Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 16, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-33626 | ||
Entity Registrant Name | GENPACT LIMITED | ||
Entity Incorporation, State or Country Code | D0 | ||
Entity Tax Identification Number | 98-0533350 | ||
Entity Address, Address Line One | Canon's Court | ||
Entity Address, Address Line Two | 22 Victoria Street | ||
Entity Address, City or Town | Hamilton | ||
Entity Address, Postal Zip Code | HM 12 | ||
Entity Address, Country | BM | ||
City Area Code | 441 | ||
Local Phone Number | 298-3300 | ||
Title of 12(b) Security | Common shares, par value $0.01 per share | ||
Trading Symbol | G | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6,775,501,200 | ||
Entity Common Stock, Shares Outstanding | 180,732,575 | ||
Documents Incorporated by Reference | The registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days of the end of the fiscal year ended December 31, 2023. Portions of the proxy statement are incorporated herein by reference to the following parts of this Annual Report on Form 10-K: Part III, Item 10, Directors, Executive Officers and Corporate Governance; Part III, Item 11, Executive Compensation; Part III, Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters; Part III, Item 13, Certain Relationships and Related Transactions, and Director Independence; and Part III, Item 14, Principal Accountant Fees and Services. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001398659 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor name | KPMG Assurance and Consulting Services LLP |
Auditor location | Mumbai, Maharashtra, India |
Auditor firm ID | 2115 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 583,670 | $ 646,765 |
Accounts receivable, net of allowance for credit losses of $20,442 and $18,278 as of December 31, 2022 and 2023, respectively | 1,116,273 | 994,755 |
Prepaid expenses and other current assets | 191,566 | 137,972 |
Total current assets | 1,891,509 | 1,779,492 |
Property, plant and equipment, net | 189,803 | 180,758 |
Operating lease right-of-use assets | 186,167 | 198,366 |
Deferred tax assets | 298,921 | 135,483 |
Intangible assets, net | 53,028 | 89,715 |
Goodwill | 1,683,782 | 1,684,196 |
Contract cost assets | 202,543 | 216,670 |
Other assets, net of allowance for credit losses of $3,198 and $4,096 as of December 31, 2022 and 2023, respectively | 299,960 | 304,134 |
Total assets | 4,805,713 | 4,588,814 |
Current liabilities | ||
Short-term borrowings | 10,000 | 151,000 |
Current portion of long-term debt | 432,242 | 26,136 |
Accounts payable | 27,739 | 35,809 |
Income taxes payable | 38,458 | 45,306 |
Accrued expenses and other current liabilities | 759,180 | 791,007 |
Operating leases liability | 50,313 | 54,063 |
Total current liabilities | 1,317,932 | 1,103,321 |
Long-term debt, less current portion | 824,720 | 1,249,153 |
Operating leases liability | 168,015 | 190,398 |
Deferred tax liabilities | 11,706 | 4,176 |
Other liabilities | 234,948 | 215,608 |
Total liabilities | 2,557,321 | 2,762,656 |
Shareholders' equity | ||
Preferred shares, $0.01 par value, 250,000,000 authorized, none issued | 0 | 0 |
Common shares, $0.01 par value, 500,000,000 authorized, 182,924,416 and 179,494,132 issued and outstanding as of December 31, 2022 and 2023, respectively | 1,789 | 1,823 |
Additional paid-in capital | 1,883,944 | 1,777,453 |
Retained earnings | 1,085,209 | 780,007 |
Accumulated other comprehensive income (loss) | (722,550) | (733,125) |
Total equity | 2,248,392 | 1,826,158 |
Commitments and contingencies | ||
Total liabilities and equity | $ 4,805,713 | $ 4,588,814 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||||
Allowance for credit losses | $ 18,278 | $ 20,442 | $ 24,329 | $ 27,707 |
Allowance for credit losses, other assets | $ 4,096 | $ 3,198 | ||
Preferred shares, par value (in usd per share) | $ 0.01 | $ 0.01 | ||
Preferred shares, authorized (in shares) | 250,000,000 | 250,000,000 | ||
Preferred shares, issued (in shares) | 0 | 0 | ||
Common shares, par value (in usd per share) | $ 0.01 | $ 0.01 | ||
Common shares, authorized (in shares) | 500,000,000 | 500,000,000 | ||
Common shares, issued (in shares) | 179,494,132 | 182,924,416 | ||
Common shares, outstanding (in shares) | 179,494,132 | 182,924,416 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net revenues | $ 4,476,888 | $ 4,371,172 | $ 4,022,211 |
Cost of revenue | 2,906,223 | 2,834,774 | 2,590,252 |
Gross profit | 1,570,665 | 1,536,398 | 1,431,959 |
Operating expenses: | |||
Selling, general and administrative expenses | 913,061 | 938,385 | 865,715 |
Amortization of acquired intangible assets | 31,463 | 42,667 | 58,448 |
Other operating (income) expense, net | (4,716) | 53,195 | (1,203) |
Income from operations | 630,857 | 502,151 | 508,999 |
Foreign exchange gains (losses), net | 4,274 | 15,392 | 12,669 |
Interest income (expense), net | (47,935) | (52,204) | (51,434) |
Other income (expense), net | 15,028 | (103) | 12,895 |
Income before income tax expense (benefit) | 602,224 | 465,236 | 483,129 |
Income tax expense (benefit) | (29,031) | 111,832 | 113,681 |
Net income | $ 631,255 | $ 353,404 | $ 369,448 |
Earnings per common share | |||
Earnings per common share, basic (in usd per share) | $ 3.46 | $ 1.92 | $ 1.97 |
Earnings per common share, diluted (in usd per share) | $ 3.41 | $ 1.88 | $ 1.91 |
Weighted average number of common shares used in computing earnings per common share | |||
Weighted average number of common shares used in computing basic earnings per common share (in shares) | 182,345,548 | 184,184,930 | 187,802,219 |
Weighted average number of common shares used in computing dilutive earnings per common share (in shares) | 185,141,843 | 188,087,240 | 192,961,841 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 631,255 | $ 353,404 | $ 369,448 |
Other comprehensive income (loss): | |||
Currency translation adjustments | 2,340 | (161,428) | (39,725) |
Net income (loss) on cash flow hedging derivatives, net of taxes (Note 6) | 6,663 | (19,776) | 23,124 |
Retirement benefits, net of taxes | 1,572 | 2,432 | 7,588 |
Other comprehensive income (loss) | 10,575 | (178,772) | (9,013) |
Comprehensive income | $ 641,830 | $ 174,632 | $ 360,435 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance, value (in shares) at Dec. 31, 2020 | 189,045,661 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 1,834,229 | $ 1,885 | $ 1,636,026 | $ 741,658 | $ (545,340) |
Issuance of common shares on exercise of options (Note 18) (in shares) | 1,145,125 | 1,145,125 | |||
Issuance of common shares on exercise of options (Note 18) | $ 23,168 | $ 11 | 23,157 | ||
Issuance of common shares under the employee stock purchase plan (Note 18) (in shares) | 285,657 | ||||
Issuance of common shares under the employee stock purchase plan (Note 18) | 11,883 | $ 3 | 11,880 | ||
Net settlement on vesting of restricted share units (Note 18) (in shares) | 335,036 | ||||
Net settlement on vesting of restricted share units (Note 18) | (7,556) | $ 3 | (7,559) | ||
Net settlement on vesting of performance units (Note 18) (in shares) | 1,102,440 | ||||
Net settlement on vesting of performance units (Note 18) | $ (28,290) | $ 11 | (28,301) | ||
Stock repurchased and retired (Note 19) (in shares) | (6,577,562) | (6,577,562) | |||
Stock repurchased and retired (Note 19) | $ (298,087) | $ (66) | (298,021) | ||
Expenses related to stock repurchased (Note 19) | (132) | (132) | |||
Stock-based compensation expense (Note 18) | 81,968 | 81,968 | |||
Others | (6) | (6) | |||
Comprehensive income (loss): | |||||
Net income | 369,448 | 369,448 | |||
Other comprehensive income (loss) | (9,013) | (9,013) | |||
Dividend | (80,479) | (80,479) | |||
End balance, value (in shares) at Dec. 31, 2021 | 185,336,357 | ||||
End balance, value at Dec. 31, 2021 | $ 1,897,133 | $ 1,847 | 1,717,165 | 732,474 | (554,353) |
Issuance of common shares on exercise of options (Note 18) (in shares) | 665,036 | 665,036 | |||
Issuance of common shares on exercise of options (Note 18) | $ 14,701 | $ 7 | 14,694 | ||
Issuance of common shares under the employee stock purchase plan (Note 18) (in shares) | 324,783 | ||||
Issuance of common shares under the employee stock purchase plan (Note 18) | 13,050 | $ 3 | 13,047 | ||
Net settlement on vesting of restricted share units (Note 18) (in shares) | 74,934 | ||||
Net settlement on vesting of restricted share units (Note 18) | (421) | $ 1 | (422) | ||
Net settlement on vesting of performance units (Note 18) (in shares) | 1,300,511 | ||||
Net settlement on vesting of performance units (Note 18) | $ (44,391) | $ 13 | (44,404) | ||
Stock repurchased and retired (Note 19) (in shares) | (4,777,205) | (4,777,205) | |||
Stock repurchased and retired (Note 19) | $ (213,986) | $ (48) | (213,938) | ||
Expenses related to stock repurchased (Note 19) | (96) | (96) | |||
Stock-based compensation expense (Note 18) | 77,373 | 77,373 | |||
Comprehensive income (loss): | |||||
Net income | 353,404 | 353,404 | |||
Other comprehensive income (loss) | (178,772) | (178,772) | |||
Dividend | $ (91,837) | (91,837) | |||
End balance, value (in shares) at Dec. 31, 2022 | 182,924,416 | 182,924,416 | |||
End balance, value at Dec. 31, 2022 | $ 1,826,158 | $ 1,823 | 1,777,453 | 780,007 | (733,125) |
Issuance of common shares on exercise of options (Note 18) (in shares) | 1,376,330 | 1,376,330 | |||
Issuance of common shares on exercise of options (Note 18) | $ 27,755 | $ 14 | 27,741 | ||
Issuance of common shares under the employee stock purchase plan (Note 18) (in shares) | 337,875 | ||||
Issuance of common shares under the employee stock purchase plan (Note 18) | 11,730 | $ 3 | 11,727 | ||
Net settlement on vesting of restricted share units (Note 18) (in shares) | 457,029 | ||||
Net settlement on vesting of restricted share units (Note 18) | (10,501) | $ 5 | (10,506) | ||
Net settlement on vesting of performance units (Note 18) (in shares) | 412,275 | ||||
Net settlement on vesting of performance units (Note 18) | $ (11,043) | $ 4 | (11,047) | ||
Stock repurchased and retired (Note 19) (in shares) | (6,013,793) | (6,013,793) | |||
Stock repurchased and retired (Note 19) | $ (225,379) | $ (60) | (225,319) | ||
Expenses related to stock repurchased (Note 19) | (720) | (720) | |||
Stock-based compensation expense (Note 18) | 88,576 | 88,576 | |||
Comprehensive income (loss): | |||||
Net income | 631,255 | 631,255 | |||
Other comprehensive income (loss) | 10,575 | 10,575 | |||
Dividend | $ (100,014) | (100,014) | |||
End balance, value (in shares) at Dec. 31, 2023 | 179,494,132 | 179,494,132 | |||
End balance, value at Dec. 31, 2023 | $ 2,248,392 | $ 1,789 | $ 1,883,944 | $ 1,085,209 | $ (722,550) |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||||||||||
Dec. 22, 2023 | Sep. 26, 2023 | Jun. 26, 2023 | Mar. 24, 2023 | Feb. 09, 2023 | Feb. 10, 2022 | Feb. 09, 2021 | Feb. 06, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Dividends per common share (in usd per share) | $ 0.1375 | $ 0.1375 | $ 0.1375 | $ 0.1375 | $ 0.1375 | $ 0.125 | $ 0.1075 | $ 0.0975 | $ 0.55 | $ 0.50 | $ 0.43 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income | $ 631,255 | $ 353,404 | $ 369,448 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 72,530 | 86,849 | 109,124 |
Amortization of debt issuance costs (including loss on extinguishment of debt) | 1,967 | 2,376 | 2,678 |
Amortization of acquired intangible assets | 31,463 | 42,667 | 58,448 |
Write-down of intangible assets and property, plant and equipment | 0 | 1,377 | 915 |
Impairment charge on assets classified as held for sale | 0 | 32,575 | 0 |
Loss on sale of business classified as held for sale (refer to Note 8) | 802 | 0 | 0 |
Write-down of operating lease right-of-use assets and other assets | 0 | 20,307 | 0 |
Allowance for credit losses | 3,979 | 1,583 | 1,487 |
Unrealized loss/(gain) on revaluation of foreign currency asset/liability | (1,061) | 525 | (8,304) |
Stock-based compensation expense | 88,576 | 77,373 | 81,968 |
Deferred tax benefit | (157,932) | (29,151) | (9,263) |
Others, net | 1,477 | 863 | 623 |
Change in operating assets and liabilities: | |||
(Increase) in accounts receivable | (130,791) | (112,341) | (11,803) |
(Increase) decrease in prepaid expenses, other current assets, contract cost assets, operating lease right-of-use assets and other assets | (39,075) | 3,822 | 83,432 |
Increase (decrease) in accounts payable | (8,215) | 14,185 | 11,740 |
Increase (decrease) in accrued expenses, other current liabilities, operating lease liabilities and other liability | 1,862 | (54,329) | (2,057) |
Increase (decrease) in income taxes payable | (6,025) | 1,585 | 5,845 |
Net cash provided by operating activities | 490,812 | 443,670 | 694,281 |
Investing activities | |||
Purchase of property, plant and equipment | (55,421) | (50,614) | (53,341) |
Payment for internally generated intangible assets (including intangibles under development) | (3,356) | (3,775) | (3,907) |
Proceeds from sale of property, plant and equipment and intangibles assets | 25 | 60 | 6,384 |
Payment for business acquisitions, net of cash acquired | (682) | (33) | (72,025) |
Proceeds from/(payment) for divestiture of business | (19,510) | 17,769 | 0 |
Proceeds from sale of investment | 0 | 0 | 142 |
Net cash used for investing activities | (78,944) | (36,593) | (122,747) |
Financing activities | |||
Repayment of finance lease obligations | (12,165) | (12,810) | (13,926) |
Payment of debt issuance costs | 0 | (3,045) | (3,029) |
Proceeds from long-term debt | 0 | 239,130 | 350,000 |
Repayment of long-term debt | (19,875) | (620,130) | (34,002) |
Proceeds from short-term borrowings | 148,000 | 261,000 | 0 |
Repayment of short-term borrowings | (289,000) | (110,000) | (250,000) |
Proceeds from issuance of common shares under stock-based compensation plans | 39,485 | 27,751 | 35,051 |
Payment for net settlement of stock-based awards | (21,529) | (44,942) | (35,717) |
Payment of earn-out consideration | (2,399) | (2,437) | (2,556) |
Dividend paid | (100,014) | (91,837) | (80,479) |
Payment for stock repurchased and retired (including expenses related to stock repurchase) | (225,499) | (214,082) | (298,219) |
Others | 0 | 0 | (6) |
Net cash used for financing activities | (482,996) | (571,402) | (332,883) |
Effect of exchange rate changes | 8,033 | (88,368) | (19,633) |
Net increase (decrease) in cash and cash equivalents | (71,128) | (164,325) | 238,651 |
Cash and cash equivalents at the beginning of the period | 646,765 | 899,458 | 680,440 |
Cash and cash equivalents at the end of the period | 583,670 | 646,765 | 899,458 |
Supplementary information | |||
Cash paid during the period for interest (including interest rate swaps) | 47,989 | 51,147 | 46,348 |
Cash paid during the period for income taxes, net of refunds | 156,733 | 145,979 | 31,761 |
