Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 19, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'G | ' | ' |
Entity Registrant Name | 'GENPACT LTD | ' | ' |
Entity Central Index Key | '0001398659 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 231,716,562 | ' |
Entity Public Float | ' | ' | $3,304,638,446 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $571,276 | $459,228 |
Accounts receivable, net | 504,714 | 451,960 |
Accounts receivable from related party, net | 403 | 29 |
Short term deposits | ' | 18,292 |
Deferred tax assets | 60,638 | 48,489 |
Prepaid expenses and other current assets | 139,113 | 150,769 |
Total current assets | 1,276,144 | 1,128,767 |
Property, plant and equipment, net | 173,204 | 200,362 |
Deferred tax assets | 89,305 | 91,383 |
Investment in equity affiliates | 384 | 416 |
Intangible assets, net | 99,116 | 112,387 |
Goodwill | 953,849 | 956,064 |
Other assets | 97,365 | 116,548 |
Total assets | 2,689,367 | 2,605,927 |
Current liabilities | ' | ' |
Short-term borrowings | ' | 80,000 |
Current portion of long-term debt | 4,263 | 4,982 |
Current portion of capital lease obligations | 1,405 | 1,301 |
Accounts payable | 18,412 | 18,652 |
Income taxes payable | 15,007 | 22,304 |
Deferred tax liabilities | 614 | 538 |
Accrued expenses and other current liabilities | 421,992 | 390,041 |
Total current liabilities | 461,693 | 517,818 |
Long-term debt, less current portion | 653,601 | 656,879 |
Capital lease obligations, less current portion | 2,657 | 2,533 |
Deferred tax liabilities | 4,464 | 6,068 |
Other liabilities | 242,884 | 250,848 |
Total liabilities | 1,365,299 | 1,434,146 |
Shareholders' equity | ' | ' |
Preferred shares, $0.01 par value, 250,000,000 authorized, none issued | ' | ' |
Common shares, $0.01 par value, 500,000,000 authorized, 225,480,172 and 231,262,576 issued and outstanding as of December 31, 2012 and December 31, 2013, respectively | 2,310 | 2,253 |
Additional paid-in capital | 1,268,344 | 1,202,448 |
Retained earnings | 511,699 | 281,982 |
Accumulated other comprehensive income (loss) | -459,614 | -318,272 |
Genpact Limited shareholders' equity | 1,322,739 | 1,168,411 |
Noncontrolling interest | 1,329 | 3,370 |
Total equity | 1,324,068 | 1,171,781 |
Commitments and contingencies | ' | ' |
Total liabilities and equity | 2,689,367 | 2,605,927 |
Customer-Related Intangible Assets | ' | ' |
Current assets | ' | ' |
Intangible assets, net | 75,105 | 84,748 |
Marketing-Related Intangible Assets | ' | ' |
Current assets | ' | ' |
Intangible assets, net | 17,374 | 21,585 |
Other Intangible Assets | ' | ' |
Current assets | ' | ' |
Intangible assets, net | $6,637 | $6,054 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred shares, par value | $0.01 | $0.01 |
Preferred shares, authorized | 250,000,000 | 250,000,000 |
Preferred shares, issued | ' | ' |
Common shares, par value | $0.01 | $0.01 |
Common shares, authorized | 500,000,000 | 500,000,000 |
Common shares, issued | 231,262,576 | 225,480,172 |
Common shares, outstanding | 231,262,576 | 225,480,172 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net revenues | ' | ' | ' |
Net revenues from services-others | $2,131,059 | $1,901,421 | $1,115,972 |
Net revenues from services-related party | 938 | 550 | 484,464 |
Total net revenues | 2,131,997 | 1,901,971 | 1,600,436 |
Cost of revenue | ' | ' | ' |
Services | 1,319,571 | 1,157,766 | 1,004,899 |
Total cost of revenue | 1,319,571 | 1,157,766 | 1,004,899 |
Gross profit | 812,426 | 744,205 | 595,537 |
Operating expenses: | ' | ' | ' |
Selling, general and administrative expenses | 484,810 | 456,611 | 357,959 |
Amortization of acquired intangible assets | 23,645 | 23,233 | 19,974 |
Other operating (income) expense, net | -5,556 | 16 | 1,360 |
Income from operations | 309,527 | 264,345 | 216,244 |
Foreign exchange (gains) losses, net | -20,763 | -13,146 | -35,099 |
Other income (expense), net | -24,308 | -14,499 | 10,716 |
Income before equity-method investment activity, net and income tax expense | 305,982 | 262,992 | 262,059 |
Equity-method investment activity, net | -169 | -17 | 327 |
Income before income tax expense | 306,151 | 263,009 | 261,732 |
Income tax expense | 71,100 | 78,419 | 70,656 |
Net income | 235,051 | 184,590 | 191,076 |
Net income attributable to noncontrolling interest | 5,334 | 6,374 | 6,782 |
Net income attributable to Genpact Limited shareholders | 229,717 | 178,216 | 184,294 |
Net income available to Genpact Limited common shareholders | $229,717 | $178,216 | $184,294 |
Earnings per common share attributable to Genpact Limited common shareholders | ' | ' | ' |
Basic | $1 | $0.80 | $0.83 |
Diluted | $0.97 | $0.78 | $0.81 |
Weighted average number of common shares used in computing earnings per common share attributable to Genpact Limited common shareholders | ' | ' | ' |
Basic | 229,348,411 | 223,696,567 | 221,567,502 |
Diluted | 235,754,267 | 229,532,516 | 226,354,403 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $235,051 | $184,590 | $191,076 |
Other comprehensive income: | ' | ' | ' |
Net income (loss) on cash flow hedging derivatives, net of taxes (Note 7) | -28,654 | 27,195 | -113,646 |
Retirement benefits, net of taxes | -1,867 | ' | ' |
Other comprehensive income (loss) | -141,239 | 2,612 | -270,437 |
Genpact Limited Shareholders | ' | ' | ' |
Net income | 229,717 | 178,216 | 184,294 |
Other comprehensive income: | ' | ' | ' |
Currency translation adjustments | -114,555 | -21,560 | -156,733 |
Net income (loss) on cash flow hedging derivatives, net of taxes (Note 7) | -28,654 | 27,195 | -113,646 |
Net unrealized gain (loss) on investment in U.S. Treasury bills | ' | ' | -11 |
Retirement benefits, net of taxes | 1,867 | -3,154 | -125 |
Other comprehensive income (loss) | -141,342 | 2,481 | -270,515 |
Comprehensive income (loss) | 88,375 | 180,697 | -86,221 |
Noncontrolling Interest | ' | ' | ' |
Net income | 5,334 | 6,374 | 6,782 |
Other comprehensive income: | ' | ' | ' |
Currency translation adjustments | 103 | 131 | 78 |
Other comprehensive income (loss) | 103 | 131 | 78 |
Comprehensive income (loss) | $5,437 | $6,505 | $6,860 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common shares | Additional Paid- in Capital | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Non controlling interest |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning balance, value at Dec. 31, 2010 | $1,481,242 | $2,208 | $1,105,610 | $421,092 | ($50,238) | $2,570 |
Beginning balance, value (in shares) at Dec. 31, 2010 | ' | 220,916,960 | ' | ' | ' | ' |
Issuance of common shares on exercise of options (Note 18) (in shares) | 1,142,441 | 1,142,441 | ' | ' | ' | ' |
Issuance of common shares on exercise of options (Note 18) | 12,153 | 11 | 12,142 | ' | ' | ' |
Issuance of common shares under the employee stock purchase plan (Note 18) (in shares) | ' | 49,192 | ' | ' | ' | ' |
Issuance of common shares under the employee stock purchase plan (Note 18) | 687 | 1 | 686 | ' | ' | ' |
Net settlement on vesting of restricted share units (Note 18) | ' | 2 | -2 | ' | ' | ' |
Net settlement on vesting of restricted share units, shares | ' | 239,375 | ' | ' | ' | ' |
Distribution to noncontrolling interest | -6,805 | ' | ' | ' | ' | -6,805 |
Stock-based compensation expense (Note 18) | 27,767 | ' | 27,767 | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' |
Net income | 191,076 | ' | ' | 184,294 | ' | 6,782 |
Other comprehensive income (loss) | -270,437 | ' | ' | ' | -270,515 | 78 |
End balance, value at Dec. 31, 2011 | 1,435,683 | 2,222 | 1,146,203 | 605,386 | -320,753 | 2,625 |
End balance, value (in shares) at Dec. 31, 2011 | ' | 222,347,968 | ' | ' | ' | ' |
Issuance of common shares on exercise of options (Note 18) (in shares) | 2,539,517 | 2,539,517 | ' | ' | ' | ' |
Issuance of common shares on exercise of options (Note 18) | 24,956 | 25 | 24,931 | ' | ' | ' |
Issuance of common shares under the employee stock purchase plan (Note 18) (in shares) | ' | 86,214 | ' | ' | ' | ' |
Issuance of common shares under the employee stock purchase plan (Note 18) | 1,271 | 1 | 1,270 | ' | ' | ' |
Net settlement on vesting of restricted share units (Note 18) | -2,103 | 5 | -2,108 | ' | ' | ' |
Net settlement on vesting of restricted share units, shares | ' | 506,473 | ' | ' | ' | ' |
Distribution to noncontrolling interest | -5,760 | ' | ' | ' | ' | -5,760 |
Stock-based compensation expense (Note 18) | 32,152 | ' | 32,152 | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' |
Net income | 184,590 | ' | ' | 178,216 | ' | 6,374 |
Other comprehensive income (loss) | 2,612 | ' | ' | ' | 2,481 | 131 |
Dividend (Note 19) | -501,620 | ' | ' | -501,620 | ' | ' |
End balance, value at Dec. 31, 2012 | 1,171,781 | 2,253 | 1,202,448 | 281,982 | -318,272 | 3,370 |
End balance, value (in shares) at Dec. 31, 2012 | 225,480,172 | 225,480,172 | ' | ' | ' | ' |
Issuance of common shares on exercise of options (Note 18) (in shares) | 4,635,977 | 4,635,977 | ' | ' | ' | ' |
Issuance of common shares on exercise of options (Note 18) | 44,025 | 46 | 43,979 | ' | ' | ' |
Issuance of common shares under the employee stock purchase plan (Note 18) (in shares) | ' | 109,698 | ' | ' | ' | ' |
Issuance of common shares under the employee stock purchase plan (Note 18) | 1,834 | 1 | 1,833 | ' | ' | ' |
Net settlement on vesting of restricted share units (Note 18) | -4,465 | 5 | -4,470 | ' | ' | ' |
Net settlement on vesting of restricted share units, shares | ' | 540,617 | ' | ' | ' | ' |
Net settlement on vesting of performance units (Note 18) | -6,570 | 5 | -6,575 | ' | ' | ' |
Net settlement on vesting of performance units, shares | ' | 496,112 | ' | ' | ' | ' |
Disposition of noncontrolling interest | -1,055 | ' | ' | ' | ' | -1,055 |
Distribution to noncontrolling interest | -6,423 | ' | ' | ' | ' | -6,423 |
Stock-based compensation expense (Note 18) | 31,129 | ' | 31,129 | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' |
Net income | 235,051 | ' | ' | 229,717 | ' | 5,334 |
Other comprehensive income (loss) | -141,239 | ' | ' | ' | -141,342 | 103 |
End balance, value at Dec. 31, 2013 | $1,324,068 | $2,310 | $1,268,344 | $511,699 | ($459,614) | $1,329 |
End balance, value (in shares) at Dec. 31, 2013 | 231,262,576 | 231,262,576 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income attributable to Genpact Limited shareholders | $229,717 | $178,216 | $184,294 |
Net income attributable to noncontrolling interest | 5,334 | 6,374 | 6,782 |
Net income | 235,051 | 184,590 | 191,076 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' | ' |
Depreciation and amortization | 52,815 | 56,089 | 58,357 |
Amortization of debt issue costs (including loss on extinguishment of debt) | 6,035 | 8,079 | 1,952 |
Amortization of acquired intangible assets | 23,645 | 23,305 | 20,132 |
Reserve for doubtful receivables | 11,420 | 3,878 | 6,298 |
Reserve for mortgage loans | ' | 108 | 52 |
Unrealized (gain) loss on revaluation of foreign currency asset/liability | -6,251 | -13,700 | -18,276 |
Equity-method investment activity, net | -169 | -17 | 327 |
Stock-based compensation expense | 31,129 | 32,152 | 27,767 |
Deferred income taxes | -1,116 | -10,028 | -7,981 |
Others, net | 5,939 | 6,471 | 5,322 |
Change in operating assets and liabilities: | ' | ' | ' |
Increase in accounts receivable | -60,817 | -36,171 | -46,314 |
Increase in other assets | 9,377 | -20,525 | -10,461 |
Increase (Decrease) in accounts payable | 1,785 | -4,380 | 6,800 |
Increase in accrued expenses and other current liabilities | 21,359 | 38,478 | 27,517 |
Increase (Decrease) in income taxes payable | -6,555 | 1,775 | 10,345 |
Increase (Decrease) in other liabilities | -12,043 | 40,556 | -6,301 |
Net cash provided by operating activities | 311,604 | 310,660 | 266,612 |
Investing activities | ' | ' | ' |
Purchase of property, plant and equipment | -48,879 | -83,337 | -35,776 |
Proceeds from sale of property, plant and equipment | 3,442 | 500 | 916 |
Investment in affiliates | ' | -205 | ' |
Purchase of short term investments | ' | ' | -129,458 |
Proceeds from sale of short term investments | ' | ' | 206,443 |
Short term deposits placed | -55,001 | -43,978 | ' |
Redemption of short term deposits | 69,249 | 25,638 | ' |
Payment for business acquisitions, net of cash acquired | -49,235 | -55,901 | -577,233 |
Proceeds from divestiture of business, net of cash divested (refer note 3C) | 1,982 | ' | ' |
Net cash used for investing activities | -78,442 | -157,283 | -535,108 |
Financing activities | ' | ' | ' |
Repayment of capital lease obligations | -1,803 | -2,279 | -2,821 |
Proceeds from long-term debt | 121,410 | 675,000 | 120,000 |
Repayment of long-term debt | -123,098 | -106,688 | -40,000 |
Proceeds from Short-term borrowings | 275,000 | 80,000 | 260,000 |
Repayment of Short-term borrowings | -355,000 | -253,004 | -8,000 |
Proceeds from issuance of common shares under stock-based compensation plans | 45,859 | 26,227 | 12,840 |
Payment for net settlement of stock-based awards | -9,315 | -2,103 | ' |
Payment of earn-out consideration | -3,868 | -587 | ' |
Cost incurred in relation to debt amendment and refinancing | -8,104 | -15,266 | -9,115 |
Distribution to noncontrolling interest | -6,423 | -5,760 | -6,805 |
Dividend paid | ' | -501,620 | ' |
Net cash used for financing activities | -65,342 | -106,080 | 326,099 |
Effect of exchange rate changes | -55,772 | 3,911 | -53,617 |
Net increase in cash and cash equivalents | 167,820 | 47,297 | 57,603 |
Cash and cash equivalents at the beginning of the period | 459,228 | 408,020 | 404,034 |
Cash and cash equivalents at the end of the period | 571,276 | 459,228 | 408,020 |
Supplementary information | ' | ' | ' |
Cash paid during the period for interest | 30,788 | 14,061 | 5,026 |
Cash paid during the period for income taxes | 71,857 | 91,825 | 65,688 |
Property, plant and equipment acquired under capital lease obligation | $2,342 | $2,699 | $1,787 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization | ' |
1. Organization | |
(a) Nature of Operations | |
The Company is a global leader in transforming and running business processes and operations, including those that are complex and industry-specific. The Company’s mission is to help clients become more competitive by making their enterprises more intelligent through becoming more adaptive, innovative, globally effective and connected to their own clients. Genpact stands for Generating Impact – visible in better management of risk, regulations, costs and growth for hundreds of long-term clients, including more than 100 of the Fortune Global 500. The Company’s approach is distinctive – it offers an unbiased, agile combination of smarter processes, crystallized in its Smart Enterprise Processes (SEP SM) proprietary framework, along with analytics and technology, which limits upfront investments and enhances future adaptability. The Company has 63,600+ employees in 24 countries with key management and corporate offices in New York City. Behind the Company’s single-minded passion for process and operational excellence is the Lean and Six Sigma heritage of a former General Electric division that has served GE businesses for more than 15 years. | |
(b) Organization | |
The Company began in 1997 as the India-based captive business process services operation for General Electric Capital Corporation, or GE Capital, General Electric Company’s (“GE”) financial services business. As the Company demonstrated its value to GE management, the Company’s business grew in size and scope. The Company took on a wide range of complex and critical processes and became a significant provider to many of GE’s businesses, including Consumer Finance, Commercial Finance, Healthcare, Industrial, NBC Universal and GE’s corporate offices. | |
The Company started actively pursuing business from clients other than GE, which are referred to as Global Clients, on January 1, 2005. Since that time, it has successfully expanded its business and diversified its revenue sources. | |
In August 2007, the Company completed an initial public offering of its common shares, pursuant to which the Company and certain of its shareholders each sold 17,647,059 common shares. | |
On March 24, 2010, the Company completed a secondary offering of its common shares pursuant to which GE’s shareholding in the Company decreased to 9.1% and it ceased to be a significant shareholder, although it continued to be a related party. During the year ended December 31, 2012, GE’s shareholding subsequently declined to less than 5.0%, as a result of which GE is no longer considered a related party. On December 14, 2012, a secondary offering of the Company’s common shares by General Atlantic (“GA”) and Oak Hill Capital Partners (“OH”) was completed. Upon the completion of the secondary offering, GA and OH each owned approximately 2.4% of the Company’s common shares outstanding, and they ceased to be significant shareholders and related parties. | |
2012 Recapitalization | |
On August 1, 2012, the Company announced that Glory Investments A Limited, formerly known as South Asia Private Investments and an affiliate of Bain Capital Investors, LLC (“Bain Capital”) had entered into an agreement to purchase approximately 67,750,678 common shares of the Company from affiliates of GA and OH for $14.76 per share, or approximately $1,000,000, after payment by the Company of a special cash dividend of $2.24 per share. The special cash dividend was declared by the Company’s board of directors on August 30, 2012, and paid on September 24, 2012 to holders of record as of September 10, 2012. On October 25, 2012, Bain Capital and its affiliated assignees completed the purchase of 57,537,264 common shares of the Company. As permitted under the share purchase agreement, two additional co-investors (RGIP, LLC, an investor in certain investment funds which are affiliated with Bain Capital, and Twickenham Investment Private Limited, an affiliate of the Government of Singapore Investment Corporation Private Limited) purchased the remaining 50,812 shares and 10,162,602 shares of the Company respectively covered by the share purchase agreement. | |
On August 30, 2012, the Company terminated its existing credit facility of $380,000 and entered into a new credit facility of $925,000, to repay the previous existing credit facility, fund a portion of the special cash dividend, pay fees and expenses in connection with the foregoing and to provide for general corporate purposes of the Company, including working capital requirements. Net proceeds from the credit facility along with cash on hand were partially used to fund the dividend payment of $2.24 per share, or $501,620 in the aggregate, which was paid on all issued and outstanding common shares. In accordance with the terms of the Company’s stock-based compensation plans, in order to preserve the value of stock-based awards outstanding as of the record date, the Company reduced the exercise price per share of each outstanding stock option award and increased the number of shares in relation to all outstanding stock-based awards as of the record date of the special cash dividend. This transaction, together with other related transactions, is referred to as the “2012 Recapitalization”. In June 2013, the Company amended its credit facility with a consortium of financial institutions as described in Note 14. | |
The Company incurred expenses of approximately $23,464 for the 2012 Recapitalization, excluding fees associated with terminating the previous credit facility and entering into the new credit facility. Out of the total expenses of $23,464, $6,237 was incurred and recorded as part of “selling, general and administrative expenses” in the Consolidated Statements of Income. The balance of the total expenses of approximately $17,227 relating to the share purchase transaction were incurred and accrued as of December 31, 2012 and reported as a part of “other income (expense), net” in the Consolidated Statements of Income. GA and OH, collectively, reimbursed $17,000 of the $17,227 to the Company on October 25, 2012 at the closing of the share purchase transaction in accordance with the letter agreement among the Company, GA and OH. This reimbursement was recorded as part of “other income (expense), net” in the Consolidated Statements of Income for the year ended December 31, 2012. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Summary of Significant Accounting Policies | ' | |||
2. Summary of significant accounting policies | ||||
(a) Basis of preparation and principles of consolidation | ||||
The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP). | ||||
The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of Genpact Limited and all of its subsidiaries that are more than 50% owned and controlled, including variable interest entities in which the Company is the primary beneficiary. When the Company does not have a controlling interest in an entity, but exerts significant influence on the entity, the Company applies the equity method of accounting. All intercompany transactions and balances are eliminated in consolidation. | ||||
The noncontrolling interest disclosed in the accompanying consolidated financial statements represents the noncontrolling partners’ interest in the operation of Genpact Netherlands B.V. and the noncontrolling shareholders’ interest in the operation of Hello Communications (Shanghai) Co., Ltd. and the profits or losses associated with the noncontrolling interest in those operations. The noncontrolling partners of Genpact Netherlands B.V. are individually liable for the tax obligations on their shares of profit as it is a partnership. Accordingly, noncontrolling interest relating to Genpact Netherlands B.V. has been computed prior to tax and disclosed accordingly in the Consolidated Statements of Income. | ||||
(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, the carrying amount of property, plant and equipment, intangibles and goodwill, the reserve for doubtful receivables, the valuation allowance for deferred tax assets, the valuation of derivative financial instruments, the measurements of stock-based compensation, assets and obligations related to employee benefits, income tax uncertainties and other contingencies. Management believes that the estimates used in the preparation of the consolidated financial statements are reasonable. Although these estimates 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 consolidated financial statements. | ||||
c) Revenue recognition | ||||
The Company derives its revenue primarily from business process and technology management services, which are provided on a time-and-material, transaction or fixed-price basis. The Company recognizes revenue when persuasive evidence of an arrangement exists, the sales price is fixed or determinable, services have been rendered and collectability is reasonably assured. 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 application development, maintenance and support services. Revenues on these contracts are recognized ratably over the term of the agreement. The Company accrues for revenue and receivables for the services rendered between the last billing date and the balance sheet date. | ||||
Customer contracts can also include incentive payments received for discrete benefits delivered to clients. Revenues relating to such incentive payments are recorded when the contingency is satisfied and the Company concludes the amounts are earned. | ||||
Revenue with respect to fixed-price contracts for the development of software and related services is recognized in accordance with the percentage of completion method. Guidance has been drawn from Financial Accounting Standards Board (“FASB”) guidance on Software—Revenue Recognition to account for revenue from fixed price arrangements for software development and related services in conformity with FASB guidance on Revenue Recognition—Construction—Type and Production-Type Contracts. The input (effort expended) method has been used to measure progress towards completion as there is a direct relationship between input and productivity. 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 has deferred the revenue and costs attributable to certain process transition activities with respect to its customers where such activities do not represent the culmination of a separate earnings process. Such revenue and costs are subsequently recognized ratably over the period in which the related services are performed. Further, the deferred costs are limited to the amount of the deferred revenues. | ||||
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. | ||||
The Company enters into multiple-element revenue arrangements in which a customer may purchase a combination of its services. Revenue from multiple-element arrangements is recognized, for each respective element, based on (1) the attainment of the delivery criterion; (2) its fair value, which is determined using the selling price hierarchy of vendor-specific objective evidence (“VSOE”) of fair value, third-party evidence or best estimated selling price, as applicable, and (3) its allocated selling price, which is based on the relative sales price method. | ||||
d) Accounts receivable | ||||
Accounts receivable are recorded at the invoiced / 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 doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and its customers’ financial condition, the amount of receivables in dispute, and the current receivables’ aging and current payment patterns. 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. | ||||
(e) 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. | ||||
(f) Short- term investments | ||||
All liquid investments with an original maturity greater than 90 days 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 or trading purposes. | ||||
(g) Property, plant and equipment, net | ||||
Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Expenditures for replacements and improvements are capitalized, whereas the cost of maintenance and repairs are charged to earnings as incurred. 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 | |||
Leasehold improvements | Lesser of lease period | |||
or 10 years | ||||
Vehicles | 4-Mar | |||
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 software costs are included in property, plant and equipment on the Company’s balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software. | ||||
Advances paid towards the 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”. | ||||
(h) Research and development expense | ||||
Development costs incurred for software to be sold, if any, will be expensed as incurred as research and development costs until technological feasibility has been established for the product. Technological feasibility is established upon completion of a detailed design program or, in its absence, completion of a working model. Thereafter, all software production costs will be capitalized and amortized over their useful lives and reported at the lower of unamortized cost and net realizable value. | ||||
(i) Business combinations, goodwill and other intangible assets | ||||
The Company accounts for its business combinations by recognizing the identifiable tangible and intangible assets acquired and liabilities assumed, and any noncontrolling 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 remeasured 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 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 the 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 the reporting unit exceeds the fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. In addition, the Company performs the 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 the reporting unit below its carrying amount. See Note 10 for related disclosures. | ||||
Intangible assets acquired individually or with a group of other assets or in a business combination are carried at cost less accumulated amortization based on their estimated useful lives as follows: | ||||
Customer-related intangible assets | 1-14 years | |||
Marketing-related intangible assets | 1-10 years | |||
Contract-related intangible assets | 1 year | |||
Other intangible assets | 3-9 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. | ||||
(j) 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. | ||||
(k) Foreign currency | ||||
The consolidated financial statements are reported in U.S. dollars. The functional currency of the Company is the U.S. dollar. The functional currency for subsidiaries organized in Europe, other than the U.K., the Czech Republic and one subsidiary in Poland, is the Euro, and the functional currencies of subsidiaries organized in Brazil, China, Colombia, Guatemala, India, Japan, Morocco, South Africa, the Philippines, the U.K., Poland, the Czech Republic, Hong Kong, Singapore, Australia, Canada and United Arab Emirates 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 respective 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 at the balance sheet date. Transactions of each subsidiary in currencies other than the subsidiary’s functional currency are translated into the respective functional currency 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. | ||||
(l) 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. The Company purchases forward foreign exchange contracts to mitigate the risk of changes in foreign exchange rates on intercompany transactions and forecasted transactions denominated in foreign currencies. | ||||
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 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” and “Selling, general and administrative expenses”, 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 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 a 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. | ||||
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). | ||||
(m) 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 all operating loss carryforwards, 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 rates or tax status is recognized in the statement of income in the period that includes the enactment date or the filing or approval date of the tax status change. 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 uncertain 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% likely of being realized upon settlement. The Company includes interest and penalties related to unrecognized tax benefits within its provision for income tax expense. | ||||
(n) Employee Benefit Plan | ||||
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 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, compensation increases and turnover 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. | ||||
(o) 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) and for 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 Company recognizes compensation expense for stock-based awards net of estimated forfeitures. Stock-based compensation recognized in the consolidated statements of income for the years ended December 31, 2011, 2012 and 2013 is based on awards ultimately expected to vest. As a result, the expense has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | ||||
(p) 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, short-term investments, short-term deposits, 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 clients. GE accounted for 30% and 28% of receivables as of December 31, 2012 and 2013, respectively. GE accounted for 30%, 26% and 23% of revenues for the years ended December 31, 2011, 2012 and 2013, respectively. | ||||
(q) 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. | ||||
(r) 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. | ||||
(s) Recently adopted accounting pronouncements | ||||
The authoritative bodies release standards and guidance which are assessed by management for impact on the Company’s consolidated financial statements. | ||||
The following recently released accounting standard has been adopted by the Company and certain disclosures in the consolidated financial statements and notes to the consolidated financial statements have been modified accordingly. Adoption of this standard did not have a material impact on the Company’s consolidated results of operations, cash flows, financial position or disclosures: | ||||
• | Effective January 1, 2013, the Company adopted FASB ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 amended existing guidance by requiring additional disclosure either on the face of the income statement or in the notes to the financial statements of significant amounts reclassified out of accumulated other comprehensive income. ASU 2013-02 requires prospective adoption and affects financial statement disclosure only. | |||
(t) 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. |
Business_Acquisitions_and_Dive
Business Acquisitions and Divestitures | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Acquisitions and Divestitures | ' | ||||||||
3. Business acquisitions and divestitures | |||||||||
A. Acquisitions | |||||||||
(a) Third Pillar Systems, Inc. | |||||||||
On August 30, 2013, the Company acquired certain assets, including contracts, and assumed certain liabilities of Third Pillar Systems, Inc., a Nevada corporation (“Third Pillar”) for cash consideration of $2,500. As a part of the transaction, the Company also hired employees of Third Pillar. With this transaction, the Company has acquired an integrated set of processes and assets capable of independently providing returns to the Company. Third Pillar is a provider of software solutions for the commercial lending and leasing industry. There are no contingent consideration arrangements in connection with the acquisition. Of the cash consideration of $2,500, the Company has held back $225 in accordance with the terms of the asset purchase agreement. | |||||||||
This acquisition has been accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. The following table summarizes the allocation of purchase price based on the fair value of assets acquired and liabilities assumed as of the acquisition date: | |||||||||
Cash consideration | $ | 2,500 | |||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Current assets | $ | 375 | |||||||
Intangible assets | 298 | ||||||||
Other non-current assets | 24 | ||||||||
Current liabilities | (200 | ) | |||||||
Total identifiable net assets acquired | $ | 497 | |||||||
Goodwill | 2,003 | ||||||||
Total | $ | 2,500 | |||||||
Through this transaction, the Company has acquired an end-to-end platform and processes to supplement its commercial lending and leasing portfolio, thereby strengthening the Company’s service offerings in this industry. Goodwill representing the excess of the purchase consideration over the net assets acquired is deductible for tax purposes and has been allocated to the India reporting unit. The above technology-related intangible asset has an estimated useful life of 8 years. | |||||||||
The results of operations of the business acquired from Third Pillar and the fair values of the assets acquired and liabilities assumed have been included in the Company’s Consolidated Financial Statements with effect from August 30, 2013, the date of acquisition. | |||||||||
(b) NGEN Media Services Private Limited | |||||||||
On March 28, 2013, the Company acquired the remaining 50% of the outstanding equity interest in NGEN Media Services Private Limited (“NGEN”), a private limited company organized under the laws of India, and thereby increased its interest from 50% to 100%, providing the Company control over NGEN as a wholly-owned subsidiary. NGEN is engaged in the business of media services outsourcing. | |||||||||
The Company acquired the remaining 50% equity interest for cash consideration of $158. There are no contingent consideration arrangements in connection with the acquisition. The Company previously accounted for its 50% interest in NGEN as an equity-method investment. The Company remeasured this equity interest to fair value at the acquisition date and recognized a loss of $5 in the Consolidated Statements of Income under “equity-method investment activity, net”. | |||||||||
The following table summarizes the consideration paid to acquire NGEN and the fair value of the assets acquired and liabilities assumed as of the acquisition date, as well as the fair value of the Company’s existing investment in NGEN as of the acquisition date: | |||||||||
Cash consideration | $ | 158 | |||||||
Acquisition date fair value of the Company’s investment in NGEN before the business combination | 158 | ||||||||
Total | $ | 316 | |||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Cash and cash equivalents | $ | 432 | |||||||
Current assets | 402 | ||||||||
Tangible fixed assets | 27 | ||||||||
Other non-current assets | 89 | ||||||||
Current liabilities | (337 | ) | |||||||
Other liabilities | (274 | ) | |||||||
Total identifiable net assets acquired | $ | 339 | |||||||
Gain recognized on acquisition | (23 | ) | |||||||
Total | $ | 316 | |||||||
The results of operations of NGEN and the fair value of its assets and liabilities have been included in the Company’s Consolidated Financial Statements with effect from March 28, 2013, the date of the acquisition. | |||||||||
(c) Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited | |||||||||
On February 6, 2013, the Company acquired 100% of the outstanding membership interest in Jawood Business Process Solutions, LLC, a Michigan limited liability company (“Jawood”) for cash consideration of $51,000, subject to adjustment based on closing date net working capital, indebtedness and cash and cash equivalents. There are no contingent consideration arrangements in connection with the acquisition. | |||||||||
The transaction also included the acquisition of 100% of the outstanding shares of Felix Software Solutions Private Limited, a company organized under the laws of India (“Felix”), for cash consideration of $2,295, subject to adjustment based on closing date net working capital. There are no contingent consideration arrangements in connection with the acquisition of Felix. | |||||||||
Jawood and Felix (collectively referred to as the “Jawood Business”) are, respectively, U.S. and India based providers of business consulting and information technology services to the healthcare payer industry. Felix is a key sub-contractor to Jawood. This transaction strengthened the Company’s solutions and services offerings in the healthcare payer market. | |||||||||
Pursuant to the terms of the acquisition agreements with the respective sellers, the purchase consideration for the Jawood Business is comprised of the following: | |||||||||
Base purchase price | $ | 53,295 | |||||||
Closing date net working capital adjustment | (3,821 | ) | |||||||
Closing date indebtedness adjustment | (2,202 | ) | |||||||
Closing date cash adjustment | 1,304 | ||||||||
Seller expenses | (1,379 | ) | |||||||
Total purchase price | $ | 47,197 | |||||||
During the third quarter ended September 30, 2013, the Company recorded a measurement period adjustment that resulted in a decrease in the purchase consideration by $1,089 with a corresponding change in goodwill. The measurement period adjustment did not have a significant impact on the Company’s consolidated statements of income, balance sheets or cash flows in any period and, thus, were recorded during the period ended September 30, 2013. The total amount paid by the Company to acquire the Jawood Business, net of cash acquired of $1,364 and including seller expenses amounting to $1,379, was $47,212. | |||||||||
The acquisition of the Jawood Business has been accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. The assets and liabilities of the Jawood Business are recorded at fair value as of the date of the acquisition. The following table summarizes the allocation of the purchase price based on the fair value of assets acquired and liabilities assumed as of the date of the acquisition including measurement period adjustments: | |||||||||
Purchase price | $ | 47,197 | |||||||
Acquisition related costs included in selling, general and administrative expenses | 310 | ||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Cash and cash equivalents | $ | 1,364 | |||||||
Current assets | 6,477 | ||||||||
Tangible fixed assets | 704 | ||||||||
Intangible assets | 11,200 | ||||||||
Other non-current assets | 548 | ||||||||
Current liabilities | (7,866 | ) | |||||||
Long term liabilities | (56 | ) | |||||||
Total identifiable net assets acquired | $ | 12,371 | |||||||
Goodwill | 34,826 | ||||||||
Total | $ | 47,197 | |||||||
Goodwill representing the excess of the purchase price over the net assets acquired has been allocated to the India reporting unit and is deductible for tax purposes to the extent of $32,656. The amortizable intangible assets are being amortized over their estimated useful lives using a method of amortization that reflects the expected pattern in which the economic benefits of the intangible assets will be consumed or otherwise realized. The value and estimated useful lives of the intangible assets are as follows: | |||||||||
Value | Estimated useful | ||||||||
life | |||||||||
Customer related intangible assets | $ | 10,200 | 1 – 7 years | ||||||
Marketing related intangible assets | 1,000 | 1 – 5 years | |||||||
The weighted average amortization period in respect of the acquired intangible assets is 6 years. | |||||||||
The results of operations of the Jawood business and the fair value of its assets and liabilities have been included in the Company’s Consolidated Financial Statements with effect from February 6, 2013, the date of the acquisition. | |||||||||
(d) Atyati Technologies Private Limited | |||||||||
On September 4, 2012, the Company acquired 100% of the outstanding common and preferred stock of Atyati Technologies Private Limited (“Atyati”), an Indian private limited company. Atyati is a cloud-hosted technology platform provider for the rural banking sector in India. This acquisition provided the Company a platform-based banking solution for the rural and semi-rural consumer market. | |||||||||
The Company acquired Atyati for initial cash consideration of $19,368, subject to adjustment based on closing date final working capital. The acquisition agreement also provided for additional deferred consideration which had a discounted value of $2,539 as of the date of the acquisition and earn-out consideration (ranging from $0 to $14,372 based on gross profit for the year ending March 31, 2014) which had an estimated fair value of $1,487 as of the date of the acquisition. | |||||||||
