,500,000 | |||||
Amended 2015 Facility | ||||||
Debt Instrument [Line Items] | ||||||
Margin over LIBOR (in percentage) | 1.375% | |||||
Credit facility, base rate (in percentage) | 0.375% | |||||
2017 Senior Notes | Genpact Luxembourg S.r.l. | ||||||
Debt Instrument [Line Items] | ||||||
Debt amortization expense | 131,000 | 658,000 | ||||
Debt amount outstanding | $ 349,869,000 | 349,342,000 | ||||
Principal amount of senior notes issued | $ 350,000,000 | |||||
Interest rate on senior notes (in percentage) | 3.70% | 3.70% | ||||
Total debt issuance cost | $ 2,642,000 | |||||
2019 Senior Notes | Genpact Luxembourg S.r.l. | ||||||
Debt Instrument [Line Items] | ||||||
Debt amortization expense | $ 1,702,000 | 2,284,000 | ||||
Debt amount outstanding | $ 398,298,000 | $ 397,716,000 | ||||
Principal amount of senior notes issued | $ 400,000,000 | |||||
Interest rate on senior notes (in percentage) | 3.375% | 3.375% | ||||
Total debt issuance cost | $ 2,937,000 | |||||
Debt instrument redemption price (in percentage) | 100.00% | |||||
Debt repurchase price as percentage of aggregate principal value upon certain change of controls (in percentage) | 101.00% | |||||
Maximum increase in downgrade of credit rating of notes to adjust interest rate payable (in percentage) | 2.00% | |||||
2021 Senior Notes | Genpact Luxembourg S.r.l. | ||||||
Debt Instrument [Line Items] | ||||||
Debt amortization expense | $ 2,571,000 | |||||
Debt amount outstanding | $ 347,429,000 | |||||
Principal amount of senior notes issued | $ 350,000,000 | |||||
Interest rate on senior notes (in percentage) | 1.75% | 1.75% | ||||
Total debt issuance cost | $ 3,032,000 |
Long-term debt - Schedule of ma
Long-term debt - Schedule of maturity profile of term loan outstanding net of debt amortization expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total | $ 1,655,909 | $ 1,340,908 |
Term loan credit facility | ||
Debt Instrument [Line Items] | ||
2022 | 33,564 | |
2023 | 526,749 | |
Total | $ 560,313 | $ 593,850 |
Long-term debt - Schedule of lo
Long-term debt - Schedule of long term debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2019 | Mar. 31, 2017 |
Debt Instrument [Line Items] | |||||
Total | $ 1,655,909 | $ 1,340,908 | |||
Current portion | 383,433 | 33,537 | |||
Non-current portion | 1,272,476 | 1,307,371 | |||
Genpact Luxembourg S.r.l. | 2017 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Total | $ 349,869 | 349,342 | |||
Interest rate on senior notes (in percentage) | 3.70% | 3.70% | |||
Genpact Luxembourg S.r.l. | 2019 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Total | $ 398,298 | 397,716 | |||
Interest rate on senior notes (in percentage) | 3.375% | 3.375% | |||
Genpact Luxembourg S.r.l. | 2021 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Total | $ 347,429 | ||||
Interest rate on senior notes (in percentage) | 1.75% | 1.75% | |||
Credit facility, net of debt amortization expenses | |||||
Debt Instrument [Line Items] | |||||
Total | $ 560,313 | 593,850 | |||
2017 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Total | 349,869 | 349,342 | |||
2019 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Total | 398,298 | 397,716 | |||
2021 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Total | $ 347,429 | $ 0 |
Short-term borrowings - Narrati
Short-term borrowings - Narrative (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 09, 2018 | Aug. 08, 2018 | |
Line of Credit Facility [Line Items] | |||||
Fund-based and non-fund-based credit facilities limits available | $ 24,727,000 | $ 14,311,000 | |||
Utilization of credit facility for non fund-based usage | $ 5,848,000 | $ 7,809,000 | |||
Margin over LIBOR (in percentage) | 1.375% | 1.375% | 1.375% | ||
Commitment fee (in percentage) | 0.20% | 0.20% | |||
Credit facility, amount utilized | $ 2,017,000 | $ 252,347,000 | |||
Short-term borrowings | $ 0 | $ 250,000,000 | |||
Revolving credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 500,000,000 | $ 350,000,000 | |||
Fund-based credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Margin over LIBOR (in percentage) | 1.375% | 1.375% | |||
Non-fund-based credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility, amount utilized | $ 2,017,000 | $ 2,347,000 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of other liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Accrued employee cost | $ 15,790 | $ 19,797 |
Earn-out consideration | 2,905 | 5,621 |
Retirement benefits | 11,993 | 11,947 |
Compensated absences | 52,023 | 47,656 |
Derivative instruments | 2,756 | 20,809 |
Contract liabilities (Note 25) | 80,222 | 68,760 |
Finance lease liability | 16,297 | 30,958 |
Others | 63,224 | 32,850 |
Other Liabilities | $ 245,210 | $ 238,398 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of funded status of the Company's defined benefit plans and the amounts recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at the beginning of the year | $ 97,660 | $ 80,561 | |
Service cost | 14,546 | 11,897 | $ 8,915 |
Actuarial loss (gain) | (10,436) | 6,843 | |
Interest cost | 5,497 | 5,297 | 4,667 |
Liabilities assumed on acquisition/ transfer of employees | 0 | 180 | |
Benefits paid | (9,162) | (6,388) | |
Settlements | (4,328) | 0 | |
Curtailments | (181) | 0 | |
Effect of exchange rate changes | (1,814) | (730) | |
Projected benefit obligation at the end of the year | 91,782 | 97,660 | 80,561 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at the beginning of the year | 93,809 | 70,900 | |
Employer contributions | 12,907 | 24,523 | |
Actual gain on plan assets | 4,831 | 5,370 | |
Benefits paid | (9,162) | (6,287) | |
Settlements | 3,495 | 0 | |
Effect of exchange rate changes | (1,915) | (697) | |
Fair value of plan assets at the end of the year | 96,975 | 93,809 | $ 70,900 |
Funded, status, end of year | 5,193 | (3,851) | |
Amounts recognized in the consolidated balance sheets | |||
Non-current assets (recorded under other assets-others) | 18,932 | 10,063 | |
Current liabilities (recorded under accrued expenses and other current liabilities-retirement benefits) | (1,746) | (1,967) | |
Non-current liabilities (recorded under other liabilities- retirement benefits) | (11,993) | (11,947) | |
Funded, status, end of year | 5,193 | (3,851) | |
Other current liabilities | |||
Amounts recognized in the consolidated balance sheets | |||
Current liabilities (recorded under accrued expenses and other current liabilities-retirement benefits) | (1,746) | (1,967) | |
Other noncurrent liabilities | |||
Amounts recognized in the consolidated balance sheets | |||
Non-current liabilities (recorded under other liabilities- retirement benefits) | $ (11,993) | $ (11,947) |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of amounts included in accumulated other comprehensive income (loss) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Retirement Benefits [Abstract] | |||