Property, plant and equipment acquired under finance lease obligations | $ 2,459 | $ 7,078 | $ 286 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization | Organization The Company is a global professional services firm that drives digitally-led innovation and runs digitally-enabled intelligent operations for its clients, guided by its experience running thousands of processes for hundreds of global companies. The Company has over 129,100 employees serving clients in key industry verticals from more than 35 countries. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies (a) Basis of preparation and principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-K. The accompanying consolidated financial statements reflect all adjustments that management considers necessary for a fair presentation of the results of operations for these periods . The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of Genpact Limited, a Bermuda company, and all of its subsidiaries that are more than 50% owned and controlled. When the Company does not have a controlling interest in an entity but exerts significant influence over the entity, the Company applies the equity method of accounting. All intercompany transactions and balances are eliminated on consolidation. (b) Use of estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, intangible assets and goodwill, revenue recognition, allowance for credit losses, valuation allowances for deferred tax assets, the valuation of derivative financial instruments, the measurement of lease liabilities and right-of-use ("ROU") assets, measurements of stock-based compensation, assets and obligations related to employee benefits, the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, variable consideration, other obligations for revenue recognition, unrecognized tax benefits and other contingencies. Management believes that the estimates used in the preparation of the consolidated financial statements are reasonable. Although these estimates and assumptions are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates. Any changes in estimates are adjusted prospectively in the Company’s consolidated financial statements. (c) Business combinations, goodwill and other intangible assets The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standard Codification ("ASC") Topic 805, Business Combinations, by recognizing the identifiable tangible and intangible assets acquired and liabilities assumed, and any non-controlling interest in the acquired business, measured at their acquisition date fair values. Contingent consideration is included within the acquisition cost and is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is re-measured to fair value as of each reporting date until the contingency is resolved. Changes in fair value are recognized in earnings. All assets and liabilities of the acquired businesses, including goodwill, are assigned to reporting units. Acquisition-related costs are expensed as incurred under selling, general and administrative expenses. Goodwill represents the cost of acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased. Goodwill is not amortized but is tested for impairment at least on an annual basis on December 31, based on a number of factors, including operating results, business plans and future cash flows. The Company performs an assessment of qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Based on the assessment of events or circumstances, the Company performs a quantitative assessment of goodwill impairment if it determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, based on the quantitative impairment analysis, the carrying value of the goodwill of a reporting unit exceeds the fair value of such goodwill, an impairment loss is recognized in an amount equal to the excess. In addition, the Company performs a qualitative assessment of goodwill impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. See Note 10 for information and related disclosures. 2. Summary of significant accounting policies (Continued) Intangible assets acquired individually or with a group of other assets or in a business combination and developed internally are carried at cost less accumulated amortization and accumulated impairment loss based on their estimated useful lives as follows: Customer-related intangible assets 1 - 9 years Marketing-related intangible assets 1 - 8 years Technology-related intangible assets 2 - 10 years Intangible assets are amortized over their estimated useful lives using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise realized. In business combinations where the fair value of identifiable tangible and intangible net assets purchased exceeds the cost of the acquired business, the Company recognizes the resulting gain under “Other operating (income) expense, net” in the consolidated statements of income. The Company also capitalizes certain software and technology-related development costs incurred in connection with developing or obtaining software or technology for sale to customers when the initial design phase is completed and commercial and technological feasibility has been established. Any development cost incurred before technological feasibility is established is expensed as incurred as research and development costs. Technological feasibility is established upon completion of a detailed design program or, in its absence, completion of a working model. Capitalized software and technology costs include only (i) external direct costs of materials and services utilized in developing or obtaining software and technology and (ii) compensation and related benefits for employees who are directly associated with the project. Costs incurred in connection with developing or obtaining software or technology for sale to customers which are under development and not put to use are disclosed under “intangible assets under development.” Advances paid towards the acquisition of intangible assets outstanding as of each balance sheet date are disclosed under “intangible assets under development.” Capitalized software and technology costs are included in intangible assets under technology-related intangible assets on the Company’s consolidated balance sheets and are amortized on a straight-line basis when placed into service over the estimated useful lives of the software and technology. The Company evaluates the remaining useful life of intangible assets that are being amortized at each reporting period wherever events and circumstances warrant a revision to the remaining period of amortization, and the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. (d) Financial instruments and concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk are reflected principally in cash and cash equivalents, derivative financial instruments and accounts receivable. The Company places its cash and cash equivalents and derivative financial instruments with corporations and banks with high investment grade ratings, limits the amount of credit exposure with any one corporation or bank and conducts ongoing evaluations of the creditworthiness of the corporations and banks with which it does business. To reduce its credit risk on accounts receivable, the Company conducts ongoing credit evaluations of its customers. (e) Accounts receivable Accounts receivable are recorded at the invoiced or to be invoiced amount and do not bear interest. Amounts collected on trade accounts receivable are included in net cash provided by operating activities in the consolidated statements of cash flows. The Company maintains an allowance for current expected credit losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses which are adjusted to current market conditions and a reasonable and supportable forecast. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. 2. Summary of significant accounting policies (Continued) The Company uses revolving accounts receivable-based facilities in the normal course of business as part of managing its cash flows. The Company accounts for receivables sold under these facilities as a sale of financial assets pursuant to ASC 860 “Transfers and Servicing” and de-recognizes these receivables, as well as the related allowances, from its balance sheets. Generally, the fair value of accounts receivable sold approximates their book value due to their short-term nature, and any gains or losses on the sale of these receivables are recorded at the time of transfer and included under "interest income (expense), net" in the Company’s consolidated statements of income. (f) Revenue Recognition The Company derives its revenue primarily from business process management services, including analytics, consulting and related digital solutions and information technology services, which are provided primarily on a time-and-material, transaction or fixed-price basis. The Company recognizes revenue upon the transfer of control of promised services to its customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. Revenues from services rendered under time-and-materials and transaction-based contracts are recognized as the services are provided. The Company’s fixed-price contracts include contracts for customization of applications, maintenance and support services. Revenues from these contracts are recognized ratably over the term of the agreement. The Company accrues for revenue and unbilled receivables for services rendered between the last billing date and the balance sheet date. The Company’s contracts with its customers also include incentive payments received for discrete benefits delivered or promised to be delivered to the customer or service level agreements that could result in credits or refunds to the customer. Revenues relating to such arrangements are accounted for as variable consideration when the amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur. The Company records deferred revenue attributable to certain process transition activities where such activities do not represent separate performance obligations. Revenues relating to such transition activities are classified under contract liabilities and subsequently recognized ratably over the period in which the related services are performed. Costs relating to such transition activities are fulfillment costs which are directly related to the contract and result in the generation or enhancement of resources. Such costs are expected to be recoverable under the contract and are therefore classified as contract cost assets and recognized ratably over the estimated expected period of benefit under cost of revenue. Revenues are reported net of value-added tax, business tax and applicable discounts and allowances. Reimbursements of out-of-pocket expenses received from customers have been included as part of revenues. Revenue for performance obligations that are satisfied over time is recognized in accordance with the methods prescribed for measuring progress. The input (cost expended) method has been used to measure progress towards completion as there is a direct relationship between input and the satisfaction of a performance obligation. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the current contract estimates. The Company enters into multiple-element revenue arrangements in which a customer may purchase a combination of products or services. The Company determines whether each product or service promised to a customer is capable of being distinct, and is distinct in the context of the contract. If not, the promised products or services are combined and accounted for as a single performance obligation. In the event of a multiple-element revenue arrangement, the Company allocates the arrangement consideration to separately identifiable performance obligations based on their relative stand-alone selling prices. 2. Summary of significant accounting policies (Continued) Certain contracts may include offerings such as sale of licenses, which may be perpetual or subscription-based. Revenue from distinct perpetual licenses is recognized upfront at the point in time when the software is made available to the customer. Revenue from distinct, non-cancellable, subscription-based licenses is recognized at the point in time when the license is transferred to the customer. Revenue from any associated maintenance or ongoing support services is recognized ratably over the term of the contract. For a combined software license/services performance obligation, revenue is recognized over the period that the services are performed. All incremental and direct costs incurred for acquiring contracts, such as certain sales commissions, are classified as contract cost assets. Such costs are amortized over the expected period of benefit and recorded under selling, general and administrative expenses. Other upfront fees paid to customers are classified as contract assets. Such fees are amortized over the expected period of benefit and recorded as an adjustment to the transaction price and deducted from revenue. Timing of revenue recognition may differ from the timing of invoicing. If a payment is received in respect of services prior to the delivery of services, the payment is recognized as an advance from the customer and classified as a contract liability. Contract assets and contract liabilities relating to the same customer contract are offset against each other and presented on a net basis in the consolidated financial statements. (g) Leases At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on whether: (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all the economic benefits from the use of the asset throughout the term of the contract, and (3) the Company has the right to direct the use of the asset. At the inception of a lease, the consideration in the contract is allocated to each lease component based on its relative standalone price to determine the lease payments. Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any one of the above criteria. For all leases at the lease commencement date, a right-of-use (ROU) asset and a lease liability are recognized. The lease liability represents the present value of the lease payments under the lease. Lease liabilities are initially measured at the present value of the lease payments not yet paid, discounted using the discount rate for the lease at the lease commencement. The lease liabilities are subsequently measured on an amortized cost basis. The lease liability is adjusted to reflect interest on the liability and the lease payments made during the period. Interest on the lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. The ROU asset represents the right to use the leased asset for the lease term. The ROU asset for each lease initially includes the amount of the initial measurement of the lease liability adjusted for any lease payments made to the lessor at or before the commencement date, accrued lease liabilities and any lease incentives received or any initial direct costs incurred by the Company. The ROU asset of finance leases is subsequently measured at cost, less accumulated amortization. The ROU asset of operating leases is subsequently measured from the carrying amount of the lease liability at the end of each reporting period, and is equal to the carrying amount of lease liabilities adjusted for (1) unamortized initial direct costs, (2) prepaid/(accrued) lease payments and (3) the unamortized balance of lease incentives received. The carrying value of ROU assets is reviewed for impairment, similar to long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company has elected to not separate lease and non-lease components for all of its leases and to use the recognition exemptions for lease contracts that, at commencement date, have a lease term of 12 months or less and do not contain a purchase option (“short-term leases” ). 2. Summary of significant accounting policies (Continued) Significant judgements The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. Under certain of its leases, the Company has a renewal and termination option to lease assets for additional terms between one The Company has applied an incremental borrowing rate for the purpose of computing lease liabilities based on the remaining lease term and the rates prevailing in the jurisdictions where leases were executed. (h) Cost of revenue Cost of revenue primarily consists of salaries and benefits (including stock-based compensation), recruitment, training and related costs of employees who are directly responsible for the performance of services for customers, their supervisors and certain support personnel who may be dedicated to a particular customer or a set of processes. It also includes operational expenses, which consist of facilities maintenance expenses, travel and living expenses, rent, IT expenses, and consulting and certain other expenses. Consulting charges represent the cost of consultants and contract resources with specialized skills who are directly responsible for the performance of services for clients and travel and other billable costs related to the Company’s clients. It also includes depreciation of property, plant and equipment, and amortization of intangible and ROU assets which are directly related to providing services that generate revenue. (i) Selling, general and administrative expenses Selling, general and administrative ("SG&A") expenses consist of expenses relating to salaries and benefits (including stock-based compensation) as well as costs related to recruitment, training and retention of senior management and other support personnel in enabling functions such as human resources, finance, legal, marketing, sales and sales support, and other support personnel. The operational costs component of SG&A expenses also includes travel and living costs for such personnel. SG&A expenses also include acquisition-related costs, legal and professional fees (which represent the costs of third party legal, tax, accounting and other advisors), investment in research and development, digital technology, advanced automation and robotics, and an allowance for credit losses. It also includes depreciation of property, plant and equipment, and amortization of intangibles and ROU assets other than those included in cost of revenue. (j) Credit losses An allowance for credit losses is recognized for all debt instruments other than those held at fair value through profit or loss. The Company pools its accounts receivable (other than deferred billings) based on similar risk characteristics in estimating expected credit losses. Credit losses for accounts receivable