Pursuant to the terms of the acquisition agreement with the sellers, the purchase consideration is comprised of the following: | |||||||||
Cash consideration | $ | 19,368 | |||||||
Acquisition date discounted value of deferred consideration | 2,539 | ||||||||
Acquisition date fair value of earn-out consideration | 1,487 | ||||||||
Working capital adjustment | — | ||||||||
Total purchase price | $ | 23,394 | |||||||
During the second quarter ended June 30, 2013, the Company recorded a measurement period adjustment which resulted in a decrease in the deferred tax asset of $827, an increase in other non-current assets of $194 and an increase in goodwill of $633. The measurement period adjustments did not have a significant impact on the Company’s consolidated statements of income, balance sheets or cash flows in any period and, thus, were recorded during the second quarter ended June 30, 2013. | |||||||||
The acquisition has been accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. The assets and liabilities of Atyati were recorded at fair value as of the date of the acquisition. The following table summarizes the allocation of the purchase price based on the fair value of assets acquired and liabilities assumed as of the date of the acquisition including measurement period adjustments: | |||||||||
Purchase price | $ | 23,394 | |||||||
Acquisition related costs included in selling, general and administrative expenses | 164 | ||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Cash and cash equivalents | $ | 2,000 | |||||||
Current assets | 5,265 | ||||||||
Tangible fixed assets | 426 | ||||||||
Intangible assets | 8,767 | ||||||||
Deferred tax asset/ (liability), net | (2,557 | ) | |||||||
Other non-current assets | 369 | ||||||||
Current liabilities | (3,424 | ) | |||||||
Short term borrowings | (654 | ) | |||||||
Other liabilities | (737 | ) | |||||||
Total identifiable net assets acquired | $ | 9,455 | |||||||
Goodwill | 13,939 | ||||||||
Total | $ | 23,394 | |||||||
Goodwill recorded in connection with the Atyati acquisition amounted to $13,939, representing the excess of the purchase price over the net assets (including deferred taxes) acquired, has been allocated to the India reporting unit and is not deductible for tax purposes. The amortizable intangible assets are being 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. | |||||||||
The value and estimated useful lives of the intangibles are as follows: | |||||||||
Value | Estimated useful | ||||||||
life | |||||||||
Customer related intangibles | $ | 5,408 | 4 – 9 years | ||||||
Other intangibles | 3,359 | 7 years | |||||||
The weighted average amortization period in respect of the acquired intangible assets is 7 years. The results of operations of Atyati and the fair value of its assets and liabilities have been included in the Company’s Consolidated Financial Statements with effect from September 4, 2012, the date of the acquisition. | |||||||||
(e) Triumph Engineering, Corp. and Triumph On-Demand, Inc. | |||||||||
On August 17, 2012, the Company acquired 100% of the outstanding equity interest in Triumph Engineering, Corp. and Triumph On-Demand Inc., both Ohio corporations (collectively the “Triumph Companies”). The Triumph Companies are U.S. based providers of engineering services to the aviation, energy, and oil and gas industries. This acquisition provided the Company with capabilities in the engineering services space. | |||||||||
The Company acquired the Triumph Companies for initial cash consideration of $3,600, subject to adjustment based on working capital and closing indebtedness. The acquisition agreement provided for additional deferred consideration that had a discounted value of $379 as of the date of the acquisition, and earn-out consideration (ranging from $0 to $4,500 based on gross profit for the years ending December 31, 2013 and 2014) that had an estimated fair value of $3,256 as of the date of the acquisition. | |||||||||
Pursuant to the terms of the acquisition agreement with the seller, the purchase consideration is comprised of the following: | |||||||||
Cash consideration | $ | 3,600 | |||||||
Acquisition date fair value of deferred consideration | 379 | ||||||||
Acquisition date fair value of earn-out consideration | 3,256 | ||||||||
Working capital adjustment | (848 | ) | |||||||
Closing indebtedness adjustment | (941 | ) | |||||||
Total purchase price | $ | 5,446 | |||||||
During the second quarter ended June 30, 2013, the Company recorded a measurement period adjustment that resulted in a decrease in the purchase consideration of $13 with a corresponding change in goodwill. | |||||||||
The acquisition has been accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. The assets and liabilities of the Triumph Companies were recorded at fair value as of the date of the acquisition. The following table summarizes the allocation of the purchase price based on the fair value of assets acquired and liabilities assumed as of the date of the acquisition including measurement period adjustments: | |||||||||
Purchase price | $ | 5,446 | |||||||
Acquisition related costs included in selling, general and administrative expenses | 134 | ||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Cash and cash equivalents | $ | 312 | |||||||
Current assets | 1,708 | ||||||||
Tangible fixed assets | 175 | ||||||||
Intangible assets | 382 | ||||||||
Deferred tax asset/ (liability), net | (565 | ) | |||||||
Current liabilities | (720 | ) | |||||||
Short term borrowing | (350 | ) | |||||||
Total identifiable net assets acquired | $ | 942 | |||||||
Goodwill | 4,504 | ||||||||
Total | $ | 5,446 | |||||||
Goodwill recorded in connection with the acquisition of the Triumph Companies amounted to $4,504, representing the excess of the purchase price over the net assets (including deferred taxes) acquired, has been allocated to the India reporting unit and is not deductible for tax purposes. The amortizable intangible assets are being 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. The value and estimated useful lives of the intangibles are as follows: | |||||||||
Value | Estimated useful | ||||||||
life | |||||||||
Customer related intangibles | $ | 382 | 1 to 10 years | ||||||
The weighted average amortization period in respect of the acquired intangible assets is 8 years. The results of operations of the Triumph Companies and the fair value of their assets and liabilities are included in the Company’s Consolidated Financial Statements with effect from August 17, 2012, the date of the acquisition. | |||||||||
(f) Accounting Plaza B.V. | |||||||||
On April 25, 2012, the Company acquired 100% of the outstanding equity interest in Accounting Plaza B.V. (“Accounting Plaza”), a private limited liability company organized under the laws of the Netherlands. Accounting Plaza is a provider of finance and accounting, human resources and PeopleSoft ERP services. This acquisition strengthened the Company’s domain expertise in the retail industry and significantly expands its presence in Europe. | |||||||||
The Company acquired Accounting Plaza for cash consideration of $38,698 subject to adjustments based on the transfer of pension funds, underfunding in pension funds, and sellers’ warranty breaches including certain other transactions and transaction costs. There are no contingent consideration arrangements in connection with the acquisition. | |||||||||
Pursuant to the terms of the acquisition agreement with the sellers, the purchase consideration is comprised of the following: | |||||||||
Base consideration | $ | 38,698 | |||||||
Adjustment for transfer of pension funds | — | ||||||||
Adjustment for underfunding in pension funds | — | ||||||||
Adjustment for sellers warranty breaches and certain other transactions | — | ||||||||
Adjustment for transaction costs | — | ||||||||
Purchase consideration | $ | 38,698 | |||||||
During the first quarter ended March 31, 2013, the Company recorded a measurement period adjustment that resulted in a $107 increase in the purchase consideration with a corresponding increase in goodwill. The measurement period adjustment did not have a significant impact on the Company’s consolidated statements of income, balance sheets or cash flows in any period and, thus, was recorded during the first quarter ended March 31, 2013. | |||||||||
The acquisition has been accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. The assets and liabilities of Accounting Plaza were recorded at fair value as of the date of acquisition. The following table summarizes the allocation of the purchase consideration based on the fair value of the assets acquired and liabilities assumed as of the date of the acquisition, including measurement period adjustments: | |||||||||
Purchase consideration | $ | 38,698 | |||||||
Acquisition related costs included in selling, general and administrative expenses | 434 | ||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Cash and cash equivalents | $ | 1,664 | |||||||
Current assets | 11,327 | ||||||||
Tangible fixed assets | 2,010 | ||||||||
Intangible assets | 13,138 | ||||||||
Deferred tax asset/ (liability), net | (2,711 | ) | |||||||
Other non-current assets | 971 | ||||||||
Current liabilities | (9,062 | ) | |||||||
Other liabilities | (4,188 | ) | |||||||
Total identifiable net assets acquired | $ | 13,149 | |||||||
Goodwill | 25,549 | ||||||||
Total | $ | 38,698 | |||||||
The fair value of the current assets acquired included trade receivables with a fair value of $9,744. The gross amount due was $9,917, of which $173 was expected to be uncollectible. | |||||||||
Goodwill representing the excess of the purchase price over the fair value of the net assets (including deferred taxes) acquired is not deductible for tax purposes and has been allocated to the Europe reporting unit. | |||||||||
The amortizable intangible assets acquired are being 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. The value and estimated useful life of the intangible asset are as follows: | |||||||||
Value | Estimated useful | ||||||||
life | |||||||||
Customer related intangible | $ | 13,138 | 3 – 10 years | ||||||
The weighted average amortization period in respect of the acquired intangible assets is 7 years. The results of operations of Accounting Plaza and the fair value of its assets and liabilities have been included in the Company’s Consolidated Financial Statements with effect from April 25, 2012, the date of the acquisition. | |||||||||
B. Earn-out consideration and deferred consideration | |||||||||
The Company acquired Akritiv Technologies, Inc. (“Akritiv”), High Performance Partners, LLC (“HPP”), Empower Research, LLC (“Empower”), Atyati and the Triumph Companies on March 14, 2011, August 24, 2011, October 3, 2011, September 4, 2012 and August 17, 2012, respectively. The terms of the acquisition agreements for these business acquisitions provided for payment of additional earn-out consideration if certain future events or conditions are met. These earn-outs were recorded as liabilities based on their fair values as of the acquisition dates. The Company evaluates the fair value of earn-out consideration for the respective acquisitions for changes at each reporting period. As of December 31, 2013, the Company re-measured the fair value of such earn-out consideration with corresponding changes in the Consolidated Statements of Income as follows: | |||||||||
Decrease in fair value of earn-out consideration for Empower | $ | (145 | ) | ||||||
Decrease in fair value of earn-out consideration for Triumph Companies | (2,368 | ) | |||||||
Decrease in fair value of earn-out consideration for Atyati | (1,794 | ) | |||||||
Decrease in fair value of earn-out consideration for HPP | (363 | ) | |||||||
$ | (4,670 | ) | |||||||
Further, during the year ended December 31, 2013, the Company paid earn-out consideration of $85, $3,274 and $1,499 for HPP, Akritiv and Empower, respectively, due to the fulfillment of certain earn-out conditions set forth in the acquisition agreements. Additionally, during the year ended December 31, 2013, the Company paid deferred consideration of $811 to the Empower sellers pursuant to the terms of the acquisition agreement. | |||||||||
C. Divestitures | |||||||||
(a) Hello Communications (Shanghai) Co., Ltd. | |||||||||
On February 22, 2013, the Company completed the divestiture of Hello Communications (Shanghai) Co., Ltd., a provider of offshore tele-sales and other voice-based support services to telecom carriers and IT/telecom equipment manufacturers in Asia, for cash consideration of $998, resulting in loss of $447. The expected loss on the sale was recorded within other income (expense), net in the Consolidated Statements of Income for the year ended December 31, 2012 and was not materially different from the actual realized loss. The balance of cash and cash equivalents of Hello Communications (Shanghai) Co., Ltd. on the date of sale was $2,047, resulting in a net cash outflow of $1,049. The results of operations of Hello Communications (Shanghai) Co., Ltd. are not material to the Company’s results of operations or financial condition and, therefore, are not reflected as discontinued operations for the periods presented. | |||||||||
(b) Clearbizz B.V. | |||||||||
On September 13, 2013, the Company completed the divestiture of Clearbizz, B.V., a provider of electronic invoicing services in the Netherlands, for cash consideration of $1, resulting in a loss of $1,184, which has been recorded within other income (expense), net in the Consolidated Statements of Income. The results of operations of Clearbizz B.V. are not material to the Company’s results of operations or financial condition and, therefore, are not reflected as discontinued operations for the periods presented. | |||||||||
(c) Gantthead.com, Inc. | |||||||||
On December 31, 2013, the Company completed the divestiture of Gantthead.com, Inc., the operator of an online technology portal for project management, for cash consideration of $3,171, resulting in a loss of $2,303, which has been recorded within other income (expense), net in the Consolidated Statements of Income. The results of operations of Gantthead.com, Inc. are not material to the Company’s results of operations or financial condition and, therefore, are not reflected as discontinued operations for the periods presented. |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Cash and Cash Equivalents | ' | ||||||||
4. Cash and cash equivalents | |||||||||
Cash and cash equivalents as of December 31, 2012 and 2013 comprise: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Deposits with banks | $ | 283,660 | $ | 123,545 | |||||
Other cash and bank balances | 175,568 | 447,731 | |||||||
Total | $ | 459,228 | $ | 571,276 | |||||
Cash and cash equivalents as of December 31, 2012 and December 31, 2013 include restricted cash balances of $628 and $861, respectively. Restrictions primarily consist of margin balances against bank guarantees and deposits for foreign currency advances on which the bank has created a lien. |
Accounts_Receivable_Net_of_Res
Accounts Receivable, Net of Reserve for Doubtful Receivables | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounts Receivable, Net of Reserve for Doubtful Receivables | ' | ||||||||||||
5. Accounts receivable, net of reserve for doubtful receivables | |||||||||||||
The following table provides details of the reserve for doubtful receivables recorded by the Company: | |||||||||||||
As of December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Opening Balance as of January 1 | $ | 2,926 | $ | 8,704 | $ | 9,073 | |||||||
Additions due to acquisitions | 240 | 184 | — | ||||||||||
Additions charged to cost and expense | 6,298 | 3,878 | 11,420 | ||||||||||
Deductions | (760 | ) | (3,693 | ) | (3,933 | ) | |||||||
Closing Balance | $ | 8,704 | $ | 9,073 | $ | 16,560 | |||||||
Accounts receivable were $461,062 and $521,677 and the reserves for doubtful receivables were $9,073 and $16,560, resulting in net accounts receivable balances of $451,989 and $505,117 as of December 31, 2012 and 2013, respectively. In addition, accounts receivable due after one year of $19,140 and $15,844 as of December 31, 2012 and 2013, respectively, are included under other assets in the Consolidated Balance Sheets. | |||||||||||||
Accounts receivable from related parties were $64 and $403, and the reserve for doubtful receivables was $35 and $0, resulting in net accounts receivable balances of $29 and $403, as of December 31, 2012 and 2013, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
6. 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 derivative instruments were determined using the following inputs as of December 31, 2012 and 2013: | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices in | Significant Other | Significant Other | |||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets | |||||||||||||||||
Derivative instruments (Note a) | $ | 10,645 | $ | — | $ | 10,645 | $ | — | |||||||||
Total | $ | 10,645 | $ | — | $ | 10,645 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Derivative instruments (Note b) | $ | 174,076 | $ | — | $ | 174,076 | $ | — | |||||||||
Total | $ | 174,076 | $ | — | $ | 174,076 | $ | — | |||||||||
As of December 31, 2013 | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices in | Significant Other | Significant Other | |||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets | |||||||||||||||||
Derivative instruments (Note a) | $ | 7,963 | $ | — | $ | 7,963 | $ | — | |||||||||
Total | $ | 7,963 | $ | — | $ | 7,963 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Derivative instruments (Note b) | $ | 213,941 | $ | — | $ | 213,941 | $ | — | |||||||||
Total | $ | 213,941 | $ | — | $ | 213,941 | $ | — | |||||||||
(a) | Included in prepaid expenses and other current assets and other assets in the consolidated balance sheets. | ||||||||||||||||
(b) | Included in accrued expenses and other current liabilities and other liabilities in the consolidated balance sheets. | ||||||||||||||||
The following table sets forth the reconciliation of loans held for sale that were outstanding as of December 31, 2012 and that were also settled during the year ended December 31, 2012, which were measured at fair value using significant unobservable inputs: | |||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||
Opening balance, net | $ | 469 | |||||||||||||||
Impact of fair value included in earnings | (108 | ) | |||||||||||||||
Settlements | (361 | ) | |||||||||||||||
Closing balance, net | $ | — | |||||||||||||||
The Company values its derivative instruments based on market observable inputs including both forward and spot prices for respective currencies. The quotes are taken from an independent market database. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||||||||||||||
7. Derivative financial instruments | |||||||||||||||||||||||||||||||||||||||
The Company is exposed to the risk of rate fluctuations on foreign currency assets and liabilities, and foreign currency denominated forecasted cash flows. The Company has established risk management policies, including the use of derivative financial instruments to hedge foreign currency assets and liabilities, and foreign currency denominated forecasted cash flows. These derivative financial instruments are largely deliverable and non-deliverable forward foreign exchange contracts. 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 the counterparties not to be material. The forward foreign exchange contracts mature between zero and forty-eight months and the forecasted transactions are expected to occur during the same period. | |||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||
(note a) | (liability) (note b) | ||||||||||||||||||||||||||||||||||||||
As of | As of | As of | As of | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts denominated in: | |||||||||||||||||||||||||||||||||||||||
United States Dollars (sell) Indian Rupees (buy) | $ | 1,706,000 | $ | 1,143,000 | $ | (160,432 | ) | $ | (203,822 | ) | |||||||||||||||||||||||||||||
United States Dollars (sell) Mexican Peso (buy) | 8,400 | 9,000 | 306 | (268 | ) | ||||||||||||||||||||||||||||||||||
United States Dollars (sell) Philippines Peso (buy) | 58,800 | 52,200 | 2,237 | (2,357 | ) | ||||||||||||||||||||||||||||||||||
Euro (sell) United States Dollars (buy) | 79,501 | 43,779 | (420 | ) | (2,434 | ) | |||||||||||||||||||||||||||||||||
Euro (sell) Hungarian Forints (buy) | 9,968 | 4,121 | (10 | ) | 131 | ||||||||||||||||||||||||||||||||||
Euro (sell) Romanian Leu (buy) | 64,870 | 61,977 | (645 | ) | 1,751 | ||||||||||||||||||||||||||||||||||
Japanese Yen (sell) Chinese Renminbi (buy) | 26,214 | 30,731 | 1,451 | 1,970 | |||||||||||||||||||||||||||||||||||
Pound Sterling (sell) United States Dollars (buy) | 92,165 | 94,338 | (2,494 | ) | (4,312 | ) | |||||||||||||||||||||||||||||||||
Australian Dollars (sell) United States Dollars (buy) | 60,626 | 85,156 | (3,424 | ) | 3,363 | ||||||||||||||||||||||||||||||||||
$ | (163,431 | ) | $ | (205,978 | ) | ||||||||||||||||||||||||||||||||||
(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 or market risks. However, the amounts exchanged are based on the notional amounts and other provisions of the underlying derivative financial instrument agreements. | ||||||||||||||||||||||||||||||||||||||
(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 statement of financial position. In accordance with the FASB guidance on Derivatives and Hedging, the Company designates foreign exchange forward contracts as cash flow hedges for forecasted revenues and the purchase of services. In addition to this program, the Company has derivative instruments that are not accounted for as hedges under the FASB guidance in order to hedge the foreign exchange risks related to balance sheet items such as receivables and intercompany borrowings denominated in currencies other than the underlying functional currency. | |||||||||||||||||||||||||||||||||||||||
The fair value of the derivative instruments and their location in the Company’s financial statements are summarized in the table below: | |||||||||||||||||||||||||||||||||||||||
Cash flow hedges | Non-designated | ||||||||||||||||||||||||||||||||||||||
As of | As of | As of | As of | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 6,972 | $ | 6,098 | $ | 1,742 | $ | — | |||||||||||||||||||||||||||||||
Other assets | $ | 1,931 | $ | 1,865 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | $ | 60,229 | $ | 83,667 | $ | 1,417 | $ | 26 | |||||||||||||||||||||||||||||||
Other liabilities | $ | 112,430 | $ | 130,248 | $ | — | $ | — | |||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||||||||||||||||||||
Before- | Tax | Net of | Before- | Tax | Net of | Before- | Tax | Net of | |||||||||||||||||||||||||||||||
Tax | (Expense) | tax | Tax | (Expense) | tax | Tax | (Expense) | tax | |||||||||||||||||||||||||||||||
amount | or | Amount | amount | or | Amount | amount | or | Amount | |||||||||||||||||||||||||||||||
Benefit | Benefit | Benefit | |||||||||||||||||||||||||||||||||||||
Opening balance as of January 1 | $ | (27,482 | ) | $ | 9,247 | $ | (18,235 | ) | $ | (203,006 | ) | $ | 71,125 | $ | (131,881 | ) | $ | (163,756 | ) | $ | 59,070 | $ | (104,686 | ) | |||||||||||||||
Net gains (losses) reclassified into statement of income on completion of hedged transactions | (44,025 | ) | 15,863 | (28,162 | ) | (34,927 | ) | 12,651 | (22,276 | ) | (66,812 | ) | 25,239 | (41,573 | ) | ||||||||||||||||||||||||
Changes in fair value of effective portion of outstanding derivatives, net | (219,549 | ) | 77,741 | (141,808 | ) | 4,323 | 596 | 4,919 | (109,008 | ) | 38,781 | (70,227 | ) | ||||||||||||||||||||||||||
Gain (loss) on cash flow hedging derivatives, net | (175,524 | ) | 61,878 | (113,646 | ) | 39,250 | (12,055 | ) | 27,195 | (42,196 | ) | 13,542 | (28,654 | ) | |||||||||||||||||||||||||
Closing balance as of December 31 | $ | (203,006 | ) | $ | 71,125 | $ | (131,881 | ) | $ | (163,756 | ) | $ | 59,070 | $ | (104,686 | ) | $ | (205,952 | ) | $ | 72,612 | $ | (133,340 | ) | |||||||||||||||
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 | Amount of Gain | Location of Gain | Amount of Gain | ||||||||||||||||||||||||||||||||||
Cash Flow | recognized in OCI on | Gain (Loss) | (Loss) reclassified from OCI | (Loss) recognized in | (Loss) recognized | ||||||||||||||||||||||||||||||||||
Hedging | Derivatives | reclassified from | into Statement | Income on | in income on | ||||||||||||||||||||||||||||||||||
Relationships | (Effective Portion) | OCI into | of Income | Derivatives | Derivatives | ||||||||||||||||||||||||||||||||||
Statement of | (Effective Portion) | (Ineffective Portion | (Ineffective Portion | ||||||||||||||||||||||||||||||||||||
Income (Effective | and Amoun | and Amount | |||||||||||||||||||||||||||||||||||||
Portion) | t excluded from | excluded from | |||||||||||||||||||||||||||||||||||||
Effectiveness | Effectiveness | ||||||||||||||||||||||||||||||||||||||
Testing) | Testing) | ||||||||||||||||||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||
2011 | 2012 | 2013 | 2011 | 2012 | 2013 | 2011 | 2012 | 2013 | |||||||||||||||||||||||||||||||
Forward foreign exchange contracts | ($219,549) | $ | 4,323 | $ | (109,008 | ) | Revenue | $ | (9,519 | ) | $ | (4,432 | ) | $ | 7,548 | Foreign exchange (gains) losses,net | $ | — | $ | — | $ | — | |||||||||||||||||
Cost of revenue | (27,813 | ) | (24,183 | ) | (59,929 | ) | |||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | (6,693 | ) | (6,312 | ) | (14,431 | ) | |||||||||||||||||||||||||||||||||
($219,549) | $ | 4,323 | $ | (109,008 | ) | $ | (44,025 | ) | $ | (34,927 | ) | $ | (66,812 | ) | $ | — | $ | — | $ | — | |||||||||||||||||||
Non designated Hedges | |||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging | Location of (Gain) Loss recognized in Statement of | Amount of (Gain) Loss | |||||||||||||||||||||||||||||||||||||
instruments | Income on Derivatives | recognized in Statement of | |||||||||||||||||||||||||||||||||||||
Income on Derivatives | |||||||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||||||||||||||||||||
Forward foreign exchange contracts (Note a) | Foreign exchange (gains) losses, net | $ | 18,725 | $ | (3,884 | ) | $ | 18,353 | |||||||||||||||||||||||||||||||
$ | 18,725 | $ | (3,884 | ) | $ | 18,353 | |||||||||||||||||||||||||||||||||
(a) | These forward foreign exchange contracts were entered into to hedge the 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. | ||||||||||||||||||||||||||||||||||||||
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Prepaid Expenses and Other Current Assets | ' | ||||||||
8. Prepaid expenses and other current assets | |||||||||
Prepaid expenses and other current assets consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Advance taxes | $ | 71,076 | $ | 65,053 | |||||
Deferred transition costs | 38,336 | 37,050 | |||||||
Derivative instruments | 8,714 | 6,098 | |||||||
Employee advances | 4,800 | 5,397 | |||||||
Advances to suppliers | 2,912 | 1,994 | |||||||
Prepaid expenses | 12,944 | 12,569 | |||||||
Deposits | 2,701 | 3,896 | |||||||
Others | 9,286 | 7,056 | |||||||
$ | 150,769 | $ | 139,113 | ||||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment, Net | ' | ||||||||
9. Property, plant and equipment, net | |||||||||
Property, plant and equipment, net consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Land | $ | 15,688 | $ | 10,566 | |||||
Buildings | 55,574 | 48,743 | |||||||
Furniture and fixtures | 30,040 | 30,275 | |||||||
Computer equipment and servers | 164,316 | 163,106 | |||||||
Plant, machinery and equipment | 60,564 | 61,514 | |||||||
Computer software | 85,741 | 87,443 | |||||||
Leasehold improvements | 84,972 | 86,937 | |||||||
Vehicles | 6,645 | 6,506 | |||||||
Capital work in progress | 10,000 | 7,803 | |||||||
Property, plant and equipment, gross | $ | 513,540 | $ | 502,893 | |||||
Less: Accumulated depreciation and amortization | (313,178 | ) | (329,689 | ) | |||||
Property, plant and equipment, net | $ | 200,362 | $ | 173,204 | |||||
Depreciation expense on property, plant and equipment for the years ended December 31, 2011, 2012 and 2013 was $47,147, $46,046 and $46,408, respectively. The amount of computer software amortization for the years ended December 31, 2011, 2012 and 2013 was $13,257, $11,613 and $9,949, respectively. | |||||||||
The depreciation and amortization expense includes the effect of the reclassification of foreign exchange (gains) losses related to the effective portion of the foreign currency derivative contracts, amounting to $2,047, $1,570 and $3,542 for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||
Property, plant and equipment, net include assets held under capital lease arrangements, which consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Vehicles | $ | 5,588 | $ | 5,995 | |||||
Furniture and fixtures | 1,306 | 1,142 | |||||||
Computer equipment and servers | 185 | 13 | |||||||
Plant, machinery and equipment | 82 | 45 | |||||||
$ | 7,161 | $ | 7,195 | ||||||
Less: Accumulated depreciation | (3,560 | ) | (3,671 | ) | |||||
$ | 3,601 | $ | 3,524 | ||||||
Depreciation expense in respect of these assets was $2,020, $1,830 and $1,726 for the years ended December 31, 2011, 2012 and 2013, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||||||||
10. Goodwill and intangible assets | |||||||||||||||||||||||||
The following table presents changes in goodwill for the years ended December 31, 2012 and 2013: | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
Opening balance | $ | 925,339 | $ | 956,064 | |||||||||||||||||||||
Goodwill relating to acquisitions consummated during the period | 43,265 | 37,918 | |||||||||||||||||||||||
Goodwill relating to divestitures consummated during the period | — | (3,450 | ) | ||||||||||||||||||||||
Impact of measurement period adjustments | (3,213 | ) | (362 | ) | |||||||||||||||||||||
Effect of exchange rate fluctuations | (9,327 | ) | (36,321 | ) | |||||||||||||||||||||
Closing balance | $ | 956,064 | $ | 953,849 | |||||||||||||||||||||
Goodwill has been allocated to the following reporting units, which represent different business units of the Company, as follows: | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
India | $ | 455,850 | $ | 384,533 | |||||||||||||||||||||
China | 45,032 | 45,699 | |||||||||||||||||||||||
Europe | 42,425 | 44,146 | |||||||||||||||||||||||
Americas | 46,583 | 46,583 | |||||||||||||||||||||||
Headstrong | 366,174 | 432,888 | |||||||||||||||||||||||
$ | 956,064 | $ | 953,849 | ||||||||||||||||||||||
In line with the Company’s long term strategy for the business, during the year ended December 31, 2012, the Company decided to integrate the Japan business consulting division of the Headstrong reporting unit with the China reporting unit. This integration enabled the Company to leverage business experience, knowledge, and resources more effectively and to provide a global service delivery model. Accordingly, goodwill attributable to the Japan business consulting division included in the Headstrong reporting unit prior to and including the year ended December 31, 2011 is being reported as a component of the China reporting unit beginning with the year ended December 31, 2012. The Company tested goodwill allocated to the Japan business consulting division for impairment prior to the integration with the China reporting unit for events and conditions identified in accordance with the guidance in ASC 350, “Intangibles—Goodwill and Other”. The fair value of this goodwill was calculated using a discounted cash flow model using estimated future cash flows. Further, the Company tested the goodwill of the China reporting unit, the Japan business consulting division and the Headstrong reporting unit before and after such integration and concluded that the fair value of each such reporting unit or portion thereof exceeded its respective book value. | |||||||||||||||||||||||||
During 2012, the Company performed its annual impairment review of goodwill and concluded that there was no impairment in the year ended December 31, 2012. | |||||||||||||||||||||||||
In line with the Company’s long term strategy for the business, during the year ended December 31, 2013, the Company decided to integrate a portion of the IT business within its India reporting unit with the Headstrong reporting unit. This integration enabled the Company to leverage business experience, knowledge, and resources more effectively and to provide a global service delivery model. Accordingly, goodwill attributable to the IT business included in the India reporting unit prior to and including the year ended December 31, 2012 is being reported as a component of the Headstrong reporting unit beginning with the year ended December 31, 2013. The Company tested goodwill allocated to the IT Business for impairment prior to the integration with the Headstrong reporting unit for events and conditions identified in accordance with the guidance in ASC 350, “Intangibles—Goodwill and Other”. The fair value of this goodwill was calculated using a discounted cash flow model using estimated future cash flows. Further, the Company tested the goodwill of the India reporting unit, the transferred IT business and Headstrong reporting unit before and after such integration and concluded that the fair value of each such reporting unit or portion thereof exceeded its respective book value. | |||||||||||||||||||||||||
In the year ended December 31, 2013, in accordance with ASU 2011-08, the Company performed an assessment of qualitative factors 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, the Company concluded that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount for all reporting units except for the Americas and Headstrong reporting units. Accordingly, the Company performed the quantitative assessment of goodwill impairment for these two reporting units. Based on the quantitative assessment for these two reporting units, the Company concluded that there is no impairment in the year ended December 31, 2013 and the fair value of these two reporting units exceeded their respective carrying values. | |||||||||||||||||||||||||
The total amount of goodwill deductible for tax purposes is $6,779 and $38,512 as of December 31, 2012 and 2013, respectively. | |||||||||||||||||||||||||
The Company’s intangible assets acquired either individually or with a group of other assets or in a business combination are as follows: | |||||||||||||||||||||||||
As of December 31, 2012 | As of December 31, 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
carrying | amortization | carrying | amortization | ||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||
Customer-related intangible assets | $ | 291,735 | $ | 206,987 | $ | 84,748 | $ | 288,983 | $ | 213,878 | $ | 75,105 | |||||||||||||
Marketing-related intangible assets | 40,386 | 18,801 | 21,585 | 37,919 | 20,545 | 17,374 | |||||||||||||||||||
Contract-related intangible assets | 1,182 | 1,182 | — | 1,121 | 1,121 | — | |||||||||||||||||||
Other intangible assets | 7,069 | 1,015 | 6,054 | 9,124 | 2,487 | 6,637 | |||||||||||||||||||
$ | 340,372 | $ | 227,985 | $ | 112,387 | $ | 337,147 | $ | 238,031 | $ | 99,116 | ||||||||||||||
Amortization expenses for intangible assets as disclosed in the consolidated statements of income under amortization of acquired intangible assets for the years ended December 31, 2011, 2012 and 2013 were $19,974, $23,233 and $23,645, respectively. Intangible assets recorded for the 2004 reorganization, when we began operating as an independent company, include the incremental value of the minimum volume commitment from GE, entered into contemporaneously with the 2004 reorganization, over the value of the pre-existing customer relationship with GE. The amortization of this intangible asset for the years ended December 31, 2011, 2012 and 2013 was $158, $72 and $0, respectively, and has been reported as a reduction of revenue. | |||||||||||||||||||||||||
The estimated amortization schedule for the intangible assets for future periods is set out below: | |||||||||||||||||||||||||
For the year ending December 31: | |||||||||||||||||||||||||
2014 | $ | 22,774 | |||||||||||||||||||||||
2015 | 18,575 | ||||||||||||||||||||||||
2016 | 15,834 | ||||||||||||||||||||||||
2017 | 13,003 | ||||||||||||||||||||||||
2018 and beyond | 28,930 | ||||||||||||||||||||||||
$ | 99,116 | ||||||||||||||||||||||||
Other_Assets
Other Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Assets | ' | ||||||||
11. Other assets | |||||||||
Other assets consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Advance taxes | $ | 8,871 | $ | 7,839 | |||||
Deferred transition costs | 37,633 | 27,818 | |||||||
Deposits | 27,770 | 23,287 | |||||||
Derivative instruments | 1,931 | 1,865 | |||||||
Prepaid expenses | 4,732 | 4,895 | |||||||
Accounts Receivable due after one year | 19,140 | 15,844 | |||||||
Others | 16,471 | 15,817 | |||||||
$ | 116,548 | $ | 97,365 | ||||||
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases | ' | ||||
12. Leases | |||||
The Company has leased vehicles, furniture and fixtures, computer equipment and servers, and plants, machinery and equipment from various lessors under capital lease arrangements. Future minimum lease payments are as follows: | |||||
As of December 31: | |||||
2014 | $ | 1,895 | |||
2015 | 1,467 | ||||
2016 | 1,001 | ||||
2017 | 529 | ||||
2018 | 141 | ||||
Total minimum lease payments | 5,033 | ||||
Less: amount representing future interest | (971 | ) | |||
Present value of minimum lease payments | 4,062 | ||||
Less: current portion | (1,405 | ) | |||
Long-term capital lease obligations | $ | 2,657 | |||
The Company conducts its operations using facilities under non-cancellable operating lease agreements that expire at various dates. Future minimum lease payments under these agreements are as follows: | |||||
Year ending December 31: | |||||
2014 | $ | 34,025 | |||
2015 | 30,564 | ||||
2016 | 25,235 | ||||
2017 | 19,143 | ||||
2018 | 14,933 | ||||
2019 and beyond | 27,378 | ||||
Total minimum lease payments | $ | 151,278 | |||
Rental expenses in agreements with rent holidays and scheduled rent increases are recorded on a straight line basis over the applicable lease term. Rent expenses under cancellable and non-cancellable operating leases were $44,613, $49,912 and $55,450 for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||
The above rental expense includes the effect of reclassification of foreign exchange (gains) losses related to the effective portion of foreign currency derivative contracts amounting to $1,227, $1,112 and $2,851 for the years ended December 31, 2011, 2012 and 2013, respectively. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
13. Accrued expenses and other current liabilities | |||||||||
Accrued expenses and other current liabilities consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Accrued expenses | $ | 94,521 | $ | 98,988 | |||||
Accrued employee cost | 115,323 | 126,814 | |||||||
Deferred transition revenue | 47,334 | 46,895 | |||||||
Statutory liabilities | 23,008 | 24,466 | |||||||
Retirement benefits | 21,044 | 14,853 | |||||||
Derivative instruments | 61,646 | 83,693 | |||||||
Advance from customers | 14,935 | 18,334 | |||||||
Earn-out consideration | 5,548 | 3,492 | |||||||
Other liabilities | 6,682 | 4,457 | |||||||
$ | 390,041 | $ | 421,992 | ||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Long-Term Debt | ' | ||||
14. Long-term debt | |||||
In May 2011, the Company obtained credit facilities aggregating $380,000 from a consortium of financial institutions to finance in part the acquisition of Headstrong and for general corporate purposes of the Company and its subsidiaries, including working capital requirements. The credit agreement provided for a $120,000 term loan and a $260,000 revolving credit facility. On August 30, 2012, the Company fully prepaid and terminated the $380,000 credit facility. | |||||
In August 2012, the Company obtained credit facilities aggregating $925,000 from a consortium of financial institutions to (i) finance the repayment of the balance outstanding under the previous existing credit facility of $380,000, (ii) fund a portion of its special cash dividend (discussed in Note 19), and (iii) for general corporate purposes of the Company and its subsidiaries, including working capital requirements. The credit agreement provides for a term loan of $675,000 and a revolving credit facility of $250,000. | |||||
In June 2013, the Company amended this credit facility. Under the amended facility, the applicable margin on the term loan and the revolving credit facility has been reduced from 3.25% p.a. to 2.75% p.a. and 2.50% p.a., respectively. In addition, the LIBOR floor on the term loan was reduced from 1% under the earlier facility to 0.75% under the amended facility. As of the amendment date, the gross outstanding term loan amounted to $671,625. The amendment did not result in a substantial modification of $553,589 of the outstanding term loan under the previous credit facility. Further, as a result of the amendment, the Company extinguished the outstanding term loan under the previous credit facility amounting to $118,036 and obtained additional funding amounting to $121,410, increasing the total term loan outstanding to $675,000. As a result, the Company expensed $3,103 representing partial acceleration of the amortization of the existing unamortized debt issuance costs and an additional fee paid to lenders in respect of the extinguished amount. The overall borrowing capacity under the revolving facility did not change. The amendment of the revolving facility resulted in accelerated amortization of $54 relating to the existing unamortized debt issuance cost. The remaining unamortized costs and an additional third party fee paid in connection with the amendment of the term loan and revolving facility will be amortized over the term, of the term loan and revolving facility, which end on August 30, 2019 and August 30, 2017, respectively. | |||||