Net actuarial loss | $ (13,399) | $ (24,669) | $ (21,490) |
Net prior service credit/(cost) | (300) | (477) | (717) |
Deferred tax assets | 3,206 | 7,065 | 6,171 |
Other comprehensive income, net | $ (10,493) | $ (18,081) | $ (16,036) |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of changes in other comprehensive income (loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Net actuarial loss | $ 9,019 | $ (5,891) | |
Amortization of net actuarial loss | 1,379 | 2,242 | |
Deferred income taxes | (3,859) | 894 | |
Net prior service credit/(cost) | 170 | 219 | |
Curtailment | 181 | 0 | |
Settlements | 519 | 0 | |
Effect of exchange rate changes | 179 | 491 | |
Other comprehensive income (loss), net | $ (7,588) | $ 2,045 | $ 6,542 |
Employee Benefit Plans - Sche_4
Employee Benefit Plans - Schedule of accumulated benefit obligation for defined benefit plans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Benefits [Abstract] | ||
Accumulated benefit obligation | $ 12,496 | $ 15,441 |
Fair value of plan assets at the end of the year | 3,161 | 5,446 |
Projected benefit obligation | 18,806 | 23,090 |
Fair value of plan assets at the end of the year | $ 5,067 | $ 9,176 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Detail) - USD ($) $ in Thousands | Jul. 01, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Net projected benefit obligation and plan assets for underfunded (including unfunded) defined benefit obligation plans | $ 13,739 | $ 13,914 | ||
Expected contributions in fiscal 2022 | 9,733 | |||
Deferred compensation plan liability | 38,007 | 26,390 | ||
Cash surrender value of policies | 38,584 | 26,832 | ||
Change in fair value of plan assets | 4,229 | 4,164 | $ 1,296 | |
Change in fair value of deferred compensation liabilities | $ 4,094 | $ 4,120 | $ 1,062 | |
U.S. | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Participant deferrals vesting ( in percentage) | 100.00% | |||
Employer discretionary vesting period | 2 years | |||
Earnings receivable minimum term | 2 years | |||
Earnings receivable lump sum or annual installment maximum terms | 15 years | |||
One-year anniversary of approval of contribution | U.S. | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Employer discretionary vesting (in percentage) | 50.00% | |||
Two-year anniversary of approval of contribution | U.S. | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Employer discretionary vesting (in percentage) | 50.00% | |||
Minimum | U.S. | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Individual qualifying base compensation (in percentage) | 1.00% | |||
Individual qualifying bonus compensation (in percentage) | 1.00% | |||
Maximum | U.S. | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Individual qualifying base compensation (in percentage) | 80.00% | |||
Individual qualifying bonus compensation (in percentage) | 100.00% | |||
Benefit obligations of Philippines Plan | Minimum | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Expectation of the average long term rate of return expected, years | 15 years | |||
Benefit obligations of Philippines Plan | Maximum | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Expectation of the average long term rate of return expected, years | 20 years |
Employee Benefit Plans - Sche_5
Employee Benefit Plans - Schedule of net defined benefit plan costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Service costs | $ 14,546 | $ 11,897 | $ 8,915 |
Interest costs | 5,497 | 5,297 | 4,667 |
Amortization of actuarial loss | 1,549 | 2,461 | 1,384 |
Expected return on plan assets | (6,239) | (4,589) | (2,605) |
One-time cost | 0 | 0 | 202 |
Settlements | 519 | 0 | 0 |
Net defined benefit plan costs | $ 15,872 | $ 15,066 | $ 12,563 |
Employee Benefit Plans - Sche_6
Employee Benefit Plans - Schedule of weighted average assumptions used to determine benefit obligations, Gratuity Plan (Detail) - Benefit obligations of Gratuity Plan | Dec. 31, 2021 | Dec. 31, 2020 |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (in percentage) | 5.25% | 4.45% |
Rate of increase in compensation per annum (in percentage) | 4.60% | 5.20% |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (in percentage) | 6.45% | 5.90% |
Rate of increase in compensation per annum (in percentage) | 8.00% | 9.00% |
Employee Benefit Plans - Sche_7
Employee Benefit Plans - Schedule of weighted average assumptions used to determine plan costs, Gratuity Plan (Detail) - Gratuity Plan costs | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long term rate of return on plan assets per annum (in percentage) | 7.50% | 7.50% | |
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (in percentage) | 4.45% | 6.80% | 8.30% |
Rate of increase in compensation per annum (in percentage) | 5.20% | 5.20% | 5.20% |
Expected long term rate of return on plan assets per annum (in percentage) | 7.00% | ||
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (in percentage) | 5.90% | 7.35% | 8.40% |
Rate of increase in compensation per annum (in percentage) | 9.00% | 11.50% | 11.00% |
Expected long term rate of return on plan assets per annum (in percentage) | 7.50% |
Employee Benefit Plans - Sche_8
Employee Benefit Plans - Schedule of weighted average assumptions used to determine benefit obligations, Mexican Plan (Detail) - Benefit obligations of Mexican Plan | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (in percentage) | 8.20% | 7.20% |
Rate of increase in compensation per annum (in percentage) | 5.50% | 5.50% |
Employee Benefit Plans - Sche_9
Employee Benefit Plans - Schedule of weighted average assumptions used to determine plan costs, Mexican Plan (Detail) - Mexican Plan costs | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (in percentage) | 7.20% | 7.60% | 9.40% |
Rate of increase in compensation per annum (in percentage) | 5.50% | 5.50% | 5.50% |
Employee Benefit Plans - Sch_10
Employee Benefit Plans - Schedule of weighted average assumptions used to determine benefit obligations, Philippines Plan (Detail) - Benefit obligations of Philippines Plan | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (in percentage) | 7.67% | 5.26% |
Rate of increase in compensation per annum (in percentage) | 5.00% | |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of increase in compensation per annum (in percentage) | 3.00% | |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of increase in compensation per annum (in percentage) | 6.00% |
Employee Benefit Plans - Sch_11
Employee Benefit Plans - Schedule of weighted average assumptions used to determine plan costs, Philippines Plan (Detail) - Philippines Plan costs | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (in percentage) | 5.26% | 5.22% | 7.53% |
Rate of increase in compensation per annum (in percentage) | 5.00% | 6.00% | 6.00% |
Expected long term rate of return on plan assets per annum (in percentage) | 2.00% | 2.40% | 1.00% |