are based on the roll-rate method, and the Company recognizes a loss allowance based on lifetime expected credit losses at each reporting date. The Company has established a provision matrix based on historical credit loss experience, adjusted for forward-looking factors and the economic environment. The Company believes the most relevant forward-looking factors are economic environment, gross domestic product, inflation rates and unemployment rates for each of the countries in which the Company or its customers operate, and accordingly the Company adjusts historical loss rates based on expected changes in these factors. At every reporting date, observed historical default rates are updated to reflect changes in the Company’s forward-looking estimates. Credit losses for other financial assets and deferred billings are based on the discounted cash flow (“DCF”) method. Under the DCF method, the allowance for credit losses reflects the difference between the contractual cash flows due in accordance with the contract and the present value of the cash flows expected to be collected. The expected cash flows are discounted at the effective interest rate of the financial asset. Such allowances are based on the credit losses expected to arise over the life of the asset which includes consideration of prepayments based on the Company’s expectation as of the balance sheet date. 2. Summary of significant accounting policies (Continued) A financial asset is written off when it is deemed uncollectible and there is no reasonable expectation of recovering the contractual cash flows. Expected recoveries of amounts previously written off, not to exceed the aggregate amounts previously written off, are included in determining the allowance at each reporting period. Credit losses are presented as a credit loss expense within “Selling, general and administrative expenses.” Subsequent recoveries of amounts previously written off are credited against the same line item. (k) 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. (l) Short-term investments All liquid investments with an original maturity greater than three months but less than one year are considered to be short-term investments. Marketable short-term investments are classified and accounted for as available-for-sale investments. Available-for-sale investments are reported at fair value with changes in unrealized gains and losses recorded as a separate component of other comprehensive income (loss) until realized. Realized gains and losses on investments are determined based on the specific identification method and are included in “Other income (expense), net.” The Company does not hold these investments for speculative purposes. (m) Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and amortization and accumulated impairment loss. Expenditures for replacements and improvements are capitalized, whereas the costs of maintenance and repairs are charged to earnings as incurred. The Company depreciates and amortizes all property, plant and equipment using the straight-line method over the following estimated economic useful lives of the assets: Years Buildings 40 Furniture and fixtures 4 Computer equipment and servers 4 Plant, machinery and equipment 4 Computer software 4 - 7 Leasehold improvements Lease period or 10 years, whichever is less Vehicles 3 - 4 The Company capitalizes certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, (ii) compensation and related benefits for employees who are directly associated with the software project, and (iii) interest costs incurred while developing internal-use computer software. Capitalized computer software costs are included in property, plant and equipment on the Company’s consolidated balance sheets and amortized on a straight-line basis when placed into service over the estimated useful lives of the software. Advances paid towards acquisition of property, plant and equipment outstanding as of each balance sheet date and the cost of property, plant and equipment not put to use before such date are disclosed under “Capital work in progress.” 2. Summary of significant accounting policies (Continued) (n) 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. (o) Foreign currency The Company’s consolidated financial statements are reported in U.S. dollars, the Company’s functional currency. The functional currency for the Company’s subsidiaries organized in Europe, other than the United Kingdom, the Czech Republic, Luxembourg and one subsidiary in Poland, is the euro, and the functional currencies of the Company’s subsidiaries organized in Brazil, China, Colombia, Guatemala, Argentina, India, Israel, Japan, Morocco, South Africa, the Philippines, Poland, the Czech Republic, Hong Kong, Singapore, Australia and Canada are their respective local currencies. The functional currency of all other Company subsidiaries is the U.S. dollar. The translation of the functional currencies of the Company’s subsidiaries into U.S. dollars is performed for balance sheet accounts using the exchange rates in effect as of the balance sheet date and for revenues and expense accounts using a monthly average exchange rate prevailing during the respective period. The gains or losses resulting from such translation are reported as currency translation adjustments under other comprehensive income (loss), net, under accumulated other comprehensive income (loss) as a separate component of equity. Monetary assets and liabilities of each subsidiary denominated in currencies other than the subsidiary’s functional currency are translated into their respective functional currency at the rates of exchange prevailing on the balance sheet date. Transactions of each subsidiary in currencies other than the subsidiary’s functional currency are translated into the respective functional currencies at the average monthly exchange rate prevailing during the period of the transaction. The gains or losses resulting from foreign currency transactions are included in the consolidated statements of income. (p) Derivative instruments and hedging activities In the normal course of business, the Company uses derivative financial instruments to manage fluctuations in foreign currency exchange rates and interest rate fluctuation. The Company enters into forward foreign exchange contracts to mitigate the risk of changes in foreign exchange rates on intercompany transactions and forecasted transactions denominated in foreign currencies and interest rate swaps to mitigate interest rate fluctuation risk on its indebtedness. The Company recognizes derivative instruments and hedging activities as either assets or liabilities in its consolidated balance sheets and measures them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting. Changes in the fair values of derivatives designated as cash flow hedges are deferred and recorded as a component of other comprehensive income (loss) reported under accumulated other comprehensive income (loss) until the hedged transactions occur and are then recognized in the consolidated statements of income along with the underlying hedged item and disclosed as part of “Total net revenues,” “Cost of revenue,” “Selling, general and administrative expenses,” and “Interest expense,” as applicable. Changes in the fair value of derivatives not designated as hedging instruments and the ineffective portion of derivatives designated as cash flow hedges are recognized in the consolidated statements of income and are included in foreign exchange gains (losses), net, and other income (expense), net, respectively. With respect to derivatives designated as cash flow hedges, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. The Company also formally assesses, both at the inception of the hedge and on a quarterly basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If it is determined that a derivative or portion thereof is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, the Company will prospectively discontinue hedge accounting with respect to that derivative instrument. 2. Summary of significant accounting policies (Continued) 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). (q) Income taxes The Company calculates and provides for income taxes in each of the tax jurisdictions in which it operates. 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 income taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and for all operating loss and tax credit carry forwards, if any. Deferred tax assets and liabilities are measured using the enacted tax rates of the respective jurisdictions which are expected to apply to taxable income in the years in which the related temporary differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in the consolidated statements of income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance to the amount, based on the weight of available evidence, that is more likely than not to be realized. The Company applies a two-step approach for recognizing and measuring the benefit of tax positions. The first step is t |
Business acquisitions
Business acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business acquisitions | Business acquisitions (a) Hoodoo Digital, LLC On December 31, 2021, the Company acquired 100% of the outstanding equity/limited liability company interests in Hoodoo Digital, LLC, a Utah limited liability company, for total purchase consideration of $66,721. This amount represents cash consideration of $64,439, net of cash acquired of $2,283. The total purchase consideration paid by the Company to the sellers on the closing date was $67,695, resulting in a recoverable of $973 as of the closing date, which was subsequently received. The Company has made measurement period adjustments of $1,688 related to taxes during the year ended December 31, 2022. The Company paid $682 to the sellers in 2023 and no portion of the purchase consideration is outstanding as of December 31, 2023. This acquisition furthered the Company's strategy to fuse experience and process innovation to help clients drive end-to-end digital transformation. Hoodoo Digital’s expertise with Adobe Experience Manager and other Adobe applications expands the Company's existing capabilities to provide clients with an end-to-end solution that integrates digital content, e-commerce, data analytics, and marketing operations. In connection with this acquisition, the Company recorded $16,200 in customer-related intangibles and $2,400 in marketing-related intangibles which have a weighted average amortization period of five years. Goodwill arising from the acquisition amounting to $46,033 has been allocated using a relative fair value allocation method to each of the Company’s reporting segments as follows: to the Financial Services segment in the amount of $4,338, to the Consumer and Healthcare segment in the amount of $7,321 and to the High Tech and Manufacturing segment in the amount of $34,374. Goodwill arising from this acquisition is deductible for income tax purposes. The goodwill represents primarily the acquired capabilities and other benefits expected to result from combining the acquired operations with the Company’s existing operations. Acquisition-related costs of $1,177 have been included in selling, general and administrative expenses as incurred. In connection with the acquisition, the Company also acquired certain assets with a value of $5,629 and assumed certain liabilities amounting to $1,852. The agreement with the sellers provides a full indemnity to the Company for all pre-closing income and non-income tax liabilities up to a maximum of the purchase consideration, including interest and penalties thereon. The Company would not be financially or materially affected by any liabilities that may arise from such exposures. Accordingly, the Company recognized an indemnification asset of $278 based on the information that was available at the date of the acquisition, which is included in the assets taken over by the Company. The results of operations of the acquired business and the fair value of the acquired assets and assumed liabilities are included in the Company’s consolidated financial statements with effect from the date of the acquisition. |
Accounts receivable, net of all
Accounts receivable, net of allowance for credit losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts receivable, net of allowance for credit losses | Accounts receivable, net of allowance for credit losses The following table provides details of the Company’s allowance for credit losses: Year ended December 31, 2021 2022 2023 Opening balance as of January 1 $ 27,707 $ 24,329 $ 20,442 Additions (net), charged to income statement 910 2,096 3,081 Deductions/effect of exchange rate fluctuations (4,288) (5,983) (5,245) Closing balance $ 24,329 $ 20,442 $ 18,278 Accounts receivable were $1,015,197 and $1,134,551, and allowances for credit losses were $20,442 and $18,278, resulting in net accounts receivable balances of $994,755 and $1,116,273 as of December 31, 2022 and 2023, respectively. During the year ended December 31, 2022, the Company sold certain accounts receivable amounting to $2,180 and classified $2,341 as assets held for sale relating to a business previously classified as held for sale, the sale of which was completed in the first quarter of 2023. See Note 8 for additional information. The Company has a revolving accounts receivable-based facility of $100,000 and $75,000 as of December 31, 2022 and 2023, respectively, permitting it to sell accounts receivable to banks on a non-recourse basis in the ordinary course of business. The aggregate maximum capacity utilized by the Company at any time during the periods ended December 31, 2022 and 2023 was $33,030 and $51,367, respectively. The principal amount outstanding against this facility as of December 31, 2022 and 2023 was $33,030 and $51,344, respectively. The cost of factoring such accounts receivable during the years ended December 31, 2021, 2022 and 2023 was $40, $601 and $2,013, respectively. Gains or losses on the sales are recorded at the time of transfer of the accounts re ceivable and are included under "interest income (expense), net" in the Company's consolidated statements of income. The Company also has arrangements with financial institutions that manage the accounts payable program for certain of the Company's large clients. The Company sells certain accounts receivable pertaining to such clients to these financial institutions on a non-recourse basis. There is no cap on the value of accounts receivable that can be sold under these arrangements. The Company used these arrangements to sell accounts receivable amounting to $299,875 and $324,401 during the years ended December 31, 2022 and December 31, 2023, respectively, which also represents the maximum capacity utilized under these arrangements in each such year. The cost of factoring such accounts receivable during the years ended December 31, 2021, 2022 and 2023 was $1,295, $4,154 and $7,921, respectively. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements The Company measures certain financial assets and liabilities, including derivative instruments, at fair value on a recurring basis. The fair value measurements of these financial assets and liabilities were determined using the following inputs as of December 31, 2022 and 2023: As of December 31, 2022 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Assets Derivative instruments (Note a, c) $ 21,687 $ — $ 21,687 $ — Deferred compensation plan assets (Note a, e) 40,261 — — 40,261 Total $ 61,948 $ — $ 21,687 $ 40,261 Liabilities Earn-out consideration (Note b, d) $ 2,517 $ — $ — $ 2,517 Derivative instruments (Note b, c) 38,817 — 38,817 — Deferred compensation plan liability (Note b, f) 39,654 — — 39,654 Total $ 80,988 $ — $ 38,817 $ 42,171 5. Fair value measurements (Continued) As of December 31, 2023 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Assets Derivative instruments (Note a, c) $ 22,307 $ — $ 22,307 $ — Deferred compensation plan assets (Note a, e) 51,983 — — 51,983 Total $ 74,290 $ — $ 22,307 $ 51,983 Liabilities Derivative instruments (Note b, c) 17,363 — 17,363 — Deferred compensation plan liability (Note b, f) 51,354 — — 51,354 Total $ 68,717 $ — $ 17,363 $ 51,354 (a) Derivative assets are included in “prepaid expenses and other current assets” and “other assets” in the consolidated balance sheets. Deferred compensation plan assets are included in “other assets” in the consolidated balance sheets. (b) Included in “accrued expenses and other current liabilities” and “other liabilities” in the consolidated balance sheets. (c) The Company values its derivative instruments based on market observable inputs, including both forward and spot prices for the relevant currencies and interest rate indices for relevant interest rates. The quotes are taken from an independent market database. (d) The fair value of earn-out consideration, calculated as the present value of expected future payments to be made to the sellers of acquired businesses, was derived by estimating the future financial performance of the acquired businesses using the earn-out formula and performance targets specified in each purchase agreement and adjusting the result to reflect the Company’s estimate of the likelihood of achievement of such targets. Given the significance of the unobservable inputs, the valuations are classified in level 3 of the fair value hierarchy. (e) Deferred compensation plan assets consist of life insurance policies held under a Rabbi Trust. Assets held in the Rabbi Trust are valued based on the cash surrender value of the insurance contract, which is determined based on the fair value of the underlying assets included in the insurance portfolio and are therefore classified within level 3 of the fair value hierarchy. (f) The fair value of the deferred compensation plan liability is derived based on the fair value of the underlying assets in the insurance policies and is therefore classified within level 3 of the fair value hierarchy. The following table provides a roll-forward of the fair value of earn-out consideration categorized as level 3 in the fair value hierarchy for the years ended December 31, 2022 and 2023: Year ended December 31, 2022 2023 Opening balance $ 5,406 $ 2,517 Payments made on earn-out consideration (2,437) (2,399) Change in fair value of earn-out consideration (Note a) (452) (118) Closing balance $ 2,517 $ — (a) Changes in the fair value of earn-out consideration are reported in “other operating (income) expense, net” in the consolidated statements of income. 5. Fair value measurements (Continued) The following table provides a roll-forward of the fair value of deferred compensation plan assets categorized as level 3 in the fair value hierarchy for the years ended December 31, 2022 and 2023: Year ended December 31, 2022 2023 Opening balance $ 38,584 $ 40,261 Additions (net of redemption) 9,257 4,216 Change in fair value of deferred compensation plan assets (Note a) (7,580) 7,506 Closing balance $ 40,261 $ 51,983 (a) Changes in the fair value of plan assets are reported in “other income (expense), net” in the consolidated statements of income. The following table provides a roll-forward of the fair value of deferred compensation liabilities categorized as level 3 in the fair value hierarchy for the years ended December 31, 2022 and 2023: Year ended December 31, 2022 2023 Opening balance $ 38,007 $ 39,654 Additions (net of redemption) 9,257 4,216 Change in fair value of deferred compensation plan liabilities (Note a) (7,610) 7,484 Closing balance $ 39,654 $ 51,354 (a) Changes in the fair value of deferred compensation liabilities are reported in “selling, general and administrative expenses” in the consolidated statements of income. |
Derivative financial instrument
Derivative financial instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | Derivative financial instruments The Company is exposed to the risk of rate fluctuations on its foreign currency assets and liabilities and on foreign currency denominated forecasted cash flows and interest rates. The Company has established risk management policies, including the use of derivative financial instruments to hedge foreign currency assets and liabilities, foreign currency denominated forecasted cash flows and interest rate risk. These derivative financial instruments consist of deliverable and non-deliverable forward foreign exchange contracts, treasury rate locks and interest rate swaps. The Company enters into these contracts with counterparties that are banks or other financial institutions, and the Company considers the risk of non-performance by such counterparties not to be material. The forward foreign exchange contracts and interest rate swaps mature during a period of up to 60 months and the forecasted transactions are expected to occur during the same period. 6. Derivative financial instruments (Continued) The following table presents the aggregate notional principal amounts of outstanding derivative financial instruments together with the related balance sheet exposure: Notional principal amounts (Note a) Balance sheet exposure asset (liability) (Note b) As of December 31, 2022 As of December 31, 2023 As of December 31, 2022 As of December 31, 2023 Foreign exchange forward contracts denominated in: United States Dollars (sell) Indian Rupees (buy) $ 1,587,500 $ 1,892,800 $ (25,581) $ 5,278 United States Dollars (sell) Mexican Peso (buy) 24,000 66,000 1,079 2,129 United States Dollars (sell) Philippines Peso (buy) 79,200 118,500 (828) 637 Euro (sell) United States Dollars (buy) 182,163 222,363 480 (3,499) Singapore Dollars (buy) United States Dollars (sell) 50,956 — 166 — Euro (sell) Romanian Leu (buy) 51,115 66,384 848 90 Japanese Yen (sell) Chinese Renminbi (buy) 8,185 52,562 (327) 803 United States Dollars (sell) Chinese Renminbi (buy) 41,000 40,800 605 (638) Pound Sterling (sell) United States Dollars (buy) 32,594 14,915 1,113 (398) United States Dollars (sell) Hungarian Font (buy) 12,000 32,000 828 809 Australian Dollars (sell) Indian Rupees (buy) 87,513 90,077 (452) (1,914) United States Dollars (Sell) Polish Zloty (buy) 24,000 51,000 1,372 3,046 Japanese Yen (sell) United States Dollars (buy) 10,000 7,000 (1,134) 323 Israeli Shekel (sell) United States Dollars (buy) 3,000 15,000 3 1,175 South African Rand (sell) United States Dollars (buy) 21,000 27,000 (1,652) 216 United States Dollars (sell) Brazilian Real (buy) — 4,000 — 55 United States Dollars (sell) Costa Rica Colon (buy) — 13,000 — 555 Pound Sterling (buy) United States Dollar (sell) — 22,300 — 669 United States Dollars (sell) Malaysian Ringgit (buy) — 18,000 — 161 Interest rate swaps (floating to fixed) 432,248 148,125 6,350 (4,553) $ (17,130) $ 4,944 (a) Notional amounts are key elements of derivative financial instrument agreements but do not represent the amount exchanged by counterparties and do not measure the Company’s exposure to credit, foreign exchange, interest rate or market risks. However, the amounts exchanged are based on the notional amounts and other provisions of the underlying derivative financial instrument agreements. Notional amounts are denominated in U.S. dollars. (b) Balance sheet exposure is denominated in U.S. dollars and denotes the mark-to-market impact of the derivative financial instruments on the reporting date. FASB guidance on derivatives and hedging requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the balance sheet. In accordance with the FASB guidance on derivatives and hedging, the Company designates foreign exchange forward contracts, interest rate swaps and treasury rate locks as cash flow hedges. Foreign exchange forward contracts are entered into to cover the effects of future exchange rate variability on forecasted revenues and purchases of services, and interest rate swaps and treasury rate locks are entered into to cover interest rate fluctuation risk. In addition to this program, the Company uses derivative instruments that are not accounted for as hedges under the FASB guidance in order to hedge foreign exchange risks related to balance sheet items, such as receivables and intercompany borrowings, that are denominated in currencies other than the Company’s underlying functional currency. 6. Derivative financial instruments (Continued) The fair value of the Company’s derivative instruments and their location in the Company’s financial statements are summarized in the table below: Cash flow hedges Non-designated As of December 31, 2022 As of December 31, 2023 As of December 31, 2022 As of December 31, 2023 Assets Prepaid expenses and other current assets $ 17,531 $ 13,273 $ 2,151 $ 5,783 Other assets $ 2,005 $ 3,251 $ — $ — Liabilities Accrued expenses and other current liabilities $ 23,662 $ 6,833 $ 11,495 $ 1,276 Other liabilities $ 3,660 $ 9,254 $ — $ — Cash flow hedges For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain (loss) on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction is recognized in the consolidated statements of income. Gains (losses) on the derivatives, representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness, are recognized in earnings as incurred. The Company executed a treasury rate lock agreement for $350,000 in connection with future interest payments to be made on its senior notes issued by Genpact Luxembourg S.à r.l. (“Genpact Luxembourg”) and Genpact USA, Inc. (“Genpact USA”), both wholly-owned subsidiaries of the Company, in March 2021 (the “2021 Senior Notes”), and the treasury rate lock was designated as a cash flow hedge. The treasury rate lock agreement was terminated on March 23, 2021 and a deferred gain was recorded in accumulated other comprehensive income and is being amortized to interest expense over the life of the 2021 Senior Notes. The remaining gain to be amortized related to the treasury rate lock agreement as of December 31, 2022 and 2023 was $530 and $368, respectively. In connection with cash flow hedges, the gains (losses) recorded as a component of other comprehensive income (loss) ("OCI"), and the related tax effects are summarized below: Year ended December 31, 2021 2022 2023 Before-Tax amount Tax (Expense) or Benefit Net of tax Amount Before-Tax Tax (Expense) or Benefit Net of tax Amount Before-Tax Tax (Expense) or Benefit Net of tax Amount Opening balance $ (10,921) $ 1,861 $ (9,060) $ 17,468 $ (3,404) $ 14,064 $ (7,255) $ 1,543 $ (5,712) Net gains (losses) reclassified into statement of income on completion of hedged transactions 7,628 (1,836) 5,792 (6,815) (413) (7,228) 13,871 (3,644) 10,227 Changes in fair value of effective portion of outstanding derivatives, net 36,017 (7,101) 28,916 (31,538) 4,534 (27,004) 21,931 (5,041) 16,890 Gain (loss) on cash flow hedging derivatives, net 28,389 (5,265) 23,124 (24,723) 4,947 (19,776) 8,060 (1,397) 6,663 Closing balance $ 17,468 $ (3,404) $ 14,064 $ (7,255) $ 1,543 $ (5,712) $ 805 $ 146 $ 951 6. Derivative financial instruments (Continued) The gains or losses recognized in other comprehensive income (loss) and their effects on financial performance are summarized below: Derivatives in Amount of Gain (Loss) Location of Gain (Loss) Amount of Gain (Loss) reclassified Year ended December 31, Year ended December 31, 2021 2022 2023 2021 2022 2023 Forward foreign $ 32,270 $ (44,873) $ 24,660 Revenue $ 1,354 $ 3,586 $ 1,256 Interest rate swaps 2,931 13,335 (2,729) Cost of revenue 11,155 (8,668) 3,715 Treasury rate lock 816 — — Selling, general and administrative expenses 3,012 (1,148) 565 Interest expense (7,893) (585) 8,335 $ 36,017 $ (31,538) $ 21,931 $ 7,628 $ (6,815) $ 13,871 There were no gains (losses) recognized in the statement of income on the ineffective portion of derivatives and excluded from effectiveness testing for the years ended December 31, 2021, 2022 and 2023, respectively. Non-designated Hedges Derivatives not designated as hedging instruments Location of Gain (Loss) recognized in Statement of Income on Derivatives Amount of Gain (Loss) recognized in Statement of Income on Derivatives Year ended December 31, 2021 2022 2023 Forward foreign exchange contracts (Note a) Foreign exchange gains (losses), net $ 12,116 $ (29,499) $ 13,462 a) These forward foreign exchange contracts were entered into to hedge fluctuations in foreign exchange rates for recognized balance sheet items, such as receivables and intercompany borrowings, and were not originally designated as hedges under FASB guidance on derivatives and hedging. Realized gains (losses) and changes in the fair value of these derivatives are recorded in foreign exchange gains (losses), net in the consolidated statements of income. |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid expenses and other current assets | Prepaid expenses and other current assets Prepaid expenses and other current assets consist of the following: As of December 31, 2022 2023 Advance income and non-income taxes $ 38,382 $ 90,136 Contract asset (Note 25) 11,613 17,454 Prepaid expenses 39,952 36,196 Derivative instruments 19,682 19,056 Employee advances 3,299 5,087 Deposits 5,372 4,406 Advances to suppliers 953 1,689 Others 18,719 17,542 Total $ 137,972 $ 191,566 During the year ended December 31, 2022, the Company sold certain prepaid expenses and other current assets amounting to $445 and classified $901 as assets held for sale relating to a business previously classified as held for sale, the sale of which was completed in the first quarter of 2023. See Note 8 for additional information. |
Assets and liabilities held for
Assets and liabilities held for sale | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and liabilities held for sale | Assets and liabilities held for sale During the year ended December 31, 2022, the Company took actions to realign its portfolio to focus on services it believes have the greatest opportunities for growth, and deprioritized assets that no longer fit with its long-term strategy. Pursuant to a plan approved by management in the second quarter of 2022, the Company identified and divested a business (the “Business”) that was part of the Company's Consumer and Healthcare segment. The transaction to divest the Business included the sale of 100% of the issued and outstanding shares of capital stock of an entity pursuant to a stock purchase agreement, which was completed in the fourth quarter of 2022. It also included the sale of certain assets and liabilities pursuant to an asset purchase agreement signed during the fourth quarter of 2022. The sale of such assets was completed in the first quarter of 2023. Pursuant to the stock purchase agreement related to the sale of the Business, the Company was entitled to a potential earn-out of up to $10,600, contingent upon the Business signing contracts with certain clients and invoicing them during 2023. The Company previously determined that the likelihood of achieving these events was uncertain, and accordingly, the Company opted to record the earn-out if and when the consideration was determined to be realizable. During the year ended December 31 2023, the Company did not receive any earn-out consideration under the stock purchase agreement as the earn-out events were not achieved. Accordingly, the Company did not record any income from earn-out consideration. Pursuant to the asset purchase agreement signed in 2022 related to the sale of the Business, the Company now holds a 1.5% fixed rate unsecured loan note amounting to $18,001 issued by the purchasers. The Company's obligation to transfer $18,001 to the purchasers in exchange for the note was satisfied in February 2023 upon the closing of the transaction. The note and interest thereon become receivable by the Company upon a future share sale, disposal or listing by the buyer group or early voluntary repayment of the note at the discretion of the buyer group. In November 2023, the Company and the purchaser signed a supplemental deed amending the loan note. Under the supplemental deed, the redemption period was shortened to six months from the execution of the supplemental deed, and the redemption sum was reduced to $1,500. However, if the Company does not receive the payment of the redemption sum within the revised six month redemption period, the loan note will remain in full force and effect under its original terms and value without modification or amendment under the supplemental deed. The Company deems the likelihood of recovery of principal and interest on the note to be remote and not in the control of the Company. Accordingly, the Company has not recorded a value for the note. The Company completed the sale of the Business in the first quarter of 2023, resulting in a net payout of $2,091 and a loss of $802 on the sale of the Business recorded in the year ended December 31, 2023 in addition to an impairment charge of $32,575 recorded in the year ended December 31, 2022. The loss on the sale of the Business previously classified as held for sale has been recorded in "other operating (income) expense, net" in the Company's consolidated statements of income. See Note 21 for additional information. |
Property, plant and equipment,