As of December 31, 2012 and 2013, the outstanding term loan, net of a debt amortization expense of $11,452 and $13,761, was $661,861 and $657,864, respectively. As of December 31, 2012, the term loan bears interest at LIBOR (LIBOR floor of 1%) plus an applicable margin of 3.25% p.a. As of December 31, 2013, the term loan bears interest at LIBOR (LIBOR floor of 0.75%) plus an applicable margin of 2.75% p.a. Indebtedness under the loan agreement is secured by certain assets. The amount outstanding on the term loan as of December 31, 2013 will be repaid through quarterly payments of 0.25% of the principal amount of $675,000, and the balance will be repaid upon the maturity of the term loan on August 30, 2019. | |||||
The maturity profile of the term loan, net of debt amortization expense, is as follows: | |||||
Year ended | Amount | ||||
2014 | $ | 4,263 | |||
2015 | 4,288 | ||||
2016 | 4,306 | ||||
2017 | 4,338 | ||||
2018 | 4,363 | ||||
2019 | 636,306 | ||||
$ | 657,864 | ||||
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended | ||
Dec. 31, 2013 | |||
Short-Term Borrowings | ' | ||
15. 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, 2012 and 2013, the limits available were $18,489 and $13,906, respectively, out of which $5,942 and $6,689 was utilized, representing non-funded drawdown. | ||
(b) | A fund-based and non-fund-based revolving credit facility of $260,000 acquired in May 2011 was fully prepaid and terminated on August 30, 2012 as described in note 14 above. | ||
(c) | A fund-based and non-fund based revolving credit facility of $250,000 initially acquired in August 2012 was amended in June 2013 as described in note 14 above. A part of this amount was initially used for funding the special cash dividend paid in September 2012 and for the acquisition of Jawood in February 2013. As of December 31, 2012 and 2013, a total of $87,439 and $4,397, respectively, was utilized representing a funded drawdown of $80,000 and $0, respectively, and a non-funded drawdown of $7,439 and $4,397, respectively. This facility expires in August 2017 and the funded drawdown bears interest at LIBOR plus a margin of 2.50% as of December 31, 2013 compared to a margin of 3.25% as of December 31, 2012. The unutilized amount on the facility bears a commitment fee of 0.50%. Indebtedness under these facilities is secured by certain assets and the credit agreement contains certain covenants, including a maximum leverage covenant that becomes effective only if the revolving facility is drawn for $50,000 or more. For the year ended December 31, 2013, the Company is in compliance with all of the financial covenants. |
Other_Liabilities
Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities | ' | ||||||||
16. Other liabilities | |||||||||
Other liabilities consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Accrued employee cost | $ | 3,492 | $ | 5,103 | |||||
Deferred transition revenue | 64,020 | 47,405 | |||||||
Retirement benefits | 27,074 | 24,330 | |||||||
Derivative instruments | 112,430 | 130,248 | |||||||
Amount received from GE under indemnification arrangement, pending adjustment | 8,871 | 7,839 | |||||||
Advance from customers | 10,000 | 8,000 | |||||||
Earn-out consideration | 16,045 | 9,857 | |||||||
Others | 8,916 | 10,102 | |||||||
$ | 250,848 | $ | 242,884 | ||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
17. Employee benefit plans | |||||||||||||||||
The Company has employee benefit plans in the form of certain statutory and other schemes 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 Genpact India Employees’ Gratuity Fund. 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. These funds further invest in debt securities such as money market instruments, government securities and public and private bonds. During the years ending December 31, 2011, 2012 and 2013, all of the plan assets were primarily invested in debt securities. | |||||||||||||||||
In addition, in accordance with Mexican law, the Company provides certain termination benefits to its Mexican employees for reasons other than restructuring to which employees are entitled (the “Mexican Plan”) based on the age, duration of service and salary of each eligible employee. The Mexican Plan benefit cost for the year is calculated on an actuarial basis. | |||||||||||||||||
In addition, some of the Company’s subsidiaries in the Philippines and Japan have sponsored defined benefit retirement programs (respectively, the “Philippines Plan” and the “Japan Plan”). The benefit costs of the Japan Plan and the Philippines Plan for the year are calculated on an actuarial basis. The Philippines Plan and the Japan Plan are funded and the Company contributions in respect of these benefits are made to insurer managed funds or to a trust. The contributions to the trust are further invested in government bonds. | |||||||||||||||||
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 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 defined benefit plans and the amounts recognized in the Company’s financial statements based on an actuarial valuation carried out as of December 31, 2012 and 2013. | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Change in benefit obligation | |||||||||||||||||
Projected benefit obligation at the beginning of the year | $ | 22,044 | $ | 29,821 | |||||||||||||
Service cost | 4,047 | 4,511 | |||||||||||||||
Actuarial loss (gain) | 4,699 | (1,310 | ) | ||||||||||||||
Interest cost | 1,807 | 2,104 | |||||||||||||||
Liabilities assumed on acquisition | 24 | — | |||||||||||||||
Benefits paid | (2,818 | ) | (2,996 | ) | |||||||||||||
Effect of exchange rate changes | 18 | (3,534 | ) | ||||||||||||||
Projected benefit obligation at the end of the year | $ | 29,821 | $ | 28,596 | |||||||||||||
Change in fair value of plan assets | |||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 16,274 | $ | 14,957 | |||||||||||||
Employer contributions | 901 | 12,325 | |||||||||||||||
Actual gain on plan assets | 1,255 | 1,037 | |||||||||||||||
Acturial gain/(loss) | 14 | (6 | ) | ||||||||||||||
Benefits paid | (2,818 | ) | (2,996 | ) | |||||||||||||
Effect of exchange rate changes | (669 | ) | (2,519 | ) | |||||||||||||
Fair value of plan assets at the end of the year | $ | 14,957 | $ | 22,798 | |||||||||||||
Amounts included in other comprehensive income (loss) as of December 31, 2012 and 2013 were as follows: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Net actuarial loss | $ | (7,664 | ) | $ | (5,659 | ) | |||||||||||
Deferred tax assets | 1,903 | 1,765 | |||||||||||||||
Other comprehensive income, net | $ | (5,761 | ) | $ | (3,894 | ) | |||||||||||
Changes in other comprehensive income (loss) during the year ended December 31, 2013 were as follows: | |||||||||||||||||
2013 | |||||||||||||||||
Net Actuarial loss | $ | 1,353 | |||||||||||||||
Amortization of net actuarial loss | 640 | ||||||||||||||||
Deferred income taxes | (138 | ) | |||||||||||||||
Effect of exchange rate changes | 12 | ||||||||||||||||
Other comprehensive income (loss), net | $ | 1,867 | |||||||||||||||
Net defined benefit plan costs for the years ended December 31, 2011, 2012 and 2013 include the following components: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Service costs | $ | 3,620 | $ | 4,047 | $ | 4,511 | |||||||||||
Interest costs | 1,542 | 1,807 | 2,104 | ||||||||||||||
Amortization of actuarial loss | 540 | 854 | 421 | ||||||||||||||
Expected return on plan assets | (715 | ) | (961 | ) | (968 | ) | |||||||||||
Net Gratuity Plan costs | $ | 4,987 | $ | 5,747 | $ | 6,068 | |||||||||||
The amount in other comprehensive income (loss) that is expected to be recognized as a component of net periodic benefit cost over the next fiscal year is $286. | |||||||||||||||||
The weighted average assumptions used to determine the benefit obligations of the Gratuity Plan as of December 31, 2012 and 2013 are presented below: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Discount rate | 8.85%-9.70% | 9.55% | |||||||||||||||
Rate of increase in compensation per annum | 5.20%-11.00% | 5.20%-11.00% | |||||||||||||||
for the first 3 years and 6% thereafter | |||||||||||||||||
The weighted average assumptions used to determine the Gratuity Plan costs for the years ended December 31, 2011, 2012 and 2013 are presented below: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Discount rate | 9.30%-9.70% | 9.30%-9.70% | 8.85% | ||||||||||||||
Rate of increase in compensation per annum | 8.00%-8.10% | 5.20%-11.00% | 5.20%-11.00% | ||||||||||||||
for the first 3 years | |||||||||||||||||
and 6% thereafter | |||||||||||||||||
Expected long term rate of return on plan assets per annum | 7.30%-8.00% | 7.30%-8.50% | 8.50% | ||||||||||||||
The weighted average assumptions used to determine the benefit obligations of the Mexican Plan as of December 31, 2012 and 2013 are presented below: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Discount rate | 6.5 | % | 6.5 | % | |||||||||||||
Rate of increase in compensation per annum | 5.5 | % | 5.5 | % | |||||||||||||
The weighted average assumptions used to determine the Mexican Plan costs for the years ended December 31, 2011, 2012 and 2013 are presented below: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Discount rate | 7.5 | % | 6.5 | % | 6.5 | % | |||||||||||
Rate of increase in compensation per annum | 5.5 | % | 5.5 | % | 5.5 | % | |||||||||||
Expected long term rate of return on plan assets per annum | 0 | % | 0 | % | 0 | % | |||||||||||
The weighted average assumptions used to determine the benefit obligation of the Japan Plan as of December 31, 2012 and 2013 are presented below: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Discount rate | 0.9 | % | 0.5 | % | |||||||||||||
Rate of increase in compensation per annum | 0 | % | 0 | % | |||||||||||||
The weighted average assumptions used to determine the Japan Plan costs for the years ended December 31, 2011, 2012 and 2013 are presented below: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Discount rate | 0.9 | % | 0.9 | % | 0.9 | % | |||||||||||
Rate of increase in compensation per annum | 0 | % | 0 | % | 0 | % | |||||||||||
Expected long term rate of return on plan assets per annum | 0 | % | 2.69 | % | 2.69 | % | |||||||||||
The weighted average assumptions used to determine the benefit obligation of the Philippines Plan as of December 31, 2012 and 2013 are presented below: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Discount rate | 4.39%-5.62% | 4.95%-5.32% | |||||||||||||||
Rate of increase in compensation per annum | 4.00%-8.00% | 4.00%-7.00% | |||||||||||||||
The weighted average assumptions used to determine the Philippines Plan costs for the years ended December 31, 2011, 2012 and 2013 are presented below: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Discount rate | 6.29 | % | 4.39%-5.62% | 4.95%-5.62% | |||||||||||||
Rate of increase in compensation per annum | 4 | % | 4.00%-8.00% | 4.00%-7.00% | |||||||||||||
Expected long term rate of return on plan assets per annum | 5 | % | 5.00% | 5.00% | |||||||||||||
The foregoing expected returns on plan assets are based on 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 the statutory pattern of investment. | |||||||||||||||||
The Company assesses these assumptions with its projected long-term plans of 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. | |||||||||||||||||
The fair values of Company’s plan assets as of December 31, 2012 and 2013 by asset category are as follows: | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices in | Significant Other | Significant Other | |||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Asset Category | |||||||||||||||||
Cash | $ | 10,674 | $ | 10,674 | $ | — | $ | — | |||||||||
Fixed Income Securities (Note a) | 9,490 | 1,092 | 8,398 | — | |||||||||||||
Other Securities (Note b) | 2,634 | 1,326 | 1,308 | — | |||||||||||||
Total | $ | 22,798 | $ | 13,092 | $ | 9,706 | $ | — | |||||||||
As of December 31, 2012 | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||||||
Active Markets | Observable Inputs | Other | |||||||||||||||
for Identical | Unobservable | ||||||||||||||||
Assets | Inputs | ||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Asset Category | |||||||||||||||||
Cash | $ | 165 | $ | 165 | $ | — | $ | — | |||||||||
Fixed Income Securities (Note a) | 11,880 | 1,315 | 10,565 | — | |||||||||||||
Other Securities (Note b) | 2,912 | 1,481 | 1,431 | — | |||||||||||||
Total | $ | 14,957 | $ | 2,961 | $ | 11,996 | $ | — | |||||||||
(a) | Include 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) | Include investments in funds that invest 50% to 85% of their assets in fixed income securities and the remaining portion in equity securities. | ||||||||||||||||
The expected benefit payments set forth below reflect expected future service: | |||||||||||||||||
Year ending December 31, | |||||||||||||||||
2014 | $ | 4,696 | |||||||||||||||
2015 | 4,981 | ||||||||||||||||
2016 | 5,508 | ||||||||||||||||
2017 | 5,996 | ||||||||||||||||
2018 | 6,441 | ||||||||||||||||
2019 – 2023 | 28,952 | ||||||||||||||||
$ | 56,574 | ||||||||||||||||
The expected benefit payments are based on the same assumptions that were used to measure the Company’s benefit obligations as of December 31, 2013. | |||||||||||||||||
Defined contribution plans | |||||||||||||||||
During the years ended December 31, 2011, 2012 and 2013, the Company contributed the following amounts to defined contribution plans in various jurisdictions: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
India | $ | 13,014 | $ | 14,102 | $ | 14,443 | |||||||||||
U.S. | 2,295 | 3,012 | 3,268 | ||||||||||||||
U.K. | 1,047 | 1,444 | 1,789 | ||||||||||||||
Hungary | 34 | 58 | 22 | ||||||||||||||
China | 8,317 | 10,888 | 14,681 | ||||||||||||||
Mexico | 27 | 27 | 27 | ||||||||||||||
Morocco | 150 | 156 | 90 | ||||||||||||||
South Africa | 321 | 327 | 221 | ||||||||||||||
Hong Kong | 21 | 34 | 19 | ||||||||||||||
Netherlands | — | 1,523 | 2,135 | ||||||||||||||
Philippines | 10 | 15 | 14 | ||||||||||||||
Singapore | 8 | 9 | 15 | ||||||||||||||
Japan | 1,163 | 1,589 | 2,098 | ||||||||||||||
Total | 26,407 | 33,184 | 38,822 | ||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
18. Stock-based compensation | |||||||||||||||||
The Company has issued options under the Genpact Global Holdings 2005 Plan (the “2005 Plan”), Genpact Global Holdings 2006 Plan (the “2006 Plan”), Genpact Global Holdings 2007 Plan (the “2007 Plan”) and Genpact Limited 2007 Omnibus Incentive Compensation Plan (the “2007 Omnibus Plan”) to eligible persons who are employees, directors and certain other persons associated with the Company. | |||||||||||||||||
With respect to options granted under the 2005, 2006 and 2007 Plans before the date of adoption of the 2007 Omnibus Plan, if an award granted under any of the Plans is forfeited or otherwise expires, terminates, or is cancelled without the delivery of shares, then the shares covered by the forfeited, expired, terminated, or cancelled award will be added to the number of shares otherwise available for grant under the respective Plans. | |||||||||||||||||
From the date of adoption of the 2007 Omnibus Plan on July 13, 2007, the options forfeited, expired, terminated, or cancelled under any of the plans will be added to the number of shares otherwise available for grant under the 2007 Omnibus Plan. The 2007 Omnibus Plan was amended and restated on April 11, 2012 to increase the number of common shares authorized for issuance by 5,593,200 shares to 15,000,000 shares. | |||||||||||||||||
On August 30, 2012, the Company’s Board of Directors declared a special cash dividend of $2.24 per share. The special cash dividend resulted in an adjustment to stock-based awards under both the 2007 Omnibus Plan and the 2005 Plan. Accordingly, effective September 24, 2012, the payment date of the special cash dividend, the number of common shares authorized for issuance under the 2007 Omnibus Plan was increased by 2,544,327 shares. The number of common shares authorized for issuance under the 2005 Plan was increased by 495,915 shares. | |||||||||||||||||
Further, as of December 31, 2012, the number of common shares authorized for issuance under the 2007 Omnibus Plan had been increased by 6,314,496 shares as a result of the termination, expiration or forfeiture of options granted under the Company’s stock incentive plans other than the 2007 Omnibus Plan. In accordance with the anti-dilutive provisions of the 2005 Plan, 2006 Plan, 2007 Plan and 2007 Omnibus Plan, the Company adjusted both the exercise price and the number of stock based awards outstanding as of the record date of the special cash dividend. The aggregate fair value, intrinsic value and the ratio of the exercise price to the market price were approximately equal immediately before and after the adjustments. Therefore, in accordance with the equity restructuring guidance under ASC 718, Compensation-Stock Compensation, no incremental compensation expense was recognized for the adjustment to the outstanding stock-based awards as a result of the special cash dividend. | |||||||||||||||||
A brief summary of each plan is provided below: | |||||||||||||||||
2005 Plan | |||||||||||||||||
Under the 2005 Plan, which was adopted on July 26, 2005, the Company is authorized to issue up to 12,706,665 options (including an increase of 495,915 options representing an adjustment of outstanding stock based awards as a result of the special cash dividend) to eligible persons and has granted 12,986,802 options (including 583,357 options representing an adjustment of outstanding stock based awards as a result of the special cash dividend) up to the year ended December 31, 2013. | |||||||||||||||||
2006 Plan | |||||||||||||||||
Under the 2006 Plan, which was adopted on February 27, 2006, the Company is authorized to issue up to 4,942,369 options to eligible persons and has granted 5,328,697 options (including 68,005 options representing an adjustment of outstanding stock based awards as a result of the special cash dividend) up to the year ended December 31, 2013. | |||||||||||||||||
2007 Plan | |||||||||||||||||
Under the 2007 Plan, which was adopted on March 27, 2007, the Company is authorized to issue up to 16,733,250 options to eligible persons and has granted 9,133,255 options (including 486,205 options representing an adjustment of outstanding stock based awards as a result of the special cash dividend) up to the year ended December 31, 2013. | |||||||||||||||||
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 provides for the grant of options 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 is authorized to grant awards for the issuance of up to a total of 23,995,184 common shares to eligible persons, of which 12,471,104 options (including 489,071 options representing an adjustment of outstanding stock based awards as a result of the special cash dividend), 3,453,157 Restricted Share Units (including 272,335 Restricted Share Units representing an adjustment of outstanding stock based awards as a result of the special cash dividend) and 6,499,627 Performance Units (including 482,341 Performance Units representing an adjustment of outstanding stock based awards as a result of the special cash dividend) were granted as of December 31, 2013. | |||||||||||||||||
The stock-based compensation costs relating to the foregoing plans during the years ended December 31, 2011, 2012 and 2013, were $27,677, $31,999 and $30,901, respectively, and have been allocated to cost of revenue and selling, general, and administrative expenses. | |||||||||||||||||
The tax benefits recognized in relation to the stock-based compensation charge during the years ended December 31, 2011, 2012 and 2013 were $7,800, $8,032 and $6,913, respectively. In addition, the Company realized a cash tax benefit of $1,177, $2,277 and $3,368, during the years ended December 31, 2011, 2012 and 2013, respectively. No excess tax benefit was realized on the options exercised during the years ended December 31, 2011, 2012 and 2013 and no amount was recorded through additional paid-in capital due to losses in U.S. subsidiaries. | |||||||||||||||||
The options granted are subject to the requirement of vesting. Options granted under the plan are exercisable into common shares of the Company, have a contractual period of ten years and vest over four to five years, unless specified otherwise in the applicable award agreement. The Company recognizes compensation cost over the vesting period of the option. 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 in 2011 and 2013. No options were granted in 2012 other than pertaining to the adjustment to outstanding stock options as a result of the special cash dividend paid in September 2012: | |||||||||||||||||
2011 | 2013 | ||||||||||||||||
Dividend yield | — | — | |||||||||||||||
Expected life (in months) | 75 | 84 | |||||||||||||||
Risk free rate of interest | 2.26% | 1.55% | |||||||||||||||
Volatility | 37.32% | 39.39% | |||||||||||||||
Volatility was calculated based on the historical volatility of the Company 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 the vesting term and contractual term of the option. 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. Expected regular dividends during the estimated term of the option are based on recent dividend activity. The Company has not paid any regular cash dividends in the recent period and does not anticipate doing so in the foreseeable future. | |||||||||||||||||
The Company has issued, and intends to continue to issue, new shares to satisfy stock option exercises under its incentive plans. | |||||||||||||||||
Stock options | |||||||||||||||||
A summary of stock option activity during the years ended December 31, 2011, 2012 and 2013 is set out below: | |||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
Shares arising | Weighted | Weighted average | Aggregate | ||||||||||||||
out of options | average | remaining | intrinsic | ||||||||||||||
exercise price | contractual life | value | |||||||||||||||
(years) | |||||||||||||||||
Outstanding as of January 1, 2011 | 15,989,356 | $ | 10.84 | 6.4 | $ | — | |||||||||||
Granted | 250,000 | 15.34 | — | — | |||||||||||||
Forfeited | (1,183,761 | ) | 14.32 | — | — | ||||||||||||
Expired | (178,334 | ) | 15.54 | — | — | ||||||||||||
Exercised | (1,142,441 | ) | 10.64 | — | 5,227 | ||||||||||||
Outstanding as of December 31, 2011 | 13,734,820 | $ | 10.58 | 5.4 | $ | 66,728 | |||||||||||
Vested and exercisable as of December 31, 2011 and expected to vest thereafter (Note a) | 13,189,947 | $ | 10.47 | 5.4 | $ | 65,419 | |||||||||||
Vested and exercisable as of December 31, 2011 | 9,444,045 | $ | 9.26 | 4.7 | $ | 57,704 | |||||||||||
Weighted average grant date fair value of grants during the year | $ | 6.21 | |||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Shares arising | Weighted | Weighted average | Aggregate | ||||||||||||||
out of options | average | remaining | intrinsic | ||||||||||||||
exercise price | contractual life | value | |||||||||||||||
(years) | |||||||||||||||||
Outstanding as of January 1, 2012 | 13,734,820 | $ | 10.58 | 5.4 | $ | — | |||||||||||
Granted | — | — | — | — | |||||||||||||
Forfeited | (327,590 | ) | 11.28 | — | — | ||||||||||||
Expired | (81,053 | ) | 15.46 | — | — | ||||||||||||
Exercised | (2,539,517 | ) | 9.83 | — | 14,748 | ||||||||||||
Adjustment for Special Cash Dividend | 1,626,638 | ||||||||||||||||
Outstanding as of December 31, 2012 | 12,413,298 | $ | 9.29 | 4.2 | $ | 77,017 | |||||||||||
Vested and exercisable as of December 31, 2012 and expected to vest thereafter (Note a) | 12,271,334 | $ | 9.28 | 4.2 | $ | 76,339 | |||||||||||
Vested and exercisable as of December 31, 2012 | 10,752,875 | $ | 8.97 | 3.8 | $ | 70,217 | |||||||||||
Weighted average grant date fair value of grants during the period | $ | — | |||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Shares arising | Weighted | Weighted average | Aggregate | ||||||||||||||
out of options | average | remaining | intrinsic | ||||||||||||||
exercise price | contractual life | value | |||||||||||||||
(years) | |||||||||||||||||
Outstanding as of January 1, 2013 | 12,413,298 | $ | 9.29 | 4.2 | $ | — | |||||||||||
Granted | 3,483,000 | 19.35 | — | — | |||||||||||||
Forfeited | (69,863 | ) | 10.65 | — | — | ||||||||||||
Expired | (88,295 | ) | 13.26 | — | — | ||||||||||||
Exercised | (4,635,977 | ) | 9.31 | — | 41,849 | ||||||||||||
Outstanding as of December 31, 2013 | 11,102,163 | $ | 12.4 | 5.2 | $ | 70,512 | |||||||||||
Vested and exercisable as of December 31, 2013 and expected to vest thereafter (Note a) | 10,759,137 | $ | 12.11 | 5.2 | $ | 70,465 | |||||||||||
Vested and exercisable as of December 31, 2013 | 7,091,889 | $ | 8.82 | 3 | $ | 67,719 | |||||||||||
Weighted average grant date fair value of grants during the period | $ | 19.35 | |||||||||||||||
(a) | Options expected to vest reflect an estimated forfeiture rate. | ||||||||||||||||
As of December 31, 2013, the total remaining unrecognized stock-based compensation cost for options expected to vest amounted to $23,363, which will be recognized over the weighted average remaining requisite vesting period of 3.9 years. | |||||||||||||||||
Share Issuances Subject to Restrictions | |||||||||||||||||
In connection with the acquisition of Axis Risk Consulting Services Private Limited in 2007, 143,453 common shares were issued to the sellers. Of the common shares that were issued, 94,610 common shares were issued to sellers who became employees of the Company and are subject to restrictions on transfer linked to continued employment with the Company for a specified period. The Company has accounted for such shares as compensation for services. | |||||||||||||||||
A summary of the shares granted that are subject to restrictions and accounted for as compensation for services, or restricted shares, during the year ended December 31, 2011 is set out below: | |||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
Number of | Weighted Average | ||||||||||||||||
Restricted Shares | Grant Date Fair Value | ||||||||||||||||
Outstanding as of January 1, 2011 | 23,653 | $ | 14.04 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | (23,653 | ) | 14.04 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding as of December 31, 2011 | — | $ | — | ||||||||||||||
Restricted Share Units | |||||||||||||||||
The Company has granted restricted share units, or RSUs, under the 2007 Omnibus Plan. 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 the grant. The RSUs granted to date have graded vesting schedules of six months to four years. The compensation expense is recognized on a straight-line basis over the vesting term. | |||||||||||||||||
A summary of RSUs granted during the years ended December 31, 2011, 2012 and 2013 is set out below: | |||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
Number of Restricted | Weighted Average | ||||||||||||||||
Share Units | Grant Date Fair Value | ||||||||||||||||
Outstanding as of January 1, 2011 | 1,016,000 | $ | 13.61 | ||||||||||||||
Granted | 1,842,148 | 15.69 | |||||||||||||||
Vested* | (341,375 | ) | 13.48 | ||||||||||||||
Forfeited | (254,620 | ) | 14.11 | ||||||||||||||
Outstanding as of December 31, 2011 | 2,262,153 | $ | 15.27 | ||||||||||||||
Expected to vest (Note a) | 1,783,411 | ||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||
Number of Restricted | Weighted Average | ||||||||||||||||
Share Units | Grant Date Fair Value | ||||||||||||||||
Outstanding as of January 1, 2012 | 2,262,153 | $ | 15.27 | ||||||||||||||
Granted | 185,551 | 15.95 | |||||||||||||||
Vested** | (779,986 | ) | 13.68 | ||||||||||||||
Forfeited | (251,651 | ) | 14.39 | ||||||||||||||
Adjustment for Special Cash Dividend | 272,335 | ||||||||||||||||
Outstanding as of December 31, 2012 | 1,688,402 | $ | 13.74 | ||||||||||||||
Expected to vest (Note a) | 1,357,447 | ||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Number of Restricted | Weighted Average | ||||||||||||||||
Share Units | Grant Date Fair Value | ||||||||||||||||
Outstanding as of January 1, 2013 | 1,688,402 | $ | 13.74 | ||||||||||||||
Granted | 91,623 | 19.52 | |||||||||||||||
Vested*** | (683,522 | ) | 14.28 | ||||||||||||||
Forfeited | (224,731 | ) | 13.6 | ||||||||||||||
Outstanding as of December 31, 2013 | 871,772 | $ | 13.96 | ||||||||||||||
Expected to vest (Note a) | 802,481 | ||||||||||||||||
(a) | RSUs expected to vest reflect an estimated forfeiture rate. | ||||||||||||||||
* | During the year ended December 31, 2011, 102,000 RSUs vested, the shares in respect of which were issued in January 2013 (100,800 shares, net of the minimum statutory withholding taxes). | ||||||||||||||||
** | Out of this, 717,448 RSUs were net settled upon vesting by issuing 506,473 shares (net of minimum tax withholding). Shares in respect of an additional 13,719 RSUs, reflecting an adjustment to 102,000 vested RSUs on account of the special cash dividend, were issued in January 2013 (13,557 shares, net of minimum statutory withholding taxes). | ||||||||||||||||
Additionally, as of December 31, 2012, 4,533 RSUs vested (including 533 RSUs reflecting an adjustment to 4,000 vested RSUs on account of the special cash dividend), the shares in respect of which were issued in April 2013 (2,059 shares, net of minimum statutory withholding taxes). 44,286 RSUs vested in the year ended December 31, 2012, the shares in respect of which were issuable on December 31, 2013 and issued in January 2014 after withholding shares to the extent of the minimum statutory withholding taxes. | |||||||||||||||||
*** | Out of this, 622,465 RSUs were net settled upon vesting by issuing 424,201 shares (net of minimum tax withholding). 61,057 RSUs vested in the year ended December 31, 2013, the shares in respect of which are issuable on December 31, 2014 after withholding shares to the extent of the minimum statutory withholding taxes. | ||||||||||||||||
As of December 31, 2013, the total remaining unrecognized stock-based compensation cost related to RSUs amounted to $9,821, which will be recognized over the weighted average remaining requisite vesting period of 1.8 years. | |||||||||||||||||
Performance Units | |||||||||||||||||
The Company also grants stock awards in the form of Performance Units, or PUs, under the 2007 Omnibus Plan. | |||||||||||||||||
The Company granted PUs, each of which represents the right to receive a common share 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. The PUs granted under the plan are subject to cliff or graded vesting. For awards with cliff vesting, the compensation expense is recognized on a straight-line basis over the vesting terms; and for awards with graded vesting, compensation expense is recognized over the vesting term of each separately vesting portion. Over the performance period, the number of shares that will be issued will be 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 as expense will be based on a comparison of the final performance metrics to the specified targets. | |||||||||||||||||
A summary of PU activity during the year ended December 31, 2011, 2012 and 2013 is set out below: | |||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
Number of | Weighted Average | Maximum Shares | |||||||||||||||
Performance Units | Grant Date Fair Value | Eligible to Receive | |||||||||||||||
Outstanding as of January 1, 2011 | 895,333 | $ | 15.38 | 1,343,000 | |||||||||||||
Granted | 1,682,196 | 15.05 | 2,346,995 | ||||||||||||||
Vested* | (166,666 | ) | 14.19 | (249,999 | ) | ||||||||||||
Forfeited | (139,139 | ) | 16.21 | (192,674 | ) | ||||||||||||
Outstanding as of December 31, 2011 | 2,271,724 | $ | 15.17 | 3,247,322 | |||||||||||||
Performance units expected to vest (Note a) | 1,989,245 | ||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||
Number of | Weighted Average | Maximum Shares | |||||||||||||||
Performance Units | Grant Date Fair Value | Eligible to Receive | |||||||||||||||
Outstanding as of January 1, 2012 | 2,271,724 | $ | 15.17 | 3,247,322 | |||||||||||||
Granted | 1,200,000 | 15.25 | 1,800,000 | ||||||||||||||
Vested** | (772,745 | ) | 13.28 | (1,149,390 | ) | ||||||||||||
Forfeited | (139,809 | ) | 15.56 | (190,053 | ) | ||||||||||||
Adjustment for Special Cash Dividend | 482,341 | 694,718 | |||||||||||||||
Outstanding as of December 31, 2012 | 3,041,511 | $ | 13.26 | 4,402,597 | |||||||||||||
Performance units expected to vest (Note a) | 2,413,073 | ||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Number of | Weighted Average | Maximum Shares | |||||||||||||||
Performance Units | Grant Date Fair Value | Eligible to Receive | |||||||||||||||
Outstanding as of January 1, 2013 | 3,041,511 | $ | 13.26 | 4,402,597 | |||||||||||||
Granted | 2,025,090 | 18.57 | 3,694,635 | ||||||||||||||
Vested*** | (1,024,434 | ) | 12.03 | (1,024,434 | ) | ||||||||||||
Forfeited | (426,345 | ) | 15.19 | (550,078 | ) | ||||||||||||
Addition due to achievement of higher than target performance goals**** | 297,911 | 17.5 | |||||||||||||||
Reduction due to achievement of lower than maximum performance goals***** | (373,702 | ) | |||||||||||||||
Outstanding as of December 31, 2013 | 3,913,733 | $ | 16.44 | 6,149,018 | |||||||||||||
Performance units expected to vest (Note a) | 1,372,781 | ||||||||||||||||
(a) | PUs expected to vest are based on the probable achievement of the performance targets after considering an estimated forfeiture rate. | ||||||||||||||||
* | Vested PUs in the year ended December 31, 2011 and 2012 reflects 100% vesting. Actual vesting of PUs for the year ended December 31, 2011 took place at 128.9% of the target shares (214,880 shares) after the compensation committee’s certification of the achievement of the performance goals. Shares in respect of these PUs were issued in January 2013 (127,610 shares, net of minimum statutory withholding taxes). | ||||||||||||||||
** | 28,901 vested PUs for the year ended December 31, 2012 represents the adjustment on account of the special cash dividend for the 214,880 vested PUs as of December 31, 2011. Shares in respect of these PUs were issued in January 2013. | ||||||||||||||||
** | The PUs granted in March 2010 (including the PUs issued as an adjustment on account of the special cash dividend) vested at 90.9% of the target shares (503,969 shares) after the compensation committee’s certification of the achievement of the performance goals for the performance period based on the Company’s audited consolidated financial statements. Shares in respect of these PUs were issued in March 2013 (334,922 shares) and April 2013 (4,679 shares), net of minimum statutory withholding taxes. | ||||||||||||||||
** | The PUs granted in August 2010 vested for the year ended December 31, 2012 at 122.2% of the target shares (231,029 shares) upon the compensation committee’s certification of achievement of the performance goals for the performance period based on the Company’s audited consolidated financial statements. The shares in respect of these PUs were issuable on December 31, 2013 and issued in January 2014 after withholding shares to the extent of the minimum statutory withholding taxes. | ||||||||||||||||
*** | Vested PUs in the year ended December 31, 2013 reflects PUs at 100% vesting for PUs granted in March and June 2011. These grants are estimated to vest at 113.5% (1,033,539 shares) and 115.4% (130,891 shares) of the target shares, respectively. The shares in respect of these PUs will be issued as soon as practicable (after withholding shares to the extent of the minimum statutory withholding taxes) following the determination by the compensation committee of the achievement of the performance goals for the performance period. | ||||||||||||||||
**** | Represents an additional award of 22.2% of the target shares on account of the achievement of higher than target performance for the PUs granted in March 2012. | ||||||||||||||||
***** | Represents a 27.8% reduction in the maximum shares eligible to vest as a result of the certification of the level of achievement of the performance goals for the PUs granted in March 2012. | ||||||||||||||||
Outstanding PUs as of December 31, 2013 includes 483,999, 1,250,807 and 657,000 awards granted in May 2011, March 2013 and May 2013, respectively, whose performance conditions are not expected to be fulfilled. The non-fulfillment of the performance conditions of these awards will be certified by the compensation committee following the determination of the performance goals achieved for the respective performance periods. | |||||||||||||||||
As of December 31, 2013, the total remaining unrecognized stock-based compensation costs related to PUs amounted to $6,627, which will be recognized over the weighted average remaining requisite vesting period of 1 year. | |||||||||||||||||
In the first quarter of 2011, the compensation committee of the board of directors of the Company modified the performance metrics for the performance grants made to employees in 2010 from revenue and EBITDA growth to revenue and adjusted operating income growth. | |||||||||||||||||
Original Performance Target | Modified Performance Target | ||||||||||||||||
Performance Level | Revenue | EBITDA | Revenue | Adjusted Income from | |||||||||||||
Growth | Growth | Growth | Operation growth | ||||||||||||||
Outstanding | 20 | % | 20 | % | 20 | % | 20 | % | |||||||||
Target | 15 | % | 15 | % | 15 | % | 15 | % | |||||||||
Threshold | 10 | % | 10 | % | 10 | % | 10 | % | |||||||||
For the August 2010 performance grant to the Company’s former CEO, who assumed the role of Non-Executive Vice-Chairman as of June 17, 2011, in addition to the modification made to the performance metrics from revenue and EBITDA growth to revenue and adjusted operating income growth, because the award vested based on annual performance targets whereas the awards to other employees vested based on average performance over three years, the performance targets were revised to make them consistent with the performance unit grants to other employees in the first quarter of 2011. | |||||||||||||||||
Original Performance Target | Modified Performance Target | ||||||||||||||||
Performance Level | Revenue | EBITDA | Revenue | Adjusted Income from | |||||||||||||
Growth | Growth | Growth | Operation growth | ||||||||||||||
Outstanding | 20 | % | 20 | % | 17 | % | 16 | % | |||||||||
Target | 15 | % | 15 | % | 12.5 | % | 12.5 | % | |||||||||
Threshold | 10 | % | 10 | % | 8 | % | 7 | % | |||||||||
As of the date of the above modifications, an incremental compensation cost of $4,109 was determined and was to be recognized over a period of 21.5 months, from March 15, 2011 to December 31, 2012. | |||||||||||||||||
Under the 2007 Omnibus Plan, the definition of change of control includes the acquisition by any person, corporation or other entity or group other than GA, OH, GE or any of their affiliates of 25% or more of the voting securities of the Company. The purchase by Bain Capital of Company shares from GA and OH would have constituted a change of control under the 2007 Omnibus Plan resulting in (1) accelerated vesting of the PUs granted in August 2010 to the former CEO (who since assumed the role of Non-Executive Vice-Chairman) and the PUs granted to the Company’s Chief Executive Officer in June 2011 and March 2012, (2) “double-trigger” vesting of the outstanding PUs granted in March 2010 and March 2011 based on an abbreviated performance period ending with the close of the Company’s fiscal quarter coincident with or immediately preceding the effective date of the Change of Control in the event of a termination without cause in the twenty-four months following a change of control and (3) “double-trigger” vesting of the outstanding PUs granted in March 2012 based on target performance in the event of a termination without cause in the twenty-four months following a change of control. However, the Board of Directors determined that the Bain transaction was not the type of transaction intended to constitute a change of control and amended the 2007 Omnibus Plan to provide that the contemplated transaction among Bain Capital, GA and OH would not constitute a change of control thereunder. In addition, the CEO and Non-Executive Vice-Chairman waived any accelerated vesting of their PUs and the impacted employees consented to the amendment of the change of control definition. As a result of the foregoing, all PUs will continue to vest in accordance with their original terms. | |||||||||||||||||
The amendment to the 2007 Omnibus Plan was a modification to the PUs effective as of October 25, 2012, as a result of which 123 employees were affected and an incremental compensation cost of $5,500 was determined and will be recognized over a weighted average period of 1.85 years. The incremental compensation cost due to modification was a result of considering the original performance period for determination of expected vesting as against the abbreviated performance period for 2010 and 2011 grants and vesting at target for 2012 performance grants. | |||||||||||||||||
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”). | |||||||||||||||||
The ESPP allows eligible employees to purchase the Company’s common shares through payroll deduction at 90% of the fair value per share on the last business day of each purchase interval. The dollar amount of common shares purchased under the ESPP shall not exceed the greater of 15% of the participating employee’s base salary or $25 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 in the subsequent May, August, November and February of each year. 4,200,000 common shares have been reserved for issuance in the aggregate over the term of the ESPP. | |||||||||||||||||
During the year ended December 31, 2011, 2012 and 2013, 49,192, 86,214 and 109,698 common shares, respectively, were issued under ESPP. | |||||||||||||||||
The ESPP is considered compensatory under the FASB guidance on Compensation-Stock Compensation. | |||||||||||||||||
The compensation expense for the employee stock purchase plan is recognized in accordance with the FASB guidance on Compensation-Stock Compensation. The compensation expense for ESPP during the years ended December 31, 2011, 2012 and 2013 was $90, $153 and $228, respectively, and has been allocated to cost of revenue and selling, general, and administrative expenses. |
Capital_Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2013 | |
Capital Stock | ' |
19. Capital stock | |
The Company’s authorized capital stock as of December 31, 2012 and 2013 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. Of the above, the Company had 225,480,172 and 231,262,576 common shares, and no preferred shares, issued and outstanding as of December 31, 2012 and 2013, respectively. | |
The 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 any 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. | |