Employee Benefit Plans - Sch_12
Employee Benefit Plans - Schedule of weighted average assumptions used to determine benefit obligations, Japan Plan (Detail) - Benefit obligations of Japan Plan | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of increase in compensation per annum (in percentage) | 0.00% | 0.00% |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (in percentage) | 0.14% | 0.17% |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (in percentage) | 0.81% | 0.41% |
Employee Benefit Plans - Sch_13
Employee Benefit Plans - Schedule of weighted average assumptions used to determine plan costs, Japan Plan (Detail) - Japan Plan costs | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of increase in compensation per annum (in percentage) | 0.00% | ||
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (in percentage) | 0.17% | 0.094% | 0.076% |
Rate of increase in compensation per annum (in percentage) | 0.00% | 0.00% | |
Expected long term rate of return on plan assets per annum (in percentage) | 1.77% | 0.00% | 0.00% |
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (in percentage) | 0.41% | 0.271% | 0.269% |
Expected long term rate of return on plan assets per annum (in percentage) | 3.12% | 1.77% | 1.77% |
Employee Benefit Plans - Sch_14
Employee Benefit Plans - Schedule of fair values of plan assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | $ 96,975 | $ 93,809 | $ 70,900 |
Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 14,059 | 21,707 | |
Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 82,916 | 72,102 | |
Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 0 | 0 | |
Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 14,059 | 21,707 | |
Cash | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 14,059 | 21,707 | |
Cash | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 0 | 0 | |
Cash | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 0 | 0 | |
Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | $ 80,612 | 63,444 | |
Investment in funds (in percentage) | 100.00% | ||
Fixed Income Securities | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | $ 0 | 0 | |
Fixed Income Securities | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 80,612 | 63,444 | |
Fixed Income Securities | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 0 | 0 | |
Other Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 2,304 | 8,658 | |
Other Securities | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 0 | 0 | |
Other Securities | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 2,304 | 8,658 | |
Other Securities | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | $ 0 | $ 0 |
Employee Benefit Plans - Sch_15
Employee Benefit Plans - Schedule of expected benefit plan payments (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Retirement Benefits [Abstract] | |
2022 | $ 12,938 |
2023 | 13,353 |
2024 | 14,310 |
2025 | 15,182 |
2026 | 16,250 |
2027 - 2031 | 83,964 |
Defined benefit plan expected future benefit payments | $ 155,997 |
Employee Benefit Plans - Sch_16
Employee Benefit Plans - Schedule of amounts contributed to defined contribution plans in various jurisdictions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plans, contributed amount | $ 119,382 | $ 96,447 | $ 95,744 |
India | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plans, contributed amount | 37,508 | 30,396 | 29,729 |
U.S. | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plans, contributed amount | 21,496 | 19,491 | 19,401 |
U.K. | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plans, contributed amount | 19,874 | 18,643 | 19,260 |
China | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plans, contributed amount | 24,988 | 16,436 | 18,816 |
Other Regions | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plans, contributed amount | $ 15,516 | $ 11,481 | $ 8,538 |
Stock-based compensation - Narr
Stock-based compensation - Narrative (Detail) - USD ($) | Dec. 22, 2021 | Sep. 24, 2021 | Jun. 23, 2021 | Mar. 19, 2021 | Dec. 23, 2020 | Sep. 23, 2020 | Jun. 26, 2020 | Mar. 18, 2020 | Dec. 18, 2019 | Sep. 20, 2019 | Jun. 21, 2019 | Apr. 05, 2019 | Mar. 20, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 09, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock based compensation cost | $ 80,548,000 | $ 72,709,000 | $ 82,802,000 | ||||||||||||||
Tax benefits recognized in relation to stock-based compensation | $ 21,857,000 | $ 21,832,000 | 18,921,000 | ||||||||||||||
Options granted, contractual period, years | 10 years | ||||||||||||||||
Dividends paid per share (in usd per share) | $ 0.1075 | $ 0.1075 | $ 0.1075 | $ 0.1075 | $ 0.0975 | $ 0.0975 | $ 0.0975 | $ 0.0975 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.1075 | $ 0.0975 | |||
Cash received from the exercise of stock option | $ 23,168,000 | $ 14,062,000 | 10,690,000 | ||||||||||||||
Tax benefits from the exercise of stock option | 6,927,000 | 7,381,000 | 2,966,000 | ||||||||||||||
Unrecognized stock-based compensation cost for options | $ 24,199,000 | ||||||||||||||||
Restricted Stock Unit vesting right (in shares) | 1 | ||||||||||||||||
Restricted Stock Unit vesting right, fair value (in shares) | 1 | ||||||||||||||||
Performance Units vesting right (in shares) | 1 | ||||||||||||||||
Performance Units vesting right, fair value (in shares) | 1 | ||||||||||||||||
Employee Stock Option | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Excess tax benefit on stock-based compensation | $ 4,191,000 | $ 7,310,000 | $ 2,743,000 | ||||||||||||||
Weighted average remaining requisite vesting period | 3 years 2 months 12 days | ||||||||||||||||
Restricted Share Units (RSUs) | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Weighted average remaining requisite vesting period | 2 years 3 months 18 days | ||||||||||||||||
Unrecognized stock-based compensation cost | $ 18,045,000 | ||||||||||||||||
Performance Units | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Weighted average remaining requisite vesting period | 1 year 9 months 18 days | ||||||||||||||||
Unrecognized stock-based compensation cost | $ 58,752,000 | ||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Percentage of fair value per share allowed to eligible employees to purchase through payroll deductions | 90.00% | ||||||||||||||||
Maximum percentage of employee's base salary allowed to be purchased | 15.00% | ||||||||||||||||
Maximum dollar amount of common shares allowed to be purchased | $ 25,000 | ||||||||||||||||
Common shares reserved for issuance | 4,200,000 | ||||||||||||||||
Issuance of common shares under the employee stock purchase plan (Note 18) (in shares) | 285,657 | 315,245 | 264,440 | ||||||||||||||
Compensation expense for ESPP | $ 1,420,000 | $ 1,299,000 | $ 1,083,000 | ||||||||||||||
Minimum | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award, vesting period, years | 3 years | ||||||||||||||||