Property, plant and equipment, net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment, net | Property, plant and equipment, net Property, plant and equipment, net consist of the following: As of December 31, 2022 2023 Land $ 6,662 $ 6,652 Buildings 38,376 45,596 Furniture and fixtures 47,076 46,652 Computer equipment and servers 300,501 311,320 Plant, machinery and equipment 98,515 93,744 Computer software 118,547 118,646 Leasehold improvements 102,248 111,308 Vehicles 110 78 Capital work in progress 54,330 46,138 Property, plant and equipment, gross $ 766,365 $ 780,134 Less: Accumulated depreciation, amortization and impairment (585,607) (590,331) Property, plant and equipment, net $ 180,758 $ 189,803 Depreciation expense on property, plant and equipment for the years ended December 31, 2021, 2022 and 2023 was $62,159, $54,603 and $50,445, respectively. Computer software amortization for the years ended December 31, 2021, 2022 and 2023 was $5,842, $4,703 and $2,429, respectively. The depreciation and amortization expenses set forth above include the effect of the reclassification of foreign exchange (gains) losses related to the effective portion of foreign currency derivative contracts, amounting to $(430), $306 and $(24) for the years ended December 31, 2021, 2022 and 2023, respectively. The Company recorded a write-down to property, plant and equipment & computer software during the years ended December 31, 2021, 2022 and 2023 as described in Note 10. During the year ended December 31, 2022, the Company sold certain property plant and equipment with a gross carrying value and accumulated depreciation amounting to $377 and $355, respectively. See Note 8 for additional information. |
Goodwill and intangible assets
Goodwill and intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | Goodwill and intangible assets The following table presents the changes in goodwill for the year ended December 31, 2022 and 2023: As of December 31, 2022 2023 Opening balance $ 1,731,027 $ 1,684,196 Impact of measurement period adjustments 1,817 — Classified as held for sale (1,625) — Effect of exchange rate fluctuations (47,023) (414) Closing balance $ 1,684,196 $ 1,683,782 10. Goodwill and intangible assets (Continued) The following table presents the changes in goodwill by reporting unit for the year ended December 31, 2022: Financial Services Consumer and Healthcare High Tech and Manufacturing Total Opening balance $ 421,257 $ 611,120 $ 698,650 $ 1,731,027 Impact of measurement period adjustments 171 289 1,357 1,817 Classified as held for sale — (1,625) — (1,625) Effect of exchange rate fluctuations (12,692) (16,877) (17,454) (47,023) Closing balance $ 408,736 $ 592,907 $ 682,553 $ 1,684,196 The following table presents the changes in goodwill by reporting unit for the year ended December 31, 2023: Financial Services Consumer and Healthcare High Tech and Manufacturing Total Opening balance $ 408,736 $ 592,907 $ 682,553 $ 1,684,196 Effect of exchange rate fluctuations (62) (127) (225) (414) Closing balance $ 408,674 $ 592,780 $ 682,328 $ 1,683,782 During the years ended December 31, 2021, 2022 and 2023, in accordance with ASC 350, Intangibles-Goodwill and Other, the Company performed assessments 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 assessments for the years ended December 31, 2021, 2022 and 2023, the Company concluded that it is not more likely than not that the fair values of any of the Company’s reporting units are less than their carrying amounts. As of December 31, 2022, the Company classified goodwill (before impairment) amounting to $1,625 attributable to its Consumer and Healthcare segment as assets held for sale, and this amount was written off in the year ended December 31, 2022. See Note 8 for additional information. The total amount of the Company’s goodwill deductible for income tax purposes was $291,377 and $263,910 as of December 31, 2022 and 2023, respectively. The Company’s intangible assets are as follows: As of December 31, 2022 As of December 31, 2023 Gross carrying amount Accumulated amortization & Impairment Net Gross carrying amount Accumulated amortization & Impairment Net Customer-related intangible assets $ 473,997 $ 411,706 $ 62,291 $ 474,090 $ 436,104 $ 37,986 Marketing-related intangible assets 97,831 83,253 14,578 97,840 88,648 9,192 Technology-related intangible assets 126,406 113,560 12,846 129,600 123,750 5,850 Total $ 698,234 $ 608,519 $ 89,715 $ 701,530 $ 648,502 $ 53,028 Amortization expenses for intangible assets acquired as part of a business combination and disclosed in the consolidated statements of income under amortization of acquired intangible assets for the years ended December 31, 2021, 2022 and 2023 were $58,448, $42,667 and $31,463, respectively. 10. Goodwill and intangible assets (Continued) During the year ended December 31, 2022, the Company sold certain intangible assets with a gross carrying value and accumulated amortization amounting to $9,894 and $7,272, respectively, and classified certain intangible assets with a gross carrying value and accumulated amortization amounting to $40,538 and $16,989, respectively, as assets held for sale relating to the Business, the sale of which was completed in the first quarter of 2023. See Note 8 for additional information. Amortization expenses for internally-developed and other intangible assets disclosed in the consolidated statements of income under cost of revenue and selling, general and administrative expenses for the years ended December 31, 2021, 2022 and 2023 were $24,987, $14,768 and $8,571, respectively. Amortization expenses for the technology-related, internally-developed intangible assets set forth above include the effect of the reclassification of foreign exchange (gains) losses related to the effective portion of foreign currency derivative contracts, amounting to $(157), $51 and $(4) for the years ended December 31, 2021, 2022 and 2023, respectively. During the years ended December 31, 2021, 2022 and 2023, the Company tested for recoverability certain customer-related and technology-related intangible assets, including those under development, goodwill and certain property, plant and equipment, including those held for sale as a result of changes in market trends and the Company’s investment strategy, including the Company's decision to cease certain service offerings. Also see Note 8 for additional information. Based on the results of this testing, the Company determined that the carrying values of the assets tested were not recoverable, and the Company recorded complete write-downs of the carrying values of these assets amounting to $915, $29,173 and $0 for the years ended December 31, 2021, 2022 and 2023, respectively. These write-downs have been recorded in “ other operating (income) expense, net The summary below presents the impairment charges Year ended December 31, 2021 2022 2023 Technology related intangible assets $ 205 $ 25,266 $ — Customer related intangible assets $ — $ 905 $ — Goodwill $ — $ 1,625 $ — Total intangible assets and goodwill $ 205 $ 27,796 $ — Property, plant and equipment $ 710 $ 1,377 $ — Total property, plant and equipment $ 710 $ 1,377 $ — Total impairment and write-down $ 915 $ 29,173 $ — The estimated amortization schedule for the Company’s intangible assets for future periods as of December 31, 2023 is set out below: For the year ending December 31: 2024 28,276 2025 18,152 2026 3,895 2027 2,705 Total $ 53,028 |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other assets | Other Assets Other assets consist of the following: As of December 31, 2022 2023 Contract asset (Note 25) $ 6,734 $ 15,916 Advance income and non-income taxes 126,172 94,651 Deposits 22,524 22,755 Derivative instruments 2,005 3,251 Prepaid expenses 6,354 3,775 Deferred billings, net* 61,537 85,998 Right of use (ROU) assets finance lease 26,358 17,766 Others 52,450 55,848 Total $ 304,134 $ 299,960 *Deferred billings were $64,735 and $90,094 and allowances for credit losses on deferred billings were $3,198 and $4,096, resulting in net deferred billings balances of $61,537 and $85,998 as of December 31, 2022 and 2023, respectively. During the years ended December 31, 2021 and 2023, the Company recorded additional charges of $577 and $898, respectively, and a release of $513 during the year ended December 31, 2022 in the income statement on account of credit losses on deferred billings. During the year ended December 31, 2022, the Company sold certain other assets amounting to $0 and classified $1,765 as assets held for sale relating to the Business, the sale of which was completed in the first quarter of 2023. See Note 8 for additional information. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company has leased buildings, vehicles, furniture and fixtures, leased lines, computer equipment and servers from various lessors. Certain lease agreements include options to terminate or exten d the leases for up to 10 years. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease cost for operating and finance leases for the years ended December 31, 2021, 2022 and 2023 are summarized below: Year ended December 31, 2021 Year ended December 31, 2022 Year ended December 31, 2023 Finance lease cost: Amortization of ROU assets (Note a) 15,549 13,132 11,058 Interest on lease liabilities (Note b) 2,538 1,532 1,332 Operating lease cost (Note c) 81,637 68,172 60,629 Short-term lease cost (Note c) 1,057 1,563 1,963 Variable lease cost (Note c) 5,307 6,898 6,785 Total lease cost $ 106,088 $ 91,297 $ 81,767 a) Included in “depreciation and amortization” in the consolidated statements of income. b) Included in “interest income (expense), net” in the consolidated statements of income. c) Included in “cost of revenue” and “selling, general and administrative expenses” in the consolidated statements of income. ROU assets relating to finance leases of $26,358 and $17,766 as of December 31, 2022 and December 31, 2023, respectively, are included in “ other assets 12. Leases (Continued) Amortization of ROU assets as set out above includes the effect of the reclassification of foreign exchange (gains) losses related to the effective portion of foreign currency derivative contracts amounting to $(99), $71 and $(3) for the years ended December 31, 2021, 2022 and 2023, respectively. The operating lease cost set out above includes the effect of the reclassification of foreign exchange (gains) losses related to the effective portion of foreign currency derivative contracts amounting to $(333), $187 and $(74) for the years ended December 31, 2021, 2022 and 2023, respectively. Other information Year ended December 31, 2021 Year ended December 31, 2022 Year ended December 31, 2023 Weighted-average remaining lease term—finance leases 2.3 years 2.02 years 1.91 years Weighted-average remaining lease term—operating leases 5.76 years 5.41 years 5.06 years Weighted-average discount rate—finance leases 5.70 % 5.72 % 6.54 % Weighted-average discount rate—operating leases 6.98 % 7.80 % 8.33 % Year ended December 31, 2021 Year ended December 31, 2022 Year ended December 31, 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows for finance leases $ 2,592 $ 1,532 $ 1,332 Operating cash outflows for operating leases $ 80,159 $ 79,037 $ 70,176 Financing cash outflows for finance leases $ 13,926 $ 12,810 $ 12,165 The following table reconciles the undiscounted cash flows for the Company’s operating and finance leases as of December 31, 2022 to the finance and operating lease liabilities recorded on the Company’s consolidated balance sheets: Period range Finance lease Operating lease 2023 $ 16,382 $ 69,902 2024 8,681 61,017 2025 3,000 46,979 2026 830 40,638 2027 119 30,100 Thereafter — 52,466 Total lease payments $ 29,012 $ 301,102 Less: Imputed interest 1,625 56,641 Total lease liabilities $ 27,387 $ 244,461 12. Leases (Continued) The following table reconciles the undiscounted cash flows for the Company’s operating and finance leases as of December 31, 2023 to the operating and finance lease liabilities recorded on the Company’s consolidated balance sheets: Period range Finance lease Operating lease 2024 $ 11,779 $ 65,016 2025 4,061 51,690 2026 2,403 48,686 2027 930 40,886 2028 198 26,719 Thereafter — 35,177 Total lease payments $ 19,371 $ 268,174 Less: Imputed interest 1,660 49,846 Total lease liabilities $ 17,711 $ 218,328 During the years ended December 31, 2021, 2022 and 2023, the Company recorded impairment charges of $0, $20,307 and $0, respectively, relating to operating lease right-of-use assets due to the Company’s shift to a virtual operating environment. The impairment charge recorded in 2022 was classified as restructuring charges during the year ended December 31, 2022. See Note 27 for additional details. |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: As of December 31, 2022 2023 Accrued expenses $ 126,680 $ 165,378 Accrued employee cost 293,934 322,601 Earn-out consideration 2,517 — Statutory liabilities 82,912 76,022 Retirement benefits 1,725 2,386 Compensated absences 25,101 29,779 Derivative instruments 35,157 8,109 Contract liabilities (Note 25) 160,625 112,435 Finance lease liability 15,585 10,837 Others 46,771 31,633 Total $ 791,007 $ 759,180 During the year ended December 31, 2022, the Company sold certain accrued expense and other current liabilities amounting to $4,853 and classified $1,147 as liabilities held for sale relating to the Business, the sale of which was completed in the first quarter of 2023. See Note 8 for additional information. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt In December 2022, the Company amended its existing credit facility under its amended and restated credit agreement entered into in August 2018 (the "2018 Credit Agreement”), which was comprised of a $680,000 term loan and a $500,000 revolving credit facility, and entered into an amended and restated credit agreement (the "2022 Credit Agreement") with Genpact USA, Inc. (“Genpact USA”), Genpact Global Holdings (Bermuda) Limited (“GGH”) and Genpact Luxembourg S.à r.l. (“Genpact Luxembourg”, and together with Genpact USA and GGH, the “Borrowers”) , as borrowers, Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, swingline lender and issuing bank, and the lenders and other parties thereto, which is comprised of a $530,000 term loan and a $650,000 revolving credit facility. The 2022 Credit Agreement, which is guaranteed by the Company and certain of its subsidiaries, replaced the 2018 Credit Agreement. The obligations under the 2022 Credit Agreement are unsecured. The outstanding balance of the term loan under the 2018 Credit Agreement as of the date of the 2022 Credit Agreement was $527,000. The revolving credit facility and the term loan have a term of five years and expire on December 13, 2027. The 2022 Credit Agreement did not result in a substantial modification of $290,870 of the outstanding term loan under the 2018 Credit Agreement. Further, as a result of the 2022 Credit Agreement, the Company extinguished $236,130 of funding arrangements for the outstanding term loan under the 2018 Credit Agreement and obtained funding from new lenders of $239,130, resulting in outstanding principal of $530,000 of the term loan under the 2022 Credit Agreement. In connection with the 2022 Credit Agreement, the Company expensed $126, representing partial acceleration of the amortization of the existing unamortized debt issuance costs and an additional fee paid to the Company’s lenders related to the term loan. The overall borrowing capacity under the revolving credit facility increased from $500,000 under the 2018 Credit Agreement to $650,000 under the 2022 Credit Agreement. In connection with the 2022 Credit Agreement, the Company expensed $93 relating to existing unamortized debt issuance cost. The remaining unamortized costs and an additional third-party fee paid in connection with the 2022 Credit Agreement will be amortized over the term of the amended facility. Borrowings under the 2022 Credit Agreement bear interest at a rate equal to, at the election of the Company, either Adjusted Term SOFR (which is the rate per annum equal to (a) Term SOFR (the forward-looking secured overnight financing rate) plus (b) a Term SOFR Adjustment of 0.10% per annum, but in no case lower than 0.00%) plus an applicable margin equal to 1.375% per annum or a base rate plus an applicable margin equal to 0.375% per annum, in each case subject to adjustment based on the Borrowers' debt ratings provided by Standard & Poor’s Rating Services and Moody’s Investors Service, Inc. (the "Debt Ratings"). The revolving credit commitments under the 2022 Credit Agreement are subject to a commitment fee equal to 0.20% per annum, subject to adjustment based on the Debt Ratings. The commitment fee accrues on the actual daily amount by which the aggregate revolving commitments exceed the sum of outstanding revolving loans and letter of credit obligations. The 2022 Credit Agreement restricts certain payments, including dividend payments, if there is an event of default under the 2022 Credit Agreement or if the Company is not, or after making the payment would not be, in compliance with certain financial covenants contained in the 2022 Credit Agreement. These covenants require the Company to maintain a net debt to EBITDA leverage ratio of less than 3x and an interest coverage ratio of more than 3x. During the year ended December 31, 2023, the Company was in compliance with the terms of the 2022 Credit Agreement, including all of the financial covenants therein. The Company’s retained earnings are not subject to any restrictions on availability to make dividend payments to shareholders, subject to compliance with the financial covenants described above that are contained in the 2022 Credit Agreement. As of December 31, 2022 and 2023, the amount outstanding under the Company's term loan, net of debt amortization expense of $1,622 and $1,258, was $528,378 and $508,867, respectively. Indebtedness under the 2022 Credit Agreement is unsecured. The amount outstanding on the term loan as of December 31, 2023 requires quarterly payments of $6,625, and the balance of the loan is due and payable upon the maturity of the term loan on December 13, 2027. 