Dividend | |
On August 30, 2012, the Company declared a special cash dividend of $2.24 per share, or approximately $501,620. The special cash dividend was paid on September 24, 2012 to stockholders of record as of the close of business on September 10, 2012. Further, in accordance with the terms of the Company’s stock-based compensation plans, in order to preserve the value of the stock-based awards outstanding as of the record date, the Company reduced the exercise price per share of each outstanding stock option award and increased the number of shares in relation to the outstanding stock-based awards as of the record date of the special cash dividend. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share | ' | ||||||||||||
20. 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 common shares of the Company. The calculation of basic earnings per common share was 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 employee stock purchase plan and performance units, have been included in the computation of diluted net earnings per share and the weighted average shares outstanding, except where the result would be anti-dilutive. | |||||||||||||
The number of stock options outstanding but not included in the computation of diluted earnings per common share because their effect was anti-dilutive is 6,995,632, 3,525,625 and 2,616,000 for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Net income available to Genpact Limited common shareholders | $ | 184,294 | $ | 178,216 | $ | 229,717 | |||||||
Weighted average number of common shares used in computing basic earnings per common share | 221,567,502 | 223,696,567 | 229,348,411 | ||||||||||
Dilutive effect of stock-based awards | 4,786,901 | 5,835,949 | 6,405,856 | ||||||||||
Weighted average number of common shares used in computing dilutive earnings per common share | 226,354,403 | 229,532,516 | 235,754,267 | ||||||||||
Earnings per common share attributable to Genpact Limited common shareholders | |||||||||||||
Basic | $ | 0.83 | $ | 0.8 | $ | 1 | |||||||
Diluted | $ | 0.81 | $ | 0.78 | $ | 0.97 | |||||||
Cost_of_Revenue
Cost of Revenue | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Cost of Revenue | ' | ||||||||||||
21. Cost of revenue | |||||||||||||
Cost of revenue consists of the following: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Personnel expenses | $ | 678,247 | $ | 795,525 | $ | 904,445 | |||||||
Operational expenses | 274,824 | 313,432 | 367,213 | ||||||||||
Depreciation and amortization | 51,828 | 48,809 | 47,913 | ||||||||||
$ | 1,004,899 | $ | 1,157,766 | $ | 1,319,571 | ||||||||
Selling_General_and_Administra
Selling, General and Administrative Expenses | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Selling, General and Administrative Expenses | ' | ||||||||||||
22. Selling, general and administrative expenses | |||||||||||||
Selling, general and administrative expenses consist of the following: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Personnel expenses | $ | 247,681 | $ | 314,587 | $ | 347,384 | |||||||
Operational expenses | 101,702 | 133,173 | 128,982 | ||||||||||
Depreciation and amortization | 8,576 | 8,851 | 8,444 | ||||||||||
$ | 357,959 | $ | 456,611 | $ | 484,810 | ||||||||
Other_Operating_Income_Expense
Other Operating (Income) Expense, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Operating (Income) Expense, Net | ' | ||||||||||||
23. Other operating (income) expense, net | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Other operating (income) expense | $ | (3,959 | ) | $ | (3,185 | ) | $ | (3,259 | ) | ||||
Provision for impairment of capital work in progress / property, plant and equipment | 5,319 | 6,214 | 2,373 | ||||||||||
Change in fair value of earn out consideration and deferred consideration (relating to business acquisitions) | — | (3,013 | ) | (4,670 | ) | ||||||||
Other operating (income) expense, net | $ | 1,360 | $ | 16 | $ | (5,556 | ) | ||||||
Other_Income_Expense_Net
Other Income (Expense), Net | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income (Expense), Net | ' | ||||||||||||
24. Other income (expense), net | |||||||||||||
Other income (expense), net consists of the following: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Interest income | $ | 15,136 | $ | 12,007 | $ | 15,736 | |||||||
Interest expense* | (9,213 | ) | (28,121 | ) | (38,876 | ) | |||||||
Provision (created) reversed for loss on divestures | — | (459 | ) | (3,487 | ) | ||||||||
Other income (expense)** | 4,793 | 2,074 | 2,319 | ||||||||||
Other income (expense), net | $ | 10,716 | $ | (14,499 | ) | $ | (24,308 | ) | |||||
* | Years ended December 31, 2012 and 2013 include $5,534 and $3,157, respectively, representing acceleration of the amortization of debt issuance costs relating to the prepayment and termination of the previous credit facility in August 2012 and the amendment of the new credit facility in June 2013, as described in Note 14. | ||||||||||||
** | Year ended December 31, 2012 includes $17,227, representing 2012 recapitalization expenses, net of reimbursement from GA and OH amounting to $17,000, as described in Note 1. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
25. Income taxes | |||||||||||||
Income tax expense (benefit) for the years ended December 31, 2011, 2012 and 2013 is allocated as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Income from continuing operations | $ | 70,656 | $ | 78,419 | $ | 71,100 | |||||||
Other Comprehensive Income: | |||||||||||||
Unrealized gains (losses) on cash flow hedges | (61,878 | ) | 12,055 | (13,542 | ) | ||||||||
Retirement benefits | (796 | ) | (643 | ) | 138 | ||||||||
Total income tax expense (benefit) | $ | 7,982 | $ | 89,831 | $ | 57,696 | |||||||
The components of income before income taxes from continuing operations are as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Domestic (U.S.) | $ | (10,214 | ) | $ | (11,631 | ) | $ | 8,199 | |||||
Foreign (Non U.S.) | 271,946 | 274,640 | 297,952 | ||||||||||
Income before income taxes | $ | 261,732 | $ | 263,009 | $ | 306,151 | |||||||
Income tax expense (benefit) attributable to income from continuing operations consists of: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Current taxes : | |||||||||||||
Domestic (U.S.) | $ | 1,277 | $ | 3,070 | $ | 3,595 | |||||||
Foreign (Non-U.S.) | 77,360 | 85,377 | 68,621 | ||||||||||
$ | 78,637 | $ | 88,447 | $ | 72,216 | ||||||||
Deferred taxes : | |||||||||||||
Domestic (U.S.) | $ | (1,085 | ) | $ | (7,273 | ) | $ | 6,141 | |||||
Foreign (Non-U.S.) | (6,896 | ) | (2,755 | ) | (7,257 | ) | |||||||
$ | (7,981 | ) | (10,028 | ) | (1,116 | ) | |||||||
Total income tax expense (benefit) | $ | 70,656 | $ | 78,419 | $ | 71,100 | |||||||
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 35% to income before income taxes, as a result of the following: | |||||||||||||
Year ended December 31 | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Income before income tax expense | 261,732 | 263,009 | 306,151 | ||||||||||
Statutory tax rates | 35 | % | 35 | % | 35 | % | |||||||
Computed expected income tax expense | 91,606 | 92,053 | 107,153 | ||||||||||
Increase (decrease) in income taxes resulting from: | |||||||||||||
Foreign tax rate differential | (5,902 | ) | 1,331 | (6,704 | ) | ||||||||
Tax benefit from tax holiday | (22,757 | ) | (25,554 | ) | (39,785 | ) | |||||||
Non-deductible expenses | 1,371 | 959 | 5,637 | ||||||||||
Effect of change in tax rates | 617 | 635 | (2,268 | ) | |||||||||
Change in valuation allowance | 1,248 | 12,548 | 1,088 | ||||||||||
Prior year tax expense (benefit)* | 7 | (7,490 | ) | — | |||||||||
Other | 4,466 | 3,937 | 5,979 | ||||||||||
Reported income tax expense (benefit) | 70,656 | 78,419 | 71,100 | ||||||||||
* | During 2012, the Company filed an income tax return in a foreign jurisdiction that resulted in the recognition of a deferred tax asset for a capital loss arising from an earlier period that amounted to $7,490. It was not more likely than not that the capital loss would be realized. Therefore, a full valuation allowance was established to offset the recorded deferred tax asset. | ||||||||||||
A portion of the profits of the Company’s operations is exempt from income tax in India. The tax holiday under the STPI Scheme was available for a period of ten consecutive years beginning in the year in which the respective Indian undertaking commenced operations and expired completely as at March 31, 2011. One of the Company’s Indian subsidiaries has fifteen units eligible for tax holiday as a Special Economic Zone unit in respect of 100% of the export profits 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. The complete tax holiday for the current SEZ units will start expiring from March 31, 2022 and will fully expire by March 31, 2028. | |||||||||||||
The basic earnings per share effect of the tax holiday is $0.10, $0.11 and $0.17, respectively, for the years ended December 31, 2011, 2012 and 2013. The diluted earnings per share effect of the tax holiday is $0.10, $0.11 and $0.17, respectively, for the years ended December 31, 2011, 2012 and 2013. | |||||||||||||
The components of the deferred tax balances as of December 31, 2012 and 2013 are as follows: | |||||||||||||
As of December 31, | |||||||||||||
2012 | 2013 | ||||||||||||
Deferred tax assets | |||||||||||||
Net operating loss carryforwards | 64,334 | 74,259 | |||||||||||
Accrued liabilities and other expenses | 16,186 | 17,738 | |||||||||||
Provision for doubtful debts | 3,606 | 6,199 | |||||||||||
Property, plant and equipment | 4,519 | 5,110 | |||||||||||
Unrealized losses on cash flow hedges, net | 59,133 | 74,030 | |||||||||||
Unrealized losses on foreign currency balance, net | 1,464 | 496 | |||||||||||
Share-based compensation | 22,246 | 19,673 | |||||||||||
Retirement benefits | 4,558 | 2,718 | |||||||||||
Deferred revenue | 43,897 | 38,051 | |||||||||||
Other | 13,509 | 19,443 | |||||||||||
233,452 | 257,717 | ||||||||||||
Less: Valuation allowance | (23,922 | ) | (24,654 | ) | |||||||||
Total deferred tax assets | 209,530 | 233,063 | |||||||||||
Deferred tax liabilities | |||||||||||||
Intangible assets | 36,219 | 29,102 | |||||||||||
Property, plant and equipment | 4,391 | 4,128 | |||||||||||
Deferred cost | 25,671 | 22,490 | |||||||||||
Investments in foreign subsidiaries not permanently reinvested | 6,150 | 24,948 | |||||||||||
Other | 3,833 | 7,530 | |||||||||||
Total deferred tax liabilities | 76,264 | 88,198 | |||||||||||
Net deferred tax Asset | 133,266 | 144,865 | |||||||||||
As of December 31, | |||||||||||||
Classsified as | 2012 | 2013 | |||||||||||
Deferred tax assets | |||||||||||||
Current | $ | 48,489 | $ | 60,638 | |||||||||
Non-current | $ | 91,383 | $ | 89,305 | |||||||||
Deferred tax liabilities | |||||||||||||
Current | $ | 538 | $ | 614 | |||||||||
Non-current | $ | 6,068 | $ | 4,464 | |||||||||
$ | 133,266 | $ | 144,865 | ||||||||||
The change in the total valuation allowance for deferred tax assets as of December 31, 2011, 2012 and 2013 is as follows: | |||||||||||||
Year ended December 31 | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Opening valuation allowance | $ | 4,605 | $ | 11,542 | $ | 23,922 | |||||||
Reduction during the year | (1,319 | ) | (364 | ) | (2,643 | ) | |||||||
Addition during the year | 8,256 | 12,744 | 3,375 | ||||||||||
Closing valuation allowance | $ | 11,542 | $ | 23,922 | $ | 24,654 | |||||||
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 those temporary differences are deductible. Management considers the scheduled reversal of deferred tax liabilities, projected taxable income, and tax planning strategies in making this assessment. In order to fully realize the deferred tax asset, the Company will need to generate future taxable income prior to the expiration of the deferred tax asset governed by the tax code. Based on the level of historical taxable income and projections for future taxable income over the periods for which the deferred tax assets are deductible, management believes that it is more likely than not that the Company will realize the benefits of these deductible differences, net of the existing valuation allowances at December 31, 2013. The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced. | |||||||||||||
As of December 31, 2013, the deferred tax assets related to net operating loss carry-forwards amounted to $74,259. Net operating losses of subsidiaries in Hungary, the UK, Hong Kong, Australia, Singapore, South Africa, Colombia, Brazil and Luxembourg amounting to $139,032 can be carried forward for an indefinite period. The remaining tax loss carry-forwards expire as set forth in the below table: | |||||||||||||
US - Federal | Europe | Others | |||||||||||
Year ending December 31, | |||||||||||||
2016 | $ | — | $ | — | $ | 2,191 | |||||||
2017 | — | — | 4,318 | ||||||||||
2018 | — | 1,346 | 1,158 | ||||||||||
2019 | — | — | 1,121 | ||||||||||
2020 | — | — | 200 | ||||||||||
2021 | — | 444 | 5,852 | ||||||||||
2022 | — | 1,595 | 2,643 | ||||||||||
2023 | — | — | 5,285 | ||||||||||
2027 | — | 372 | — | ||||||||||
2028 | — | 1,429 | — | ||||||||||
2029 | — | 1,147 | — | ||||||||||
2030 | — | 330 | — | ||||||||||
2031 | 112,719 | 875 | — | ||||||||||
$ | 112,719 | $ | 7,538 | $ | 22,768 | ||||||||
Of the total U.S. federal net operating loss carry-forwards of approximately $112,719, $24,425 relates to excess tax deductions resulting from share-based compensation as of December 31, 2013. No federal deferred tax benefit has been recognized for this deduction. If and when recognized, the tax benefit associated with this excess deduction will be credited to additional paid-in capital. | |||||||||||||
As of December 31, 2013, the Company had additional deferred tax assets on U.S. state and local tax loss carry-forwards amounting to $7,815 with varying expiration periods that begin to expire in 2016 through 2031. | |||||||||||||
As of December 31, 2013, the company has a total AMT credit of $10,844, out of which $8,214 will expire in 2024 and the balance of which can be carried forward for an indefinite period. | |||||||||||||
Undistributed earnings of the Company’s foreign (non-Bermuda) subsidiaries amounted to approximately $359,980 as of December 31, 2013. The Company plans to indefinitely reinvest these undistributed earnings of foreign subsidiaries, except for those earnings for which a deferred tax liability was 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. Determination of the amount of unrecognized deferred income tax liability related to these earnings is not practicable. | |||||||||||||
As of December 31, 2013, $420,703 of the $571,276 of cash and cash equivalents was held by our foreign (non-Bermuda) subsidiaries. We intend to either permanently reinvest $395,703 of the cash held by our foreign subsidiaries or expect to be able to repatriate it in a tax-free manner. We have accrued taxes on the remaining cash of $25,000 held by our foreign subsidiaries. The amount of cash that can be repatriated in a tax-free manner is not ascertainable. | |||||||||||||
The following table summarizes the activities related to our unrecognized tax benefits for uncertain tax positions from January 1 to December 31 for 2011, 2012 and 2013: | |||||||||||||
Year Ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Opening balance at January 1 | 20,016 | 23,712 | 21,024 | ||||||||||
Increase related to prior year tax positions, including recorded in acquisition accounting | 2,997 | 1,864 | 1,685 | ||||||||||
Decrease related to prior year tax positions | (175 | ) | (3,144 | ) | (1,952 | ) | |||||||
Increase related to current year tax positions, including recorded in acquisition accounting | 2,765 | 1,514 | 2,905 | ||||||||||
Decrease related to settlements with tax authorities | — | (2,492 | ) | ||||||||||
Effect of exchange rate changes | (1,891 | ) | (430 | ) | (1,830 | ) | |||||||
Closing balance at December 31 | 23,712 | 21,024 | 21,832 | ||||||||||
As of December 31, 2011, 2012 and 2013, the Company had unrecognized tax benefits amounting to $23,551, $20,871 and $20,901, respectively, which, if recognized, would impact the effective tax rate. | |||||||||||||
As of December 31, 2011, 2012 and 2013, the Company has accrued approximately $2,536, $3,423 and $3,373, respectively, in interest relating to unrecognized tax benefits. During the years ended December 31, 2011, 2012 and 2013, the Company recognized approximately $516, $887 and $(50), respectively, in interest expense. As of December 31, 2013, the company has accrued $350 for penalties. No penalties were accrued as of December 31, 2011 and 2012. | |||||||||||||
In the next twelve months and for all tax years that remain open to examinations by U.S. federal and various state, local, and non-U.S. tax 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 tax authorities, which are difficult to predict. | |||||||||||||
With exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax audits by taxing authorities for years prior to 2009. The Company’s subsidiaries in India and China are open to examination by the relevant taxing authorities for tax years beginning on or after April 1, 2009, and January 1, 2000, respectively. The Company regularly reviews the likelihood of additional tax assessments and adjusts its reserves as additional information or events require. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting | ' | ||||||||||||
26. 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 operations are located in 24 countries. The Company’s Chief Executive Officer, who has been identified as the Chief Operation Decision Maker (CODM), reviews financial information prepared on a consolidated basis, accompanied by disaggregated information about revenue and adjusted operating income by identified business units. The identified business units are organized for operational reasons and represent either services-based, customer-based, industry-based or geography-based units. There is significant overlap between the manners in which the business units are organized. Additionally, the composition and organization of the business units is fluid and the structure changes regularly in response to growth of the overall business, acquisitions and changes in the reporting structure, clients, services, industries served, and delivery centers. | |||||||||||||
Based on an overall evaluation of all facts and circumstances and after combining operating segments with similar economic characteristics that comply with other aggregation criteria specified in the FASB guidance on Segment Reporting, the Company has determined that it operates as a single reportable segment. | |||||||||||||
Net revenues for different types of services provided are as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Business Process Management (including Smart Decision Services) | $ | 1,260,674 | $ | 1,456,171 | $ | 1,608,224 | |||||||
Information Technology Services | 339,762 | 445,800 | 523,773 | ||||||||||
Total net revenues | $ | 1,600,436 | $ | 1,901,971 | $ | 2,131,997 | |||||||
Revenues from customers based on the industry serviced are as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Banking, Financial Services and Insurance | $ | 669,182 | $ | 796,655 | $ | 888,916 | |||||||
Manufacturing including Pharmaceuticals and Medical Equipment Manufacturing | 548,637 | 640,553 | 711,184 | ||||||||||
Technology, Healthcare and Other Services | 382,617 | 464,763 | 531,897 | ||||||||||
Total net revenues | $ | 1,600,436 | $ | 1,901,971 | $ | 2,131,997 | |||||||
Net revenues from geographic areas based on the location of service delivery units 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, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
India | $ | 1,111,218 | $ | 1,197,400 | $ | 1,328,201 | |||||||
Asia, other than India | 184,164 | 208,149 | 224,657 | ||||||||||
North and Latin America | 165,907 | 306,260 | 359,774 | ||||||||||
Europe | 139,147 | 190,162 | 219,365 | ||||||||||
Total net revenues | $ | 1,600,436 | $ | 1,901,971 | $ | 2,131,997 | |||||||
Revenues from GE comprised 30%, 26% and 23% of the consolidated total net revenues in 2011, 2012 and 2013, respectively. No other customer accounted for 10% or more of the consolidated total net revenue during these periods. | |||||||||||||
Property, plant and equipment, net by geographic areas are as follows: | |||||||||||||
As of December 31, | |||||||||||||
2012 | 2013 | ||||||||||||
India | $ | 130,503 | $ | 112,971 | |||||||||
Asia, other than India | 17,481 | 15,199 | |||||||||||
North and Latin America | 41,400 | 35,391 | |||||||||||
Europe | 10,978 | 9,643 | |||||||||||
Total | $ | 200,362 | $ | 173,204 | |||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions | ' |
27. Related party transactions | |
The Company has entered into related party transactions with GE and companies in which GE has a majority ownership interest or over which it exerts significant influence (collectively referred to as “GE” herein). During the year ended December 31, 2012, GE’s ownership of Company common shares decreased to less than 5.0% of the outstanding shares and it ceased to be a related party; accordingly, revenue from GE is no longer presented as related party revenue. Related party transactions during the year ended December 31, 2012 included transactions with a client who had a significant interest in the Company. During the year ended December 31, 2012, such interest decreased to less than 5% of the Company’s outstanding shares and such client is no longer a related party. The Company has also entered into related party transactions with its non-consolidating affiliates and a client in which one of the Company’s directors has a controlling interest. During the year ended December 31, 2013, the Company acquired the remaining equity interest in one of its non-consolidating affiliates, which is now a wholly-owned subsidiary, as described in note 3A(b). The Company has also entered into related party transactions with affiliates of a significant shareholder of the Company. | |
The Company’s related party transactions can be categorized as follows: | |
Revenue from services | |
For the years ended December 31, 2011, the Company recognized net revenues from GE of $483,769, representing 30% of the consolidated total net revenues. | |
For the year ended December 31, 2011 and 2012, the Company recognized net revenues of $359 and $145, respectively, from a customer in which one of the Company’s directors has a controlling interest. | |
For the years ended December 31, 2011 and 2012, the Company recognized net revenues of $336 and $405, respectively, from a customer which has a significant interest in the Company. | |
For the year ended December 31, 2013, the Company recognized net revenues of $938, from clients who are affiliates of a significant shareholder of the Company. | |
Cost of revenue from services | |
The Company purchases certain services from its non-consolidating affiliates mainly relating to training and recruitment, which are included in cost of revenue. For the years ended December 31, 2011, 2012 and 2013, cost of revenue includes an amount of $1,603, $2,458 and $2,140, respectively. | |
Selling, general and administrative expenses | |
The Company purchases certain services from its non-consolidating affiliates mainly relating to training and recruitment, which are included in selling, general and administrative expenses. For the years ended December 31, 2011, 2012 and 2013, selling, general and administrative expenses includes an amount of $259, $532 and $505, respectively. | |
Other operating (income) expense, net | |
The Company provides certain shared services such as facility, recruitment, training, and communication to GE. Recovery for such services has been included as other operating income in the consolidated statements of income. For the year ended December 31, 2011, income from these services was ($2,142). | |
Interest expense | |
The Company incurred interest expense on finance lease obligations from GE. For the year ended December 31, 2011, interest expense relating to such debt amounted to $324. | |
Investment in equity affiliates | |
During the years ended December 31, 2011, 2012 and 2013, the Company made investments of $0, $205 and $0, respectively, in its non-consolidating affiliates. Further, in the third quarter of 2011 and first quarter of 2013, the Company acquired the balance of the outstanding interest in its non-consolidating affiliates, HPP and NGEN, respectively, for contingent consideration amounting to $0 and $158, respectively, which resulted in such affiliates becoming wholly-owned subsidiaries. The results of operations and the fair value of the assets and liabilities of such wholly-owned subsidiaries are included in the Company’s Consolidated Financial Statements from the dates of acquisition. | |
As of December 31, 2012 and 2013, the Company’s investment in non-consolidating affiliates amounted to $416 and $384, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies | ' |
28. Commitments and contingencies | |
Capital commitments | |
As of December 31, 2012 and 2013, the Company has committed to spend $3,965 and $4,491, respectively, under agreements to purchase property, plant and equipment. This amount is net of capital advances paid in respect of these purchases. | |
Bank Guarantees | |
The Company has outstanding bank guarantees amounting to $13,381 and $11,086 as of December 31, 2012 and 2013, respectively. Bank guarantees are generally provided to government agencies, 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 damage through the breach of any of the covenants contained in the agreements. | |
Other commitments | |
The Company’s business process delivery centers in India are 100% export oriented units or Software Technology Parks of India units (“STPI”) under the STPI guidelines issued by the Government of India. These units are exempt from customs, central excise duties, and levies on imported and indigenous capital goods, stores, and spares. The Company has undertaken to pay custom duties, service taxes, levies, and liquidated damages payable, if any, in respect of imported and indigenous capital goods, stores, and spares consumed duty free, in the event that certain terms and conditions are not fulfilled. |
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Data (unaudited) | ' | ||||||||||||||||||||
29. Quarterly financial data (unaudited) | |||||||||||||||||||||
Three months ended | Year ended | ||||||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, | December 31, | December 31, | |||||||||||||||||
2013 | 2013 | 2013 | |||||||||||||||||||
Total net revenues | $ | 503,848 | $ | 534,804 | $ | 534,886 | $ | 558,459 | $ | 2,131,997 | |||||||||||
Gross profit | $ | 192,122 | $ | 202,090 | $ | 205,597 | $ | 212,617 | $ | 812,426 | |||||||||||
Income from operations | $ | 73,949 | $ | 77,988 | $ | 85,957 | $ | 71,633 | $ | 309,527 | |||||||||||
Income before Equity method investment activity, net and income tax expense | $ | 65,456 | $ | 84,633 | $ | 93,320 | $ | 62,573 | $ | 305,982 | |||||||||||
Net Income | $ | 48,252 | $ | 65,462 | $ | 71,431 | $ | 49,906 | $ | 235,051 | |||||||||||
Net income attributable to noncontrolling interest | $ | 1,515 | $ | 1,586 | $ | 1,169 | $ | 1,064 | $ | 5,334 | |||||||||||
Net income attributable to Genpact Limited common shareholders | $ | 46,737 | $ | 63,876 | $ | 70,262 | $ | 48,842 | $ | 229,717 | |||||||||||
Earnings per common share attributable to Genpact Limited common shareholders | |||||||||||||||||||||
Basic | $ | 0.21 | $ | 0.28 | $ | 0.31 | $ | 0.2 | $ | 1 | |||||||||||
Diluted | $ | 0.2 | $ | 0.27 | $ | 0.3 | $ | 0.21 | $ | 0.97 | |||||||||||
Weighted average number of common shares used in computing earnings per common share attributable to Genpact Limited common shareholders | |||||||||||||||||||||
Basic | 227,227,226 | 229,237,503 | 230,057,508 | 230,871,408 | 229,348,411 | ||||||||||||||||
Diluted | 233,620,751 | 235,329,303 | 236,336,924 | 237,730,091 | 235,754,267 | ||||||||||||||||
Three months ended | Year ended | ||||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, | December 31, | December 31, | |||||||||||||||||
2012 | 2012 | 2012 | |||||||||||||||||||
Total net revenues | $ | 435,479 | $ | 467,631 | $ | 491,157 | $ | 507,704 | $ | 1,901,971 | |||||||||||
Gross profit | $ | 170,014 | $ | 182,409 | $ | 193,904 | $ | 197,878 | $ | 744,205 | |||||||||||
Income from operations | $ | 60,431 | $ | 63,167 | $ | 69,952 | $ | 70,795 | $ | 264,345 | |||||||||||
Income before Equity method investment activity, net and income tax expense | $ | 56,636 | $ | 84,445 | $ | 41,800 | $ | 80,111 | $ | 262,992 | |||||||||||
Net Income | $ | 40,256 | $ | 62,799 | $ | 26,611 | $ | 54,924 | $ | 184,590 | |||||||||||
Net income attributable to noncontrolling interest | $ | 1,716 | $ | 1,699 | $ | 1,436 | $ | 1,523 | $ | 6,374 | |||||||||||
Net income attributable to Genpact Limited common shareholders | $ | 38,540 | $ | 61,100 | $ | 25,175 | $ | 53,401 | $ | 178,216 | |||||||||||
Earnings per common share attributable to Genpact Limited common shareholders | |||||||||||||||||||||
Basic | $ | 0.17 | $ | 0.27 | $ | 0.11 | $ | 0.24 | $ | 0.8 | |||||||||||
Diluted | $ | 0.17 | $ | 0.27 | $ | 0.11 | $ | 0.23 | $ | 0.78 | |||||||||||
Weighted average number of common shares used in computing earnings per common share attributable to Genpact Limited common shareholders | |||||||||||||||||||||
Basic | 222,810,236 | 223,182,251 | 223,876,035 | 224,917,746 | 223,696,567 | ||||||||||||||||
Diluted | 227,472,915 | 227,880,427 | 230,195,834 | 232,580,888 | 229,532,516 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Basis of preparation and principles of consolidation | ' | |||
(a) Basis of preparation and principles of consolidation | ||||
The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP). | ||||
The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of Genpact Limited and all of its subsidiaries that are more than 50% owned and controlled, including variable interest entities in which the Company is the primary beneficiary. When the Company does not have a controlling interest in an entity, but exerts significant influence on the entity, the Company applies the equity method of accounting. All intercompany transactions and balances are eliminated in consolidation. | ||||
The noncontrolling interest disclosed in the accompanying consolidated financial statements represents the noncontrolling partners’ interest in the operation of Genpact Netherlands B.V. and the noncontrolling shareholders’ interest in the operation of Hello Communications (Shanghai) Co., Ltd. and the profits or losses associated with the noncontrolling interest in those operations. The noncontrolling partners of Genpact Netherlands B.V. are individually liable for the tax obligations on their shares of profit as it is a partnership. Accordingly, noncontrolling interest relating to Genpact Netherlands B.V. has been computed prior to tax and disclosed accordingly in the Consolidated Statements of Income. | ||||
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, the carrying amount of property, plant and equipment, intangibles and goodwill, the reserve for doubtful receivables, the valuation allowance for deferred tax assets, the valuation of derivative financial instruments, the measurements of stock-based compensation, assets and obligations related to employee benefits, income tax uncertainties and other contingencies. Management believes that the estimates used in the preparation of the consolidated financial statements are reasonable. Although these estimates 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 consolidated financial statements. | ||||
Revenue recognition | ' | |||
c) Revenue recognition | ||||
The Company derives its revenue primarily from business process and technology management services, which are provided on a time-and-material, transaction or fixed-price basis. The Company recognizes revenue when persuasive evidence of an arrangement exists, the sales price is fixed or determinable, services have been rendered and collectability is reasonably assured. 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 application development, maintenance and support services. Revenues on these contracts are recognized ratably over the term of the agreement. The Company accrues for revenue and receivables for the services rendered between the last billing date and the balance sheet date. | ||||
Customer contracts can also include incentive payments received for discrete benefits delivered to clients. Revenues relating to such incentive payments are recorded when the contingency is satisfied and the Company concludes the amounts are earned. | ||||
Revenue with respect to fixed-price contracts for the development of software and related services is recognized in accordance with the percentage of completion method. Guidance has been drawn from Financial Accounting Standards Board (“FASB”) guidance on Software—Revenue Recognition to account for revenue from fixed price arrangements for software development and related services in conformity with FASB guidance on Revenue Recognition—Construction—Type and Production-Type Contracts. The input (effort expended) method has been used to measure progress towards completion as there is a direct relationship between input and productivity. 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 has deferred the revenue and costs attributable to certain process transition activities with respect to its customers where such activities do not represent the culmination of a separate earnings process. Such revenue and costs are subsequently recognized ratably over the period in which the related services are performed. Further, the deferred costs are limited to the amount of the deferred revenues. | ||||
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. | ||||
The Company enters into multiple-element revenue arrangements in which a customer may purchase a combination of its services. Revenue from multiple-element arrangements is recognized, for each respective element, based on (1) the attainment of the delivery criterion; (2) its fair value, which is determined using the selling price hierarchy of vendor-specific objective evidence (“VSOE”) of fair value, third-party evidence or best estimated selling price, as applicable, and (3) its allocated selling price, which is based on the relative sales price method. | ||||
Accounts receivable | ' | |||
d) Accounts receivable | ||||
Accounts receivable are recorded at the invoiced / 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 doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and its customers’ financial condition, the amount of receivables in dispute, and the current receivables’ aging and current payment patterns. 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. | ||||
Cash and cash equivalents | ' | |||
(e) 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 | ' | |||
(f) Short- term investments | ||||
All liquid investments with an original maturity greater than 90 days 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 or trading purposes. | ||||
Property, plant and equipment, net | ' | |||
(g) Property, plant and equipment, net | ||||
Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Expenditures for replacements and improvements are capitalized, whereas the cost of maintenance and repairs are charged to earnings as incurred. 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 | |||
Leasehold improvements | Lesser of lease period | |||
or 10 years | ||||
Vehicles | 4-Mar | |||
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 software costs are included in property, plant and equipment on the Company’s balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software. | ||||
Advances paid towards the 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”. | ||||
Research and development expense | ' | |||
(h) Research and development expense | ||||
Development costs incurred for software to be sold, if any, will be expensed as incurred as research and development costs until technological feasibility has been established for the product. Technological feasibility is established upon completion of a detailed design program or, in its absence, completion of a working model. Thereafter, all software production costs will be capitalized and amortized over their useful lives and reported at the lower of unamortized cost and net realizable value. | ||||
Business Combinations | ' | |||
(i) Business combinations, goodwill and other intangible assets | ||||
The Company accounts for its business combinations by recognizing the identifiable tangible and intangible assets acquired and liabilities assumed, and any noncontrolling 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 remeasured 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. | ||||
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. | ||||
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 the 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 the reporting unit exceeds the fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. In addition, the Company performs the 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 the reporting unit below its carrying amount. See Note 10 for related disclosures. | ||||
Intangible Assets | ' | |||
Intangible assets acquired individually or with a group of other assets or in a business combination are carried at cost less accumulated amortization based on their estimated useful lives as follows: | ||||
Customer-related intangible assets | 1-14 years | |||
Marketing-related intangible assets | 1-10 years | |||
Contract-related intangible assets | 1 year | |||
Other intangible assets | 3-9 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. | ||||
Impairment of long-lived assets | ' | |||
(j) 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 | ' | |||
(k) Foreign currency | ||||
The consolidated financial statements are reported in U.S. dollars. The functional currency of the Company is the U.S. dollar. The functional currency for subsidiaries organized in Europe, other than the U.K., the Czech Republic and one subsidiary in Poland, is the Euro, and the functional currencies of subsidiaries organized in Brazil, China, Colombia, Guatemala, India, Japan, Morocco, South Africa, the Philippines, the U.K., Poland, the Czech Republic, Hong Kong, Singapore, Australia, Canada and United Arab Emirates 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 respective 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 at the balance sheet date. Transactions of each subsidiary in currencies other than the subsidiary’s functional currency are translated into the respective functional currency 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. | ||||
Derivative instruments and hedging activities | ' | |||
(l) 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. The Company purchases forward foreign exchange contracts to mitigate the risk of changes in foreign exchange rates on intercompany transactions and forecasted transactions denominated in foreign currencies. | ||||
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 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” and “Selling, general and administrative expenses”, 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 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 a 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. | ||||
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 | ' | |||
(m) 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 all operating loss carryforwards, 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 rates or tax status is recognized in the statement of income in the period that includes the enactment date or the filing or approval date of the tax status change. 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 uncertain 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% likely of being realized upon settlement. The Company includes interest and penalties related to unrecognized tax benefits within its provision for income tax expense. | ||||
Employee Benefit Plan | ' | |||
(n) Employee Benefit Plan | ||||
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 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, compensation increases and turnover 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. | ||||
Stock-based compensation | ' | |||
(o) 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) and for 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 Company recognizes compensation expense for stock-based awards net of estimated forfeitures. Stock-based compensation recognized in the consolidated statements of income for the years ended December 31, 2011, 2012 and 2013 is based on awards ultimately expected to vest. As a result, the expense has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | ||||
Financial instruments and concentration of credit risk | ' | |||
(p) 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, short-term investments, short-term deposits, 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 clients. GE accounted for 30% and 28% of receivables as of December 31, 2012 and 2013, respectively. GE accounted for 30%, 26% and 23% of revenues for the years ended December 31, 2011, 2012 and 2013, respectively. | ||||
Earnings (loss) per share | ' | |||
(q) 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 | ' | |||
(r) 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. | ||||
Recently adopted accounting pronouncements | ' | |||
(s) Recently adopted accounting pronouncements | ||||
The authoritative bodies release standards and guidance which are assessed by management for impact on the Company’s consolidated financial statements. | ||||
The following recently released accounting standard has been adopted by the Company and certain disclosures in the consolidated financial statements and notes to the consolidated financial statements have been modified accordingly. Adoption of this standard did not have a material impact on the Company’s consolidated results of operations, cash flows, financial position or disclosures: | ||||
• | Effective January 1, 2013, the Company adopted FASB ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 amended existing guidance by requiring additional disclosure either on the face of the income statement or in the notes to the financial statements of significant amounts reclassified out of accumulated other comprehensive income. ASU 2013-02 requires prospective adoption and affects financial statement disclosure only. | |||