Minimum | Restricted Share Units (RSUs) | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award, vesting period, years | 3 months | ||||||||||||||||
Minimum | Performance Units | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award, vesting period, years | 6 months | ||||||||||||||||
Maximum | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award, vesting period, years | 5 years | ||||||||||||||||
Maximum | Restricted Share Units (RSUs) | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award, vesting period, years | 4 years | ||||||||||||||||
Maximum | Performance Units | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award, vesting period, years | 3 years | ||||||||||||||||
2007 Omnibus Plan | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of common shares authorized for issuance | 23,000,000 | 23,858,823 | |||||||||||||||
Amended Omnibus Plan, increase in number of common shares authorized for issuance | 8,000,000 | ||||||||||||||||
2017 Omnibus Incentive Compensation Plan | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of common shares authorized for issuance | 15,000,000 |
Stock-based compensation - Sche
Stock-based compensation - Schedule of significant assumptions used in determining fair value of options granted (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield (in percentage) | 0.89% | ||
Expected life (in months) | 84 months | 84 months | 84 months |
Risk-free rate of interest for expected life, minimum (in percentage) | 1.12% | 1.56% | |
Risk-free rate of interest for expected life, maximum (in percentage) | 1.37% | 2.63% | |
Risk-free rate of interest for expected life (in percentage) | 1.50% | ||
Volatility, minimum (in percentage) | 26.05% | 21.00% | |
Volatility, maximum (in percentage) | 26.18% | 21.38% | |
Volatility (in percentage) | 20.96% | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield (in percentage) | 0.84% | 0.82% | |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield (in percentage) | 1.08% | 1.08% |
Stock-based compensation - Sc_2
Stock-based compensation - Schedule of stock option activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares arising out of options | ||||
Outstanding, shares arising out of options, beginning balance | 7,347,241 | 8,360,212 | 7,261,675 | |
Granted, shares arising out of options | 1,831,180 | 431,924 | 1,881,068 | |
Forfeited, shares arising out of options | (25,000) | (752,261) | (85,000) | |
Expired, shares arising out of options | 0 | 0 | 0 | |
Exercised, shares arising out of options | (1,145,125) | (692,634) | (697,531) | |
Outstanding, shares arising out of options, ending balance | 8,008,296 | 7,347,241 | 8,360,212 | 7,261,675 |
Vested and expected to vest thereafter, shares arising out of options | 7,422,919 | 7,132,162 | 8,006,985 | |
Vested and exercisable, shares arising out of options | 3,117,333 | 2,713,405 | 3,111,039 | |
Weighted average grant-date fair value of options granted during the period | $ 11.35 | $ 9.72 | $ 6.98 | |
Weighted average exercise price | ||||
Outstanding weighted average exercise price, beginning balance | 26.41 | 25.33 | 23.61 | |
Granted, weighted average exercise price | 43.98 | 43.94 | 28.50 | |
Forfeited, weighted average exercise price | 31.50 | 30.09 | 29.91 | |
Expired, weighted average exercise price | 0 | 0 | 0 | |
Exercised, weighted average exercise price | 20.23 | 20.30 | 15.33 | |
Outstanding weighted average exercise price, ending balance | 31.30 | 26.41 | 25.33 | $ 23.61 |
Vested and expected to vest thereafter, weighted average exercise price | 30.51 | 26.26 | 25.18 | |
Vested and exercisable, weighted average exercise price | $ 24.17 | $ 19.40 | $ 19.16 | |
Weighted average remaining contractual life (years) | ||||
Outstanding weighted average remaining contractual life (years) | 6 years 1 month 6 days | 5 years 8 months 12 days | 6 years 6 months | 6 years 4 months 24 days |
Vested and expected to vest thereafter, weighted average remaining contractual life (years) | 6 years 1 month 6 days | 5 years 8 months 12 days | 6 years 6 months | |
Vested and exercisable, weighted average remaining contractual life (years) | 3 years 4 months 24 days | 2 years 7 months 6 days | 3 years 4 months 24 days | |
Aggregate intrinsic value | ||||
Exercised, aggregate intrinsic value | $ 30,463 | $ 11,813 | $ 18,724 | |
Outstanding aggregate intrinsic value | 174,428 | 110,925 | 140,760 | |
Vested and expected to vest thereafter, aggregate intrinsic value | 167,551 | 108,671 | 136,017 | |
Vested and exercisable, aggregate intrinsic value | $ 90,117 | $ 59,593 | $ 71,584 |
Stock-based compensation - Sc_3
Stock-based compensation - Schedule of RSU activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted Average Grant Date Fair Value | |||
Outstanding weighted average grant date fair value, beginning balance | $ 34.56 | ||
Outstanding weighted average grant date fair value, ending balance | $ 34.56 | ||
Restricted Share Units (RSUs) | |||
Number of Restricted Share Units | |||
Outstanding number of shares (Units), beginning balance | 860,308 | 1,261,706 | 1,528,999 |
Granted, number of shares (Units) | 466,702 | 296,332 | 470,939 |
Vested, number of shares (Units) | (501,273) | (640,212) | (672,025) |
Forfeited, number of shares (Units) | (66,230) | (57,518) | (66,207) |
Outstanding number of shares (Units), ending balance | 759,507 | 860,308 | 1,261,706 |
Expected to vest, number of shares (Units) | 654,594 | 762,877 | 1,149,286 |
Weighted Average Grant Date Fair Value | |||
Outstanding weighted average grant date fair value, beginning balance | $ 36.44 | $ 31.41 | $ 27.45 |
Granted, weighted average grant date fair value | 44 | 40.40 | 37.58 |
Vested, weighted average grant date fair value | 34.41 | 28.28 | 26.84 |
Forfeited, weighted average grant date fair value | 38.02 | 37.35 | 30.43 |
Outstanding weighted average grant date fair value, ending balance | $ 42.29 | $ 36.44 | $ 31.41 |
Net settlement on vesting of restricted share units (Note 18) (in shares) | 300,944 | 385,197 | 521,707 |
Restricted Share Units (RSUs) | Vested in 2019, excluding directors | |||
Number of Restricted Share Units | |||
Vested, number of shares (Units) | (637,933) | ||
Restricted Share Units (RSUs) | Vested in 2019, directors | |||
Number of Restricted Share Units | |||
Vested, number of shares (Units) | (34,092) | ||
Restricted Share Units (RSUs) | Vested in 2020, excluding directors | |||
Number of Restricted Share Units | |||
Vested, number of shares (Units) | (590,699) | ||
Restricted Share Units (RSUs) | Vesting in 2020, directors | |||
Number of Restricted Share Units | |||
Vested, number of shares (Units) | (49,513) | ||
Restricted Share Units (RSUs) | Vested in 2021, excluding directors | |||
Number of Restricted Share Units | |||
Vested, number of shares (Units) | (461,640) | ||
Restricted Share Units (RSUs) | Vesting in 2021, directors | |||