14. Long-term debt (Continued) The maturity profile of the term loan outstanding as of December 31, 2023, net of debt amortization expense, is as follows: Year ended Amount 2024 32,778 2025 26,173 2026 26,192 2027 423,724 Total $ 508,867 Genpact Luxembourg, a wholly-owned subsidiary of the Company, issued $400,000 aggregate principal amount of 3.375% senior notes in November 2019 (the “2019 Senior Notes” and together with the 2021 Senior Notes, the “Senior Notes”). The 2019 Senior Notes are fully guaranteed by the Company. The total debt issuance cost of $2,937 incurred in connection with the 2019 Senior Notes offering is being amortized over the life of the 2019 Senior Notes as an additional interest expense. As of December 31, 2022 and 2023, the amount outstanding under the 2019 Senior Notes, net of debt amortization expense of $1,119 and $536, was $398,881 and $399,464, respectively, which is payable on December 1, 2024. In March 2021, Genpact Luxembourg and Genpact USA, both wholly-owned subsidiaries of the Company, co-issued $350,000 aggregate principal amount of 1.750% senior notes. The 2021 Senior Notes are fully guaranteed by the Company. The total debt issuance cost of $3,032 incurred in connection with the 2021 Senior Notes is being amortized over the life of the 2021 Senior Notes as additional interest expense. As of December 31, 2022 and 2023, the amount outstanding under the 2021 Senior Notes, net of debt amortization expense of $1,970 and $1,369, respectively, was $348,030 and $348,631, respectively, which is payable on April 10, 2026. The Company pays interest on (i) the 2019 Senior Notes semi-annually in arrears on June 1 and December 1 of each year, and (ii) the 2021 Senior Notes semi-annually in arrears on April 10 and October 10 of each year, ending on the maturity dates of December 1, 2024 and April 10, 2026, respectively. The Company, at its option, may redeem the Senior Notes at any time in whole or in part, at a redemption price equal to (i) 100% of the principal amount of the notes redeemed, together with accrued and unpaid interest on the redeemed amount, and (ii) if the notes are redeemed prior to, in the case of the 2019 Senior Notes, November 1, 2024, and in the case of the 2021 Senior Notes, March 10, 2026, a specified “make-whole” premium. The Senior Notes are subject to certain customary covenants, including limitations on the ability of the Company and certain of its subsidiaries to incur debt secured by liens, engage in certain sale and leaseback transactions and consolidate, merge, convey or transfer their assets substantially as an entirety. During the year ended December 31, 2022, the Company and its applicable subsidiaries were in compliance with the covenants. Upon certain change of control transactions, the applicable issuer or issuers will be required to make an offer to repurchase the Senior Notes at a price equal to 101% of the aggregate principal amount of the Senior Notes, plus accrued and unpaid interest. The interest rate payable on the Senior Notes is subject to adjustment if the credit rating of the Senior Notes is downgraded, up to a maximum increase of 2.0%. 14. Long-term debt (Continued) A summary of the Company’s long-term debt is as follows: As of December 31, 2022 2023 Credit facility, net of debt amortization expenses $ 528,378 $ 508,867 3.375% 2019 Senior Notes, net of debt amortization expenses 398,881 399,464 1.750% 2021 Senior Notes, net of debt amortization expenses $ 348,030 $ 348,631 Total $ 1,275,289 $ 1,256,962 Current portion 26,136 432,242 Non-current portion 1,249,153 824,720 Total $ 1,275,289 $ 1,256,962 |
Short-term borrowings
Short-term borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Short-term borrowings | Short-term borrowings The Company has the following borrowing facilities: (a) Fund-based and non-fund-based credit facilities with banks, which are available for operational requirements in the form of overdrafts, letters of credit, guarantees and short-term loans. As of December 31, 2022 and 2023, the limits available were $22,882 and $23,302, respectively, of which $5,392 and $9,336, respectively, was utilized, constituting non-funded drawdown. (b) A fund-based and non-fund based revolving credit facility of $650,000, which the Company obtained by entering into the 2022 Credit Agreement on December 13, 2022. The term loan and revolving credit facility under the 2022 Credit Agreement expire on December 13, 2027. (c) Borrowings under the 2022 Credit Agreement bear interest at a rate equal to, at the election of the Company, either Adjusted Term SOFR (which is the rate per annum equal to (a) Term SOFR (the forward-looking secured overnight financing rate) plus (b) a Term SOFR Adjustment of 0.10% per annum, but in no case lower than 0.0%) plus an applicable margin equal to 1.375% per annum or a base rate plus an applicable margin equal to 0.375% per annum. The unutilized amount on the revolving credit facilities under the 2018 Credit Agreement and the 2022 Credit Agreement bore a commitment fee of 0.20% as of December 31, 2022 and 2023. As of December 31, 2022 and 2023, a total of $153,658 and $11,627, respectively, was utilized, of which $151,000 and $10,000, respectively, constituted funded drawdown and $2,658 and $1,627, respectively, constituted non-funded drawdown. The 2022 Credit Agreement contains certain customary covenants, including a maximum leverage covenant and a minimum interest coverage ratio. During the year ended December 31, 2023, the Company was in compliance with the financial covenants of the 2022 Credit Agreement. |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other liabilities | Other liabilities Other liabilities consist of the following: As of December 31, 2022 2023 Accrued employee cost 14,120 3,329 Retirement benefits 10,694 13,947 Compensated absences 43,474 50,214 Derivative instruments 3,660 9,254 Contract liabilities (Note 25) 56,157 59,393 Finance lease liability 11,802 6,874 Others 75,701 91,937 Total $ 215,608 $ 234,948 During the year ended December 31, 2022, the Company sold certain other liabilities amounting to $0 and classified $141 as liabilities held for sale relating to the Business, the sale of which was completed in the first quarter of 2023. See Note 8 for additional information. |
Employee benefit plans
Employee benefit plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee benefit plans | Employee benefit plans The Company has employee benefit plans in the form of certain statutory and other programs covering its employees. Defined benefit plans In accordance with Indian law, the Company provides a defined benefit retirement plan (the “Gratuity Plan”) covering substantially all of its Indian employees. The Gratuity Plan provides a lump-sum payment to vested employees upon retirement or termination of employment in an amount based on each employee’s salary and duration of employment with the Company. The Gratuity Plan benefit cost for the year is calculated on an actuarial basis. The Company contributes the required funding for all ascertained liabilities to the Gratuity Plan. Trustees administer contributions made to the trust, and contributions are invested in specific designated instruments as permitted by Indian law. The Company’s overall investment strategy is to invest predominantly in fixed income funds managed by asset management companies and a small portion in equity funds. These funds further invest in debt securities such as money market instruments, government securities and public and private bonds. During the years ended December 31, 2022 and 2023, all of the plan assets were primarily invested in debt securities. In addition, in accordance with Mexican law, the Company provides certain termination benefits (the “Mexican Plan”) to all of its Mexican employees based on the age, duration of service and salary of each eligible employee. The full-year benefit cost of the Mexican Plan is calculated on an actuarial basis. In addition, certain of the Company’s subsidiaries organized or operating in the Philippines and Japan have sponsored defined benefit retirement programs (respectively, the “Philippines Plan” and the “Japan Plan”). The full-year benefit costs of the Philippines Plan and the Japan Plan are calculated on an actuarial basis. Company contributions in respect of these plans are made to insurer-managed funds or to a trust. The trust contributions are further invested in government bonds. In addition, in accordance with Israeli law, the Company provides certain termination benefits (the “Israeli Plan”) to all of its Israeli employees based on the age, duration of service and salary of each eligible employee. The full-year benefit cost of the Israeli Plan is calculated on an actuarial basis. The plan contributions are further invested into insurer managed funds. Current service costs for defined benefit plans are accrued in the year to which they relate on a monthly basis. Actuarial gains or losses, or prior service costs, if any, resulting from amendments to the plans are recognized and amortized over the remaining period of service of the employees or over the average remaining life expectancies for inactive employees if most of the plan obligations are payable to inactive employees. 17. Employee benefit plans (Continued) The following table sets forth the funded status of the Company’s defined benefit plans and the amounts recognized in the Company’s financial statements based on actuarial valuations carried out as of December 31, 2022 and 2023. As of December 31, 2022 2023 Change in benefit obligation Projected benefit obligation at the beginning of the year $ 91,782 $ 86,999 Service cost 14,248 15,099 Actuarial loss/(Gain) (2,136) 822 Interest cost 5,790 6,930 Benefits paid (12,602) (8,567) Settlements (875) 149 Curtailments (6) (6) Loss/(Gain) on exchange rate changes (9,202) 313 Projected benefit obligation at the end of the year $ 86,999 $ 101,739 Change in fair value of plan assets Fair value of plan assets at the beginning of the year $ 96,975 $ 80,440 Employer contributions 2,350 8,851 Actual gain on plan assets 4,704 7,255 Benefits paid (13,143) (8,567) Settlements (824) (657) (Loss)/Gain on exchange rate changes (9,622) (637) Fair value of plan assets at the end of the year $ 80,440 $ 86,685 Funded status, end of year $ (6,559) $ (15,054) Amounts recognized in the consolidated balance sheets Non-current assets (recorded under other assets-others) $ 5,860 $ 1,279 Current liabilities (recorded under accrued expenses and other current liabilities-retirement benefits) (1,725) (2,379) Non-current liabilities (recorded under other liabilities- retirement benefits) (10,694) (13,954) Funded status, end of year $ (6,559) $ (15,054) The change in defined benefit obligation for the years ended December 31, 2022 and 2023 is largely due to changes in actuarial assumptions pertaining to discount rates and exchange rate fluctuations. Amounts included in accumulated other comprehensive income (loss) as of December 31, 2021, 2022 and 2023 were as follows: As of December 31, 2021 2022 2023 Net actuarial loss $ (13,399) $ (10,453) $ (8,747) Net prior service credit / (cost) (300) (124) 446 Deferred tax benefits 3,206 2,516 1,812 Other comprehensive income (loss), net $ (10,493) $ (8,061) $ (6,489) 17. Employee benefit plans (Continued) Changes in other comprehensive income (loss) during the year ended December 31, 2022 and 2023 were as follows: Year ended December 31, 2022 2023 Net Actuarial (Loss) Gain $ 891 $ 1,425 Amortization of net actuarial loss 662 673 Deferred tax (expense) benefits (690) (704) Net prior service credit / (cost) 154 104 Curtailment 6 6 Settlements 49 2 Effect of exchange rate changes 1,360 66 Other comprehensive income (loss), net $ 2,432 $ 1,572 Funded status for defined benefit plans The accumulated benefit obligation for defined benefit plans in excess of plan assets as of December 31, 2022 and 2023 was as follows: As of December 31, 2022 2023 Accumulated benefit obligation $ 12,328 $ 14,756 Fair value of plan assets at the end of the year $ 3,822 $ 3,295 The projected benefit obligation for defined benefit plans in excess of plan assets as of December 31, 2022 and 2023 was as follows: As of December 31, 2022 2023 Projected benefit obligation $ 16,207 $ 101,561 Fair value of plan assets at the end of the year $ 3,822 $ 85,228 The amount of net projected benefit obligation and plan assets for all underfunded (including unfunded) defined benefit obligation plans was $12,386 and $16,333 as of December 31, 2022 and 2023, respectively, and was classified as liabilities in the consolidated balance sheets. Net defined benefit plan costs for the years ended December 31, 2021, 2022 and 2023 include the following components: Year ended December 31, 2021 2022 2023 Service costs $ 14,546 $ 14,248 $ 15,099 Interest costs 5,497 5,790 6,930 Amortization of actuarial loss 1,549 859 660 Expected return on plan assets (6,239) (5,949) (5,008) Settlements 519 127 140 Net defined benefit plan costs $ 15,872 $ 15,075 $ 17,821 Expected Contributions The Company estimates that it will pay approximately $8,438 in fiscal 2024 related to contributions to defined benefit plans. 