Reclassification | ' | |||
(t) 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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
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 | ||
Leasehold improvements | Lesser of lease period | ||
or 10 years | |||
Vehicles | 4-Mar | ||
Estimated Useful Lives of Intangible Assets Acquired | ' | ||
Intangible assets acquired individually or with a group of other assets or in a business combination are carried at cost less accumulated amortization based on their estimated useful lives as follows: | |||
Customer-related intangible assets | 1-14 years | ||
Marketing-related intangible assets | 1-10 years | ||
Contract-related intangible assets | 1 year | ||
Other intangible assets | 3-9 years |
Business_Acquisitions_and_Dive1
Business Acquisitions and Divestitures (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Re-Measured Fair Value of Earn-Out Consideration with Corresponding Changes in Consolidated Statements of Income | ' | ||||||||
As of December 31, 2013, the Company re-measured the fair value of such earn-out consideration with corresponding changes in the Consolidated Statements of Income as follows: | |||||||||
Decrease in fair value of earn-out consideration for Empower | $ | (145 | ) | ||||||
Decrease in fair value of earn-out consideration for Triumph Companies | (2,368 | ) | |||||||
Decrease in fair value of earn-out consideration for Atyati | (1,794 | ) | |||||||
Decrease in fair value of earn-out consideration for HPP | (363 | ) | |||||||
$ | (4,670 | ) | |||||||
Third Pillar System Inc | ' | ||||||||
Purchase Price Allocation Based on Fair Value of Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table summarizes the allocation of purchase price based on the fair value of assets acquired and liabilities assumed as of the acquisition date: | |||||||||
Cash consideration | $ | 2,500 | |||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Current assets | $ | 375 | |||||||
Intangible assets | 298 | ||||||||
Other non-current assets | 24 | ||||||||
Current liabilities | (200 | ) | |||||||
Total identifiable net assets acquired | $ | 497 | |||||||
Goodwill | 2,003 | ||||||||
Total | $ | 2,500 | |||||||
NGEN Media Services Private Limited | ' | ||||||||
Purchase Price Allocation Based on Fair Value of Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table summarizes the consideration paid to acquire NGEN and the fair value of the assets acquired and liabilities assumed as of the acquisition date, as well as the fair value of the Company’s existing investment in NGEN as of the acquisition date: | |||||||||
Cash consideration | $ | 158 | |||||||
Acquisition date fair value of the Company’s investment in NGEN before the business combination | 158 | ||||||||
Total | $ | 316 | |||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Cash and cash equivalents | $ | 432 | |||||||
Current assets | 402 | ||||||||
Tangible fixed assets | 27 | ||||||||
Other non-current assets | 89 | ||||||||
Current liabilities | (337 | ) | |||||||
Other liabilities | (274 | ) | |||||||
Total identifiable net assets acquired | $ | 339 | |||||||
Gain recognized on acquisition | (23 | ) | |||||||
Total | $ | 316 | |||||||
Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited | ' | ||||||||
Purchase Price Allocation Based on Fair Value of Assets Acquired and Liabilities Assumed | ' | ||||||||
Pursuant to the terms of the acquisition agreements with the respective sellers, the purchase consideration for the Jawood Business is comprised of the following: | |||||||||
Base purchase price | $ | 53,295 | |||||||
Closing date net working capital adjustment | (3,821 | ) | |||||||
Closing date indebtedness adjustment | (2,202 | ) | |||||||
Closing date cash adjustment | 1,304 | ||||||||
Seller expenses | (1,379 | ) | |||||||
Total purchase price | $ | 47,197 | |||||||
Business Acquisition Purchase Price Determination | ' | ||||||||
The following table summarizes the allocation of the purchase price based on the fair value of assets acquired and liabilities assumed as of the date of the acquisition including measurement period adjustments: | |||||||||
Purchase price | $ | 47,197 | |||||||
Acquisition related costs included in selling, general and administrative expenses | 310 | ||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Cash and cash equivalents | $ | 1,364 | |||||||
Current assets | 6,477 | ||||||||
Tangible fixed assets | 704 | ||||||||
Intangible assets | 11,200 | ||||||||
Other non-current assets | 548 | ||||||||
Current liabilities | (7,866 | ) | |||||||
Long term liabilities | (56 | ) | |||||||
Total identifiable net assets acquired | $ | 12,371 | |||||||
Goodwill | 34,826 | ||||||||
Total | $ | 47,197 | |||||||
Fair Value and Estimated Useful Lives of Intangibles | ' | ||||||||
The value and estimated useful lives of the intangible assets are as follows: | |||||||||
Value | Estimated useful | ||||||||
life | |||||||||
Customer related intangible assets | $ | 10,200 | 1 – 7 years | ||||||
Marketing related intangible assets | 1,000 | 1 – 5 years | |||||||
Atyati Technologies Private Limited | ' | ||||||||
Purchase Price Allocation Based on Fair Value of Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table summarizes the allocation of the purchase price based on the fair value of assets acquired and liabilities assumed as of the date of the acquisition including measurement period adjustments: | |||||||||
Purchase price | $ | 23,394 | |||||||
Acquisition related costs included in selling, general and administrative expenses | 164 | ||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Cash and cash equivalents | $ | 2,000 | |||||||
Current assets | 5,265 | ||||||||
Tangible fixed assets | 426 | ||||||||
Intangible assets | 8,767 | ||||||||
Deferred tax asset/ (liability), net | (2,557 | ) | |||||||
Other non-current assets | 369 | ||||||||
Current liabilities | (3,424 | ) | |||||||
Short term borrowings | (654 | ) | |||||||
Other liabilities | (737 | ) | |||||||
Total identifiable net assets acquired | $ | 9,455 | |||||||
Goodwill | 13,939 | ||||||||
Total | $ | 23,394 | |||||||
Business Acquisition Purchase Price Determination | ' | ||||||||
Pursuant to the terms of the acquisition agreement with the sellers, the purchase consideration is comprised of the following: | |||||||||
Cash consideration | $ | 19,368 | |||||||
Acquisition date discounted value of deferred consideration | 2,539 | ||||||||
Acquisition date fair value of earn-out consideration | 1,487 | ||||||||
Working capital adjustment | — | ||||||||
Total purchase price | $ | 23,394 | |||||||
Fair Value and Estimated Useful Lives of Intangibles | ' | ||||||||
The value and estimated useful lives of the intangibles are as follows: | |||||||||
Value | Estimated useful | ||||||||
life | |||||||||
Customer related intangibles | $ | 5,408 | 4 – 9 years | ||||||
Other intangibles | 3,359 | 7 years | |||||||
Triumph Engineering Corporation and Triumph On-Demand Inc | ' | ||||||||
Purchase Price Allocation Based on Fair Value of Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table summarizes the allocation of the purchase price based on the fair value of assets acquired and liabilities assumed as of the date of the acquisition including measurement period adjustments: | |||||||||
Purchase price | $ | 5,446 | |||||||
Acquisition related costs included in selling, general and administrative expenses | 134 | ||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Cash and cash equivalents | $ | 312 | |||||||
Current assets | 1,708 | ||||||||
Tangible fixed assets | 175 | ||||||||
Intangible assets | 382 | ||||||||
Deferred tax asset/ (liability), net | (565 | ) | |||||||
Current liabilities | (720 | ) | |||||||
Short term borrowing | (350 | ) | |||||||
Total identifiable net assets acquired | $ | 942 | |||||||
Goodwill | 4,504 | ||||||||
Total | $ | 5,446 | |||||||
Business Acquisition Purchase Price Determination | ' | ||||||||
Pursuant to the terms of the acquisition agreement with the seller, the purchase consideration is comprised of the following: | |||||||||
Cash consideration | $ | 3,600 | |||||||
Acquisition date fair value of deferred consideration | 379 | ||||||||
Acquisition date fair value of earn-out consideration | 3,256 | ||||||||
Working capital adjustment | (848 | ) | |||||||
Closing indebtedness adjustment | (941 | ) | |||||||
Total purchase price | $ | 5,446 | |||||||
Fair Value and Estimated Useful Lives of Intangibles | ' | ||||||||
The value and estimated useful lives of the intangibles are as follows: | |||||||||
Value | Estimated useful | ||||||||
life | |||||||||
Customer related intangibles | $ | 382 | 1 to 10 years | ||||||
Accounting Plaza B.V. ("Accounting Plaza") | ' | ||||||||
Purchase Price Allocation Based on Fair Value of Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table summarizes the allocation of the purchase consideration based on the fair value of the assets acquired and liabilities assumed as of the date of the acquisition, including measurement period adjustments: | |||||||||
Purchase consideration | $ | 38,698 | |||||||
Acquisition related costs included in selling, general and administrative expenses | 434 | ||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Cash and cash equivalents | $ | 1,664 | |||||||
Current assets | 11,327 | ||||||||
Tangible fixed assets | 2,010 | ||||||||
Intangible assets | 13,138 | ||||||||
Deferred tax asset/ (liability), net | (2,711 | ) | |||||||
Other non-current assets | 971 | ||||||||
Current liabilities | (9,062 | ) | |||||||
Other liabilities | (4,188 | ) | |||||||
Total identifiable net assets acquired | $ | 13,149 | |||||||
Goodwill | 25,549 | ||||||||
Total | $ | 38,698 | |||||||
Business Acquisition Purchase Price Determination | ' | ||||||||
Pursuant to the terms of the acquisition agreement with the sellers, the purchase consideration is comprised of the following: | |||||||||
Base consideration | $ | 38,698 | |||||||
Adjustment for transfer of pension funds | — | ||||||||
Adjustment for underfunding in pension funds | — | ||||||||
Adjustment for sellers warranty breaches and certain other transactions | — | ||||||||
Adjustment for transaction costs | — | ||||||||
Purchase consideration | $ | 38,698 | |||||||
Fair Value and Estimated Useful Lives of Intangibles | ' | ||||||||
The value and estimated useful life of the intangible asset are as follows: | |||||||||
Value | Estimated useful | ||||||||
life | |||||||||
Customer related intangible | $ | 13,138 | 3 – 10 years |
Cash_and_Cash_Equivalents_Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Cash And Cash Equivalents | ' | ||||||||
Cash and cash equivalents as of December 31, 2012 and 2013 comprise: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Deposits with banks | $ | 283,660 | $ | 123,545 | |||||
Other cash and bank balances | 175,568 | 447,731 | |||||||
Total | $ | 459,228 | $ | 571,276 | |||||
Accounts_Receivable_Net_of_Res1
Accounts Receivable, Net of Reserve for Doubtful Receivables (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Reserve for Doubtful Receivables | ' | ||||||||||||
The following table provides details of the reserve for doubtful receivables recorded by the Company: | |||||||||||||
As of December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Opening Balance as of January 1 | $ | 2,926 | $ | 8,704 | $ | 9,073 | |||||||
Additions due to acquisitions | 240 | 184 | — | ||||||||||
Additions charged to cost and expense | 6,298 | 3,878 | 11,420 | ||||||||||
Deductions | (760 | ) | (3,693 | ) | (3,933 | ) | |||||||
Closing Balance | $ | 8,704 | $ | 9,073 | $ | 16,560 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value of Assets and Liabilities Measured on 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 derivative instruments were determined using the following inputs as of December 31, 2012 and 2013: | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices in | Significant Other | Significant Other | |||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets | |||||||||||||||||
Derivative instruments (Note a) | $ | 10,645 | $ | — | $ | 10,645 | $ | — | |||||||||
Total | $ | 10,645 | $ | — | $ | 10,645 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Derivative instruments (Note b) | $ | 174,076 | $ | — | $ | 174,076 | $ | — | |||||||||
Total | $ | 174,076 | $ | — | $ | 174,076 | $ | — | |||||||||
As of December 31, 2013 | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices in | Significant Other | Significant Other | |||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets | |||||||||||||||||
Derivative instruments (Note a) | $ | 7,963 | $ | — | $ | 7,963 | $ | — | |||||||||
Total | $ | 7,963 | $ | — | $ | 7,963 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Derivative instruments (Note b) | $ | 213,941 | $ | — | $ | 213,941 | $ | — | |||||||||
Total | $ | 213,941 | $ | — | $ | 213,941 | $ | — | |||||||||
(a) | Included in prepaid expenses and other current assets and other assets in the consolidated balance sheets. | ||||||||||||||||
(b) | Included in accrued expenses and other current liabilities and other liabilities in the consolidated balance sheets. | ||||||||||||||||
Reconciliation of Loans Held for Sale Measured at Fair Value Using Significant Unobservable Inputs | ' | ||||||||||||||||
The following table sets forth the reconciliation of loans held for sale that were outstanding as of December 31, 2012 and that were also settled during the year ended December 31, 2012, which were measured at fair value using significant unobservable inputs: | |||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||
Opening balance, net | $ | 469 | |||||||||||||||
Impact of fair value included in earnings | (108 | ) | |||||||||||||||
Settlements | (361 | ) | |||||||||||||||
Closing balance, net | $ | — | |||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||
(note a) | (liability) (note b) | ||||||||||||||||||||||||||||||||||||||
As of | As of | As of | As of | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts denominated in: | |||||||||||||||||||||||||||||||||||||||
United States Dollars (sell) Indian Rupees (buy) | $ | 1,706,000 | $ | 1,143,000 | $ | (160,432 | ) | $ | (203,822 | ) | |||||||||||||||||||||||||||||
United States Dollars (sell) Mexican Peso (buy) | 8,400 | 9,000 | 306 | (268 | ) | ||||||||||||||||||||||||||||||||||
United States Dollars (sell) Philippines Peso (buy) | 58,800 | 52,200 | 2,237 | (2,357 | ) | ||||||||||||||||||||||||||||||||||
Euro (sell) United States Dollars (buy) | 79,501 | 43,779 | (420 | ) | (2,434 | ) | |||||||||||||||||||||||||||||||||
Euro (sell) Hungarian Forints (buy) | 9,968 | 4,121 | (10 | ) | 131 | ||||||||||||||||||||||||||||||||||
Euro (sell) Romanian Leu (buy) | 64,870 | 61,977 | (645 | ) | 1,751 | ||||||||||||||||||||||||||||||||||
Japanese Yen (sell) Chinese Renminbi (buy) | 26,214 | 30,731 | 1,451 | 1,970 | |||||||||||||||||||||||||||||||||||
Pound Sterling (sell) United States Dollars (buy) | 92,165 | 94,338 | (2,494 | ) | (4,312 | ) | |||||||||||||||||||||||||||||||||
Australian Dollars (sell) United States Dollars (buy) | 60,626 | 85,156 | (3,424 | ) | 3,363 | ||||||||||||||||||||||||||||||||||
$ | (163,431 | ) | $ | (205,978 | ) | ||||||||||||||||||||||||||||||||||
(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 or market risks. However, the amounts exchanged are based on the notional amounts and other provisions of the underlying derivative financial instrument agreements. | ||||||||||||||||||||||||||||||||||||||
(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. | ||||||||||||||||||||||||||||||||||||||
Fair Value of Derivative Instruments and Location in Financial Statements | ' | ||||||||||||||||||||||||||||||||||||||
The fair value of the derivative instruments and their location in the Company’s financial statements are summarized in the table below: | |||||||||||||||||||||||||||||||||||||||
Cash flow hedges | Non-designated | ||||||||||||||||||||||||||||||||||||||
As of | As of | As of | As of | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 6,972 | $ | 6,098 | $ | 1,742 | $ | — | |||||||||||||||||||||||||||||||
Other assets | $ | 1,931 | $ | 1,865 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | $ | 60,229 | $ | 83,667 | $ | 1,417 | $ | 26 | |||||||||||||||||||||||||||||||
Other liabilities | $ | 112,430 | $ | 130,248 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Cash Flow Hedges, Gains (Losses) Recorded as Component of Other Comprehensive Income (Loss) or Other Comprehensive Income | ' | ||||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||||||||||||||||||||
Before- | Tax | Net of | Before- | Tax | Net of | Before- | Tax | Net of | |||||||||||||||||||||||||||||||
Tax | (Expense) | tax | Tax | (Expense) | tax | Tax | (Expense) | tax | |||||||||||||||||||||||||||||||
amount | or | Amount | amount | or | Amount | amount | or | Amount | |||||||||||||||||||||||||||||||
Benefit | Benefit | Benefit | |||||||||||||||||||||||||||||||||||||
Opening balance as of January 1 | $ | (27,482 | ) | $ | 9,247 | $ | (18,235 | ) | $ | (203,006 | ) | $ | 71,125 | $ | (131,881 | ) | $ | (163,756 | ) | $ | 59,070 | $ | (104,686 | ) | |||||||||||||||
Net gains (losses) reclassified into statement of income on completion of hedged transactions | (44,025 | ) | 15,863 | (28,162 | ) | (34,927 | ) | 12,651 | (22,276 | ) | (66,812 | ) | 25,239 | (41,573 | ) | ||||||||||||||||||||||||
Changes in fair value of effective portion of outstanding derivatives, net | (219,549 | ) | 77,741 | (141,808 | ) | 4,323 | 596 | 4,919 | (109,008 | ) | 38,781 | (70,227 | ) | ||||||||||||||||||||||||||
Gain (loss) on cash flow hedging derivatives, net | (175,524 | ) | 61,878 | (113,646 | ) | 39,250 | (12,055 | ) | 27,195 | (42,196 | ) | 13,542 | (28,654 | ) | |||||||||||||||||||||||||
Closing balance as of December 31 | $ | (203,006 | ) | $ | 71,125 | $ | (131,881 | ) | $ | (163,756 | ) | $ | 59,070 | $ | (104,686 | ) | $ | (205,952 | ) | $ | 72,612 | $ | (133,340 | ) | |||||||||||||||
Gains (Losses) Recorded as Component of Other Comprehensive Income (Loss) or Other Comprehensive Income | ' | ||||||||||||||||||||||||||||||||||||||
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 | Amount of Gain | Location of Gain | Amount of Gain | ||||||||||||||||||||||||||||||||||
Cash Flow | recognized in OCI on | Gain (Loss) | (Loss) reclassified from OCI | (Loss) recognized in | (Loss) recognized | ||||||||||||||||||||||||||||||||||
Hedging | Derivatives | reclassified from | into Statement | Income on | in income on | ||||||||||||||||||||||||||||||||||
Relationships | (Effective Portion) | OCI into | of Income | Derivatives | Derivatives | ||||||||||||||||||||||||||||||||||
Statement of | (Effective Portion) | (Ineffective Portion | (Ineffective Portion | ||||||||||||||||||||||||||||||||||||
Income (Effective | and Amoun | and Amount | |||||||||||||||||||||||||||||||||||||
Portion) | t excluded from | excluded from | |||||||||||||||||||||||||||||||||||||
Effectiveness | Effectiveness | ||||||||||||||||||||||||||||||||||||||
Testing) | Testing) | ||||||||||||||||||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||
2011 | 2012 | 2013 | 2011 | 2012 | 2013 | 2011 | 2012 | 2013 | |||||||||||||||||||||||||||||||
Forward foreign exchange contracts | ($219,549) | $ | 4,323 | $ | (109,008 | ) | Revenue | $ | (9,519 | ) | $ | (4,432 | ) | $ | 7,548 | Foreign exchange (gains) losses,net | $ | — | $ | — | $ | — | |||||||||||||||||
Cost of revenue | (27,813 | ) | (24,183 | ) | (59,929 | ) | |||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | (6,693 | ) | (6,312 | ) | (14,431 | ) | |||||||||||||||||||||||||||||||||
($219,549) | $ | 4,323 | $ | (109,008 | ) | $ | (44,025 | ) | $ | (34,927 | ) | $ | (66,812 | ) | $ | — | $ | — | $ | — | |||||||||||||||||||
Non designated Hedges | |||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging | Location of (Gain) Loss recognized in Statement of | Amount of (Gain) Loss | |||||||||||||||||||||||||||||||||||||
instruments | Income on Derivatives | recognized in Statement of | |||||||||||||||||||||||||||||||||||||
Income on Derivatives | |||||||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||||||||||||||||||||
Forward foreign exchange contracts (Note a) | Foreign exchange (gains) losses, net | $ | 18,725 | $ | (3,884 | ) | $ | 18,353 | |||||||||||||||||||||||||||||||
$ | 18,725 | $ | (3,884 | ) | $ | 18,353 | |||||||||||||||||||||||||||||||||
(a) | These forward foreign exchange contracts were entered into to hedge the 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. |
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Prepaid Expenses and Other Current Assets | ' | ||||||||
Prepaid expenses and other current assets consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Advance taxes | $ | 71,076 | $ | 65,053 | |||||
Deferred transition costs | 38,336 | 37,050 | |||||||
Derivative instruments | 8,714 | 6,098 | |||||||
Employee advances | 4,800 | 5,397 | |||||||
Advances to suppliers | 2,912 | 1,994 | |||||||
Prepaid expenses | 12,944 | 12,569 | |||||||
Deposits | 2,701 | 3,896 | |||||||
Others | 9,286 | 7,056 | |||||||
$ | 150,769 | $ | 139,113 | ||||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment, Net | ' | ||||||||
Property, plant and equipment, net consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Land | $ | 15,688 | $ | 10,566 | |||||
Buildings | 55,574 | 48,743 | |||||||
Furniture and fixtures | 30,040 | 30,275 | |||||||
Computer equipment and servers | 164,316 | 163,106 | |||||||
Plant, machinery and equipment | 60,564 | 61,514 | |||||||
Computer software | 85,741 | 87,443 | |||||||
Leasehold improvements | 84,972 | 86,937 | |||||||
Vehicles | 6,645 | 6,506 | |||||||
Capital work in progress | 10,000 | 7,803 | |||||||
Property, plant and equipment, gross | $ | 513,540 | $ | 502,893 | |||||
Less: Accumulated depreciation and amortization | (313,178 | ) | (329,689 | ) | |||||
Property, plant and equipment, net | $ | 200,362 | $ | 173,204 | |||||
Property, Plant and Equipment, Net Include Assets Held under Capital Lease Arrangements | ' | ||||||||
Property, plant and equipment, net include assets held under capital lease arrangements, which consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Vehicles | $ | 5,588 | $ | 5,995 | |||||
Furniture and fixtures | 1,306 | 1,142 | |||||||
Computer equipment and servers | 185 | 13 | |||||||
Plant, machinery and equipment | 82 | 45 | |||||||
$ | 7,161 | $ | 7,195 | ||||||
Less: Accumulated depreciation | (3,560 | ) | (3,671 | ) | |||||
$ | 3,601 | $ | 3,524 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Changes in Goodwill | ' | ||||||||||||||||||||||||
The following table presents changes in goodwill for the years ended December 31, 2012 and 2013: | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
Opening balance | $ | 925,339 | $ | 956,064 | |||||||||||||||||||||
Goodwill relating to acquisitions consummated during the period | 43,265 | 37,918 | |||||||||||||||||||||||
Goodwill relating to divestitures consummated during the period | — | (3,450 | ) | ||||||||||||||||||||||
Impact of measurement period adjustments | (3,213 | ) | (362 | ) | |||||||||||||||||||||
Effect of exchange rate fluctuations | (9,327 | ) | (36,321 | ) | |||||||||||||||||||||
Closing balance | $ | 956,064 | $ | 953,849 | |||||||||||||||||||||
Goodwill Allocated to Reporting Units | ' | ||||||||||||||||||||||||
Goodwill has been allocated to the following reporting units, which represent different business units of the Company, as follows: | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
India | $ | 455,850 | $ | 384,533 | |||||||||||||||||||||
China | 45,032 | 45,699 | |||||||||||||||||||||||
Europe | 42,425 | 44,146 | |||||||||||||||||||||||
Americas | 46,583 | 46,583 | |||||||||||||||||||||||
Headstrong | 366,174 | 432,888 | |||||||||||||||||||||||
$ | 956,064 | $ | 953,849 | ||||||||||||||||||||||
Intangible Assets Acquired Either Individually or with Group of Other Assets or in Business Combination | ' | ||||||||||||||||||||||||
The Company’s intangible assets acquired either individually or with a group of other assets or in a business combination are as follows: | |||||||||||||||||||||||||
As of December 31, 2012 | As of December 31, 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
carrying | amortization | carrying | amortization | ||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||
Customer-related intangible assets | $ | 291,735 | $ | 206,987 | $ | 84,748 | $ | 288,983 | $ | 213,878 | $ | 75,105 | |||||||||||||
Marketing-related intangible assets | 40,386 | 18,801 | 21,585 | 37,919 | 20,545 | 17,374 | |||||||||||||||||||
Contract-related intangible assets | 1,182 | 1,182 | — | 1,121 | 1,121 | — | |||||||||||||||||||
Other intangible assets | 7,069 | 1,015 | 6,054 | 9,124 | 2,487 | 6,637 | |||||||||||||||||||
$ | 340,372 | $ | 227,985 | $ | 112,387 | $ | 337,147 | $ | 238,031 | $ | 99,116 | ||||||||||||||
Estimated Amortization Schedule of Intangible Assets for Future Periods | ' | ||||||||||||||||||||||||
The estimated amortization schedule for the intangible assets for future periods is set out below: | |||||||||||||||||||||||||
For the year ending December 31: | |||||||||||||||||||||||||
2014 | $ | 22,774 | |||||||||||||||||||||||
2015 | 18,575 | ||||||||||||||||||||||||
2016 | 15,834 | ||||||||||||||||||||||||
2017 | 13,003 | ||||||||||||||||||||||||
2018 and beyond | 28,930 | ||||||||||||||||||||||||
$ | 99,116 | ||||||||||||||||||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Assets | ' | ||||||||
Other assets consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Advance taxes | $ | 8,871 | $ | 7,839 | |||||
Deferred transition costs | 37,633 | 27,818 | |||||||
Deposits | 27,770 | 23,287 | |||||||
Derivative instruments | 1,931 | 1,865 | |||||||
Prepaid expenses | 4,732 | 4,895 | |||||||
Accounts Receivable due after one year | 19,140 | 15,844 | |||||||
Others | 16,471 | 15,817 | |||||||
$ | 116,548 | $ | 97,365 | ||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Future Minimum Lease Payments under Capital Lease Arrangements | ' | ||||
Future minimum lease payments are as follows: | |||||
As of December 31: | |||||
2014 | $ | 1,895 | |||
2015 | 1,467 | ||||
2016 | 1,001 | ||||
2017 | 529 | ||||
2018 | 141 | ||||
Total minimum lease payments | 5,033 | ||||
Less: amount representing future interest | (971 | ) | |||
Present value of minimum lease payments | 4,062 | ||||
Less: current portion | (1,405 | ) | |||
Long-term capital lease obligations | $ | 2,657 | |||
Future Minimum Lease Payments under Operating Lease Arrangements | ' | ||||
Future minimum lease payments under these agreements are as follows: | |||||
Year ending December 31: | |||||
2014 | $ | 34,025 | |||
2015 | 30,564 | ||||
2016 | 25,235 | ||||
2017 | 19,143 | ||||
2018 | 14,933 | ||||
2019 and beyond | 27,378 | ||||
Total minimum lease payments | $ | 151,278 | |||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
Accrued expenses and other current liabilities consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Accrued expenses | $ | 94,521 | $ | 98,988 | |||||
Accrued employee cost | 115,323 | 126,814 | |||||||
Deferred transition revenue | 47,334 | 46,895 | |||||||
Statutory liabilities | 23,008 | 24,466 | |||||||
Retirement benefits | 21,044 | 14,853 | |||||||
Derivative instruments | 61,646 | 83,693 | |||||||
Advance from customers | 14,935 | 18,334 | |||||||
Earn-out consideration | 5,548 | 3,492 | |||||||
Other liabilities | 6,682 | 4,457 | |||||||
$ | 390,041 | $ | 421,992 | ||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Maturity Profile of Term Loan Net of Debt Amortization Expense | ' | ||||
The maturity profile of the term loan, net of debt amortization expense, is as follows: | |||||
Year ended | Amount | ||||
2014 | $ | 4,263 | |||
2015 | 4,288 | ||||
2016 | 4,306 | ||||
2017 | 4,338 | ||||
2018 | 4,363 | ||||
2019 | 636,306 | ||||
$ | 657,864 | ||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities | ' | ||||||||
Other liabilities consist of the following: | |||||||||
As of December 31, | |||||||||
2012 | 2013 | ||||||||
Accrued employee cost | $ | 3,492 | $ | 5,103 | |||||
Deferred transition revenue | 64,020 | 47,405 | |||||||
Retirement benefits | 27,074 | 24,330 | |||||||
Derivative instruments | 112,430 | 130,248 | |||||||
Amount received from GE under indemnification arrangement, pending adjustment | 8,871 | 7,839 | |||||||
Advance from customers | 10,000 | 8,000 | |||||||
Earn-out consideration | 16,045 | 9,857 | |||||||
Others | 8,916 | 10,102 | |||||||
$ | 250,848 | $ | 242,884 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Funded Status of Defined Benefit Plans and Amount Recognized | ' | ||||||||||||||||
The following table sets forth the funded status of the defined benefit plans and the amounts recognized in the Company’s financial statements based on an actuarial valuation carried out as of December 31, 2012 and 2013. | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Change in benefit obligation | |||||||||||||||||
Projected benefit obligation at the beginning of the year | $ | 22,044 | $ | 29,821 | |||||||||||||
Service cost | 4,047 | 4,511 | |||||||||||||||
Actuarial loss (gain) | 4,699 | (1,310 | ) | ||||||||||||||
Interest cost | 1,807 | 2,104 | |||||||||||||||
Liabilities assumed on acquisition | 24 | — | |||||||||||||||
Benefits paid | (2,818 | ) | (2,996 | ) | |||||||||||||
Effect of exchange rate changes | 18 | (3,534 | ) | ||||||||||||||
Projected benefit obligation at the end of the year | $ | 29,821 | $ | 28,596 | |||||||||||||
Change in fair value of plan assets | |||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 16,274 | $ | 14,957 | |||||||||||||
Employer contributions | 901 | 12,325 | |||||||||||||||
Actual gain on plan assets | 1,255 | 1,037 | |||||||||||||||
Acturial gain/(loss) | 14 | (6 | ) | ||||||||||||||
Benefits paid | (2,818 | ) | (2,996 | ) | |||||||||||||
Effect of exchange rate changes | (669 | ) | (2,519 | ) | |||||||||||||
Fair value of plan assets at the end of the year | $ | 14,957 | $ | 22,798 | |||||||||||||
Amounts Included in Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Amounts included in other comprehensive income (loss) as of December 31, 2012 and 2013 were as follows: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Net actuarial loss | $ | (7,664 | ) | $ | (5,659 | ) | |||||||||||
Deferred tax assets | 1,903 | 1,765 | |||||||||||||||
Other comprehensive income, net | $ | (5,761 | ) | $ | (3,894 | ) | |||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Changes in other comprehensive income (loss) during the year ended December 31, 2013 were as follows: | |||||||||||||||||
2013 | |||||||||||||||||
Net Actuarial loss | $ | 1,353 | |||||||||||||||
Amortization of net actuarial loss | 640 | ||||||||||||||||
Deferred income taxes | (138 | ) | |||||||||||||||
Effect of exchange rate changes | 12 | ||||||||||||||||
Other comprehensive income (loss), net | $ | 1,867 | |||||||||||||||
Net Defined Benefit Plan Costs | ' | ||||||||||||||||
Net defined benefit plan costs for the years ended December 31, 2011, 2012 and 2013 include the following components: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Service costs | $ | 3,620 | $ | 4,047 | $ | 4,511 | |||||||||||
Interest costs | 1,542 | 1,807 | 2,104 | ||||||||||||||
Amortization of actuarial loss | 540 | 854 | 421 | ||||||||||||||
Expected return on plan assets | (715 | ) | (961 | ) | (968 | ) | |||||||||||
Net Gratuity Plan costs | $ | 4,987 | $ | 5,747 | $ | 6,068 | |||||||||||
Fair Values of Plan Assets | ' | ||||||||||||||||
The fair values of Company’s plan assets as of December 31, 2012 and 2013 by asset category are as follows: | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices in | Significant Other | Significant Other | |||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Asset Category | |||||||||||||||||
Cash | $ | 10,674 | $ | 10,674 | $ | — | $ | — | |||||||||
Fixed Income Securities (Note a) | 9,490 | 1,092 | 8,398 | — | |||||||||||||
Other Securities (Note b) | 2,634 | 1,326 | 1,308 | — | |||||||||||||
Total | $ | 22,798 | $ | 13,092 | $ | 9,706 | $ | — | |||||||||
As of December 31, 2012 | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||||||
Active Markets | Observable Inputs | Other | |||||||||||||||
for Identical | Unobservable | ||||||||||||||||
Assets | Inputs | ||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Asset Category | |||||||||||||||||
Cash | $ | 165 | $ | 165 | $ | — | $ | — | |||||||||
Fixed Income Securities (Note a) | 11,880 | 1,315 | 10,565 | — | |||||||||||||
Other Securities (Note b) | 2,912 | 1,481 | 1,431 | — | |||||||||||||
Total | $ | 14,957 | $ | 2,961 | $ | 11,996 | $ | — | |||||||||
(a) | Include 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) | Include investments in funds that invest 50% to 85% of their assets in fixed income securities and the remaining portion in equity securities. | ||||||||||||||||
Benefit Payments Reflect Expected Future Service | ' | ||||||||||||||||
The expected benefit payments set forth below reflect expected future service: | |||||||||||||||||
Year ending December 31, | |||||||||||||||||
2014 | $ | 4,696 | |||||||||||||||
2015 | 4,981 | ||||||||||||||||
2016 | 5,508 | ||||||||||||||||
2017 | 5,996 | ||||||||||||||||
2018 | 6,441 | ||||||||||||||||
2019 – 2023 | 28,952 | ||||||||||||||||
$ | 56,574 | ||||||||||||||||
Amount Contributed to Defined Contribution Plans in Various Jurisdictions | ' | ||||||||||||||||
During the years ended December 31, 2011, 2012 and 2013, the Company contributed the following amounts to defined contribution plans in various jurisdictions: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
India | $ | 13,014 | $ | 14,102 | $ | 14,443 | |||||||||||
U.S. | 2,295 | 3,012 | 3,268 | ||||||||||||||
U.K. | 1,047 | 1,444 | 1,789 | ||||||||||||||
Hungary | 34 | 58 | 22 | ||||||||||||||
China | 8,317 | 10,888 | 14,681 | ||||||||||||||
Mexico | 27 | 27 | 27 | ||||||||||||||
Morocco | 150 | 156 | 90 | ||||||||||||||
South Africa | 321 | 327 | 221 | ||||||||||||||
Hong Kong | 21 | 34 | 19 | ||||||||||||||
Netherlands | — | 1,523 | 2,135 | ||||||||||||||
Philippines | 10 | 15 | 14 | ||||||||||||||
Singapore | 8 | 9 | 15 | ||||||||||||||
Japan | 1,163 | 1,589 | 2,098 | ||||||||||||||
Total | 26,407 | 33,184 | 38,822 | ||||||||||||||
Benefit Obligations Of Gratuity Plan | ' | ||||||||||||||||
Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs | ' | ||||||||||||||||
The weighted average assumptions used to determine the benefit obligations of the Gratuity Plan as of December 31, 2012 and 2013 are presented below: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Discount rate | 8.85%-9.70% | 9.55% | |||||||||||||||
Rate of increase in compensation per annum | 5.20%-11.00% | 5.20%-11.00% | |||||||||||||||
for the first 3 years and 6% thereafter | |||||||||||||||||
Gratuity Plan Costs | ' | ||||||||||||||||
Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs | ' | ||||||||||||||||
The weighted average assumptions used to determine the Gratuity Plan costs for the years ended December 31, 2011, 2012 and 2013 are presented below: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Discount rate | 9.30%-9.70% | 9.30%-9.70% | 8.85% | ||||||||||||||
Rate of increase in compensation per annum | 8.00%-8.10% | 5.20%-11.00% | 5.20%-11.00% | ||||||||||||||
for the first 3 years | |||||||||||||||||
and 6% thereafter | |||||||||||||||||
Expected long term rate of return on plan assets per annum | 7.30%-8.00% | 7.30%-8.50% | 8.50% | ||||||||||||||
Benefit Obligations Of The Mexican Plan | ' | ||||||||||||||||
Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs | ' | ||||||||||||||||
The weighted average assumptions used to determine the benefit obligations of the Mexican Plan as of December 31, 2012 and 2013 are presented below: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Discount rate | 6.5 | % | 6.5 | % | |||||||||||||
Rate of increase in compensation per annum | 5.5 | % | 5.5 | % | |||||||||||||
Mexican Plan Costs | ' | ||||||||||||||||
Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs | ' | ||||||||||||||||
The weighted average assumptions used to determine the Mexican Plan costs for the years ended December 31, 2011, 2012 and 2013 are presented below: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Discount rate | 7.5 | % | 6.5 | % | 6.5 | % | |||||||||||
Rate of increase in compensation per annum | 5.5 | % | 5.5 | % | 5.5 | % | |||||||||||
Expected long term rate of return on plan assets per annum | 0 | % | 0 | % | 0 | % | |||||||||||
Benefit Obligations Of Japan Plan | ' | ||||||||||||||||
Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs | ' | ||||||||||||||||
The weighted average assumptions used to determine the benefit obligation of the Japan Plan as of December 31, 2012 and 2013 are presented below: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Discount rate | 0.9 | % | 0.5 | % | |||||||||||||
Rate of increase in compensation per annum | 0 | % | 0 | % | |||||||||||||
Japan Plan Costs | ' | ||||||||||||||||
Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs | ' | ||||||||||||||||
The weighted average assumptions used to determine the Japan Plan costs for the years ended December 31, 2011, 2012 and 2013 are presented below: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Discount rate | 0.9 | % | 0.9 | % | 0.9 | % | |||||||||||
Rate of increase in compensation per annum | 0 | % | 0 | % | 0 | % | |||||||||||
Expected long term rate of return on plan assets per annum | 0 | % | 2.69 | % | 2.69 | % | |||||||||||
Benefit Obligations Of Philippines Plan | ' | ||||||||||||||||
Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs | ' | ||||||||||||||||
The weighted average assumptions used to determine the benefit obligation of the Philippines Plan as of December 31, 2012 and 2013 are presented below: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
Discount rate | 4.39%-5.62% | 4.95%-5.32% | |||||||||||||||
Rate of increase in compensation per annum | 4.00%-8.00% | 4.00%-7.00% | |||||||||||||||
Philippines Plan Costs | ' | ||||||||||||||||
Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs | ' | ||||||||||||||||
The weighted average assumptions used to determine the Philippines Plan costs for the years ended December 31, 2011, 2012 and 2013 are presented below: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Discount rate | 6.29 | % | 4.39%-5.62% | 4.95%-5.62% | |||||||||||||
Rate of increase in compensation per annum | 4 | % | 4.00%-8.00% | 4.00%-7.00% | |||||||||||||
Expected long term rate of return on plan assets per annum | 5 | % | 5.00% | 5.00% |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ||||||||||||||||
The following table shows the significant assumptions used in connection with the determination of the fair value of options in 2011 and 2013. No options were granted in 2012 other than pertaining to the adjustment to outstanding stock options as a result of the special cash dividend paid in September 2012: | |||||||||||||||||
2011 | 2013 | ||||||||||||||||
Dividend yield | — | — | |||||||||||||||
Expected life (in months) | 75 | 84 | |||||||||||||||
Risk free rate of interest | 2.26% | 1.55% | |||||||||||||||
Volatility | 37.32% | 39.39% | |||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
A summary of stock option activity during the years ended December 31, 2011, 2012 and 2013 is set out below: | |||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
Shares arising | Weighted | Weighted average | Aggregate | ||||||||||||||
out of options | average | remaining | intrinsic | ||||||||||||||
exercise price | contractual life | value | |||||||||||||||
(years) | |||||||||||||||||
Outstanding as of January 1, 2011 | 15,989,356 | $ | 10.84 | 6.4 | $ | — | |||||||||||
Granted | 250,000 | 15.34 | — | — | |||||||||||||
Forfeited | (1,183,761 | ) | 14.32 | — | — | ||||||||||||
Expired | (178,334 | ) | 15.54 | — | — | ||||||||||||
Exercised | (1,142,441 | ) | 10.64 | — | 5,227 | ||||||||||||
Outstanding as of December 31, 2011 | 13,734,820 | $ | 10.58 | 5.4 | $ | 66,728 | |||||||||||
Vested and exercisable as of December 31, 2011 and expected to vest thereafter (Note a) | 13,189,947 | $ | 10.47 | 5.4 | $ | 65,419 | |||||||||||
Vested and exercisable as of December 31, 2011 | 9,444,045 | $ | 9.26 | 4.7 | $ | 57,704 | |||||||||||
Weighted average grant date fair value of grants during the year | $ | 6.21 | |||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Shares arising | Weighted | Weighted average | Aggregate | ||||||||||||||
out of options | average | remaining | intrinsic | ||||||||||||||
exercise price | contractual life | value | |||||||||||||||
(years) | |||||||||||||||||
Outstanding as of January 1, 2012 | 13,734,820 | $ | 10.58 | 5.4 | $ | — | |||||||||||
Granted | — | — | — | — | |||||||||||||
Forfeited | (327,590 | ) | 11.28 | — | — | ||||||||||||
Expired | (81,053 | ) | 15.46 | — | — | ||||||||||||
Exercised | (2,539,517 | ) | 9.83 | — | 14,748 | ||||||||||||
Adjustment for Special Cash Dividend | 1,626,638 | ||||||||||||||||
Outstanding as of December 31, 2012 | 12,413,298 | $ | 9.29 | 4.2 | $ | 77,017 | |||||||||||
Vested and exercisable as of December 31, 2012 and expected to vest thereafter (Note a) | 12,271,334 | $ | 9.28 | 4.2 | $ | 76,339 | |||||||||||
Vested and exercisable as of December 31, 2012 | 10,752,875 | $ | 8.97 | 3.8 | $ | 70,217 | |||||||||||
Weighted average grant date fair value of grants during the period | $ | — | |||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Shares arising | Weighted | Weighted average | Aggregate | ||||||||||||||
out of options | average | remaining | intrinsic | ||||||||||||||
exercise price | contractual life | value | |||||||||||||||
(years) | |||||||||||||||||
Outstanding as of January 1, 2013 | 12,413,298 | $ | 9.29 | 4.2 | $ | — | |||||||||||
Granted | 3,483,000 | 19.35 | — | — | |||||||||||||
Forfeited | (69,863 | ) | 10.65 | — | — | ||||||||||||
Expired | (88,295 | ) | 13.26 | — | — | ||||||||||||
Exercised | (4,635,977 | ) | 9.31 | — | 41,849 | ||||||||||||
Outstanding as of December 31, 2013 | 11,102,163 | $ | 12.4 | 5.2 | $ | 70,512 | |||||||||||
Vested and exercisable as of December 31, 2013 and expected to vest thereafter (Note a) | 10,759,137 | $ | 12.11 | 5.2 | $ | 70,465 | |||||||||||
Vested and exercisable as of December 31, 2013 | 7,091,889 | $ | 8.82 | 3 | $ | 67,719 | |||||||||||