Number of Restricted Share Units | |||
Vested, number of shares (Units) | (39,633) |
Stock-based compensation - Sc_4
Stock-based compensation - Schedule of PU activity (Detail) | 12 Months Ended | ||
Dec. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares | |
Weighted Average Grant Date Fair Value | |||
Outstanding weighted average grant date fair value, beginning balance | $ / shares | $ 34.56 | ||
Outstanding weighted average grant date fair value, ending balance | $ / shares | $ 34.56 | ||
Maximum shares eligible to receive | |||
Outstanding maximum shares eligible to receive, beginning balance | 4,876,196 | 6,058,464 | |
Outstanding maximum shares eligible to receive, ending balance | 4,876,196 | 6,058,464 | |
Performance Units | |||
Number of Performance Units | |||
Outstanding number of shares (Units), beginning balance | 4,876,196 | 6,058,464 | 3,712,402 |
Granted, number of shares (Units) | 1,340,877 | 1,253,766 | 1,579,109 |
Vested, number of shares (Units) | (1,784,140) | (1,496,377) | (3,276) |
Forfeited, number of shares (Units) | (258,258) | (539,670) | (248,031) |
Adjustment upon final determination of level of performance goal achievement | 408,480 | (399,987) | 1,018,260 |
Outstanding number of shares (Units), ending balance | 4,583,155 | 4,876,196 | 6,058,464 |
Expected to vest, number of shares (Units) | 4,263,803 | 4,573,356 | 5,507,640 |
Weighted Average Grant Date Fair Value | |||
Outstanding weighted average grant date fair value, beginning balance | $ / shares | $ 34.56 | $ 31.07 | $ 28.40 |
Granted, weighted average grant date fair value | $ / shares | 44.06 | 42.49 | 34.68 |
Vested, weighted average grant date fair value | $ / shares | 30.66 | 25.21 | 27.47 |
Forfeited, weighted average grant date fair value | $ / shares | 39.97 | 33.77 | 29.04 |
Adjustment upon final determination of level of performance goal achievement | $ / shares | 43.99 | 42.60 | 34.72 |
Outstanding weighted average grant date fair value, ending balance | $ / shares | $ 39.40 | $ 34.56 | $ 31.07 |
Maximum shares eligible to receive | |||
Outstanding maximum shares eligible to receive, beginning balance | 4,876,196 | 6,058,464 | 3,712,402 |
Granted, maximum shares eligible to receive | 2,681,754 | 2,507,532 | 3,158,218 |
Vested, maximum shares eligible to receive | (1,784,140) | (1,496,377) | (3,276) |
Forfeited, maximum shares eligible to receive | (320,098) | (560,867) | (278,755) |
Adjustment upon final determination of level of performance goal achievement | (870,557) | (1,632,556) | (530,125) |
Outstanding maximum shares eligible to receive, ending balance | 4,583,155 | 4,876,196 | 6,058,464 |
Net settlement on vesting of performance units (Note 18) (in shares) | 1,102,440 | 902,532 | 2,151 |
Increase due to achievement of higher-than-target performance (in percentage) | 31.20% | 66.67% | |
Decrease due to achievement of lower-than-target performance (in percentage) | 0.3298 |
Capital Stock - Narrative (Deta
Capital Stock - Narrative (Detail) $ / shares in Units, $ in Thousands | Dec. 22, 2021USD ($)$ / shares | Sep. 24, 2021USD ($)$ / shares | Jun. 23, 2021USD ($)$ / shares | Mar. 19, 2021USD ($)$ / shares | Feb. 09, 2021$ / shares | Dec. 23, 2020USD ($)$ / shares | Sep. 23, 2020USD ($)$ / shares | Jun. 26, 2020USD ($)$ / shares | Mar. 18, 2020USD ($)$ / shares | Feb. 06, 2020$ / shares | Dec. 18, 2019USD ($)$ / shares | Sep. 20, 2019USD ($)$ / shares | Jun. 21, 2019USD ($)$ / shares | Mar. 20, 2019USD ($)$ / shares | Feb. 07, 2019$ / shares | Feb. 12, 2018$ / shares | Dec. 31, 2021USD ($)votes$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018$ / shares | Sep. 30, 2021USD ($) |
Class of Stock [Line Items] | |||||||||||||||||||||
Common shares, authorized (in shares) | shares | 500,000,000 | 500,000,000 | |||||||||||||||||||
Common shares, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||||||||
Preferred shares, authorized (in shares) | shares | 250,000,000 | 250,000,000 | |||||||||||||||||||
Preferred shares, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||||||||
Common shares, issued (in shares) | shares | 185,336,357 | 189,045,661 | |||||||||||||||||||
Common shares, outstanding (in shares) | shares | 185,336,357 | 189,045,661 | |||||||||||||||||||
Preferred shares, outstanding (in shares) | shares | 0 | 0 | |||||||||||||||||||
Preferred shares, issued (in shares) | shares | 0 | 0 | |||||||||||||||||||
Common stock, number of votes per share | votes | 1 | ||||||||||||||||||||
Stock repurchase authorized amount | $ | $ 1,750,000 | ||||||||||||||||||||
Shares repurchased and retired (in shares) | shares | 6,577,562 | 3,412,293 | 766,154 | ||||||||||||||||||
Common stock shares repurchased price per share | $ / shares | $ 45.32 | $ 40.16 | $ 39.16 | ||||||||||||||||||
Aggregate amount of common stock shares repurchased | $ | $ 298,219 | $ 137,112 | $ 30,015 | ||||||||||||||||||
Expenses related to stock purchases | $ | 132 | $ 68 | $ 15 | ||||||||||||||||||
Stock repurchase program remained available for share | $ | $ 338,911 | ||||||||||||||||||||
Increase in quarterly cash dividend (in percentage) | 10.00% | 15.00% | 13.00% | ||||||||||||||||||
Dividends per common share (in usd per share) | $ / shares | $ 0.1075 | $ 0.0975 | $ 0.085 | $ 0.075 | $ 0.43 | $ 0.39 | $ 0.34 | ||||||||||||||
Annual dividend per common share (in usd per share) | $ / shares | $ 0.39 | $ 0.34 | 0.39 | $ 0.34 | |||||||||||||||||
Planned annual dividend (in usd per share) | $ / shares | $ 0.43 | 0.43 | $ 0.30 | ||||||||||||||||||
Dividends paid per share (in usd per share) | $ / shares | $ 0.1075 | $ 0.1075 | $ 0.1075 | $ 0.1075 | $ 0.0975 | $ 0.0975 | $ 0.0975 | $ 0.0975 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.1075 | $ 0.0975 | |||||||
Initial dividend paid | $ | $ 20,018 | $ 20,213 | $ 20,133 | $ 20,115 | $ 18,437 | $ 18,637 | $ 18,595 | $ 18,543 | $ 16,156 | $ 16,208 | $ 16,188 | $ 16,119 | |||||||||
Share repurchase open market | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Aggregate amount of common stock shares repurchased | $ | $ 298,087 | $ 137,044 | $ 30,000 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Number of stock awards outstanding but not included in the computation of diluted earnings per common share | 1,663,219 | 1,182,572 | 1,809,069 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of earnings per share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share (Abstract) | |||
Net income | $ 369,448 | $ 308,276 | $ 304,881 |
Weighted average number of common shares used in computing basic earnings per common share (in shares) | 187,802,219 | 190,396,780 | 190,074,475 |
Dilutive effect of stock-based awards | 5,159,622 | 5,384,191 | 5,086,380 |
Weighted average number of common shares used in computing dilutive earnings per common share | 192,961,841 | 195,780,971 | 195,160,855 |