17. Employee benefit plans (Continued) The weighted average assumptions used to determine the benefit obligations of the Indian Gratuity Plan as of December 31, 2022 and 2023 are presented below: As of December 31, 2022 2023 Discount rate 7.45 % - 7.70% 7.65% - 7.90% Rate of increase in compensation per annum 5.20 % - 9.00% 5.20 % - 9.00% The weighted average assumptions used to determine the Indian Gratuity Plan costs for the years ended December 31, 2021, 2022 and 2023 are presented below: Year ended December 31, 2021 2022 2023 Discount rate 4.45 % - 5.90 % 5.25 % - 6.45 % 7.45% _ 7.70% Rate of increase in compensation per annum 5.20 % - 9.00 % 4.60 % - 8.00 % 5.20% - 9.00% Expected long term rate of return on plan assets per annum 7.00% 7.50% 7.00% - 7.20% 7.00% The weighted average assumptions used to determine the benefit obligations of the Mexican Plan as of December 31, 2022 and 2023 are presented below: As of December 31, 2022 2023 Discount rate 9.30 % 9.40 % Rate of increase in compensation per annum 5.50 % 5.50 % The weighted average assumptions used to determine the costs of the Mexican Plan for the years ended December 31, 2021, 2022 and 2023 are presented below: Year ended December 31, 2021 2022 2023 Discount rate 7.20 % 8.20 % 9.30 % Rate of increase in compensation per annum 5.50 % 5.50 % 5.50 % The weighted average assumptions used to determine the benefit obligations of the Philippines Plan as of December 31, 2022 and 2023 are presented below: As of December 31, 2022 2023 Discount rate 9.80% 8.54% Rate of increase in compensation per annum 5.30% 5.80% The weighted average assumptions used to determine the costs of the Philippines Plan for the years ended December 31, 2021, 2022 and 2023 are presented below: Year ended December 31, 2021 2022 2023 Discount rate 5.26 % 7.67 % 9.80 % Rate of increase in compensation per annum 5.00 % 6.00 % 5.30 % Expected long-term rate of return on plan assets per annum 2.00 % 2.00 % 2.00 % 17. Employee benefit plans (Continued) The weighted average assumptions used to determine the benefit obligation of the Japan Plan as of December 31, 2022 and 2023 are presented below: As of December 31, 2022 2023 Discount rate 0.14% — 0.94% 0.28% — 0.94% Rate of increase in compensation per annum 0.00% 0.00% The weighted average assumptions used to determine the costs of the Japan Plan for the years ended December 31, 2021, 2022 and 2023 are presented below: Year ended December 31, 2021 2022 2023 Discount rate 0.170 % - 0.410 % 0.14% - 0.81% 0.14 % - 0.94% Rate of increase in compensation per annum 0.00 % 0.00 % 0.00% Expected long term rate of return on plan assets per annum 1.77 % - 3.12 % 1.77% - 3.12% 1.77% The expected returns on plan assets set forth above are based on the Company’s expectation of the average long-term rate of return expected to prevail over the next 15 to 20 years on the types of investments prescribed by applicable statute. The Company evaluates these assumptions based on projections of the Company’s long-term growth and prevalent industry standards. Unrecognized actuarial loss is amortized over the average remaining service period of the active employees expected to receive benefits under the plan. Investment and risk management strategy The overall investment objective of the Company’s defined benefit plans is to match the duration of the plans’ assets to the plans’ liabilities while managing risk in order to meet defined benefit obligations. The plans’ future prospects, their current financial conditions, our current funding levels and other relevant factors suggest that the plans can tolerate some interim fluctuations in market value and rates of return in order to achieve long-term objectives without undue risk to the plans’ ability to meet their current benefit obligations. Plan investments are exposed to risks including market, interest rate and operating risk. In order to mitigate significant concentrations of these risks, the assets are invested in a diversified portfolio primarily consisting of fixed income instruments, liquid assets, equities and debt. The fair values of the Company’s plan assets as of December 31, 2022 and 2023 by asset category are as follows: As of December 31, 2022 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Asset Category Cash 2,423 2,423 — — Fixed income securities (Note a) 77,722 — 77,722 — Other securities (Note b) 295 — 295 — Total $ 80,440 $ 2,423 $ 78,017 $ — 17. Employee benefit plans (Continued) As of December 31, 2023 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Asset Category Cash 825 825 — — Fixed income securities (Note a) 85,569 — 85,569 — Other securities (Note b) 291 — 291 — Total $ 86,685 $ 825 $ 85,860 $ — (a) Includes investments in funds that invest 100% of their assets in fixed income securities such as money market instruments, government securities and public and private bonds. (b) Includes investments in funds that invest primarily in equity securities. The expected benefit plan payments set forth below reflect expected future service: Year ending December 31, 2024 $ 18,145 2025 17,424 2026 20,268 2027 22,448 2028 23,057 2029 - 2033 108,672 $ 210,014 The Company’s expected benefit plan payments are based on the same assumptions that were used to measure the Company’s benefit obligations as of December 31, 2023. Defined contribution plans During the years ended December 31, 2021, 2022 and 2023, the Company contributed the following amounts to defined contribution plans in various jurisdictions: Year ended December 31, 2021 2022 2023 India $ 37,508 $ 43,805 $ 47,979 U.S. 21,496 23,084 20,820 U.K. 19,874 20,763 19,197 China 24,988 26,514 27,077 Other regions 15,516 18,062 19,737 Total $ 119,382 $ 132,228 $ 134,810 17. Employee benefit plans (Continued) Deferred compensation plan On July 1, 2018, Genpact LLC, a wholly-owned subsidiary of the Company, adopted an executive deferred compensation plan (the “Plan”). The Plan provides a select group of U.S.-based members of Company management with the opportunity to defer from 1% to 80% of their base salary and from 1% to 100% of their qualifying bonus compensation (or such other minimums or maximums as determined by the Plan administrator from time to time) pursuant to the terms of the Plan. Participant deferrals are 100% vested at all times. The Plan also allows for discretionary supplemental employer contributions by the Company, in its sole discretion, which will be subject to a two-year vesting schedule (50% vesting on the one-year anniversary of approval of the contribution and 50% vesting on the second year anniversary of approval of the contribution) or such other vesting schedule as determined by the Company. However, no such contributions have been made by the Company to date. The Plan also provides an option for participants to elect to receive deferred compensation and earnings thereon on either fixed date(s) no earlier than two years following the applicable Plan year (or end of the applicable performance period for performance-based bonus compensation) or following a separation from service, in each case either in a lump sum or in annual installments over a term of up to 15 years. Participants can elect to change or re-defer their rights to receive the deferred compensation until the 10th anniversary following their separation from service, subject to fulfillment of certain conditions. Each Plan participant’s compensation deferrals are credited or debited with notional investment gains and losses equal to the performance of selected hypothetical investment funds offered under the Plan and elected by the participant. The Company has investments in funds held in Company-owned life insurance policies which are held in a Rabbi Trust that are classified as trading securities. Management determines the appropriate classification of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The liability for the deferred compensation plan was $39,654 and $51,354 as of December 31, 2022 and December 31, 2023, respectively, and is included in “accrued expenses and other current liabilities” and “other liabilities” in the consolidated balance sheets. In connection with the administration of the Plan, the Company has purchased Company-owned life insurance policies insuring the lives of certain employees. The cash surrender value of these policies was $40,261 and $51,983 as of December 31, 2022 and December 31, 2023, respectively. The cash surrender value of these insurance policies is included in “other assets” in the consolidated balance sheets. During the years ended December 31, 2021, 2022 and 2023, the change in the fair value of Plan assets was $4,229, $(7,580) and $7,506, respectively, which is included in “other income (expense), net,” in the consolidated statements of income. During the years ended December 31, 2021, 2022 and 2023, the change in the fair value of deferred compensation liabilities was $4,094, $(7,610) and $7,484, respectively, which is included in “selling, general and administrative expenses.” |
Stock-based compensation
Stock-based compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based compensation | Stock-based compensation The Company has granted stock-based awards under the Genpact Limited 2007 Omnibus Incentive Compensation Plan (the “2007 Omnibus Plan”) and the Genpact Limited 2017 Omnibus Incentive Compensation Plan (the “2017 Omnibus Plan”) to eligible persons, including employees, directors and certain other persons associated with the Company. A brief summary of each plan is provided below: 2007 Omnibus Plan The Company adopted the 2007 Omnibus Plan on July 13, 2007 and amended and restated it on April 11, 2012. The 2007 Omnibus Plan provided for the grant of awards intended to qualify as incentive stock options, non-qualified stock options, share appreciation rights, restricted share awards, restricted share units, performance units, cash incentive awards and other equity-based or equity-related awards. Under the 2007 Omnibus Plan, the Company was authorized to grant awards for the issuance of up to a total of 23,858,823 common shares. 2017 Omnibus Plan On May 9, 2017, the Company’s shareholders approved the adoption of the 2017 Omnibus Plan, pursuant to which 15,000,000 Company common shares are available for issuance. The 2017 Omnibus Plan was amended and restated on April 5, 2019 and April 5, 2022 to increase the number of common shares authorized for issuance by 8,000,000 shares to 23,000,000 shares and by 3,500,000 shares to 26,500,000 shares, respectively. No grants may be made under the 2007 Omnibus Plan after the date of adoption of the 2017 Omnibus Plan. Grants that were outstanding under the 2007 Omnibus Plan as of the date of the Company’s adoption of the 2017 Omnibus Plan, remain subject to the terms of the 2007 Omnibus Plan. Stock-based compensation costs relating to the foregoing plans during the years ended December 31, 2021, 2022 and 2023 were $80,548, $75,836 and $87,108, respectively, and have been allocated to cost of revenue and selling, general, and administrative expenses. Income tax benefits recognized in relation to stock-based compensation costs, including options, restricted share units ("RSUs") and performance units ("PUs"), including excess tax benefits, during the years ended December 31, 2021, 2022 and 2023 were $21,857, $21,863 and $19,312, respectively. Stock options All options granted under the 2007 and 2017 Omnibus Plans are exercisable into common shares of the Company, have a contractual period of ten years and vest over three The compensation cost is determined at the date of grant by estimating the fair value of an option using the Black-Scholes option-pricing model. The following table shows the significant assumptions used in connection with the determination of the fair value of options granted in 2021 and 2022. No options were granted in 2023. 2021 2022 Dividend yield 0.84% — 1.08% 0.96% Expected life (in months) 84 84 Risk-free rate of interest for expected life 1.12% — 1.37% 1.71% Volatility 26.05% — 26.18% 26.29% Volatility was calculated based on the historical volatility of the Company’s share price during a period equivalent to the estimated term of the option. The Company estimates the expected term of an option using the “simplified method,” which is based on the average of its contractual vesting term. The risk-free interest rate that the Company uses in the option valuation model is based on U.S. Treasury bonds with a term similar to the expected term of the options. The Company paid cash dividends of $0.1075 and $0.125 per share in each quarter of fiscal 2021 and 2022, respectively. The Company has issued, and intends to continue to issue, new common shares upon stock option exercises and the vesting of share awards under its equity-based incentive compensation plans. 18. Stock-based compensation (Continued) A summary of stock option activity during the years ended December 31, 2021, 2022 and 2023 is set out below: Year ended December 31, 2021 Shares arising Weighted Weighted average Aggregate Outstanding as of January 1, 2021 7,347,241 26.41 5.7 — Granted 1,831,180 43.98 — — Forfeited (25,000) 31.50 — — Expired — — — — Exercised (1,145,125) 20.23 — 30,463 Outstanding as of December 31, 2021 8,008,296 31.30 6.1 $ 174,428 Vested as of December 31, 2021 and expected to vest thereafter (Note a) 7,422,919 30.51 6.1 $ 167,551 Vested and exercisable as of December 31, 2021 3,117,333 24.17 3.4 $ 90,117 Weighted average grant-date fair value of options granted during the period $ 11.35 Year ended December 31, 2022 Shares arising Weighted Weighted average Aggregate Outstanding as of January 1, 2022 8,008,296 $ 31.30 6.1 — Granted 475,695 52.12 — — Forfeited (70,841) 41.46 — — Expired — — — — Exercised (665,036) 22.11 — 15,752 Outstanding as of December 31, 2022 7,748,114 $ 33.27 5.6 $ 105,261 Vested as of December 31, 2022 and expected to vest thereafter (Note a) 7,287,127 $ 32.59 5.6 $ 103,474 Vested and exercisable as of December 31, 2022 3,211,699 $ 25.35 3.3 $ 67,347 Weighted average grant-date fair value of options granted during the period $ 14.19 Year Ended December 31, 2023 Shares arising Weighted Weighted average Aggregate Outstanding as of January 1, 2023 7,748,114 $ 33.27 5.6 — Granted — — — — Forfeited (319,646) 41.06 — — Expired (53,990) 43.94 — — Exercised (1,376,330) 20.17 — 29,255 Outstanding as of December 31, 2023 5,998,148 $ 35.77 5.5 $ 19,341 Vested as of December 31, 2023 and expected to vest thereafter (Note a) 5,784,672 $ 35.38 5.5 $ 19,332 Vested and exercisable as of December 31, 2023 3,161,392 $ 30.42 4.3 $ 15,069 Weighted average grant-date fair value of options granted during the period — (a) Options expected to vest after considering an estimated forfeiture rate. 18. Stock-based compensation (Continued) Cash received by the Company upon the exercise of stock options during the years ended December 31, 2021, 2022 and 2023 amounted to $23,168, $14,701 and $27,755, respectively. Income tax benefits from the exercise of stock options during the years ended December 31, 2021, 2022 and 2023 were $6,927, $2,398 and $6,631 (including excess tax benefits of $4,191, $1,543 and $3,453), respectively. As of December 31, 2023, the total remaining unrecognized stock-based compensation cost for options expected to vest amounted to $8,690, which will be recognized over the weighted average remaining requisite vesting period of 2.4 years. Restricted Share Units The Company has granted RSUs, under the 2007 and 2017 Omnibus Plans. Each RSU represents the right to receive one common share. The fair value of each RSU is the market price of one common share of the Company on the date of grant. The RSUs granted to date have graded vesting schedules of three months to four years. The compensation expense is recognized on a straight-line basis over the vesting term. A summary of RSU activity during the years ended December 31, 2021, 2022 and 2023 is set out below: Year ended December 31, 2021 Number of Weighted Outstanding as of January 1, 2021 860,308 $ 36.44 Granted 466,702 44.00 Vested (Note b) (501,273) 34.41 Forfeited (66,230) 38.02 Outstanding as of December 31, 2021 759,507 $ 42.29 Expected to vest (Note a) 654,594 Year ended December 31, 2022 Number of Weighted Outstanding as of January 1, 2022 759,507 $ 42.29 Granted 206,280 45.66 Vested (Note c) (274,521) 43.23 Forfeited (111,644) 42.69 Outstanding as of December 31, 2022 579,622 $ 42.97 Expected to vest (Note a) 527,621 Year ended December 31, 2023 Number of Weighted Outstanding as of January 1, 2023 579,622 $ 42.97 Granted 1,047,905 42.77 Vested (Note d) (510,057) 42.77 Forfeited (80,854) 42.96 Outstanding as of December 31, 2023 1,036,616 $ 42.87 Expected to vest (Note a) 953,972 18. Stock-based compensation (Continued) (a) RSUs expected to vest after considering an estimated forfeiture rate. (b) 461,640 RSUs that vested during the period were net settled upon vesting by issuing 300,944 shares (net of minimum statutory tax withholding). 39,633 RSUs vested in the year ended December 31, 2021, in respect of which 39,515 shares were issued during the period ended December 31, 2023 after withholding shares to the extent of minimum statutory withholding taxes. 7,863 RSUs vested in the year ended December 31, 2021, in respect of which 5,496 shares were issued during the period ended December 31, 2022 after withholding shares to the extent required to satisfy minimum statutory withholding obligations. (c) 28,866 RSUs that vested during the period were net settled upon vesting by issuing 19,992 shares (net of minimum statutory tax withholding). 199,297 RSUs vested in the year ended December 31, 2022, in respect of which 120,858 shares were issued during the period ended December 31, 2023 after withholding shares to the extent of minimum statutory withholding taxes. 46,358 RSUs vested in the year ended December 31, 2022, shares in respect of which will be issued in 2024 after withholding shares to the extent of minimum statutory withholding taxes. (d) 453,761 RSUs vested during the period were net settled upon vesting by issuing 296,656 shares (net of minimum statutory tax withholding). 