Weighted average grant date fair value of grants during the period | $ | 19.35 | |||||||||||||||
(a) | Options expected to vest reflect an estimated forfeiture rate. | ||||||||||||||||
Summary of Shares Granted Subject to Restrictions | ' | ||||||||||||||||
A summary of the shares granted that are subject to restrictions and accounted for as compensation for services, or restricted shares, during the year ended December 31, 2011 is set out below: | |||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
Number of | Weighted Average | ||||||||||||||||
Restricted Shares | Grant Date Fair Value | ||||||||||||||||
Outstanding as of January 1, 2011 | 23,653 | $ | 14.04 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | (23,653 | ) | 14.04 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding as of December 31, 2011 | — | $ | — | ||||||||||||||
Summary of Restricted Share Units Granted | ' | ||||||||||||||||
A summary of RSUs granted during the years ended December 31, 2011, 2012 and 2013 is set out below: | |||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
Number of Restricted | Weighted Average | ||||||||||||||||
Share Units | Grant Date Fair Value | ||||||||||||||||
Outstanding as of January 1, 2011 | 1,016,000 | $ | 13.61 | ||||||||||||||
Granted | 1,842,148 | 15.69 | |||||||||||||||
Vested* | (341,375 | ) | 13.48 | ||||||||||||||
Forfeited | (254,620 | ) | 14.11 | ||||||||||||||
Outstanding as of December 31, 2011 | 2,262,153 | $ | 15.27 | ||||||||||||||
Expected to vest (Note a) | 1,783,411 | ||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||
Number of Restricted | Weighted Average | ||||||||||||||||
Share Units | Grant Date Fair Value | ||||||||||||||||
Outstanding as of January 1, 2012 | 2,262,153 | $ | 15.27 | ||||||||||||||
Granted | 185,551 | 15.95 | |||||||||||||||
Vested** | (779,986 | ) | 13.68 | ||||||||||||||
Forfeited | (251,651 | ) | 14.39 | ||||||||||||||
Adjustment for Special Cash Dividend | 272,335 | ||||||||||||||||
Outstanding as of December 31, 2012 | 1,688,402 | $ | 13.74 | ||||||||||||||
Expected to vest (Note a) | 1,357,447 | ||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Number of Restricted | Weighted Average | ||||||||||||||||
Share Units | Grant Date Fair Value | ||||||||||||||||
Outstanding as of January 1, 2013 | 1,688,402 | $ | 13.74 | ||||||||||||||
Granted | 91,623 | 19.52 | |||||||||||||||
Vested*** | (683,522 | ) | 14.28 | ||||||||||||||
Forfeited | (224,731 | ) | 13.6 | ||||||||||||||
Outstanding as of December 31, 2013 | 871,772 | $ | 13.96 | ||||||||||||||
Expected to vest (Note a) | 802,481 | ||||||||||||||||
(a) | RSUs expected to vest reflect an estimated forfeiture rate. | ||||||||||||||||
* | During the year ended December 31, 2011, 102,000 RSUs vested, the shares in respect of which were issued in January 2013 (100,800 shares, net of the minimum statutory withholding taxes). | ||||||||||||||||
** | Out of this, 717,448 RSUs were net settled upon vesting by issuing 506,473 shares (net of minimum tax withholding). Shares in respect of an additional 13,719 RSUs, reflecting an adjustment to 102,000 vested RSUs on account of the special cash dividend, were issued in January 2013 (13,557 shares, net of minimum statutory withholding taxes). | ||||||||||||||||
Additionally, as of December 31, 2012, 4,533 RSUs vested (including 533 RSUs reflecting an adjustment to 4,000 vested RSUs on account of the special cash dividend), the shares in respect of which were issued in April 2013 (2,059 shares, net of minimum statutory withholding taxes). 44,286 RSUs vested in the year ended December 31, 2012, the shares in respect of which were issuable on December 31, 2013 and issued in January 2014 after withholding shares to the extent of the minimum statutory withholding taxes. | |||||||||||||||||
*** | Out of this, 622,465 RSUs were net settled upon vesting by issuing 424,201 shares (net of minimum tax withholding). 61,057 RSUs vested in the year ended December 31, 2013, the shares in respect of which are issuable on December 31, 2014 after withholding shares to the extent of the minimum statutory withholding taxes. | ||||||||||||||||
Summary of Performance Units Activity | ' | ||||||||||||||||
A summary of PU activity during the year ended December 31, 2011, 2012 and 2013 is set out below: | |||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
Number of | Weighted Average | Maximum Shares | |||||||||||||||
Performance Units | Grant Date Fair Value | Eligible to Receive | |||||||||||||||
Outstanding as of January 1, 2011 | 895,333 | $ | 15.38 | 1,343,000 | |||||||||||||
Granted | 1,682,196 | 15.05 | 2,346,995 | ||||||||||||||
Vested* | (166,666 | ) | 14.19 | (249,999 | ) | ||||||||||||
Forfeited | (139,139 | ) | 16.21 | (192,674 | ) | ||||||||||||
Outstanding as of December 31, 2011 | 2,271,724 | $ | 15.17 | 3,247,322 | |||||||||||||
Performance units expected to vest (Note a) | 1,989,245 | ||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||
Number of | Weighted Average | Maximum Shares | |||||||||||||||
Performance Units | Grant Date Fair Value | Eligible to Receive | |||||||||||||||
Outstanding as of January 1, 2012 | 2,271,724 | $ | 15.17 | 3,247,322 | |||||||||||||
Granted | 1,200,000 | 15.25 | 1,800,000 | ||||||||||||||
Vested** | (772,745 | ) | 13.28 | (1,149,390 | ) | ||||||||||||
Forfeited | (139,809 | ) | 15.56 | (190,053 | ) | ||||||||||||
Adjustment for Special Cash Dividend | 482,341 | 694,718 | |||||||||||||||
Outstanding as of December 31, 2012 | 3,041,511 | $ | 13.26 | 4,402,597 | |||||||||||||
Performance units expected to vest (Note a) | 2,413,073 | ||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Number of | Weighted Average | Maximum Shares | |||||||||||||||
Performance Units | Grant Date Fair Value | Eligible to Receive | |||||||||||||||
Outstanding as of January 1, 2013 | 3,041,511 | $ | 13.26 | 4,402,597 | |||||||||||||
Granted | 2,025,090 | 18.57 | 3,694,635 | ||||||||||||||
Vested*** | (1,024,434 | ) | 12.03 | (1,024,434 | ) | ||||||||||||
Forfeited | (426,345 | ) | 15.19 | (550,078 | ) | ||||||||||||
Addition due to achievement of higher than target performance goals**** | 297,911 | 17.5 | |||||||||||||||
Reduction due to achievement of lower than maximum performance goals***** | (373,702 | ) | |||||||||||||||
Outstanding as of December 31, 2013 | 3,913,733 | $ | 16.44 | 6,149,018 | |||||||||||||
Performance units expected to vest (Note a) | 1,372,781 | ||||||||||||||||
(a) | PUs expected to vest are based on the probable achievement of the performance targets after considering an estimated forfeiture rate. | ||||||||||||||||
* | Vested PUs in the year ended December 31, 2011 and 2012 reflects 100% vesting. Actual vesting of PUs for the year ended December 31, 2011 took place at 128.9% of the target shares (214,880 shares) after the compensation committee’s certification of the achievement of the performance goals. Shares in respect of these PUs were issued in January 2013 (127,610 shares, net of minimum statutory withholding taxes). | ||||||||||||||||
** | 28,901 vested PUs for the year ended December 31, 2012 represents the adjustment on account of the special cash dividend for the 214,880 vested PUs as of December 31, 2011. Shares in respect of these PUs were issued in January 2013. | ||||||||||||||||
** | The PUs granted in March 2010 (including the PUs issued as an adjustment on account of the special cash dividend) vested at 90.9% of the target shares (503,969 shares) after the compensation committee’s certification of the achievement of the performance goals for the performance period based on the Company’s audited consolidated financial statements. Shares in respect of these PUs were issued in March 2013 (334,922 shares) and April 2013 (4,679 shares), net of minimum statutory withholding taxes. | ||||||||||||||||
** | The PUs granted in August 2010 vested for the year ended December 31, 2012 at 122.2% of the target shares (231,029 shares) upon the compensation committee’s certification of achievement of the performance goals for the performance period based on the Company’s audited consolidated financial statements. The shares in respect of these PUs were issuable on December 31, 2013 and issued in January 2014 after withholding shares to the extent of the minimum statutory withholding taxes. | ||||||||||||||||
*** | Vested PUs in the year ended December 31, 2013 reflects PUs at 100% vesting for PUs granted in March and June 2011. These grants are estimated to vest at 113.5% (1,033,539 shares) and 115.4% (130,891 shares) of the target shares, respectively. The shares in respect of these PUs will be issued as soon as practicable (after withholding shares to the extent of the minimum statutory withholding taxes) following the determination by the compensation committee of the achievement of the performance goals for the performance period. | ||||||||||||||||
**** | Represents an additional award of 22.2% of the target shares on account of the achievement of higher than target performance for the PUs granted in March 2012. | ||||||||||||||||
***** | Represents a 27.8% reduction in the maximum shares eligible to vest as a result of the certification of the level of achievement of the performance goals for the PUs granted in March 2012. | ||||||||||||||||
Modification of Performance Metrics for Performance Grants Made to Employees | ' | ||||||||||||||||
Original Performance Target | Modified Performance Target | ||||||||||||||||
Performance Level | Revenue | EBITDA | Revenue | Adjusted Income from | |||||||||||||
Growth | Growth | Growth | Operation growth | ||||||||||||||
Outstanding | 20 | % | 20 | % | 20 | % | 20 | % | |||||||||
Target | 15 | % | 15 | % | 15 | % | 15 | % | |||||||||
Threshold | 10 | % | 10 | % | 10 | % | 10 | % | |||||||||
Modification of Performance Metrics for Performance Grants Made to Former Chief Executive Officer | ' | ||||||||||||||||
Original Performance Target | Modified Performance Target | ||||||||||||||||
Performance Level | Revenue | EBITDA | Revenue | Adjusted Income from | |||||||||||||
Growth | Growth | Growth | Operation growth | ||||||||||||||
Outstanding | 20 | % | 20 | % | 17 | % | 16 | % | |||||||||
Target | 15 | % | 15 | % | 12.5 | % | 12.5 | % | |||||||||
Threshold | 10 | % | 10 | % | 8 | % | 7 | % |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share | ' | ||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Net income available to Genpact Limited common shareholders | $ | 184,294 | $ | 178,216 | $ | 229,717 | |||||||
Weighted average number of common shares used in computing basic earnings per common share | 221,567,502 | 223,696,567 | 229,348,411 | ||||||||||
Dilutive effect of stock-based awards | 4,786,901 | 5,835,949 | 6,405,856 | ||||||||||
Weighted average number of common shares used in computing dilutive earnings per common share | 226,354,403 | 229,532,516 | 235,754,267 | ||||||||||
Earnings per common share attributable to Genpact Limited common shareholders | |||||||||||||
Basic | $ | 0.83 | $ | 0.8 | $ | 1 | |||||||
Diluted | $ | 0.81 | $ | 0.78 | $ | 0.97 | |||||||
Cost_of_Revenue_Tables
Cost of Revenue (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Cost of Revenue | ' | ||||||||||||
Cost of revenue consists of the following: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Personnel expenses | $ | 678,247 | $ | 795,525 | $ | 904,445 | |||||||
Operational expenses | 274,824 | 313,432 | 367,213 | ||||||||||
Depreciation and amortization | 51,828 | 48,809 | 47,913 | ||||||||||
$ | 1,004,899 | $ | 1,157,766 | $ | 1,319,571 | ||||||||
Selling_General_and_Administra1
Selling, General and Administrative Expenses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Selling, General and Administrative Expenses | ' | ||||||||||||
Selling, general and administrative expenses consist of the following: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Personnel expenses | $ | 247,681 | $ | 314,587 | $ | 347,384 | |||||||
Operational expenses | 101,702 | 133,173 | 128,982 | ||||||||||
Depreciation and amortization | 8,576 | 8,851 | 8,444 | ||||||||||
$ | 357,959 | $ | 456,611 | $ | 484,810 | ||||||||
Other_Operating_Income_Expense1
Other Operating (Income) Expense, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Operating (Income) Expense, Net | ' | ||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Other operating (income) expense | $ | (3,959 | ) | $ | (3,185 | ) | $ | (3,259 | ) | ||||
Provision for impairment of capital work in progress / property, plant and equipment | 5,319 | 6,214 | 2,373 | ||||||||||
Change in fair value of earn out consideration and deferred consideration (relating to business acquisitions) | — | (3,013 | ) | (4,670 | ) | ||||||||
Other operating (income) expense, net | $ | 1,360 | $ | 16 | $ | (5,556 | ) | ||||||
Other_Income_Expense_Net_Table
Other Income (Expense), Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income (Expense), Net | ' | ||||||||||||
Other income (expense), net consists of the following: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Interest income | $ | 15,136 | $ | 12,007 | $ | 15,736 | |||||||
Interest expense* | (9,213 | ) | (28,121 | ) | (38,876 | ) | |||||||
Provision (created) reversed for loss on divestures | — | (459 | ) | (3,487 | ) | ||||||||
Other income (expense)** | 4,793 | 2,074 | 2,319 | ||||||||||
Other income (expense), net | $ | 10,716 | $ | (14,499 | ) | $ | (24,308 | ) | |||||
* | Years ended December 31, 2012 and 2013 include $5,534 and $3,157, respectively, representing acceleration of the amortization of debt issuance costs relating to the prepayment and termination of the previous credit facility in August 2012 and the amendment of the new credit facility in June 2013, as described in Note 14. | ||||||||||||
** | Year ended December 31, 2012 includes $17,227, representing 2012 recapitalization expenses, net of reimbursement from GA and OH amounting to $17,000, as described in Note 1. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Expense (Benefit) | ' | ||||||||||||
Income tax expense (benefit) for the years ended December 31, 2011, 2012 and 2013 is allocated as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Income from continuing operations | $ | 70,656 | $ | 78,419 | $ | 71,100 | |||||||
Other Comprehensive Income: | |||||||||||||
Unrealized gains (losses) on cash flow hedges | (61,878 | ) | 12,055 | (13,542 | ) | ||||||||
Retirement benefits | (796 | ) | (643 | ) | 138 | ||||||||
Total income tax expense (benefit) | $ | 7,982 | $ | 89,831 | $ | 57,696 | |||||||
Components of Income before Income Taxes from Continuing Operations | ' | ||||||||||||
The components of income before income taxes from continuing operations are as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Domestic (U.S.) | $ | (10,214 | ) | $ | (11,631 | ) | $ | 8,199 | |||||
Foreign (Non U.S.) | 271,946 | 274,640 | 297,952 | ||||||||||
Income before income taxes | $ | 261,732 | $ | 263,009 | $ | 306,151 | |||||||
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, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Current taxes : | |||||||||||||
Domestic (U.S.) | $ | 1,277 | $ | 3,070 | $ | 3,595 | |||||||
Foreign (Non-U.S.) | 77,360 | 85,377 | 68,621 | ||||||||||
$ | 78,637 | $ | 88,447 | $ | 72,216 | ||||||||
Deferred taxes : | |||||||||||||
Domestic (U.S.) | $ | (1,085 | ) | $ | (7,273 | ) | $ | 6,141 | |||||
Foreign (Non-U.S.) | (6,896 | ) | (2,755 | ) | (7,257 | ) | |||||||
$ | (7,981 | ) | (10,028 | ) | (1,116 | ) | |||||||
Total income tax expense (benefit) | $ | 70,656 | $ | 78,419 | $ | 71,100 | |||||||
Income Tax Expense (Benefit) Computed by Applying United States 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 35% to income before income taxes, as a result of the following: | |||||||||||||
Year ended December 31 | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Income before income tax expense | 261,732 | 263,009 | 306,151 | ||||||||||
Statutory tax rates | 35 | % | 35 | % | 35 | % | |||||||
Computed expected income tax expense | 91,606 | 92,053 | 107,153 | ||||||||||
Increase (decrease) in income taxes resulting from: | |||||||||||||
Foreign tax rate differential | (5,902 | ) | 1,331 | (6,704 | ) | ||||||||
Tax benefit from tax holiday | (22,757 | ) | (25,554 | ) | (39,785 | ) | |||||||
Non-deductible expenses | 1,371 | 959 | 5,637 | ||||||||||
Effect of change in tax rates | 617 | 635 | (2,268 | ) | |||||||||
Change in valuation allowance | 1,248 | 12,548 | 1,088 | ||||||||||
Prior year tax expense (benefit)* | 7 | (7,490 | ) | — | |||||||||
Other | 4,466 | 3,937 | 5,979 | ||||||||||
Reported income tax expense (benefit) | 70,656 | 78,419 | 71,100 | ||||||||||
* | During 2012, the Company filed an income tax return in a foreign jurisdiction that resulted in the recognition of a deferred tax asset for a capital loss arising from an earlier period that amounted to $7,490. It was not more likely than not that the capital loss would be realized. Therefore, a full valuation allowance was established to offset the recorded deferred tax asset. | ||||||||||||
Components of Deferred Tax Balances | ' | ||||||||||||
The components of the deferred tax balances as of December 31, 2012 and 2013 are as follows: | |||||||||||||
As of December 31, | |||||||||||||
2012 | 2013 | ||||||||||||
Deferred tax assets | |||||||||||||
Net operating loss carryforwards | 64,334 | 74,259 | |||||||||||
Accrued liabilities and other expenses | 16,186 | 17,738 | |||||||||||
Provision for doubtful debts | 3,606 | 6,199 | |||||||||||
Property, plant and equipment | 4,519 | 5,110 | |||||||||||
Unrealized losses on cash flow hedges, net | 59,133 | 74,030 | |||||||||||
Unrealized losses on foreign currency balance, net | 1,464 | 496 | |||||||||||
Share-based compensation | 22,246 | 19,673 | |||||||||||
Retirement benefits | 4,558 | 2,718 | |||||||||||
Deferred revenue | 43,897 | 38,051 | |||||||||||
Other | 13,509 | 19,443 | |||||||||||
233,452 | 257,717 | ||||||||||||
Less: Valuation allowance | (23,922 | ) | (24,654 | ) | |||||||||
Total deferred tax assets | 209,530 | 233,063 | |||||||||||
Deferred tax liabilities | |||||||||||||
Intangible assets | 36,219 | 29,102 | |||||||||||
Property, plant and equipment | 4,391 | 4,128 | |||||||||||
Deferred cost | 25,671 | 22,490 | |||||||||||
Investments in foreign subsidiaries not permanently reinvested | 6,150 | 24,948 | |||||||||||
Other | 3,833 | 7,530 | |||||||||||
Total deferred tax liabilities | 76,264 | 88,198 | |||||||||||
Net deferred tax Asset | 133,266 | 144,865 | |||||||||||
As of December 31, | |||||||||||||
Classsified as | 2012 | 2013 | |||||||||||
Deferred tax assets | |||||||||||||
Current | $ | 48,489 | $ | 60,638 | |||||||||
Non-current | $ | 91,383 | $ | 89,305 | |||||||||
Deferred tax liabilities | |||||||||||||
Current | $ | 538 | $ | 614 | |||||||||
Non-current | $ | 6,068 | $ | 4,464 | |||||||||
$ | 133,266 | $ | 144,865 | ||||||||||
Change in Total Valuation Allowance for Deferred Tax Assets | ' | ||||||||||||
The change in the total valuation allowance for deferred tax assets as of December 31, 2011, 2012 and 2013 is as follows: | |||||||||||||
Year ended December 31 | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Opening valuation allowance | $ | 4,605 | $ | 11,542 | $ | 23,922 | |||||||
Reduction during the year | (1,319 | ) | (364 | ) | (2,643 | ) | |||||||
Addition during the year | 8,256 | 12,744 | 3,375 | ||||||||||
Closing valuation allowance | $ | 11,542 | $ | 23,922 | $ | 24,654 | |||||||
Remaining Tax Loss Carry Forwards Expiration | ' | ||||||||||||
The remaining tax loss carry-forwards expire as set forth in the below table: | |||||||||||||
US - Federal | Europe | Others | |||||||||||
Year ending December 31, | |||||||||||||
2016 | $ | — | $ | — | $ | 2,191 | |||||||
2017 | — | — | 4,318 | ||||||||||
2018 | — | 1,346 | 1,158 | ||||||||||
2019 | — | — | 1,121 | ||||||||||
2020 | — | — | 200 | ||||||||||
2021 | — | 444 | 5,852 | ||||||||||
2022 | — | 1,595 | 2,643 | ||||||||||
2023 | — | — | 5,285 | ||||||||||
2027 | — | 372 | — | ||||||||||
2028 | — | 1,429 | — | ||||||||||
2029 | — | 1,147 | — | ||||||||||
2030 | — | 330 | — | ||||||||||
2031 | 112,719 | 875 | — | ||||||||||
$ | 112,719 | $ | 7,538 | $ | 22,768 | ||||||||
Activities Related to Unrecognized Tax Benefits for Uncertain Tax Positions | ' | ||||||||||||
The following table summarizes the activities related to our unrecognized tax benefits for uncertain tax positions from January 1 to December 31 for 2011, 2012 and 2013: | |||||||||||||
Year Ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Opening balance at January 1 | 20,016 | 23,712 | 21,024 | ||||||||||
Increase related to prior year tax positions, including recorded in acquisition accounting | 2,997 | 1,864 | 1,685 | ||||||||||
Decrease related to prior year tax positions | (175 | ) | (3,144 | ) | (1,952 | ) | |||||||
Increase related to current year tax positions, including recorded in acquisition accounting | 2,765 | 1,514 | 2,905 | ||||||||||
Decrease related to settlements with tax authorities | — | (2,492 | ) | ||||||||||
Effect of exchange rate changes | (1,891 | ) | (430 | ) | (1,830 | ) | |||||||
Closing balance at December 31 | 23,712 | 21,024 | 21,832 | ||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Net Revenues for Different Types of Services | ' | ||||||||||||
Net revenues for different types of services provided are as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Business Process Management (including Smart Decision Services) | $ | 1,260,674 | $ | 1,456,171 | $ | 1,608,224 | |||||||
Information Technology Services | 339,762 | 445,800 | 523,773 | ||||||||||
Total net revenues | $ | 1,600,436 | $ | 1,901,971 | $ | 2,131,997 | |||||||
Revenues from Customers Based on Industry Serviced | ' | ||||||||||||
Revenues from customers based on the industry serviced are as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Banking, Financial Services and Insurance | $ | 669,182 | $ | 796,655 | $ | 888,916 | |||||||
Manufacturing including Pharmaceuticals and Medical Equipment Manufacturing | 548,637 | 640,553 | 711,184 | ||||||||||
Technology, Healthcare and Other Services | 382,617 | 464,763 | 531,897 | ||||||||||
Total net revenues | $ | 1,600,436 | $ | 1,901,971 | $ | 2,131,997 | |||||||
Net Revenues from Geographic Areas Based on Location of Service Delivery Units | ' | ||||||||||||
Net revenues from geographic areas based on the location of service delivery units 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, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
India | $ | 1,111,218 | $ | 1,197,400 | $ | 1,328,201 | |||||||
Asia, other than India | 184,164 | 208,149 | 224,657 | ||||||||||
North and Latin America | 165,907 | 306,260 | 359,774 | ||||||||||
Europe | 139,147 | 190,162 | 219,365 | ||||||||||
Total net revenues | $ | 1,600,436 | $ | 1,901,971 | $ | 2,131,997 | |||||||
Property, Plant and Equipment, Net by Geographic Areas | ' | ||||||||||||
Property, plant and equipment, net by geographic areas are as follows: | |||||||||||||
As of December 31, | |||||||||||||
2012 | 2013 | ||||||||||||
India | $ | 130,503 | $ | 112,971 | |||||||||
Asia, other than India | 17,481 | 15,199 | |||||||||||
North and Latin America | 41,400 | 35,391 | |||||||||||
Europe | 10,978 | 9,643 | |||||||||||
Total | $ | 200,362 | $ | 173,204 | |||||||||
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Data | ' | ||||||||||||||||||||
Three months ended | Year ended | ||||||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, | December 31, | December 31, | |||||||||||||||||
2013 | 2013 | 2013 | |||||||||||||||||||
Total net revenues | $ | 503,848 | $ | 534,804 | $ | 534,886 | $ | 558,459 | $ | 2,131,997 | |||||||||||
Gross profit | $ | 192,122 | $ | 202,090 | $ | 205,597 | $ | 212,617 | $ | 812,426 | |||||||||||
Income from operations | $ | 73,949 | $ | 77,988 | $ | 85,957 | $ | 71,633 | $ | 309,527 | |||||||||||
Income before Equity method investment activity, net and income tax expense | $ | 65,456 | $ | 84,633 | $ | 93,320 | $ | 62,573 | $ | 305,982 | |||||||||||
Net Income | $ | 48,252 | $ | 65,462 | $ | 71,431 | $ | 49,906 | $ | 235,051 | |||||||||||
Net income attributable to noncontrolling interest | $ | 1,515 | $ | 1,586 | $ | 1,169 | $ | 1,064 | $ | 5,334 | |||||||||||
Net income attributable to Genpact Limited common shareholders | $ | 46,737 | $ | 63,876 | $ | 70,262 | $ | 48,842 | $ | 229,717 | |||||||||||
Earnings per common share attributable to Genpact Limited common shareholders | |||||||||||||||||||||
Basic | $ | 0.21 | $ | 0.28 | $ | 0.31 | $ | 0.2 | $ | 1 | |||||||||||
Diluted | $ | 0.2 | $ | 0.27 | $ | 0.3 | $ | 0.21 | $ | 0.97 | |||||||||||
Weighted average number of common shares used in computing earnings per common share attributable to Genpact Limited common shareholders | |||||||||||||||||||||
Basic | 227,227,226 | 229,237,503 | 230,057,508 | 230,871,408 | 229,348,411 | ||||||||||||||||
Diluted | 233,620,751 | 235,329,303 | 236,336,924 | 237,730,091 | 235,754,267 | ||||||||||||||||
Three months ended | Year ended | ||||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, | December 31, | December 31, | |||||||||||||||||
2012 | 2012 | 2012 | |||||||||||||||||||
Total net revenues | $ | 435,479 | $ | 467,631 | $ | 491,157 | $ | 507,704 | $ | 1,901,971 | |||||||||||
Gross profit | $ | 170,014 | $ | 182,409 | $ | 193,904 | $ | 197,878 | $ | 744,205 | |||||||||||
Income from operations | $ | 60,431 | $ | 63,167 | $ | 69,952 | $ | 70,795 | $ | 264,345 | |||||||||||
Income before Equity method investment activity, net and income tax expense | $ | 56,636 | $ | 84,445 | $ | 41,800 | $ | 80,111 | $ | 262,992 | |||||||||||
Net Income | $ | 40,256 | $ | 62,799 | $ | 26,611 | $ | 54,924 | $ | 184,590 | |||||||||||
Net income attributable to noncontrolling interest | $ | 1,716 | $ | 1,699 | $ | 1,436 | $ | 1,523 | $ | 6,374 | |||||||||||
Net income attributable to Genpact Limited common shareholders | $ | 38,540 | $ | 61,100 | $ | 25,175 | $ | 53,401 | $ | 178,216 | |||||||||||
Earnings per common share attributable to Genpact Limited common shareholders | |||||||||||||||||||||
Basic | $ | 0.17 | $ | 0.27 | $ | 0.11 | $ | 0.24 | $ | 0.8 | |||||||||||
Diluted | $ | 0.17 | $ | 0.27 | $ | 0.11 | $ | 0.23 | $ | 0.78 | |||||||||||
Weighted average number of common shares used in computing earnings per common share attributable to Genpact Limited common shareholders | |||||||||||||||||||||
Basic | 222,810,236 | 223,182,251 | 223,876,035 | 224,917,746 | 223,696,567 | ||||||||||||||||
Diluted | 227,472,915 | 227,880,427 | 230,195,834 | 232,580,888 | 229,532,516 |
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Aug. 30, 2012 | Aug. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-11 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 14, 2012 | Dec. 14, 2012 | Oct. 25, 2012 | Oct. 25, 2012 | Oct. 25, 2012 | Aug. 31, 2007 | Mar. 24, 2010 | Dec. 31, 2012 |
Country | Selling, General and Administrative Expenses | Other income (expense) | Fortune Global 500 | General Atlantic | Oak Hill Capital Partners | Bain Purchaser | Bain Co-Investor | GIC Purchaser | Existing Shareholders | General Electric Company | General Electric Company | |||||
Employee | Minimum | Maximum | ||||||||||||||
Customer | ||||||||||||||||
Organization [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years of service | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of professionals around the globe, minimum | ' | ' | 63,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of countries in which entity operates | ' | ' | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of clients | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,647,059 | ' | ' |
Percent of ownership held | ' | ' | ' | ' | ' | ' | ' | ' | 2.40% | 2.40% | ' | ' | ' | ' | 9.10% | 5.00% |
Common stock shares to be purchased by affiliates of Bain Capital Partners | ' | 67,750,678 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of common shares, per share amount | ' | $14.76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale Value of common stock shares to be purchased by affiliates of Bain Capital Partners | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Declaration of special cash dividend, declared date | ' | 30-Aug-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Declaration of special cash dividend, payment date | ' | 24-Sep-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Declaration of special cash dividend, record date | ' | 10-Sep-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares sold by selling shareholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,537,264 | 50,812 | 10,162,602 | ' | ' | ' |
Termination of credit facility | 380,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New credit facility agreement | 925,000 | ' | ' | ' | 380,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend per share | $2.24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend paid | 501,620 | ' | ' | 501,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total expenses incurred for 2012 recapitalization | ' | ' | ' | 23,464 | ' | 6,237 | 17,227 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursement of expenses relating to 2012 recapitalization | ' | ' | ' | $17,000 | ' | ' | $17,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
General Electric Company | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage of accounts receivables | 28.00% | 30.00% | ' |
Percentage of revenues | 23.00% | 26.00% | 30.00% |
Minimum | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Short term investment, maturity period | '90 days | ' | ' |
Maximum | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Short term investment, maturity period | '1 year | ' | ' |
Estimated_Economic_Useful_Live
Estimated Economic Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
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 | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful lives | '4 years |
Leasehold Improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful lives | '10 years |
Property, plant and equipment, estimated useful lives description | 'Lesser of lease period or 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 |
Estimated_Useful_Lives_of_Inta
Estimated Useful Lives of Intangible Assets Acquired (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
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 | '14 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 | '10 years |
Contract-Related Intangible Assets | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets estimated useful lives | '1 year |
Other Intangible Assets | Minimum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets estimated useful lives | '3 years |
Other Intangible Assets | Maximum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets estimated useful lives | '9 years |
Business_Acquisitions_and_Dive2
Business Acquisitions and Divestitures - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 22, 2013 | Sep. 13, 2013 | Dec. 31, 2013 | Aug. 30, 2013 | Mar. 28, 2013 | Dec. 31, 2013 | Feb. 06, 2013 | Feb. 06, 2013 | Dec. 31, 2013 | Sep. 04, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Aug. 17, 2012 | Jun. 30, 2013 | Apr. 25, 2012 | Mar. 31, 2013 | Mar. 14, 2011 | Dec. 31, 2013 | Aug. 24, 2011 | Dec. 31, 2013 | Oct. 03, 2011 | Dec. 31, 2013 | Feb. 06, 2013 |
Hello Communications (Shanghai) Co., Ltd. | Clearbizz B.V. | Gantthead.com, Inc | Third Pillar System Inc | NGEN Media Services Private Limited | NGEN Media Services Private Limited | Jawood Business Process Solutions, LLC | Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited | Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited | Atyati Technologies Private Limited | Atyati Technologies Private Limited | Atyati Technologies Private Limited | Atyati Technologies Private Limited | Triumph Engineering Corporation and Triumph On-Demand Inc | Triumph Engineering Corporation and Triumph On-Demand Inc | Accounting Plaza B.V. ("Accounting Plaza") | Accounting Plaza B.V. ("Accounting Plaza") | Akritiv Technologies, Inc. | Akritiv Technologies, Inc. | High Performance Partners LLC | High Performance Partners LLC | Empower Research, LLC | Empower Research, LLC | Felix Software Solutions Private Limited | ||||
Deferred Tax Asset | Other Noncurrent Assets | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Enterprise value | ' | ' | ' | ' | ' | ' | $2,500 | $158 | ' | $51,000 | ' | ' | $19,368 | ' | ' | ' | $3,600 | ' | $38,698 | ' | ' | ' | ' | ' | ' | ' | $2,295 |
Held back amount | ' | ' | ' | ' | ' | ' | 225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets estimated weighted average useful life | ' | ' | ' | ' | ' | ' | '8 years | ' | ' | ' | '6 years | ' | '7 years | ' | ' | ' | '8 years | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, date | ' | ' | ' | ' | ' | ' | 30-Aug-13 | 28-Mar-13 | ' | 6-Feb-13 | ' | ' | 4-Sep-12 | ' | ' | ' | 17-Aug-12 | ' | 25-Apr-12 | ' | 14-Mar-11 | ' | 24-Aug-11 | ' | 3-Oct-11 | ' | ' |
Percent ownership interest acquired | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Percent ownership held, before acquisition | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, loss on re-measurement from equity interest to fair value | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in goodwill | -362 | -3,213 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,089 | ' | 633 | ' | ' | ' | -13 | ' | 107 | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | 432 | ' | ' | 1,364 | 1,364 | 2,000 | ' | ' | ' | 312 | ' | 1,664 | ' | ' | ' | ' | ' | ' | ' | ' |
Seller expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,379 | 1,379 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment for business acquisitions, net of cash acquired | 49,235 | 55,901 | 577,233 | ' | ' | ' | ' | ' | ' | ' | ' | 47,212 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill deductible for tax purposes | 38,512 | 6,779 | ' | ' | ' | ' | ' | ' | ' | ' | 32,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition date discounted value of deferred consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,539 | ' | ' | ' | 379 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent earn-out component-Low end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent earn-out component-High end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,372 | ' | ' | ' | 4,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition date fair value of earn-out consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,487 | ' | ' | ' | 3,256 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in asset due to measurement period adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -827 | 194 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 953,849 | 956,064 | 925,339 | ' | ' | ' | 2,003 | ' | ' | ' | 34,826 | ' | 13,939 | ' | ' | ' | 4,504 | ' | 25,549 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of trade receivables acquired in business combination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,744 | ' | ' | ' | ' | ' | ' | ' | ' |
Gross amount of trade receivables acquired in business combination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,917 | ' | ' | ' | ' | ' | ' | ' | ' |
Trade receivables uncollectible amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 173 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition contingent consideration payment | 3,868 | 587 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,274 | ' | 85 | ' | 1,499 | ' |
Payment of deferred consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 811 | ' |
Cash consideration | ' | ' | ' | 998 | 1 | 3,171 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on sale | ' | ' | ' | -447 | -1,184 | -2,303 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance of cash & cash equivalents | ' | ' | ' | 2,047 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from divestiture of business, net of cash divested (refer note 3C(a)) | $1,982 | ' | ' | ($1,049) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase_Price_Allocation_Base
Purchase Price Allocation Based on Fair Value of Assets Acquired and Liabilities Assumed, Third Pillar Systems Inc. (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 30, 2013 |
In Thousands, unless otherwise specified | Third Pillar System Inc | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cash consideration | ' | ' | ' | $2,500 |
Recognized amounts of identifiable assets acquired and liabilities assumed | ' | ' | ' | ' |
Current assets | ' | ' | ' | 375 |
Intangible assets | ' | ' | ' | 298 |
Other non-current assets | ' | ' | ' | 24 |
Current liabilities | ' | ' | ' | -200 |
Total identifiable net assets acquired | ' | ' | ' | 497 |
Goodwill | 953,849 | 956,064 | 925,339 | 2,003 |
Total | ' | ' | ' | $2,500 |
Purchase_Price_Allocation_Base1
Purchase Price Allocation Based on Fair Value Of Assets Acquired and Liabilities Assumed, NGEN Media Services Private Limited (Detail) (NGEN Media Services Private Limited, USD $) | Mar. 28, 2013 |
In Thousands, unless otherwise specified | |
NGEN Media Services Private Limited | ' |
Business Acquisition [Line Items] | ' |
Cash consideration | $158 |
Acquisition date fair value of the Company's investment in NGEN before the business combination | 158 |
Total | 316 |
Recognized amounts of identifiable assets acquired & liabilities assumed | ' |
Cash and cash equivalents | 432 |
Current assets | 402 |
Tangible fixed assets | 27 |
Other non-current assets | 89 |
Current liabilities | -337 |
Other liabilities | -274 |
Total identifiable net assets acquired | 339 |
Gain recognized on acquisition | -23 |
Total | $316 |
Purchase_Consideration_Jawood_
Purchase Consideration, Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited (Detail) (Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited, USD $) | Dec. 31, 2013 | Feb. 06, 2013 |
In Thousands, unless otherwise specified | ||
Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Base purchase price | ' | $53,295 |
Closing date net working capital adjustment | ' | -3,821 |
Closing date indebtedness adjustment | ' | -2,202 |
Closing date cash adjustment | ' | 1,304 |
Seller expenses | -1,379 | -1,379 |
Total purchase price | ' | $47,197 |
Purchase_Price_Allocated_Based
Purchase Price Allocated Based on Fair Value of Assets Acquired and Liabilities Assumed, Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 06, 2013 |
In Thousands, unless otherwise specified | Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited | Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | ' | $47,197 |
Acquisition related costs included in selling, general and administrative expenses | ' | ' | ' | ' | 310 |
Recognized amounts of identifiable assets acquired and liabilities assumed | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | 1,364 | 1,364 |
Current assets | ' | ' | ' | ' | 6,477 |
Tangible fixed assets | ' | ' | ' | ' | 704 |
Intangible assets | ' | ' | ' | ' | 11,200 |
Other non-current assets | ' | ' | ' | ' | 548 |
Current liabilities | ' | ' | ' | ' | -7,866 |
Long term liabilities | ' | ' | ' | ' | -56 |
Total identifiable net assets acquired | ' | ' | ' | ' | 12,371 |
Goodwill | 953,849 | 956,064 | 925,339 | ' | 34,826 |
Total | ' | ' | ' | ' | $47,197 |
Fair_Value_and_Estimated_Usefu
Fair Value and Estimated Useful Lives of Intangibles, Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 06, 2013 | Feb. 06, 2013 | Feb. 06, 2013 | Feb. 06, 2013 | Feb. 06, 2013 | Feb. 06, 2013 |
Customer-Related Intangible Assets | Customer-Related Intangible Assets | Marketing-Related Intangible Assets | Marketing-Related Intangible Assets | Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited | Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited | Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited | Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited | Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited | Jawood Business Process Solutions, LLC and Felix Software Solutions Private Limited | |
Minimum | Maximum | Minimum | Maximum | Customer-Related Intangible Assets | Customer-Related Intangible Assets | Customer-Related Intangible Assets | Marketing-Related Intangible Assets | Marketing-Related Intangible Assets | Marketing-Related Intangible Assets | |
Minimum | Maximum | Minimum | Maximum | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets value | ' | ' | ' | ' | $10,200 | ' | ' | $1,000 | ' | ' |
Intangible assets estimated useful lives | '1 year | '14 years | '1 year | '10 years | ' | '1 year | '7 years | ' | '1 year | '5 years |
Purchase_Consideration_Atyati_
Purchase Consideration, Atyati Technologies Private Limited (Detail) (Atyati Technologies Private Limited, USD $) | Sep. 04, 2012 |
In Thousands, unless otherwise specified | |
Atyati Technologies Private Limited | ' |
Business Acquisition [Line Items] | ' |
Cash consideration | $19,368 |
Acquisition date discounted value of deferred consideration | 2,539 |
Acquisition date fair value of earn-out consideration | 1,487 |
Working capital adjustment | ' |
Total | $23,394 |
Purchase_Price_Allocation_Base2
Purchase Price Allocation Based on Fair Value of Assets Acquired and Liabilities Assumed, Atyati Technologies Private Limited (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 04, 2012 |
In Thousands, unless otherwise specified | Atyati Technologies Private Limited | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Purchase price | ' | ' | ' | $23,394 |
Acquisition related costs included in selling, general and administrative expenses | ' | ' | ' | 164 |
Recognized amounts of identifiable assets acquired and liabilities assumed | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | 2,000 |
Current assets | ' | ' | ' | 5,265 |
Tangible fixed assets | ' | ' | ' | 426 |
Intangible assets | ' | ' | ' | 8,767 |
Deferred tax asset/ (liability), net | ' | ' | ' | -2,557 |
Other non-current assets | ' | ' | ' | 369 |
Current liabilities | ' | ' | ' | -3,424 |
Short term borrowings | ' | ' | ' | -654 |
Other liabilities | ' | ' | ' | -737 |
Total identifiable net assets acquired | ' | ' | ' | 9,455 |
Goodwill | 953,849 | 956,064 | 925,339 | 13,939 |
Total | ' | ' | ' | $23,394 |
Fair_Value_and_Estimated_Usefu1
Fair Value and Estimated Useful Lives of Intangibles, Atyati Technologies Private Limited (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 04, 2012 | Sep. 04, 2012 | Sep. 04, 2012 | Sep. 04, 2012 |
Customer-Related Intangible Assets | Customer-Related Intangible Assets | Other Intangible Assets | Other Intangible Assets | Atyati Technologies Private Limited | Atyati Technologies Private Limited | Atyati Technologies Private Limited | Atyati Technologies Private Limited | |