Earnings per common share, basic (in usd per share) | $ 1.97 | $ 1.62 | $ 1.60 |
Earnings per common share, diluted (in usd per share) | $ 1.91 | $ 1.57 | $ 1.56 |
Other operating (income) expe_3
Other operating (income) expense, net - Schedule of other operating (income) expense, net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |||
Write-down of intangible assets and property, plant and equipment | $ 915 | $ 14,083 | $ 3,511 |
Write-down of operating lease right-of-use assets and other assets | 0 | 18,084 | 0 |
Change in fair value of earn out consideration and deferred consideration (relating to business acquisitions) | (750) | (7,790) | 0 |
Other operating (income) expense | (1,368) | (5,046) | (34,545) |
Other operating (income) expense, net | (1,203) | 19,331 | (31,034) |
Write-down of restructuring charges | 0 | 10,244 | 0 |
Gain on land rights transferred | $ 0 | $ 0 | $ 31,380 |
Interest income (expense), ne_2
Interest income (expense), net - Schedule of interest income (expense), net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | ||||
Interest income | $ 6,878 | $ 7,284 | $ 7,321 | |
Interest expense | (58,312) | (56,244) | (50,779) | |
Interest income (expense), net | $ (51,434) | $ (51,434) | $ (48,960) | $ (43,458) |
Income taxes - Schedule of inco
Income taxes - Schedule of income tax expense (benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||
Income tax expense | $ 113,681 | $ 92,201 | $ 94,536 |
Other comprehensive income: | |||
Unrealized gains (losses) on cash flow hedges | 5,265 | (3,327) | (4,058) |
Retirement benefits | 3,859 | (894) | (2,720) |
Retained earnings: | |||
Deferred tax benefit recognized on adoption of ASU 2016-13 | $ (9,263) | (22,587) | $ (16,315) |
ASC 326 | |||
Retained earnings: | |||
Deferred tax benefit recognized on adoption of ASU 2016-13 | $ (935) |
Income taxes - Schedule of comp
Income taxes - Schedule of components of income before income tax expense from continuing operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic (U.S.) | $ 126,107 | $ 122,497 | $ 27,783 |
Foreign (other than U.S.) | 357,022 | 277,980 | 371,634 |
Income before income tax expense | $ 483,129 | $ 400,477 | $ 399,417 |
Income taxes - Schedule of in_2
Income taxes - Schedule of income tax expense (benefit) attributable to income from continuing operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax expense : | |||
Domestic (U.S. federal) | $ 34,538 | $ 23,668 | $ 2,854 |
Domestic (U.S. state) | 5,605 | 10,765 | 3,908 |
Foreign (other than U.S.) | 82,801 | 80,355 | 104,089 |
Current Income Tax Expense (Benefit), Total | 122,944 | 114,788 | 110,851 |
Deferred tax expense (benefit) : | |||
Domestic (U.S. federal) | (6,039) | (7,329) | 2,669 |
Domestic (U.S. state) | 232 | (3,770) | (1,679) |
Foreign (other than U.S.) | (3,456) | (11,488) | (17,305) |
Deferred Income Tax Expense (Benefit), Total | (9,263) | (22,587) | (16,315) |
Total income tax expense (benefit) | $ 113,681 | $ 92,201 | $ 94,536 |
Income taxes - Schedule of in_3
Income taxes - Schedule of income tax expense (benefit) computed by applying the U.S. federal statutory income tax rate to income before income taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income before income tax expense | $ 483,129 | $ 400,477 | $ 399,417 |
Statutory tax rates (in percentage) | 21.00% | 21.00% | 21.00% |
Computed expected income tax expense | $ 101,457 | $ 84,100 | $ 83,878 |
Increase (decrease) in income taxes resulting from: | |||
Foreign tax rate differential | 10,747 | 15,456 | 31,121 |
Tax benefit from tax holiday | (3,159) | (16,063) | (21,393) |
True-up of prior years tax liability | 7,590 | (3,420) | (3,568) |
Interest income on income tax refund | (7,780) | 0 | 0 |
Non-deductible expenses | 1,755 | 372 | 2,152 |
Effect of change in tax rates | 1,740 | 453 | 6,497 |
Change in valuation allowance | 6,244 | 142,733 | 10,515 |
Unrecognized tax benefits | (327) | 3,228 | 5,502 |
Employment related tax incentive | (3,930) | 0 | (5,239) |
Internal restructuring | 0 | (129,688) | 0 |
State income taxes | 5,837 | 6,995 | 2,229 |
Excess tax benefit on share-based compensation | (7,773) | (7,310) | (2,743) |
Others | 1,280 | (4,655) | (14,415) |
Total income tax expense (benefit) | $ 113,681 | 92,201 | 94,536 |
Reversal of deferred tax liabilities due to transfer/closure of certain affiliated entities | 3,782 | ||
Impairment of deferred tax asset | $ 8,384 | $ 8,069 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||
Internal restructuring, consideration transferred for marketing intangibles | $ 650,000 | ||
Net excess tax benefits on share-based compensation | $ 7,773 | 7,310 | $ 2,743 |
Net operating loss carryforwards | 145,525 | ||
Deferred tax assets related to net operating loss carryforwards, excluding state | 34,459 | ||
Net operating loss of subsidiary, carried forward | 47,025 | ||
Additional deferred tax assets for U.S. state and local tax loss carry-forwards | 3,134 | ||
Undistributed earnings held by foreign subsidiaries for which no deferred tax liability would accrue on repatriation of retained earnings indefinitely reinvested | 622,521 | ||
Cash and cash equivalents held by foreign (non-Bermuda) subsidiaries | 875,924 | ||
Cash and cash equivalents | 899,458 | 680,440 | |
Cash held by foreign subsidiary | 3,481 | ||
Cash and cash equivalents held by foreign (non-Bermuda) subsidiaries for which no tax will accrue on repatriation of retained earnings indefinitely reinvested | 872,443 | ||
Deferred tax assets | 102,380 | 105,158 | |
Unrecognized tax benefits that would impact effective tax rate | 25,651 | 34,300 | |
Unrecognized tax benefits, interest on income taxes accrued | 2,842 | 6,369 | |
Unrecognized tax benefits, including exchange rate differences for interest recognized | 628 | 900 | |
Accrued penalties | $ (13,851) | $ 662 | 826 |
ASC 326 | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets | $ 935 | ||
Tax Holiday For First 5 Years | |||
Income Tax Disclosure [Line Items] | |||
Tax holiday in respect to export profits (in percentage) | 100.00% | ||
Tax holiday, period, in years | 5 years | ||
Tax Holiday from year 6 to year 10 | |||
Income Tax Disclosure [Line Items] | |||
Tax holiday in respect to export profits (in percentage) | 50.00% | ||
Tax holiday, period, in years | 5 years | ||
Tax Holiday from year 11 to year 15 | |||
Income Tax Disclosure [Line Items] | |||
Tax holiday in respect to export profits (in percentage) | 50.00% | ||
Tax holiday, period, in years | 5 years | ||
Basic and diluted earnings per share | |||
Income Tax Disclosure [Line Items] | |||
Earnings per share effect of tax holiday (in usd per share) | $ 0.02 | $ 0.08 | $ 0.11 |
Retained Earnings | |||
Income Tax Disclosure [Line Items] | |||
Repatriation of retained earnings | $ 9,628 |
Income taxes - Schedule of co_2
Income taxes - Schedule of components of deferred tax balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | ||||
Net operating loss carryforwards | $ 37,593 | $ 37,278 | ||
Accrued expenses and other liabilities | 70,802 | 70,634 | ||
Provision for doubtful debts | 9,000 | 9,930 | ||
Property, plant & equipment, net | 4,079 | 3,387 | ||
Lease liabilities | 50,091 | 59,823 | ||
Share-based compensation | 31,147 | 35,424 | ||
Intangible assets, net | 168,737 | 165,347 | ||
Retirement benefits | 9,721 | 14,761 | ||
Contract liabilities | 8,012 | 6,080 | ||
Tax credit carryforwards | 15,724 | 8,692 | ||
Other | 10,277 | 14,619 | ||
Gross deferred tax assets | 415,183 | 425,975 | ||
Less: Valuation allowance | (212,192) | (206,011) | $ (62,628) | $ (51,986) |
Total deferred tax assets | 202,991 | 219,964 | ||
Deferred tax liabilities | ||||
Intangible assets, net | 6,598 | 21,884 | ||
Property, plant and equipment, net | 1,907 | 3,700 | ||
Right-of use lease assets | 40,733 | 48,816 | ||
Earn-out liabilities | 5,368 | 6,189 | ||
Retirement benefits | 3,404 | 6,579 | ||
Investments in foreign subsidiaries not indefinitely reinvested | 1,708 | 2,726 | ||
Derivative instruments | 6,153 | 2,810 | ||
Goodwill | 29,229 | 18,649 | ||
Other | 5,511 | 3,453 | ||
Total deferred tax liabilities | 100,611 | 114,806 | ||
Net deferred tax asset | 102,380 | 105,158 | ||
Deferred tax assets | 106,322 | 106,674 | ||
Deferred tax liabilities | $ 3,942 | $ 1,516 |
Income taxes - Schedule of chan
Income taxes - Schedule of change in total valuation allowance for deferred tax assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Opening valuation allowance | $ 206,011 | $ 62,628 | $ 51,986 |
Reduction during the year | (1,206) | (35,662) | (4,240) |
Addition during the year | 7,387 | 179,045 | 14,882 |
Closing valuation allowance | $ 212,192 | $ 206,011 | $ 62,628 |
Income taxes - Schedule of rema
Income taxes - Schedule of remaining tax loss carry-forwards expiration (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Europe | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | $ 92,295 |
Europe | 2022 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 57 |
Europe | 2023 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 310 |
Europe | 2024 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 567 |
Europe | 2025 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 1,772 |
Europe | 2026 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 38 |
Europe | 2028 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 0 |
Europe | 2034 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 18,820 |
Europe | 2029 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 0 |
Europe | 2035 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 7,357 |
Europe | 2036 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 63,374 |
Europe | 2041 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 0 |
Others | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 6,205 |
Others | 2022 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 0 |
Others | 2023 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 1,039 |
Others | 2024 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 2,225 |
Others | 2025 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 2 |
Others | 2026 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 19 |
Others | 2028 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 94 |
Others | 2034 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 0 |
Others | 2029 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 185 |
Others | 2035 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 0 |
Others | 2036 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 0 |
Others | 2041 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | $ 2,641 |
Income taxes - Schedule of fore
Income taxes - Schedule of foreign tax credit carry-forward expiry period (Detail) - Foreign tax authority $ in Thousands | Dec. 31, 2021USD ($) |
Tax Credit Carryforward [Line Items] | |
Foreign tax credit carryforward amount | $ 15,724 |
2028 | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credit carryforward amount | 6,378 |
2029 | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credit carryforward amount | 2,554 |
2030 | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credit carryforward amount | 2,665 |
2031 | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credit carryforward amount | 3,803 |
2035 | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credit carryforward amount | 121 |
2041 | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credit carryforward amount | $ 203 |
Income taxes - Schedule of acti
Income taxes - Schedule of activities related to unrecognized tax benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Uncertainties [Abstract] | ||
Beginning balance | $ 34,300 | $ 31,029 |
Increase related to prior year tax positions, including recorded in acquisition accounting | 2,992 | 2,875 |
Decrease related to prior year tax positions | (455) | (1,309) |
Decrease related to prior year tax position due to lapse of applicable statute of limitation | (455) | (287) |
Increase related to current year tax positions, including recorded in acquisition accounting | 1,385 | 2,454 |
Decrease related to settlements with taxing authorities | (11,170) | (317) |
Effect of exchange rate changes | (946) | (145) |
Ending balance | $ 25,651 | $ 34,300 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of revenue and adjusted income from operations by reporting segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 4,022,211 | $ 3,709,377 | $ 3,520,543 | |
Adjusted income from operations | 662,680 | 588,808 | 558,841 | |
Stock-based compensation | (81,968) | (74,008) | (83,885) | |
Amortization and impairment of acquired intangible assets (other than included above) | (57,641) | (43,648) | (31,458) | |
Acquisition-related expenses | (1,177) | (2,650) | (8,352) | |
Foreign exchange gains (losses), net | 12,669 | 7,482 | 7,729 | |
Interest income (expense), net | $ (51,434) | (51,434) | (48,960) | (43,458) |
Restructuring expenses | (26,547) | |||
Income tax expense | (113,681) | (92,201) | (94,536) | |
Net income attributable to Genpact Limited shareholders | 369,448 | 308,276 | 304,881 | |
BCMI | ||||
Segment Reporting Information [Line Items] | ||||
Accelerated charge of contract cost asset | 10,524 | |||
Adjusted income from operations net of accelerated charge of contract cost asset | 105,474 | |||
Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 4,005,473 | 3,732,673 | 3,535,013 | |
Adjusted income from operations | 650,491 | 574,302 | 515,642 | |
Reportable segments | BCMI | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 1,016,786 | 1,079,193 | 1,078,844 | |
Adjusted income from operations | 126,972 | 132,939 | 115,998 | |
Reportable segments | CGRLH | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 1,509,534 | 1,264,654 | 1,107,534 | |
Adjusted income from operations | 250,765 | 197,197 | 161,515 | |