Minimum | Maximum | Minimum | Maximum | Customer-Related Intangible Assets | Customer-Related Intangible Assets | Customer-Related Intangible Assets | Other Intangible Assets | |
Minimum | Maximum | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets value | ' | ' | ' | ' | $5,408 | ' | ' | $3,359 |
Intangible assets estimated useful lives | '1 year | '14 years | '3 years | '9 years | ' | '4 years | '9 years | '7 years |
Purchase_Consideration_Triumph
Purchase Consideration, Triumph (Detail) (Triumph Engineering Corporation and Triumph On-Demand Inc, USD $) | Aug. 17, 2012 |
In Thousands, unless otherwise specified | |
Triumph Engineering Corporation and Triumph On-Demand Inc | ' |
Business Acquisition [Line Items] | ' |
Cash consideration | $3,600 |
Acquisition date fair value of deferred consideration | 379 |
Acquisition date fair value of earn-out consideration | 3,256 |
Working capital adjustment | -848 |
Closing indebtedness adjustment | -941 |
Total | $5,446 |
Purchase_Price_Allocation_Base3
Purchase Price Allocation Based on Fair Value of Assets Acquired and Liabilities Assumed, Triumph (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 17, 2012 |
In Thousands, unless otherwise specified | Triumph Engineering Corporation and Triumph On-Demand Inc | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Purchase price | ' | ' | ' | $5,446 |
Acquisition related costs included in selling, general and administrative expenses | ' | ' | ' | 134 |
Recognized amounts of identifiable assets acquired and liabilities assumed | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | 312 |
Current assets | ' | ' | ' | 1,708 |
Tangible fixed assets | ' | ' | ' | 175 |
Intangible assets | ' | ' | ' | 382 |
Deferred tax asset/ (liability), net | ' | ' | ' | -565 |
Current liabilities | ' | ' | ' | -720 |
Short term borrowing | ' | ' | ' | -350 |
Total identifiable net assets acquired | ' | ' | ' | 942 |
Goodwill | 953,849 | 956,064 | 925,339 | 4,504 |
Total | ' | ' | ' | $5,446 |
Fair_Value_and_Estimated_Usefu2
Fair Value and Estimated Useful Lives of Intangibles, Triumph (Detail) (Customer-Related Intangible Assets, USD $) | 12 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 17, 2012 | Aug. 17, 2012 | Aug. 17, 2012 |
Minimum | Maximum | Triumph Engineering Corporation and Triumph On-Demand Inc | Triumph Engineering Corporation and Triumph On-Demand Inc | Triumph Engineering Corporation and Triumph On-Demand Inc | |
Minimum | Maximum | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets value | ' | ' | $382 | ' | ' |
Intangible assets estimated useful lives | '1 year | '14 years | ' | '1 year | '10 years |
Purchase_Consideration_Account
Purchase Consideration, Accounting Plaza (Detail) (Accounting Plaza B.V. ("Accounting Plaza"), USD $) | Apr. 25, 2012 |
In Thousands, unless otherwise specified | |
Accounting Plaza B.V. ("Accounting Plaza") | ' |
Business Acquisition [Line Items] | ' |
Base consideration | $38,698 |
Adjustment for transfer of pension funds | ' |
Adjustment for underfunding in pension funds | ' |
Adjustment for sellers warranty breaches and certain other transactions | ' |
Adjustment for transaction costs | ' |
Total | $38,698 |
Purchase_Price_Allocation_Base4
Purchase Price Allocation Based on Fair Value of Assets Acquired and Liabilities Assumed, Accounting Plaza (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 25, 2012 |
In Thousands, unless otherwise specified | Accounting Plaza B.V. ("Accounting Plaza") | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Purchase consideration | ' | ' | ' | $38,698 |
Acquisition related costs included in selling, general and administrative expenses | ' | ' | ' | 434 |
Recognized amounts of identifiable assets acquired and liabilities assumed | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | 1,664 |
Current assets | ' | ' | ' | 11,327 |
Tangible fixed assets | ' | ' | ' | 2,010 |
Intangible assets | ' | ' | ' | 13,138 |
Deferred tax asset/ (liability), net | ' | ' | ' | -2,711 |
Other non-current assets | ' | ' | ' | 971 |
Current liabilities | ' | ' | ' | -9,062 |
Other liabilities | ' | ' | ' | -4,188 |
Total identifiable net assets acquired | ' | ' | ' | 13,149 |
Goodwill | 953,849 | 956,064 | 925,339 | 25,549 |
Total | ' | ' | ' | $38,698 |
Fair_Value_and_Estimated_Usefu3
Fair Value and Estimated Useful Lives of Intangibles, Accounting Plaza (Detail) (Customer-Related Intangible Assets, USD $) | 12 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 25, 2012 | Apr. 25, 2012 | Apr. 25, 2012 |
Minimum | Maximum | Accounting Plaza B.V. ("Accounting Plaza") | Accounting Plaza B.V. ("Accounting Plaza") | Accounting Plaza B.V. ("Accounting Plaza") | |
Minimum | Maximum | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets value | ' | ' | $13,138 | ' | ' |
Intangible assets estimated useful lives | '1 year | '14 years | ' | '3 years | '10 years |
ReMeasured_Fair_Value_of_EarnO
Re-Measured Fair Value of Earn-Out Consideration with Corresponding Changes in Consolidated Statements of Income (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Schedule of Changes in Fair Value of Contingent Consideration [Line Items] | ' |
Decrease in fair value of earn out consideration | ($4,670) |
Empower Research, LLC | ' |
Schedule of Changes in Fair Value of Contingent Consideration [Line Items] | ' |
Decrease in fair value of earn out consideration | -145 |
Triumph Engineering Corporation and Triumph On-Demand Inc | ' |
Schedule of Changes in Fair Value of Contingent Consideration [Line Items] | ' |
Decrease in fair value of earn out consideration | -2,368 |
Atyati Technologies Private Limited | ' |
Schedule of Changes in Fair Value of Contingent Consideration [Line Items] | ' |
Decrease in fair value of earn out consideration | -1,794 |
High Performance Partners LLC | ' |
Schedule of Changes in Fair Value of Contingent Consideration [Line Items] | ' |
Decrease in fair value of earn out consideration | ($363) |
Cash_and_Cash_Equivalents_Deta
Cash and Cash Equivalents (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' |
Deposits with banks | $123,545 | $283,660 | ' | ' |
Other cash and bank balances | 447,731 | 175,568 | ' | ' |
Total | $571,276 | $459,228 | $408,020 | $404,034 |
Cash_and_Cash_Equivalents_Addi
Cash and Cash Equivalents - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash and Cash Equivalents [Line Items] | ' | ' |
Restricted cash balances | $861 | $628 |
Reserve_for_Doubtful_Receivabl
Reserve for Doubtful Receivables (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Provisions for Doubtful Accounts [Line Items] | ' | ' | ' |
Opening balance | $9,073 | $8,704 | $2,926 |
Additions due to acquisitions | ' | 184 | 240 |
Additions charged to cost and expense | 11,420 | 3,878 | 6,298 |
Deductions | -3,933 | -3,693 | -760 |
Closing Balance | $16,560 | $9,073 | $8,704 |
Accounts_Receivable_Net_of_Res2
Accounts Receivable, Net of Reserve for Doubtful Receivables - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Gross accounts receivable | $521,677 | $461,062 |
Reserve for doubtful receivables | 16,560 | 9,073 |
Net accounts receivable | 505,117 | 451,989 |
Accounts receivable due after one year | 15,844 | 19,140 |
Accounts receivable from related parties | 403 | 64 |
Reserve for doubtful receivables from related parties | 0 | 35 |
Net accounts receivable from related parties | $403 | $29 |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities Measured on Recurring Basis, Including Derivative Instruments, U.S. Treasury Bills and Notes, and Loans Held for Sale (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative instrument, asset | $7,963 | [1] | $10,645 | [1] |
Total, assets | 7,963 | 10,645 | ||
Derivative instrument, liability | 213,941 | [2] | 174,076 | [2] |
Total, liabilities | 213,941 | 174,076 | ||
Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative instrument, asset | 7,963 | [1] | 10,645 | [1] |
Total, assets | 7,963 | 10,645 | ||
Derivative instrument, liability | 213,941 | [2] | 174,076 | [2] |
Total, liabilities | $213,941 | $174,076 | ||
[1] | Included in prepaid expenses and other current assets and other assets in the consolidated balance sheets. | |||
[2] | Included in accrued expenses and other current liabilities and other liabilities in the consolidated balance sheets. |
Reconciliation_of_Loans_Held_f
Reconciliation of Loans Held for Sale Measured at Fair Value Using Significant Unobservable Inputs (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Opening balance, net | $469 |
Impact of fair value included in earnings | -108 |
Settlements | -361 |
Closing balance, net | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Derivative [Line Items] | ' |
Forward foreign exchange contracts, minimum maturity period | '0 months |
Forward foreign exchange contracts, maximum maturity period | '48 months |
Aggregate_Notional_Principal_A
Aggregate Notional Principal Amounts of Outstanding Derivative Financial Instruments with Related Balance Sheet Exposure (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Derivative financial instrument, balance sheet exposure asset (liability) | ($205,978) | [1] | ($163,431) | [1] |
United States Dollars (sell) Indian Rupees (buy) | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative instrument notional principal amount | 1,143,000 | [2] | 1,706,000 | [2] |
Derivative financial instrument, balance sheet exposure asset (liability) | -203,822 | [1] | -160,432 | [1] |
United States Dollars (sell) Mexican Peso (buy) | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative instrument notional principal amount | 9,000 | [2] | 8,400 | [2] |
Derivative financial instrument, balance sheet exposure asset (liability) | -268 | [1] | 306 | [1] |
United States Dollars (sell) Philippines Peso (buy) | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative instrument notional principal amount | 52,200 | [2] | 58,800 | [2] |
Derivative financial instrument, balance sheet exposure asset (liability) | -2,357 | [1] | 2,237 | [1] |
Euro (sell) United States Dollars (buy) | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative instrument notional principal amount | 43,779 | [2] | 79,501 | [2] |
Derivative financial instrument, balance sheet exposure asset (liability) | -2,434 | [1] | -420 | [1] |
Euro (sell) Hungarian Forints (buy) | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative instrument notional principal amount | 4,121 | [2] | 9,968 | [2] |
Derivative financial instrument, balance sheet exposure asset (liability) | 131 | [1] | -10 | [1] |
Euro (Sell) Romanian Leu (Buy) | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative instrument notional principal amount | 61,977 | [2] | 64,870 | [2] |
Derivative financial instrument, balance sheet exposure asset (liability) | 1,751 | [1] | -645 | [1] |
Japanese Yen (sell) Chinese Renminbi (buy) | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative instrument notional principal amount | 30,731 | [2] | 26,214 | [2] |
Derivative financial instrument, balance sheet exposure asset (liability) | 1,970 | [1] | 1,451 | [1] |
Pound Sterling (sell) United States Dollars (buy) | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative instrument notional principal amount | 94,338 | [2] | 92,165 | [2] |
Derivative financial instrument, balance sheet exposure asset (liability) | -4,312 | [1] | -2,494 | [1] |
Australian Dollars (sell) United States Dollars (buy) | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative instrument notional principal amount | 85,156 | [2] | 60,626 | [2] |
Derivative financial instrument, balance sheet exposure asset (liability) | $3,363 | [1] | ($3,424) | [1] |
[1] | 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. | |||
[2] | 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 or market risks. However, the amounts exchanged are based on the notional amounts and other provisions of the underlying derivative financial instrument agreements. |
Fair_Value_of_Derivative_Instr
Fair Value of Derivative Instruments and Location in Financial Statements (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash Flow Hedging | Prepaid Expenses and Other Current Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of assets | $6,098 | $6,972 |
Cash Flow Hedging | Other Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of assets | 1,865 | 1,931 |
Cash Flow Hedging | Accrued Expenses and Other Current Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of liabilities | 83,667 | 60,229 |
Cash Flow Hedging | Other Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of liabilities | 130,248 | 112,430 |
Not Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of assets | ' | 1,742 |
Not Designated as Hedging Instrument | Accrued Expenses and Other Current Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of liabilities | $26 | $1,417 |
Cash_Flow_Hedges_Gains_Losses_
Cash Flow Hedges, Gains (Losses) Recorded as Component of Other Comprehensive Income (Loss) or Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Opening balance, before-tax amount | ($163,756) | ($203,006) | ($27,482) |
Net gains (losses) reclassified into statement of income on completion of hedged transactions, before-tax amount | -66,812 | -34,927 | -44,025 |
Changes in fair value of effective portion of outstanding derivatives, net, before-tax amount | -109,008 | 4,323 | -219,549 |
Gain (loss) on cash flow hedging derivatives, net, before-tax amount | -42,196 | 39,250 | -175,524 |
Closing balance, before-tax amount | -205,952 | -163,756 | -203,006 |
Opening balance, tax (expense) or benefit | 59,070 | 71,125 | 9,247 |
Net gains (losses) reclassified into statement of income on completion of hedged transactions, tax (expense) or benefit | 25,239 | 12,651 | 15,863 |
Changes in fair value of effective portion of outstanding derivatives, net, tax (expense) or benefit | 38,781 | 596 | 77,741 |
Gain (loss) on cash flow hedging derivatives, net, tax (expense) or benefit | 13,542 | -12,055 | 61,878 |
Closing balance, tax (expense) or benefit | 72,612 | 59,070 | 71,125 |
Opening balance, net of tax amount | -104,686 | -131,881 | -18,235 |
Net gains (losses) reclassified into statement of income on completion of hedged transactions, net of tax amount | -41,573 | -22,276 | -28,162 |
Changes in fair value of effective portion of outstanding derivatives, net, net of tax amount | -70,227 | 4,919 | -141,808 |
Gain (loss) on cash flow hedging derivatives, net of taxes amount | -28,654 | 27,195 | -113,646 |
Closing balance, net of tax amount | ($133,340) | ($104,686) | ($131,881) |
Gains_or_Losses_Recorded_as_Co
Gains or Losses Recorded as Component of Other Comprehensive Income (Loss) or Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) recognized in OCI on Derivatives (Effective Portion) | ($109,008) | $4,323 | ($219,549) | |||
Amount of Gain (Loss) recognized in income on Derivative (Ineffective Portion and Amount excluded from Effectiveness Testing) | ' | ' | ' | |||
Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion) | -66,812 | -34,927 | -44,025 | |||
Non designated Hedges, amount of (Gain) Loss recognized in Statement of Income on Derivative | 18,353 | -3,884 | 18,725 | |||
Revenue | ' | ' | ' | |||
Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion) | 7,548 | -4,432 | -9,519 | |||
Cost of Revenue | ' | ' | ' | |||
Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion) | -59,929 | -24,183 | -27,813 | |||
Selling, General and Administrative Expenses | ' | ' | ' | |||
Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion) | -14,431 | -6,312 | -6,693 | |||
Forward Foreign Exchange Contracts (Note A) | ' | ' | ' | |||
Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) recognized in OCI on Derivatives (Effective Portion) | -109,008 | 4,323 | -219,549 | |||
Amount of Gain (Loss) recognized in income on Derivative (Ineffective Portion and Amount excluded from Effectiveness Testing) | ' | ' | ' | |||
Forward Foreign Exchange Contracts (Note A) | Foreign Exchange (Gains) Losses, Net | ' | ' | ' | |||
Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Non designated Hedges, amount of (Gain) Loss recognized in Statement of Income on Derivative | $18,353 | [1] | ($3,884) | [1] | $18,725 | [1] |
[1] | These forward foreign exchange contracts were entered into to hedge the 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. |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses And Other Current Assets [Line Items] | ' | ' |
Advance taxes | $65,053 | $71,076 |
Deferred transition costs | 37,050 | 38,336 |
Derivative instruments | 6,098 | 8,714 |
Employee advances | 5,397 | 4,800 |
Advances to suppliers | 1,994 | 2,912 |
Prepaid expenses | 12,569 | 12,944 |
Deposits | 3,896 | 2,701 |
Others | 7,056 | 9,286 |
Prepaid expenses and other current assets, net | $139,113 | $150,769 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $502,893 | $513,540 |
Less: Accumulated depreciation and amortization | -329,689 | -313,178 |
Property, plant and equipment, net | 173,204 | 200,362 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 10,566 | 15,688 |
Buildings | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 48,743 | 55,574 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 30,275 | 30,040 |
Computer Equipment and Servers | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 163,106 | 164,316 |
Plant, Machinery and Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 61,514 | 60,564 |
Computer Software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 87,443 | 85,741 |
Leasehold Improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 86,937 | 84,972 |
Vehicles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 6,506 | 6,645 |
Capital Work in Progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $7,803 | $10,000 |
Property_Plant_and_Equipment_N3
Property, Plant and Equipment, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization | $52,815 | $56,089 | $58,357 |
Assets Held Under Capital Leases | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization | 1,726 | 1,830 | 2,020 |
Depreciation Expense on Property, Plant And Equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization | 46,408 | 46,046 | 47,147 |
Computer Software Amortization | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization | 9,949 | 11,613 | 13,257 |
Effect of Reclassification of Foreign Exchange (Gains) Losses | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization | $3,542 | $1,570 | $2,047 |
Property_Plant_and_Equipment_N4
Property, Plant and Equipment, Net Include Assets Held under Capital Lease Arrangements (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $502,893 | $513,540 |
Less: Accumulated depreciation | -329,689 | -313,178 |
Property, plant and equipment, net | 173,204 | 200,362 |
Vehicles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 6,506 | 6,645 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 30,275 | 30,040 |
Computer Equipment and Servers | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 163,106 | 164,316 |
Plant, Machinery and Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 61,514 | 60,564 |
Assets Held Under Capital Leases | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 7,195 | 7,161 |
Less: Accumulated depreciation | -3,671 | -3,560 |
Property, plant and equipment, net | 3,524 | 3,601 |
Assets Held Under Capital Leases | Vehicles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 5,995 | 5,588 |
Assets Held Under Capital Leases | Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,142 | 1,306 |
Assets Held Under Capital Leases | Computer Equipment and Servers | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 13 | 185 |
Assets Held Under Capital Leases | Plant, Machinery and Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $45 | $82 |
Changes_in_Goodwill_Detail
Changes in Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Opening balance | $956,064 | $925,339 |
Goodwill relating to acquisitions consummated during the period | 37,918 | 43,265 |
Goodwill relating to divestitures consummated during the period | -3,450 | ' |
Impact of measurement period adjustments | -362 | -3,213 |
Effect of exchange rate fluctuations | -36,321 | -9,327 |
Closing balance | $953,849 | $956,064 |
Goodwill_Allocated_to_Reportin
Goodwill Allocated to Reporting Units (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $953,849 | $956,064 | $925,339 |
India | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 384,533 | 455,850 | ' |
China | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 45,699 | 45,032 | ' |
Europe | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 44,146 | 42,425 | ' |
Americas | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 46,583 | 46,583 | ' |
Headstrong | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $432,888 | $366,174 | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Goodwill Impairment | ' | $0 | ' |
Goodwill deductible for tax purposes | 38,512 | 6,779 | ' |
Amortization of acquired intangible assets | 23,645 | 23,233 | 19,974 |
Amortization of intangible assets recognized for minimum volume commitment from a client at the time of 2004 Reorganization | $0 | $72 | $158 |
Intangible_Assets_Acquired_Eit
Intangible Assets Acquired Either Individually or with Group of Other Assets or in Business Combination (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | $337,147 | $340,372 |
Accumulated amortization | 238,031 | 227,985 |
Net | 99,116 | 112,387 |
Customer-Related Intangible Assets | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 288,983 | 291,735 |
Accumulated amortization | 213,878 | 206,987 |
Net | 75,105 | 84,748 |
Marketing-Related Intangible Assets | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 37,919 | 40,386 |
Accumulated amortization | 20,545 | 18,801 |
Net | 17,374 | 21,585 |
Contract-Related Intangible Assets | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 1,121 | 1,182 |
Accumulated amortization | 1,121 | 1,182 |
Other Intangible Assets | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 9,124 | 7,069 |
Accumulated amortization | 2,487 | 1,015 |
Net | $6,637 | $6,054 |
Estimated_Amortization_Schedul
Estimated Amortization Schedule of Intangible Assets for Future Periods (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Estimated Future Amortization Expense [Line Items] | ' | ' |
2014 | $22,774 | ' |
2015 | 18,575 | ' |
2016 | 15,834 | ' |
2017 | 13,003 | ' |
2018 and beyond | 28,930 | ' |
Net | $99,116 | $112,387 |
Other_Assets_Detail
Other Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets [Line Items] | ' | ' |
Advance taxes | $7,839 | $8,871 |
Deferred transition costs | 27,818 | 37,633 |
Deposits | 23,287 | 27,770 |
Derivative instruments | 1,865 | 1,931 |
Prepaid expenses | 4,895 | 4,732 |
Accounts Receivable due after one year | 15,844 | 19,140 |
Others | 15,817 | 16,471 |
Other assets | $97,365 | $116,548 |
Future_Minimum_Lease_Payments_
Future Minimum Lease Payments under Capital Lease Arrangements (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Capital Lease Obligations [Line Items] | ' | ' |
2014 | $1,895 | ' |
2015 | 1,467 | ' |
2016 | 1,001 | ' |
2017 | 529 | ' |
2018 | 141 | ' |
Total minimum lease payments | 5,033 | ' |
Less: amount representing future interest | -971 | ' |
Present value of minimum lease payments | 4,062 | ' |
Less: current portion | -1,405 | -1,301 |
Long-term capital lease obligations | $2,657 | $2,533 |
Future_Minimum_Lease_Payments_1
Future Minimum Lease Payments under Operating Lease Arrangements (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Operating Leases [Line Items] | ' |
2014 | $34,025 |
2015 | 30,564 |
2016 | 25,235 |
2017 | 19,143 |
2018 | 14,933 |
2019 and beyond | 27,378 |
Total minimum lease payments | $151,278 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases Disclosure [Line Items] | ' | ' | ' |
Rent expenses | $55,450 | $49,912 | $44,613 |
Rental expense including effect of reclassification of foreign exchange (gains) losses | $2,851 | $1,112 | $1,227 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Current Liabilities [Line Items] | ' | ' |
Accrued expenses | $98,988 | $94,521 |
Accrued employee cost | 126,814 | 115,323 |
Deferred transition revenue | 46,895 | 47,334 |
Statutory liabilities | 24,466 | 23,008 |
Retirement benefits | 14,853 | 21,044 |
Derivative instruments | 83,693 | 61,646 |
Advance from customers | 18,334 | 14,935 |
Earn-out consideration | 3,492 | 5,548 |
Other liabilities | 4,457 | 6,682 |
Accrued expenses and other current liabilities, net | $421,992 | $390,041 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-11 |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | $925,000 | ' | ' | ' | $380,000 |
Termination of credit facility | 380,000 | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity, outstanding | 380,000 | ' | ' | ' | ' |
Margin over LIBOR | ' | ' | 3.25% | 2.75% | ' |
LIBOR floor rate | ' | 0.75% | 1.00% | 0.75% | ' |
Term loan amounts outstanding, gross | ' | 671,625 | ' | ' | ' |
Unmodified portion of Term Loan | ' | 553,589 | ' | ' | ' |
Extinguishment of outstanding term loan | ' | 118,036 | ' | ' | ' |
Increase in outstanding term loan | ' | 121,410 | ' | ' | ' |
Acceleration amortization of debt issuance cost | ' | ' | 3,157 | 5,534 | ' |
Term loan amounts outstanding | ' | ' | 657,864 | 661,861 | ' |
Debt amortization expense | ' | ' | 13,761 | 11,452 | ' |
Principal amount of term loan | ' | ' | 675,000 | ' | ' |
Credit facility, frequency of payments | ' | ' | 'Quarterly | ' | ' |
Percentage of Principal amount of existing credit facility to be paid periodically | ' | ' | 0.25% | ' | ' |
Maturity date of term loan agreement | ' | ' | 30-Aug-19 | ' | ' |
Term-Loan Credit Facility | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | 675,000 | 675,000 | ' | ' | 120,000 |
Margin over LIBOR | ' | 2.75% | ' | ' | ' |
Revolving Credit Facility | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | 250,000 | ' | ' | ' | 260,000 |
Margin over LIBOR | ' | 2.50% | ' | ' | ' |
Original Margin | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Margin over LIBOR | ' | 3.25% | 3.25% | ' | ' |
LIBOR floor rate | ' | 1.00% | ' | ' | ' |
Term Loans | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Acceleration amortization of debt issuance cost | ' | 3,103 | ' | ' | ' |
Revolving Credit Facilities | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Acceleration amortization of debt issuance cost | ' | $54 | ' | ' | ' |
Maturity_Profile_of_Term_Loan_
Maturity Profile of Term Loan Net of Debt Amortization Expense (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-Term Debt | ' | ' |
2014 | $4,263 | ' |
2015 | 4,288 | ' |
2016 | 4,306 | ' |
2017 | 4,338 | ' |
2018 | 4,363 | ' |
2019 | 636,306 | ' |
Term loan amounts outstanding | $657,864 | $661,861 |
ShortTerm_Borrowing_Additional
Short-Term Borrowing - Additional Information (Detail) (USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 30, 2012 | 31-May-11 | Jun. 30, 2013 | Aug. 30, 2012 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 |
Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Fund-Based Credit Facility | Fund-Based Credit Facility | Non-Fund-Based Credit Facility | Non-Fund-Based Credit Facility | Original Margin | Original Margin | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fund-based and non-fund-based credit facilities limits available | $13,906 | $18,489 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Utilization of credit facility for non fund-based usage | 6,689 | 5,942 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | 925,000 | 380,000 | ' | 250,000 | 260,000 | ' | ' | ' | ' | ' | ' |
Credit facility, amount utilized | $4,397 | $87,439 | ' | ' | ' | ' | ' | $0 | $80,000 | $4,397 | $7,439 | ' | ' |
Margin over LIBOR | 3.25% | 2.75% | ' | ' | 2.50% | ' | ' | 2.50% | ' | ' | ' | 3.25% | 3.25% |
Percentage of commitment fee | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, expiration month and year | '2017-08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit covenant condition | 'Indebtedness under these facilities is secured by certain assets and the credit agreement contains certain covenants, including a maximum leverage covenant that becomes effective only if the revolving facility is drawn for $50,000 or more. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Liabilities_Detail
Other Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities [Line Items] | ' | ' |
Accrued employee cost | $5,103 | $3,492 |
Deferred transition revenue | 47,405 | 64,020 |
Retirement benefits | 24,330 | 27,074 |
Derivative instruments | 130,248 | 112,430 |
Amount received from GE under indemnification arrangement, pending adjustment | 7,839 | 8,871 |
Advance from customers | 8,000 | 10,000 |
Earn-out consideration | 9,857 | 16,045 |
Others | 10,102 | 8,916 |
Other Liabilities | $242,884 | $250,848 |
Funded_Status_of_Defined_Benef
Funded Status of Defined Benefit Plans and Amount Recognized (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation at the beginning of the year | $29,821 | $22,044 | ' |
Service cost | 4,511 | 4,047 | 3,620 |
Actuarial loss (gain) | -1,310 | 4,699 | ' |
Interest cost | 2,104 | 1,807 | 1,542 |
Liabilities assumed on acquisition | ' | 24 | ' |
Benefits paid | -2,996 | -2,818 | ' |
Effect of exchange rate changes | -3,534 | 18 | ' |
Projected benefit obligation at the end of the year | 28,596 | 29,821 | 22,044 |
Fair value of plan assets at the beginning of the year | 14,957 | 16,274 | ' |
Employer contributions | 12,325 | 901 | ' |
Actual gain on plan assets | 1,037 | 1,255 | ' |
Acturial gain/(loss) | -6 | 14 | ' |
Benefits paid | -2,996 | -2,818 | ' |
Effect of exchange rate changes | -2,519 | -669 | ' |
Fair value of plan assets at the end of the year | $22,798 | $14,957 | $16,274 |
Amounts_Included_in_Other_Comp
Amounts Included in Other Comprehensive Income (Loss) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net actuarial loss | ($5,659) | ($7,664) |
Deferred tax assets | 1,765 | 1,903 |
Other comprehensive income, net | ($3,894) | ($5,761) |
Changes_in_Other_Comprehensive
Changes in Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net Actuarial loss | $1,353 |
Amortization of net actuarial loss | 640 |
Deferred income taxes | -138 |
Effect of exchange rate changes | 12 |
Other comprehensive income (loss), net | $1,867 |
Net_Defined_Benefit_Plan_Costs
Net Defined Benefit Plan Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service costs | $4,511 | $4,047 | $3,620 |
Interest costs | 2,104 | 1,807 | 1,542 |
Amortization of actuarial loss | 421 | 854 | 540 |
Expected return on plan assets | -968 | -961 | -715 |
Net Gratuity Plan costs | $6,068 | $5,747 | $4,987 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Amount in other comprehensive income (loss) expected to be recognized as component of net periodic benefit cost over next fiscal year | $286 |
Benefit Obligations Of Philippines Plan | Minimum | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Expectation of the average long term rate of return expected, years | 15 |
Benefit Obligations Of Philippines Plan | Maximum | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Expectation of the average long term rate of return expected, years | 20 |
Weighted_Average_Assumptions_u
Weighted Average Assumptions used to Determine Benefit Obligations, Gratuity Plan (Detail) (Benefit Obligations Of Gratuity Plan) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | ' | 9.55% |
Rate of increase in compensation per annum, thereafter | 6.00% | ' |
Minimum | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 8.85% | ' |
Rate of increase in compensation per annum, for first 3 years | 5.20% | 5.20% |
Maximum | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 9.70% | ' |
Rate of increase in compensation per annum, for first 3 years | 11.00% | 11.00% |
Weighted_Average_Assumptions_u1
Weighted Average Assumptions used to Determine Plan Costs, Gratuity Plan (Detail) (Gratuity Plan Costs) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 8.85% | ' | ' |
Rate of increase in compensation per annum, thereafter | ' | ' | 6.00% |
Expected long term rate of return on plan assets per annum | 8.50% | ' | ' |
Minimum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | ' | 9.30% | 9.30% |
Rate of increase in compensation per annum, for first 3 years | 5.20% | 5.20% | 8.00% |
Expected long term rate of return on plan assets per annum | ' | 7.30% | 7.30% |
Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | ' | 9.70% | 9.70% |
Rate of increase in compensation per annum, for first 3 years | 11.00% | 11.00% | 8.10% |
Expected long term rate of return on plan assets per annum | ' | 8.50% | 8.00% |
Weighted_Average_Assumptions_u2
Weighted Average Assumptions used to Determine Benefit Obligations, Mexican Plan (Detail) (Benefit Obligations Of The Mexican Plan) | Dec. 31, 2013 | Dec. 31, 2012 |
Benefit Obligations Of The Mexican Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 6.50% | 6.50% |
Rate of increase in compensation per annum | 5.50% | 5.50% |
Weighted_Average_Assumptions_u3
Weighted Average Assumptions used to Determine Plan Costs, Mexican Plan (Detail) (Mexican Plan Costs) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Mexican Plan Costs | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 6.50% | 6.50% | 7.50% |
Rate of increase in compensation per annum | 5.50% | 5.50% | 5.50% |
Expected long term rate of return on plan assets per annum | 0.00% | 0.00% | 0.00% |
Weighted_Average_Assumptions_u4
Weighted Average Assumptions used to Determine Benefit Obligations, Japan Plan (Detail) (Benefit Obligations Of Japan Plan) | Dec. 31, 2013 | Dec. 31, 2012 |
Benefit Obligations Of Japan Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 0.50% | 0.90% |
Rate of increase in compensation per annum | 0.00% | 0.00% |
Weighted_Average_Assumptions_u5
Weighted Average Assumptions used to Determine Plan Costs, Japan Plan (Detail) (Japan Plan Costs) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Japan Plan Costs | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 0.90% | 0.90% | 0.90% |
Rate of increase in compensation per annum | 0.00% | 0.00% | 0.00% |
Expected long term rate of return on plan assets per annum | 2.69% | 2.69% | 0.00% |
Weighted_Average_Assumptions_u6
Weighted Average Assumptions used to Determine Benefit Obligations, Philippines Plan (Detail) (Benefit Obligations Of Philippines Plan) | Dec. 31, 2013 | Dec. 31, 2012 |
Minimum | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 4.95% | 4.39% |
Rate of increase in compensation per annum | 4.00% | 4.00% |
Maximum | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 5.32% | 5.62% |
Rate of increase in compensation per annum | 7.00% | 8.00% |
Weighted_Average_Assumptions_u7
Weighted Average Assumptions used to Determine Plan Costs, Philippines Plan (Detail) (Philippines Plan Costs) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | ' | ' | 6.29% |
Rate of increase in compensation per annum | ' | ' | 4.00% |
Expected long term rate of return on plan assets per annum | 5.00% | 5.00% | 5.00% |
Minimum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.95% | 4.39% | ' |
Rate of increase in compensation per annum | 4.00% | 4.00% | ' |
Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 5.62% | 5.62% | ' |
Rate of increase in compensation per annum | 7.00% | 8.00% | ' |
Fair_Values_of_Plan_Assets_Det
Fair Values of Plan Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets, fair value | $22,798 | $14,957 | $16,274 | ||
Cash | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets, fair value | 10,674 | 165 | ' | ||
Fixed Income Securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets, fair value | 9,490 | [1] | 11,880 | [1] | ' |
Other Securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets, fair value | 2,634 | [2] | 2,912 | [2] | ' |
Quoted Prices In Active Markets for Identical Assets (Level 1) | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets, fair value | 13,092 | 2,961 | ' | ||
Quoted Prices In Active Markets for Identical Assets (Level 1) | Cash | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets, fair value | 10,674 | 165 | ' | ||
Quoted Prices In Active Markets for Identical Assets (Level 1) | Fixed Income Securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets, fair value | 1,092 | [1] | 1,315 | [1] | ' |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Other Securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets, fair value | 1,326 | [2] | 1,481 | [2] | ' |
Significant Other Observable Inputs (Level 2) | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets, fair value | 9,706 | 11,996 | ' | ||
Significant Other Observable Inputs (Level 2) | Fixed Income Securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets, fair value | 8,398 | [1] | 10,565 | [1] | ' |
Significant Other Observable Inputs (Level 2) | Other Securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets, fair value | $1,308 | [2] | $1,431 | [2] | ' |
[1] | Include 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. | ||||
[2] | Include investments in funds that invest 50% to 85% of their assets in fixed income securities and the remaining portion in equity securities. |
Fair_Values_of_Plan_Assets_Par
Fair Values of Plan Assets (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fixed Income Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of investment in funds | 100.00% | 100.00% |
Other Securities | Minimum | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of investment in funds | 50.00% | 50.00% |
Other Securities | Maximum | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of investment in funds | 85.00% | 85.00% |
Expected_Benefit_Payments_Refl
Expected Benefit Payments Reflecting Expected Future Service (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $4,696 |
2015 | 4,981 |
2016 | 5,508 |
2017 | 5,996 |
2018 | 6,441 |
2019 - 2023 | 28,952 |
Defined benefit plan expected future benefit payments | $56,574 |
Amounts_Contributed_to_Defined
Amounts Contributed to Defined Contribution Plans in Various Jurisdictions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Contribution Plans In Various Jurisdictions [Line Items] | ' | ' | ' |
Defined contribution plans, contributed amount | $38,822 | $33,184 | $26,407 |
India | ' | ' | ' |
Defined Contribution Plans In Various Jurisdictions [Line Items] | ' | ' | ' |
Defined contribution plans, contributed amount | 14,443 | 14,102 | 13,014 |
Americas | ' | ' | ' |
Defined Contribution Plans In Various Jurisdictions [Line Items] | ' | ' | ' |
Defined contribution plans, contributed amount | 3,268 | 3,012 | 2,295 |
U.K. | ' | ' | ' |
Defined Contribution Plans In Various Jurisdictions [Line Items] | ' | ' | ' |
Defined contribution plans, contributed amount | 1,789 | 1,444 | 1,047 |
Hungary | ' | ' | ' |
Defined Contribution Plans In Various Jurisdictions [Line Items] | ' | ' | ' |
Defined contribution plans, contributed amount | 22 | 58 | 34 |
China | ' | ' | ' |
Defined Contribution Plans In Various Jurisdictions [Line Items] | ' | ' | ' |
Defined contribution plans, contributed amount | 14,681 | 10,888 | 8,317 |
Mexico | ' | ' | ' |
Defined Contribution Plans In Various Jurisdictions [Line Items] | ' | ' | ' |
Defined contribution plans, contributed amount | 27 | 27 | 27 |
Morocco | ' | ' | ' |
Defined Contribution Plans In Various Jurisdictions [Line Items] | ' | ' | ' |
Defined contribution plans, contributed amount | 90 | 156 | 150 |
South Africa | ' | ' | ' |
Defined Contribution Plans In Various Jurisdictions [Line Items] | ' | ' | ' |
Defined contribution plans, contributed amount | 221 | 327 | 321 |
Hong Kong | ' | ' | ' |
Defined Contribution Plans In Various Jurisdictions [Line Items] | ' | ' | ' |
Defined contribution plans, contributed amount | 19 | 34 | 21 |
Netherlands | ' | ' | ' |
Defined Contribution Plans In Various Jurisdictions [Line Items] | ' | ' | ' |
Defined contribution plans, contributed amount | 2,135 | 1,523 | ' |
Philippines | ' | ' | ' |
Defined Contribution Plans In Various Jurisdictions [Line Items] | ' | ' | ' |
Defined contribution plans, contributed amount | 14 | 15 | 10 |
Singapore | ' | ' | ' |
Defined Contribution Plans In Various Jurisdictions [Line Items] | ' | ' | ' |
Defined contribution plans, contributed amount | 15 | 9 | 8 |
Japan | ' | ' | ' |
Defined Contribution Plans In Various Jurisdictions [Line Items] | ' | ' | ' |
Defined contribution plans, contributed amount | $2,098 | $1,589 | $1,163 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 22 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Aug. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Apr. 11, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Person | Minimum | Maximum | 2005 Plan | 2005 Plan | 2007 Omnibus Plan | 2007 Omnibus Plan | 2005 Omnibus Plan | Restricted Share Units | 2007 Omnibus Plan | 2007 Omnibus Plan | 2007 Omnibus Plan | 2007 Omnibus Plan | 2007 Omnibus Plan | 2007 Omnibus Plan | 2007 Omnibus Plan | 2007 Omnibus Plan | Stock Options | 2006 Plan | 2006 Plan | 2007 Plan | 2007 Plan | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Performance Units | Performance Units | Performance Units | Performance Units | Performance Units | Performance Units | Performance Units | |||||
Special cash dividend | Stock Options | Stock Options | Restricted Share Units | Restricted Share Units | Performance Units | Performance Units | Special cash dividend | Special cash dividend | May-11 | Mar-13 | May-13 | |||||||||||||||||||||||||
Special cash dividend | Special cash dividend | Special cash dividend | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amended Omnibus Plan, increase in number of common shares authorized for issuance | ' | ' | ' | ' | ' | ' | ' | ' | 495,915 | 6,314,496 | 2,544,327 | 495,915 | ' | 5,593,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares authorized for issuance | ' | ' | ' | ' | ' | ' | ' | 12,706,665 | ' | ' | ' | ' | ' | 15,000,000 | 23,995,184 | ' | ' | ' | ' | ' | ' | ' | 4,942,369 | ' | 16,733,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend per share | $2.24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options granted | ' | ' | ' | ' | ' | ' | ' | 12,986,802 | 583,357 | ' | ' | ' | ' | ' | ' | 12,471,104 | 489,071 | 3,453,157 | 272,335 | 6,499,627 | 482,341 | ' | 5,328,697 | 68,005 | 9,133,255 | 486,205 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation cost | ' | $30,901 | $31,999 | $27,677 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit recognized in relation to stock based compensation | ' | 6,913 | 8,032 | 7,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash tax benefit related to share based compensation | ' | 3,368 | 2,277 | 1,177 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefit realized on options exercised | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to additional paid in capital tax effect from share based compensation | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted, contractual period, years | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options vesting period, years | ' | ' | ' | ' | ' | '4 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' |