Reportable segments | HMS | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 1,479,153 | 1,388,826 | 1,348,635 | |
Adjusted income from operations | 272,754 | 244,166 | 238,129 | |
Others | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 16,738 | (23,296) | (14,470) | |
Adjusted income from operations | $ 12,189 | $ 14,506 | 43,199 | |
Adjusted income from operations before accelerated charge of contract cost asset | $ 53,723 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
HMS | |||
Segment Reporting Disclosure [Line Items] | |||
Total net revenues (as percentage) | 9.40% | 12.00% | 14.00% |
Segment Reporting - Schedule _2
Segment Reporting - Schedule of net revenues from geographic areas based on location of service delivery centers (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total net revenues | $ 4,022,211 | $ 3,709,377 | $ 3,520,543 |
India | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | 2,022,123 | 1,851,347 | 1,890,897 |
Asia, other than India | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | 536,595 | 461,839 | 356,726 |
North and Latin America | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | 1,011,759 | 1,007,635 | 863,748 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | $ 451,734 | $ 388,556 | $ 409,172 |
Segment Reporting - Schedule _3
Segment Reporting - Schedule of property, plant and equipment, net by geographic areas (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 215,089 | $ 231,122 |
India | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 142,237 | 157,129 |
Asia, other than India | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 16,315 | 16,790 |
North and Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 36,973 | 44,934 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 19,564 | $ 12,269 |
Net revenues - Schedule of net
Net revenues - Schedule of net revenues disaggregated by customer (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total net revenues | $ 4,022,211 | $ 3,709,377 | $ 3,520,543 |
Global Clients | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | 3,646,007 | 3,250,527 | 3,042,452 |
GE | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | $ 376,204 | $ 458,850 | $ 478,091 |
Net revenues - Narrative (Detai
Net revenues - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues [Abstract] | ||
Billing cycle period | 30 days | |
Contract liabilities balance | $ 141,774 | $ 102,893 |
Net revenues - Schedule of deta
Net revenues - Schedule of details of Company's contract liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenues [Abstract] | ||
Contract assets | $ 13,741 | $ 15,805 |
Contract liabilities | ||
Deferred transition revenue | 155,077 | 130,804 |
Advance from customers | $ 85,747 | $ 92,673 |
Net revenues - Schedule of esti
Net revenues - Schedule of estimated revenue expected to be recognized in the future related to remaining performance obligation (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Revenue, Performance Obligation [Abstract] | |
Revenue, Remaining Performance Obligation | $ 240,824 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Performance Obligation [Abstract] | |
Revenue, Remaining Performance Obligation | $ 160,606 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Performance Obligation [Abstract] | |
Revenue, Remaining Performance Obligation | $ 64,184 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Performance Obligation [Abstract] | |
Revenue, Remaining Performance Obligation | $ 13,924 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Performance Obligation [Abstract] | |
Revenue, Remaining Performance Obligation | $ 2,110 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Net revenues - Schedule of cont
Net revenues - Schedule of contract cost assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Opening balance | $ 225,897 | |
Closing balance | 238,794 | $ 225,897 |
Sales incentive programs | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Opening balance | 33,390 | 35,366 |
Closing balance | 32,296 | 33,390 |
Amortization | 22,227 | 19,960 |
Transition activities | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Opening balance | 192,507 | 170,132 |
Closing balance | 206,498 | 192,507 |
Amortization | $ 79,779 | $ 68,770 |
Other income (expense), net - S
Other income (expense), net - Schedule of other Income (expense), net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Nonoperating Income (Expense) [Abstract] | |||
Government incentives | $ 0 | $ 0 | $ 3,976 |
Other income/(expense) | 12,895 | 3,238 | 1,810 |
Other Income (expense), net | $ 12,895 | $ 3,238 | $ 5,786 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2016 | Jun. 30, 2020 | |
Commitments And Contingencies [Line Items] | ||||
Bank guarantees and letter of credits, outstanding | $ 7,865 | $ 10,156 | ||
Income tax examination, assessed tax, affiliate | $ 110,142 | |||
Affiliated Entity | ||||
Commitments And Contingencies [Line Items] | ||||
Refunds challenged by taxing authority, amount | $ 25,069 | |||
Capital addition purchase commitments | ||||
Commitments And Contingencies [Line Items] | ||||
Commitments and contingencies | $ 13,317 | $ 5,128 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 26,547 | |||
Severance charge | $ 15,395 | |||
Property, plant and equipment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 908 | |||
Non-cash charge | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 11,152 | |||
Office premises and employee severance charge | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 21,658 | |||
Employee severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 4,889 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 09, 2021 | Feb. 06, 2020 | Feb. 07, 2019 | Feb. 12, 2018 | Feb. 28, 2022 | Feb. 24, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||||||||
Common stock shares repurchased price per share | $ 45.32 | $ 40.16 | $ 39.16 | |||||||
Aggregate amount of common stock shares repurchased | $ 298,219 | $ 137,112 | $ 30,015 | |||||||
Increase in quarterly cash dividend (in percentage) | 10.00% | 15.00% | 13.00% | |||||||
Planned annual dividend (in usd per share) | $ 0.43 | $ 0.43 | $ 0.30 | |||||||
Dividends per common share (in usd per share) | $ 0.1075 | $ 0.0975 | $ 0.085 | $ 0.075 | $ 0.43 | $ 0.39 | $ 0.34 | |||
Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Stock repurchased during period (in shares) | 1,444,014 | |||||||||
Common stock shares repurchased price per share | $ 47.09 | |||||||||
Aggregate amount of common stock shares repurchased | $ 68,000 | |||||||||
Increase in quarterly cash dividend (in percentage) | 16.00% | |||||||||
Planned annual dividend (in usd per share) | $ 0.50 | |||||||||
Subsequent Event | First Quarter Dividend | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends per common share (in usd per share) | $ 0.125 |