Granted, shares arising out of options | ' | 3,483,000 | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation cost for options | ' | 23,363 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining requisite vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' |
Common shares, issued | ' | 143,453 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted shares issued | ' | 94,610 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum vesting schedules, months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' |
Maximum vesting schedules, years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,821 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,627 | ' | ' | ' | ' | ' | ' |
Outstanding number of shares (Units), ending balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,913,733 | 3,041,511 | 2,271,724 | 895,333 | 483,999 | 1,250,807 | 657,000 |
Incremental compensation cost | ' | 5,500 | ' | ' | 4,109 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental compensation cost recognition period | ' | ' | ' | ' | '21 months 15 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of minimum percentage of voting power of company for change of control | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employee affected | ' | 123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period not yet recognized | ' | '1 year 10 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares reserved for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares issued under ESPP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 109,698 | 86,214 | 49,192 | ' | ' | ' | ' | ' | ' | ' |
Compensation expense for ESPP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $228 | $153 | $90 | ' | ' | ' | ' | ' | ' | ' |
Significant_Assumptions_used_i
Significant Assumptions used in Determination of Fair Value of Options (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2011 | |
Assumptions used to Determine Fair Value Options [Line Items] | ' | ' |
Dividend yield | ' | ' |
Expected life (in months) | '84 months | '75 months |
Risk free rate of interest | 1.55% | 2.26% |
Volatility | 39.39% | 37.32% |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Shares arising out of options | ' | ' | ' | ' | |||
Outstanding, shares arising out of options, beginning balance | 12,413,298 | 13,734,820 | 15,989,356 | ' | |||
Granted, shares arising out of options | 3,483,000 | ' | 250,000 | ' | |||
Forfeited, shares arising out of options | -69,863 | -327,590 | -1,183,761 | ' | |||
Expired, shares arising out of options | -88,295 | -81,053 | -178,334 | ' | |||
Exercised, shares arising out of options | -4,635,977 | -2,539,517 | -1,142,441 | ' | |||
Adjustment for Special Cash Dividend | ' | 1,626,638 | ' | ' | |||
Outstanding, shares arising out of options, ending balance | 11,102,163 | 12,413,298 | 13,734,820 | 15,989,356 | |||
Vested and exercisable, expected to vest thereafter, shares arising out of options | 10,759,137 | [1] | 12,271,334 | [1] | 13,189,947 | [1] | ' |
Vested and exercisable, shares arising out of options | 7,091,889 | 10,752,875 | 9,444,045 | ' | |||
Weighted average grant date fair value of grants during the year | $19.35 | ' | $6.21 | ' | |||
Weighted average exercise price | ' | ' | ' | ' | |||
Outstanding weighted average exercise price, beginning balance | $9.29 | $10.58 | $10.84 | ' | |||
Granted, weighted average exercise price | $19.35 | ' | $15.34 | ' | |||
Forfeited, weighted average exercise price | $10.65 | $11.28 | $14.32 | ' | |||
Expired, weighted average exercise price | $13.26 | $15.46 | $15.54 | ' | |||
Exercised, weighted average exercise price | $9.31 | $9.83 | $10.64 | ' | |||
Outstanding weighted average exercise price, ending balance | $12.40 | $9.29 | $10.58 | $10.84 | |||
Vested and exercisable and expected to vest thereafter, weighted average exercise price | $12.11 | [1] | $9.28 | [1] | $10.47 | [1] | ' |
Vested and exercisable, weighted average exercise price | $8.82 | $8.97 | $9.26 | ' | |||
Weighted average remaining contractual life (years) | ' | ' | ' | ' | |||
Outstanding weighted average remaining contractual life (years) | '5 years 2 months 12 days | '4 years 2 months 12 days | '5 years 4 months 24 days | '6 years 4 months 24 days | |||
Vested and exercisable and expected to vest thereafter, weighted average remaining contractual life (years) | '5 years 2 months 12 days | '4 years 2 months 12 days | '5 years 4 months 24 days | ' | |||
Vested and exercisable, weighted average remaining contractual life (years) | '3 years | '3 years 9 months 18 days | '4 years 8 months 12 days | ' | |||
Outstanding weighted average remaining contractual life (years) | '5 years 2 months 12 days | '4 years 2 months 12 days | '5 years 4 months 24 days | '6 years 4 months 24 days | |||
Aggregate intrinsic value | ' | ' | ' | ' | |||
Exercised, aggregate intrinsic value | $41,849 | $14,748 | $5,227 | ' | |||
Outstanding aggregate intrinsic value, ending balance | 70,512 | 77,017 | 66,728 | ' | |||
Vested and expected to vest thereafter, aggregate intrinsic value | 70,465 | 76,339 | 65,419 | ' | |||
Vested and Exercisable, aggregate intrinsic value | $67,719 | $70,217 | $57,704 | ' | |||
[1] | Options expected to vest reflect an estimated forfeiture rate. |
Summary_of_Shares_Granted_Subj
Summary of Shares Granted Subject to Restrictions (Detail) (Share Issuances Subject To Restrictions, USD $) | 12 Months Ended |
Dec. 31, 2011 | |
Share Issuances Subject To Restrictions | ' |
Number of Restricted Share | ' |
Outstanding number of shares (Units), beginning balance | 23,653 |
Granted, number of shares | ' |
Vested, number of shares | -23,653 |
Forfeited, number of shares | ' |
Outstanding number of shares (Units), ending balance | ' |
Weighted Average Grant Date Fair Value | ' |
Outstanding weighted average grant date fair value, beginning balance | $14.04 |
Granted, weighted average grant date fair value | ' |
Vested, weighted average grant date fair value | $14.04 |
Forfeited, weighted average grant date fair value | ' |
Outstanding weighted average grant date fair value, ending balance | ' |
Summary_of_Restricted_Share_Un
Summary of Restricted Share Units Granted (Detail) (Restricted Share Units, USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Restricted Share Units | ' | ' | ' | |||
Number of Restricted Share Units | ' | ' | ' | |||
Outstanding number of shares (Units), beginning balance | 1,688,402 | 2,262,153 | 1,016,000 | |||
Granted, number of shares (Units) | 91,623 | 185,551 | 1,842,148 | |||
Vested, number of shares (Units) | -683,522 | [1] | -779,986 | [2] | -341,375 | [3] |
Forfeited, number of shares (Units) | -224,731 | -251,651 | -254,620 | |||
Adjustment for Special Cash Dividend | ' | 272,335 | ' | |||
Outstanding number of shares (Units), ending balance | 871,772 | 1,688,402 | 2,262,153 | |||
Expected to vest, number of shares (Units) | 802,481 | [4] | 1,357,447 | [4] | 1,783,411 | [4] |
Weighted Average Grant Date Fair Value | ' | ' | ' | |||
Outstanding weighted average grant date fair value, beginning balance | $13.74 | $15.27 | $13.61 | |||
Granted, weighted average grant date fair value | $19.52 | $15.95 | $15.69 | |||
Vested, weighted average grant date fair value | $14.28 | [1] | $13.68 | [2] | $13.48 | [3] |
Forfeited, weighted average grant date fair value | $13.60 | $14.39 | $14.11 | |||
Outstanding weighted average grant date fair value, ending balance | $13.96 | $13.74 | $15.27 | |||
[1] | Out of this, 622,465 RSUs were net settled upon vesting by issuing 424,201 shares (net of minimum tax withholding). 61,057 RSUs vested in the year ended December 31, 2013, the shares in respect of which are issuable on December 31, 2014 after withholding shares to the extent of the minimum statutory withholding taxes. | |||||
[2] | Out of this, 717,448 RSUs were net settled upon vesting by issuing 506,473 shares (net of minimum tax withholding). Shares in respect of an additional 13,719 RSUs, reflecting an adjustment to 102,000 vested RSUs on account of the special cash dividend, were issued in January 2013 (13,557 shares, net of minimum statutory withholding taxes). Additionally, as of December 31, 2012, 4,533 RSUs vested (including 533 RSUs reflecting an adjustment to 4,000 vested RSUs on account of the special cash dividend), the shares in respect of which were issued in April 2013 (2,059 shares, net of minimum statutory withholding taxes). 44,286 RSUs vested in the year ended December 31, 2012, the shares in respect of which were issuable on December 31, 2013 and issued in January 2014 after withholding shares to the extent of the minimum statutory withholding taxes. | |||||
[3] | During the year ended December 31, 2011, 102,000 RSUs vested, the shares in respect of which were issued in January 2013 (100,800 shares, net of the minimum statutory withholding taxes). | |||||
[4] | RSUs expected to vest reflect an estimated forfeiture rate. |
Summary_of_Restricted_Share_Un1
Summary of Restricted Share Units Granted (Parenthetical) (Detail) (Restricted Share Units) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Activity Related To Restricted Shares And Restricted Share [Line Items] | ' | ' | ' | ' |
RSUs net settled on vesting | ' | 622,465 | 717,448 | ' |
Vested RSU against which shares to be issued | ' | ' | ' | 102,000 |
RSUs settled on vesting by issuing shares (net of minimum tax withholding) | 100,800 | 424,201 | 506,473 | ' |
Shares to be issued on vested awards other than options | ' | 61,057 | 13,719 | ' |
Shares to be issued on vested awards other than options, Issuable date | ' | 31-Dec-14 | ' | ' |
April, 2013 | ' | ' | ' | ' |
Schedule Of Activity Related To Restricted Shares And Restricted Share [Line Items] | ' | ' | ' | ' |
Vested RSU against which shares to be issued | ' | ' | 4,533 | ' |
RSUs settled on vesting by issuing shares (net of minimum tax withholding) | ' | ' | 2,059 | ' |
January, 2014 | ' | ' | ' | ' |
Schedule Of Activity Related To Restricted Shares And Restricted Share [Line Items] | ' | ' | ' | ' |
Vested RSU against which shares to be issued | ' | ' | 44,286 | ' |
Special cash dividend | ' | ' | ' | ' |
Schedule Of Activity Related To Restricted Shares And Restricted Share [Line Items] | ' | ' | ' | ' |
RSUs settled on vesting by issuing shares (net of minimum tax withholding) | 13,557 | ' | ' | ' |
Special cash dividend | April, 2013 | ' | ' | ' | ' |
Schedule Of Activity Related To Restricted Shares And Restricted Share [Line Items] | ' | ' | ' | ' |
Vested RSU against which shares to be issued | ' | ' | 533 | ' |
Vested Shares | April, 2013 | ' | ' | ' | ' |
Schedule Of Activity Related To Restricted Shares And Restricted Share [Line Items] | ' | ' | ' | ' |
Vested RSU against which shares to be issued | ' | ' | 4,000 | ' |
Summary_of_Performance_Units_A
Summary of Performance Units Activity (Detail) (Performance Units, USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Performance Units | ' | ' | ' | |||
Number of Share Units | ' | ' | ' | |||
Outstanding number of shares (Units), beginning balance | 3,041,511 | 2,271,724 | 895,333 | |||
Granted, number of shares (Units) | 2,025,090 | 1,200,000 | 1,682,196 | |||
Vested, number of shares (Units) | -1,024,434 | [1] | -772,745 | [2],[3],[4] | -166,666 | [5] |
Forfeited, number of shares (Units) | -426,345 | -139,809 | -139,139 | |||
Outstanding number of shares (Units), ending balance | 3,913,733 | 3,041,511 | 2,271,724 | |||
Expected to vest, number of shares | 1,372,781 | [6] | 2,413,073 | [6] | 1,989,245 | [6] |
Adjustment for Special Cash Dividend | ' | 482,341 | ' | |||
Addition due to achievement of higher than target performance goals | 297,911 | [7] | ' | ' | ||
Weighted Average Grant Date Fair Value | ' | ' | ' | |||
Outstanding weighted average grant date fair value, beginning balance | $13.26 | $15.17 | $15.38 | |||
Granted, weighted average grant date fair value | $18.57 | $15.25 | $15.05 | |||
Vested, weighted average grant date fair value | $12.03 | [1] | $13.28 | [2],[3],[4] | $14.19 | [5] |
Forfeited, weighted average grant date fair value | $15.19 | $15.56 | $16.21 | |||
Outstanding weighted average grant date fair value, ending balance | $16.44 | $13.26 | $15.17 | |||
Addition due to achievement of higher than target performance goals | $17.50 | [7] | ' | ' | ||
Maximum shares eligible to receive | ' | ' | ' | |||
Outstanding maximum shares eligible to receive, beginning balance | 4,402,597 | 3,247,322 | 1,343,000 | |||
Granted, maximum shares eligible to receive | 3,694,635 | 1,800,000 | 2,346,995 | |||
Vested, maximum shares eligible to receive | -1,024,434 | [1] | -1,149,390 | [2],[4] | -249,999 | [5] |
Forfeited, maximum shares eligible to receive | -550,078 | -190,053 | -192,674 | |||
Outstanding maximum shares eligible to receive, ending balance | 6,149,018 | 4,402,597 | 3,247,322 | |||
Adjustment for Special Cash Dividend | ' | 694,718 | ' | |||
Reduction due to achievement of lower than maximum performance goals | -373,702 | [8] | ' | ' | ||
[1] | Vested PUs in the year ended December 31, 2013 reflects PUs at 100% vesting for PUs granted in March and June 2011. These grants are estimated to vest at 113.5% (1,033,539 shares) and 115.4% (130,891 shares) of the target shares, respectively. The shares in respect of these PUs will be issued as soon as practicable (after withholding shares to the extent of the minimum statutory withholding taxes) following the determination by the compensation committee of the achievement of the performance goals for the performance period. | |||||
[2] | The PUs granted in March 2010 (including the PUs issued as an adjustment on account of the special cash dividend) vested at 90.9% of the target shares (503,969 shares) after the compensation committee's certification of the achievement of the performance goals for the performance period based on the Company's audited consolidated financial statements. Shares in respect of these PUs were issued in March 2013 (334,922 shares) and April 2013 (4,679 shares), net of minimum statutory withholding taxes. | |||||
[3] | The PUs granted in August 2010 vested for the year ended December 31, 2012 at 122.2% of the target shares (231,029 shares) upon the compensation committee's certification of achievement of the performance goals for the performance period based on the Company's audited consolidated financial statements. The shares in respect of these PUs were issuable on December 31, 2013 and issued in January 2014 after withholding shares to the extent of the minimum statutory withholding taxes. | |||||
[4] | 28,901 vested PUs for the year ended December 31, 2012 represents the adjustment on account of the special cash dividend for the 214,880 vested PUs as of December 31, 2011. Shares in respect of these PUs were issued in January 2013. | |||||
[5] | Vested PUs in the year ended December 31, 2011 and 2012 reflects 100% vesting. Actual vesting of PUs for the year ended December 31, 2011 took place at 128.9% of the target shares (214,880 shares) after the compensation committee's certification of the achievement of the performance goals. Shares in respect of these PUs were issued in January 2013 (127,610 shares, net of minimum statutory withholding taxes). | |||||
[6] | PUs expected to vest are based on the probable achievement of the performance targets after considering an estimated forfeiture rate. | |||||
[7] | Represents an additional award of 22.2% of the target shares on account of the achievement of higher than target performance for the PUs granted in March 2012. | |||||
[8] | Represents a 27.8% reduction in the maximum shares eligible to vest as a result of the certification of the level of achievement of the performance goals for the PUs granted in March 2012. |
Summary_of_Performance_Units_A1
Summary of Performance Units Activity (Parenthetical) (Detail) (Performance Units) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2013 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
July, 2013 | July, 2013 | July, 2013 | December 31,2013 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of vested shares | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' |
Estimated to vest percentage | ' | 115.40% | 113.50% | ' | ' | 128.90% | ' | 90.90% | ' | 122.20% |
Shares to be issued on vested awards other than options | ' | 130,891 | 1,033,539 | ' | 28,901 | 214,880 | ' | 503,969 | ' | 231,029 |
Shares issued, net of minimum statutory withholding taxes | 127,610 | ' | ' | ' | ' | ' | 4,679 | ' | 334,922 | ' |
Percentage change on achievement of performance goals | ' | ' | ' | 22.20% | ' | ' | ' | ' | ' | ' |
Percentage change on achievement of performance goals | ' | ' | ' | 27.80% | ' | ' | ' | ' | ' | ' |
Modification_of_Performance_Me
Modification of Performance Metrics for Performance Grants Made to Employees (Detail) (Performance Grants Made to Employees) | 3 Months Ended |
Mar. 31, 2011 | |
Performance Grants Made to Employees | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Original Performance Target, Revenue Growth, Outstanding | 20.00% |
Original Performance Target, Revenue Growth, Target | 15.00% |
Original Performance Target, Revenue Growth, Threshold | 10.00% |
Original Performance Target, EBITDA Growth, Outstanding | 20.00% |
Original Performance Target, EBITDA Growth, Target | 15.00% |
Original Performance Target, EBITDA Growth, Threshold | 10.00% |
Modified Performance Target, Revenue Growth, Outstanding | 20.00% |
Modified Performance Target, Revenue Growth, Target | 15.00% |
Modified Performance Target, Revenue Growth, Threshold | 10.00% |
Modified Performance Target, Adjusted Income from Operation growth, Outstanding | 20.00% |
Modified Performance Target, Adjusted Income from Operation growth, Target | 15.00% |
Modified Performance Target, Adjusted Income from Operation growth, Threshold | 10.00% |
Modification_of_Performance_Me1
Modification of Performance Metrics for Performance Grants Made to Former Chief Executive Officer (Detail) (Performance Grant Made to Former CEO) | 3 Months Ended |
Mar. 31, 2011 | |
Performance Grant Made to Former CEO | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Original Performance Target, Revenue Growth, Outstanding | 20.00% |
Original Performance Target, Revenue Growth, Target | 15.00% |
Original Performance Target, Revenue Growth, Threshold | 10.00% |
Original Performance Target, EBITDA Growth, Outstanding | 20.00% |
Original Performance Target, EBITDA Growth, Target | 15.00% |
Original Performance Target, EBITDA Growth, Threshold | 10.00% |
Modified Performance Target, Revenue Growth, Outstanding | 17.00% |
Modified Performance Target, Revenue Growth, Target | 12.50% |
Modified Performance Target, Revenue Growth, Threshold | 8.00% |
Modified Performance Target, Adjusted Income from Operation growth, Outstanding | 16.00% |
Modified Performance Target, Adjusted Income from Operation growth, Target | 12.50% |
Modified Performance Target, Adjusted Income from Operation growth, Threshold | 7.00% |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Aug. 30, 2012 | Aug. 01, 2012 | Dec. 31, 2012 | Dec. 31, 2013 |
Class of Stock [Line Items] | ' | ' | ' | ' |
Common shares, authorized | ' | ' | 500,000,000 | 500,000,000 |
Common shares, par value | ' | ' | $0.01 | $0.01 |
Preferred shares, authorized | ' | ' | 250,000,000 | 250,000,000 |
Preferred shares, par value | ' | ' | $0.01 | $0.01 |
Common shares, issued | ' | ' | 225,480,172 | 231,262,576 |
Common shares, outstanding | ' | ' | 225,480,172 | 231,262,576 |
Special cash dividend, per share declared | $2.24 | ' | ' | ' |
Special cash dividend declared | $501,620 | ' | $501,620 | ' |
Special cash dividend declared, payment date | ' | 24-Sep-12 | ' | ' |
Special cash dividend declared, record date | ' | 10-Sep-12 | ' | ' |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Number of stock options outstanding but not included in the computation of diluted earnings per common share | 2,616,000 | 3,525,625 | 6,995,632 |
Earnings_Per_Share_Detail
Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share (Abstract) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income available to Genpact Limited common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $229,717 | $178,216 | $184,294 |
Weighted average number of common shares used in computing basic earnings per common share | 230,871,408 | 230,057,508 | 229,237,503 | 227,227,226 | 224,917,746 | 223,876,035 | 223,182,251 | 222,810,236 | 229,348,411 | 223,696,567 | 221,567,502 |
Dilutive effect of stock-based awards | ' | ' | ' | ' | ' | ' | ' | ' | 6,405,856 | 5,835,949 | 4,786,901 |
Weighted average number of common shares used in computing dilutive earnings per common share | 237,730,091 | 236,336,924 | 235,329,303 | 233,620,751 | 232,580,888 | 230,195,834 | 227,880,427 | 227,472,915 | 235,754,267 | 229,532,516 | 226,354,403 |
Earnings per common share attributable to Genpact Limited common shareholders, Basic | $0.20 | $0.31 | $0.28 | $0.21 | $0.24 | $0.11 | $0.27 | $0.17 | $1 | $0.80 | $0.83 |
Earnings per common share attributable to Genpact Limited common shareholders, Diluted | $0.21 | $0.30 | $0.27 | $0.20 | $0.23 | $0.11 | $0.27 | $0.17 | $0.97 | $0.78 | $0.81 |
Cost_of_Revenue_Detail
Cost of Revenue (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Component of Operating Other Cost and Expense [Abstract] | ' | ' | ' |
Cost of revenue | $1,319,571 | $1,157,766 | $1,004,899 |
Personnel expenses | ' | ' | ' |
Component of Operating Other Cost and Expense [Abstract] | ' | ' | ' |
Cost of revenue | 904,445 | 795,525 | 678,247 |
Operational expenses | ' | ' | ' |
Component of Operating Other Cost and Expense [Abstract] | ' | ' | ' |
Cost of revenue | 367,213 | 313,432 | 274,824 |
Depreciation and amortization | ' | ' | ' |
Component of Operating Other Cost and Expense [Abstract] | ' | ' | ' |
Cost of revenue | $47,913 | $48,809 | $51,828 |
Selling_General_and_Administra2
Selling, General and Administrative Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Component of Operating Other Cost and Expense [Abstract] | ' | ' | ' |
Selling, general and administrative expenses | $484,810 | $456,611 | $357,959 |
Personnel expenses | ' | ' | ' |
Component of Operating Other Cost and Expense [Abstract] | ' | ' | ' |
Selling, general and administrative expenses | 347,384 | 314,587 | 247,681 |
Operational expenses | ' | ' | ' |
Component of Operating Other Cost and Expense [Abstract] | ' | ' | ' |
Selling, general and administrative expenses | 128,982 | 133,173 | 101,702 |
Depreciation and amortization | ' | ' | ' |
Component of Operating Other Cost and Expense [Abstract] | ' | ' | ' |
Selling, general and administrative expenses | $8,444 | $8,851 | $8,576 |
Other_Operating_Income_Expense2
Other Operating Income (Expense), Net (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of Other Operating Income [Line Items] | ' | ' | ' |
Other operating (income) expense | ($3,259) | ($3,185) | ($3,959) |
Provision for impairment of capital work in progress / property, plant and equipment | 2,373 | 6,214 | 5,319 |
Change in fair value of earn out consideration and deferred consideration (relating to business acquisitions) | -4,670 | -3,013 | ' |
Other operating (income) expense, net | ($5,556) | $16 | $1,360 |
Other_Income_Expense_Net_Detai
Other Income (Expense), Net (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Other Income (Expense), Net | ' | ' | ' | |||
Interest income | $15,736 | $12,007 | $15,136 | |||
Interest expense | -38,876 | [1] | -28,121 | [1] | -9,213 | [1] |
Provision (created) reversed for loss on divestures | -3,487 | -459 | ' | |||
Other income (expense) | 2,319 | [2] | 2,074 | [2] | 4,793 | [2] |
Other income (expense), net | ($24,308) | ($14,499) | $10,716 | |||
[1] | Years ended December 31, 2012 and 2013 include $5,534 and $3,157, respectively, representing acceleration of the amortization of debt issuance costs relating to the prepayment and termination of the previous credit facility in August 2012 and the amendment of the new credit facility in June 2013, as described in Note 14. | |||||
[2] | Year ended December 31, 2012 includes $17,227, representing 2012 recapitalization expenses, net of reimbursement from GA and OH amounting to $17,000, as described in Note 1. |
Other_Income_Expense_Net_Paren
Other Income (Expense), Net (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Other Income (Expense) [Line Items] | ' | ' |
Acceleration amortization of debt issuance costs | $3,157 | $5,534 |
Total expenses incurred for 2012 recapitalization | ' | 17,227 |
Reimbursement of expenses relating to 2012 recapitalization | ' | $17,000 |
Income_Tax_Expense_Benefit_Det
Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components Of Income Tax Expense Benefit [Line Items] | ' | ' | ' |
Income from continuing operations | $71,100 | $78,419 | $70,656 |
Other Comprehensive Income: Unrealized gains (losses) on cash flow hedges | -13,542 | 12,055 | -61,878 |
Retirement benefits | 138 | -643 | -796 |
Total income tax expense (benefit) | $57,696 | $89,831 | $7,982 |
Components_of_Income_Before_In
Components of Income Before Income Taxes from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Income Before Income Tax [Line Items] | ' | ' | ' |
Domestic (U.S.) | $8,199 | ($11,631) | ($10,214) |
Foreign (Non U.S.) | 297,952 | 274,640 | 271,946 |
Income before income tax expense | $306,151 | $263,009 | $261,732 |
Income_Tax_Expense_Benefit_Att
Income Tax Expense (Benefit) Attributable to Income from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components Of Income Tax Expense Benefit [Line Items] | ' | ' | ' |
Current taxes, Domestic (U.S.) | $3,595 | $3,070 | $1,277 |
Current taxes, Foreign (Non-U.S.) | 68,621 | 85,377 | 77,360 |
Current taxes, Total | 72,216 | 88,447 | 78,637 |
Deferred taxes, Domestic (U.S.) | 6,141 | -7,273 | -1,085 |
Deferred taxes, Foreign (Non-U.S.) | -7,257 | -2,755 | -6,896 |
Deferred Income Tax Expense (Benefit), Total | -1,116 | -10,028 | -7,981 |
Total income tax expense (benefit) | $71,100 | $78,419 | $70,656 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Y | ||||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Statutory tax rates | 35.00% | 35.00% | 35.00% | ' |
Tax holiday, period, in years | 10 | ' | ' | ' |
Number of Special Economic Zone units held by Indian subsidiary eligible for tax holiday | 15 | ' | ' | ' |
Deferred tax assets related to net operating loss carry-forwards | $74,259 | $64,334 | ' | ' |
Net operating loss of subsidiary, carried forward | 139,032 | ' | ' | ' |
Excess tax deductions resulting from share-based compensation | 24,425 | ' | ' | ' |
Additional deferred tax assets on U.S. state and local tax loss carry-forwards | 7,815 | ' | ' | ' |
Operating loss carry-forwards, expiration date, range start | '2016 | ' | ' | ' |
Operating loss carry-forwards, expiration date, range end | '2031 | ' | ' | ' |
AMT credit | 10,844 | ' | ' | ' |
AMT expiration year | '2024 | ' | ' | ' |
Undistributed earnings of foreign subsidiaries (non-Bermuda) | 359,980 | ' | ' | ' |
Cash and cash equivalents held by foreign (non-Bermuda) subsidiaries | 420,703 | ' | ' | ' |
Cash and cash equivalents | 571,276 | 459,228 | 408,020 | 404,034 |
Cash and cash equivalents intended to either reinvest or expect to be able to repatriate it in tax free manner | 395,703 | ' | ' | ' |
Cash and cash equivalents, income taxes accrued | 25,000 | ' | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 20,901 | 20,871 | 23,551 | ' |
Unrecognized tax benefits, interest on income taxes accrued | 3,373 | 3,423 | 2,536 | ' |
Unrecognized tax benefits, interest expense recognized | -50 | 887 | 516 | ' |
Accrued penalties | 350 | 0 | 0 | ' |
Minimum | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Tax holiday, expiring date | '2022-03-31 | ' | ' | ' |
Maximum | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Tax holiday, expiring date | '2028-03-31 | ' | ' | ' |
2024 | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
AMT credit | 8,214 | ' | ' | ' |
US - Federal | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Tax loss carry forwards subject to expiration | $112,719 | ' | ' | ' |
Basic Earnings Per Share | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Earnings per share effect of tax holiday | $0.17 | $0.11 | $0.10 | ' |
Diluted Earnings Per Share | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Earnings per share effect of tax holiday | $0.17 | $0.11 | $0.10 | ' |
Tax Holiday For First 5 Years | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Tax holiday, period, in years | 5 | ' | ' | ' |
Percentage of tax holiday in respect to export profits | 100.00% | ' | ' | ' |
Tax Holiday from year 6 to year 10 | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Tax holiday, period, in years | 5 | ' | ' | ' |
Percentage of tax holiday in respect to export profits | 50.00% | ' | ' | ' |
Tax Holiday from year 11 to year 15 | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Tax holiday, period, in years | 5 | ' | ' | ' |
Percentage of tax holiday in respect to export profits | 50.00% | ' | ' | ' |
Income_Tax_Expense_Benefit_Com
Income Tax Expense (Benefit) Computed by Applying U.S. Federal Statutory Income Tax Rate to Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Income Tax Rate Reconciliation [Line Items] | ' | ' | ' | ||
Income before income tax expense | $306,151 | $263,009 | $261,732 | ||
Statutory tax rates | 35.00% | 35.00% | 35.00% | ||
Computed expected income tax expense | 107,153 | 92,053 | 91,606 | ||
Foreign tax rate differential | -6,704 | 1,331 | -5,902 | ||
Tax benefit from tax holiday | -39,785 | -25,554 | -22,757 | ||
Non-deductible expenses | 5,637 | 959 | 1,371 | ||
Effect of change in tax rates | -2,268 | 635 | 617 | ||
Change in valuation allowance | 1,088 | 12,548 | 1,248 | ||
Prior year tax expense (benefit) | ' | -7,490 | [1] | 7 | [1] |
Other | 5,979 | 3,937 | 4,466 | ||
Reported income tax expense (benefit) | $71,100 | $78,419 | $70,656 | ||
[1] | During 2012, the Company filed an income tax return in a foreign jurisdiction that resulted in the recognition of a deferred tax asset for a capital loss arising from an earlier period that amounted to $7,490. It was not more likely than not that the capital loss would be realized. Therefore, a full valuation allowance was established to offset the recorded deferred tax asset. |
Income_Tax_Expense_Benefit_Com1
Income Tax Expense (Benefit) Computed by Applying U.S. Federal Statutory Income Tax Rate to Income Before Income Taxes (Parenthetical) (Detail) (Foreign Jurisdictions, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Foreign Jurisdictions | ' |
Income Tax Rate Reconciliation [Line Items] | ' |
Deferred tax asset for capital loss | $7,490 |
Components_of_Deferred_Tax_Bal
Components of Deferred Tax Balances (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Deferred tax assets | ' | ' | ' | ' |
Net operating loss carryforwards | $74,259 | $64,334 | ' | ' |
Accrued liabilities and other expenses | 17,738 | 16,186 | ' | ' |
Provision for doubtful debts | 6,199 | 3,606 | ' | ' |
Property, plant and equipment | 5,110 | 4,519 | ' | ' |
Unrealized losses on cash flow hedges, net | 74,030 | 59,133 | ' | ' |
Unrealized losses on foreign currency balance, net | 496 | 1,464 | ' | ' |
Share-based compensation | 19,673 | 22,246 | ' | ' |
Retirement benefits | 2,718 | 4,558 | ' | ' |
Deferred revenue | 38,051 | 43,897 | ' | ' |
Other | 19,443 | 13,509 | ' | ' |
Gross deferred tax assets | 257,717 | 233,452 | ' | ' |
Less: Valuation allowance | -24,654 | -23,922 | -11,542 | -4,605 |
Total deferred tax assets | 233,063 | 209,530 | ' | ' |
Deferred tax liabilities | ' | ' | ' | ' |
Intangible assets | 29,102 | 36,219 | ' | ' |
Property, plant and equipment | 4,128 | 4,391 | ' | ' |
Deferred cost | 22,490 | 25,671 | ' | ' |
Investments in foreign subsidiaries not permanently reinvested | 24,948 | 6,150 | ' | ' |
Other | 7,530 | 3,833 | ' | ' |
Total deferred tax liabilities | 88,198 | 76,264 | ' | ' |
Net deferred tax Asset | 144,865 | 133,266 | ' | ' |
Deferred tax assets, Current | 60,638 | 48,489 | ' | ' |
Deferred tax assets, Non-current | 89,305 | 91,383 | ' | ' |
Deferred tax liabilities, Current | 614 | 538 | ' | ' |
Deferred tax liabilities, Non-current | 4,464 | 6,068 | ' | ' |
Net deferred tax Asset | $144,865 | $133,266 | ' | ' |
Change_in_Total_Valuation_Allo
Change in Total Valuation Allowance for Deferred Tax Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation Allowance [Line Items] | ' | ' | ' |
Opening valuation allowance | $23,922 | $11,542 | $4,605 |
Reduction during the year | -2,643 | -364 | -1,319 |
Addition during the year | 3,375 | 12,744 | 8,256 |
Closing valuation allowance | $24,654 | $23,922 | $11,542 |
Remaining_Tax_Loss_Carry_Forwa
Remaining Tax Loss Carry Forwards Expiration (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
US - Federal | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | $112,719 |
US - Federal | 2031 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 112,719 |
Europe | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 7,538 |
Europe | 2018 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 1,346 |
Europe | 2021 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 444 |
Europe | 2022 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 1,595 |
Europe | 2027 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 372 |
Europe | 2028 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 1,429 |
Europe | 2029 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 1,147 |
Europe | 2030 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 330 |
Europe | 2031 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 875 |
Others | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 22,768 |
Others | 2016 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 2,191 |
Others | 2017 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 4,318 |
Others | 2018 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 1,158 |
Others | 2019 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 1,121 |
Others | 2020 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 200 |
Others | 2021 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 5,852 |
Others | 2022 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | 2,643 |
Others | 2023 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax loss carry forwards subject to expiration | $5,285 |
Activities_Related_to_Unrecogn
Activities Related to Unrecognized Tax Benefits for Uncertain Tax Positions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Unrecognized Tax Benefits [Line Items] | ' | ' | ' |
Beginning Balance | $21,024 | $23,712 | $20,016 |
Increase related to prior year tax positions, including recorded in acquisition accounting | 1,685 | 1,864 | 2,997 |
Decrease related to prior year tax positions | -1,952 | -3,144 | -175 |
Increase related to current year tax positions, including recorded in acquisition accounting | 2,905 | 1,514 | 2,765 |
Decrease related to settlements with tax authorities | ' | -2,492 | ' |
Effect of exchange rate changes | -1,830 | -430 | -1,891 |
Ending Balance | $21,832 | $21,024 | $23,712 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Country | |||
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Number of countries in which entity operates | 24 | ' | ' |
Percentage of consolidated revenue not exceeded by any customer | 10.00% | 10.00% | 10.00% |
General Electric Company | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Percentage of consolidated total net revenue | 23.00% | 26.00% | 30.00% |
Net_Revenues_for_Different_Typ
Net Revenues for Different Types of Services (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenues | $558,459 | $534,886 | $534,804 | $503,848 | $507,704 | $491,157 | $467,631 | $435,479 | $2,131,997 | $1,901,971 | $1,600,436 |
Business Process Management (including Smart Decision Services) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,608,224 | 1,456,171 | 1,260,674 |
Information Technology Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | $523,773 | $445,800 | $339,762 |
Revenues_from_Customers_Based_
Revenues from Customers Based on Industry Serviced (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenues | $558,459 | $534,886 | $534,804 | $503,848 | $507,704 | $491,157 | $467,631 | $435,479 | $2,131,997 | $1,901,971 | $1,600,436 |
Banking, Financial Services and Insurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 888,916 | 796,655 | 669,182 |
Manufacturing including Pharmaceuticals and Medical Equipment Manufacturing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 711,184 | 640,553 | 548,637 |
Technology, Healthcare and Other Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | $531,897 | $464,763 | $382,617 |
Net_Revenues_from_Geographic_A
Net Revenues from Geographic Areas Based on Location of Service Delivery Units (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenues | $558,459 | $534,886 | $534,804 | $503,848 | $507,704 | $491,157 | $467,631 | $435,479 | $2,131,997 | $1,901,971 | $1,600,436 |
India | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,328,201 | 1,197,400 | 1,111,218 |
Asia, other than India | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 224,657 | 208,149 | 184,164 |
North and Latin America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 359,774 | 306,260 | 165,907 |
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | $219,365 | $190,162 | $139,147 |
Property_Plant_and_Equipment_N5
Property, Plant and Equipment, Net by Geographic Areas (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property, plant and equipment, net | $173,204 | $200,362 |
India | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property, plant and equipment, net | 112,971 | 130,503 |
Asia, other than India | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property, plant and equipment, net | 15,199 | 17,481 |
North and Latin America | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property, plant and equipment, net | 35,391 | 41,400 |
Europe | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property, plant and equipment, net | $9,643 | $10,978 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Recognized net revenues | ' | ' | $938 | $550 | $484,464 |
General Electric Company | Maximum | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Percent of ownership held | ' | ' | ' | 5.00% | ' |
Customer Which Has Significant Interest In The Company | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Recognized net revenues | ' | ' | ' | 405 | 336 |
Customer Which Has Significant Interest In The Company | Maximum | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Percent of ownership held | ' | ' | ' | 5.00% | ' |
GE and Companies Where GE has Majority Ownership Interest or Exercises Significant Influence | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Recognized net revenues | ' | ' | ' | ' | 483,769 |
Percentage of total net revenues | ' | ' | ' | ' | 30.00% |
Other operating (income) expense, net | ' | ' | ' | ' | -2,142 |
Interest expense on lease obligations | ' | ' | ' | ' | 324 |
Customer in Which Company's Directors has a Controlling Interest | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Recognized net revenues | ' | ' | ' | 145 | 359 |
Affiliate of Significant Shareholder | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Recognized net revenues | ' | ' | 938 | ' | ' |
Non-Consolidating Affiliates | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Cost of revenue | ' | ' | 2,140 | 2,458 | 1,603 |
Selling, general and administrative expenses | ' | ' | 505 | 532 | 259 |
Investment in equity affiliates | ' | ' | 0 | 205 | 0 |
Balance of investment in non-consolidating affiliates | $158 | $0 | $384 | $416 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies [Line Items] | ' | ' |
Commitments and contingencies | ' | ' |
Commitment To Purchase Property, Plant and Equipment | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Commitments and contingencies | 4,491 | 3,965 |
Outstanding Bank Guarantees | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Commitments and contingencies | $11,086 | $13,381 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net revenues | $558,459 | $534,886 | $534,804 | $503,848 | $507,704 | $491,157 | $467,631 | $435,479 | $2,131,997 | $1,901,971 | $1,600,436 |
Gross profit | 212,617 | 205,597 | 202,090 | 192,122 | 197,878 | 193,904 | 182,409 | 170,014 | 812,426 | 744,205 | 595,537 |
Income from operations | 71,633 | 85,957 | 77,988 | 73,949 | 70,795 | 69,952 | 63,167 | 60,431 | 309,527 | 264,345 | 216,244 |
Income before Equity method investment activity, net and income tax expense | 62,573 | 93,320 | 84,633 | 65,456 | 80,111 | 41,800 | 84,445 | 56,636 | 305,982 | 262,992 | 262,059 |
Net income | 49,906 | 71,431 | 65,462 | 48,252 | 54,924 | 26,611 | 62,799 | 40,256 | 235,051 | 184,590 | 191,076 |
Net income attributable to noncontrolling interest | 1,064 | 1,169 | 1,586 | 1,515 | 1,523 | 1,436 | 1,699 | 1,716 | 5,334 | 6,374 | 6,782 |
Net income attributable to Genpact Limited common shareholders | $48,842 | $70,262 | $63,876 | $46,737 | $53,401 | $25,175 | $61,100 | $38,540 | $229,717 | $178,216 | $184,294 |
Basic | $0.20 | $0.31 | $0.28 | $0.21 | $0.24 | $0.11 | $0.27 | $0.17 | $1 | $0.80 | $0.83 |
Diluted | $0.21 | $0.30 | $0.27 | $0.20 | $0.23 | $0.11 | $0.27 | $0.17 | $0.97 | $0.78 | $0.81 |
Weighted average number of shares outstanding basic | 230,871,408 | 230,057,508 | 229,237,503 | 227,227,226 | 224,917,746 | 223,876,035 | 223,182,251 | 222,810,236 | 229,348,411 | 223,696,567 | 221,567,502 |
Weighted average number of shares outstanding diluted | 237,730,091 | 236,336,924 | 235,329,303 | 233,620,751 | 232,580,888 | 230,195,834 | 227,880,427 | 227,472,915 | 235,754,267 | 229,532,516 | 226,354,403 |