56,296 RSUs vested in the year ended December 31, 2023, shares in respect of which will be issued in 2024 after withholding shares to the extent of minimum statutory withholding taxes. As of December 31, 2023, the total remaining unrecognized stock-based compensation cost related to RSUs amounted to $26,685, which will be recognized over the weighted average remaining requisite vesting period of 1.9 years. Performance Units The Company also grants stock awards in the form of PUs, and has granted PUs under both the 2007 and 2017 Omnibus Plans. Each PU represents the right to receive one common share at a future date based on the Company’s performance against specified targets. PUs granted to date have vesting schedules of approximately six months to three years. PUs granted under the plans are subject to cliff vesting. The compensation expense for such awards is recognized on a straight-line basis over the vesting term. For PUs granted prior to 2023, the fair value of each PU was the market price of one common share of the Company on the date of grant and the performance period for such grants was one year. For PUs that have a performance period of one year, the Company’s estimate of the number of shares to be issued is adjusted upward or downward based upon the probability of achievement of the performance targets. The ultimate number of shares issued and the related compensation cost recognized is based on a comparison of the final performance metrics to the specified targets. For PUs granted in 2023, the performance period increased to three years from one year for PUs granted prior to 2023. The number of PUs granted in 2023 that will ultimately vest will be determined, subject to certain conditions and limitations, based on the Company’s achievement of the performance targets set forth in the awards as well as its TSR relative to the TSR of the companies included as of January 1, 2023 in the S&P 400 Midcap Index (the “Peer Group”) over the three-year performance period. The grant date fair value for PUs granted in 2023 is determined using a Monte Carlo simulation model. This model simulates a range of possible future stock prices and estimates the probabilities of the potential payouts. This model also incorporates the following assumptions: • The historical volatility for the companies in the Peer Group was measured using the most recent three-year period. • The risk-free interest rate is based on the U.S. Treasury rate assumption commensurate with the three-year performance period. • For determining the TSR of the Company and the companies in the Peer Group, dividends are assumed to have been reinvested in the stock of the issuing entities on a continuous basis. • The correlation coefficients used to model the way in which each entity tends to move in relation to each other are based upon the price data used to calculate historical volatility. 18. Stock-based compensation (Continued) The fair value of each PU granted in 2023 to employees was estimated on the date of grant using the following valuation assumptions: Year ended December 31, 2023 Dividend yield 1.22 % — 1.52 % Expected life (years) 2.54 — 2.80 Risk-free rate of interest for expected life 3.80 % — 4.44 % Volatility 24.03 % — 24.71 % A summary of PU activity during the years ended December 31, 2021, 2022 and 2023 is set out below: Year ended December 31, 2021 Number of Weighted Average Maximum Shares Outstanding as of January 1, 2021 4,876,196 $ 34.56 4,876,196 Granted 1,340,877 44.06 2,681,754 Vested (Note b) (1,784,140) 30.66 (1,784,140) Forfeited (258,258) 39.97 (320,098) Adjustment upon final determination of level of performance goal achievement (Note c) 408,480 43.99 Adjustment upon final determination of level of performance goal achievement (Note d) (870,557) Outstanding as of December 31, 2021 4,583,155 $ 39.40 4,583,155 Expected to vest (Note a) 4,263,803 Year ended December 31, 2022 Number of Weighted Average Maximum Shares Outstanding as of January 1, 2022 4,583,155 $ 39.40 4,583,155 Granted 1,590,794 44.50 3,181,588 Vested (Note e) (2,161,789) 34.61 (2,161,789) Forfeited (487,909) 43.52 (642,512) Adjustment upon final determination of level of performance goal achievement (Note f) 46,700 44.20 Adjustment upon final determination of level of performance goal achievement (Note g) (1,389,491) Outstanding as of December 31, 2022 3,570,951 $ 44.07 3,570,951 Expected to vest (Note a) 3,224,941 18. Stock-based compensation (Continued) Year ended December 31, 2023 Number of Weighted Average Maximum Shares Outstanding as of January 1, 2023 3,570,951 $ 44.07 3,570,951 Granted 986,891 43.99 2,368,538 Vested (Note h) (647,549) 42.53 (647,549) Forfeited (357,362) 44.19 (411,551) Adjustment upon final determination of level of performance goal achievement (Note i) 96,668 44.50 96,668 Outstanding as of December 31, 2023 3,649,599 $ 44.32 4,977,057 Expected to vest (Note a) 3,282,005 (a) PUs expected to vest are based on the probable achievement of the performance targets after considering an estimated forfeiture rate. (b) Vested PUs in the year 2021 were net settled upon vesting by issuing 1,102,440 shares (net of minimum statutory tax withholding). (c) Represents a 31.20% increase in the number of target shares expected to vest as a result of achievement of higher-than-target performance for PUs granted in 2021, partially offset by an adjustment made in March 2021 to the number of shares subject to the PUs granted in 2020 upon certification of the level of achievement of the performance targets underlying such awards. (d) Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2021 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2021 to the number of shares subject to the PUs granted in 2020 upon certification of the level of achievement of the performance targets underlying such awards. (e) 2,161,789 PSUs that vested during the year 2022 were net settled upon vesting by issuing 1,300,511 shares (net of minimum statutory tax withholding). (f) Represents a 1.31% increase in the number of target shares expected to vest as a result of achievement of higher-than-target performance for PUs granted in 2022, partially offset by an adjustment made in March 2022 to the number of shares subject to the PUs granted in 2021 upon certification of the level of achievement of the performance targets underlying such awards. (g) Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2022 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2022 to the number of shares subject to the PUs granted in 2021 upon certification of the level of achievement of the performance targets underlying such awards. (h) 647,549 PSUs that vested during the year 2023 were net settled upon vesting by issuing 412,275 shares (net of minimum statutory tax withholding). (i) Represents an adjustment made in March 2023 to the number of shares subject to the PUs granted in 2022 upon certification of the level of achievement of the performance targets underlying such awards. As of December 31, 2023, the total remaining unrecognized stock-based compensation cost related to PUs amounted to $42,615, which will be recognized over the weighed average remaining requisite vesting period of 1.6 years. 18. Stock-based compensation (Continued) Employee Stock Purchase Plan (ESPP) On May 1, 2008, the Company adopted the Genpact Limited U.S. Employee Stock Purchase Plan and the Genpact Limited International Employee Stock Purchase Plan (together, the “ESPP”). In April 2018, these plans were amended and restated, and their terms were extended to August 31, 2028. The ESPP allows eligible employees to purchase the Company’s common shares through payroll deductions at 90% of the closing price of the Company’s common shares on the last business day of each purchase interval. The dollar amount of common shares purchased under the ESPP must not exceed 15% of the participating employee’s base salary, subject to a cap of $25 per employee per calendar year. With effect from September 1, 2009, the offering periods commence on the first business day in March, June, September and December of each year and end on the last business day of the subsequent May, August, November and February. 4,200,000 common shares have been reserved for issuance in the aggregate over the term of the ESPP. During the years ended December 31, 2021, 2022 and 2023, 285,657, 324,783 and 337,875 common shares, respectively, were issued under the ESPP. The ESPP is considered compensatory under FASB guidance on Compensation-Stock Compensation. The compensation expense for the ESPP is recognized in accordance with the FASB guidance on Compensation—Stock Compensation. The compensation expense for the ESPP during the years ended December 31, 2021, 2022 and 2023 was $1,420, $1,537 and $1,468, respectively, and has been allocated to cost of revenue and selling, general, and administrative expenses. |
Capital stock
Capital stock | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Capital stock | Capital stock The Company’s authorized capital stock as of December 31, 2022 and 2023 consisted of 500 million common shares with a par value of $0.01 per share, and 250 million preferred shares with a par value of $0.01 per share. There were 182,924,416 and 179,494,132 common shares, and no preferred shares, issued and outstanding as of December 31, 2022 and 2023, respectively. Holders of common shares are entitled to one vote per share. Upon the liquidation, dissolution or winding up of the Company, common shareholders are entitled to receive a ratable share of the available net assets of the Company after payment of all debts and other liabilities. The common shares have no preemptive, subscription, redemption or conversion rights. The Company’s board of directors by resolution can establish one or more series of preferred shares having such par value, designations, dividend rates, relative voting rights, conversion or exchange rights, redemption rights, liquidation rights and other relative participation, optional or other rights, qualifications, limitations or restrictions as may be fixed by the board of directors without shareholder approval. Such rights, preferences, powers and limitations as may be established could also have the effect of discouraging an attempt to obtain control of the Company. These preferred shares are of the type commonly known as “blank-check” preferred shares. Under Bermuda law, the Company may declare and pay dividends from time to time unless there are reasonable grounds for believing that the Company is or would, after the payment, be unable to pay its liabilities as they become due or that the realizable value of its assets would thereby be less than the aggregate of its liabilities, its issued share capital, and its share premium accounts. Under the Company’s bye-laws, each common share is entitled to dividends if, as and when dividends are declared by the Company’s board of directors. There are no restrictions in Bermuda on the Company’s ability to transfer funds (other than funds denominated in Bermuda dollars) in or out of Bermuda or to pay dividends to U.S. residents who are holders of common shares. The Company’s ability to declare and pay cash dividends is restricted by its debt covenants. Share Repurchases The Board of Directors of the Company (the “Board”) has authorized repurchases of up to $2,250,000 under the Company’s existing share repurchase program, including $500,000 approved during the first quarter of 2023. The Company’s share repurchase program does not obligate it to acquire any specific number of shares. Under the program, shares may be purchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. 19. Capital stock (Continued) During the years ended December 31, 2021, 2022 and 2023, the Company repurchased 6,577,562, 4,777,205 and 6,013,793 of its common shares, respectively, on the open market at a weighted average price of $45.32, $44.79 and $37.48 per share, respectively, for an aggregate cash amount of $298,087, $213,986 and $225,379, respectively. All repurchased shares have been retired. The Company records repurchases of its common shares on the settlement date of each transaction. Shares purchased and retired are deducted to the extent of their par value from common stock and from retained earnings for the excess over par value. Direct costs incurred to acquire the shares are included in the total cost of the shares purchased. For the years ended December 31, 2021, 2022 and 2023, retained earnings were reduced by direct costs, including taxes, related to share repurchases of $132, $96 and $720, respectively. $399,545 remained available for share repurchases under the Company's existing share repurchase program as of December 31, 2023. This repurchase program does not obligate us to acquire any specific number of shares and does not specify an expiration date. Dividend On February 9, 2021, the Company announced that its Board had approved a 10% increase in its quarterly cash dividend to $0.1075 per share, up from $0.0975 per share in 2020, representing an annual dividend of $0.43 per common share, up from $0.39 per share in 2020, payable to holders of the Company’s common shares. On March 19, 2021, June 23, 2021, September 24, 2021 and December 22, 2021, the Company paid dividends of $0.1075 per share, amounting to $20,115, $20,133, $20,213 and $20,018 in the aggregate, to shareholders of record as of March 10, 2021, June 11, 2021, September 10, 2021 and December 10, 2021, respectively. On February 10, 2022, the Company announced that its Board had approved a 16% increase in its quarterly cash dividend to $0.125 per share, up from $0.1075 per share in 2021, representing an annual dividend of $0.50 per common share, up from $0.43 per share in 2021, payable to holders of the Company’s common shares. On March 23, 2022, June 24, 2022, September 23, 2022 and December 23, 2022, the Company paid a dividend of $0.125 per share, amounting to $23,134, $22,935, $22,873 and $22,895 in the aggregate, to shareholders of record as of March 10, 2022, June 10, 2022, September 9, 2022 and December 9, 2022, respectively. On February 9, 2023, the Company announced that its Board had approved a 10% increase in its quarterly cash dividend to $0.1375 per share, up from $0.125 per share in 2022, representing an annual dividend of $0.55 per common share, up from $0.50 per share in 2022, payable to holders of the Company’s common shares. On March 24, 2023, June 26, 2023, September 26, 2023 and December 22, 2023, the Company paid a dividend of $0.1375 per share, amounting to $25,255, $25,031, $24,944 and $24,784 in the aggregate, to shareholders of record as of March 10, 2023, June 9, 2023, September 8, 2023 and December 8, 2023, respectively. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share The Company calculates earnings per share in accordance with FASB guidance on earnings per share. Basic and diluted earnings per common share give effect to the change in the number of Company common shares outstanding. The calculation of basic earnings per common share is determined by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the respective periods. The potentially dilutive shares, consisting of outstanding options on common shares, restricted share units, common shares to be issued under the ESPP and performance units, have been included in the computation of diluted net earnings per share and the number of weighted average shares outstanding, except where the result would be anti-dilutive. 20. Earnings per share (Continued) The number of shares subject to stock awards outstanding but not included in the computation of diluted earnings per common share because their effect was anti-dilutive was 1,663,219, 2,734,825 and 2,289,623 for the years ended December 31, 2021, 2022 and 2023, respectively. Year ended December 31, 2021 2022 2023 Net income $ 369,448 $ 353,404 $ 631,255 Weighted average number of common shares used in computing basic earnings per common share 187,802,219 184,184,930 182,345,548 Dilutive effect of stock-based awards 5,159,622 3,902,310 2,796,295 Weighted average number of common shares used in computing dilutive earnings per common share 192,961,841 188,087,240 185,141,843 Earnings per common share Basic $ 1.97 $ 1.92 $ 3.46 Diluted $ 1.91 $ 1.88 $ 3.41 |
Other operating (income) expens
Other operating (income) expense, net | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other operating (income) expense, net | Other operating (income) expense, net Year ended December 31, 2021 2022 2023 Write-down of intangible assets and property, plant and equipment^ $ 915 $ 1,377 $ — Write-down of operating lease right-of-use assets and other assets^* — 20,307 — Impairment charge on assets classified as held for sale^ — 32,575 — Change in fair value of earn out consideration and deferred consideration (relating to business acquisitions) (750) (452) (118) Loss on the sale of business classified as held for sale^ — — 802 Gain on termination of lease^* — — (4,874) Other operating (income) expense (1,368) (612) (526) Other operating (income) expense, net $ (1,203) $ 53,195 $ (4,716) ^ Refer to Notes 8, 10 and 27 for additional information about other operating (income) expense, net for the years ended December 31, 2021, 2022 and 2023. * Of the total write-down, $20,307 and $(4,874) pertains to restructuring charges for the years ended December 31, 2022 and 2023, respectively. No such charges were recorded in the year ended December 31, 2021. Refer to Notes 12 and 27 for additional information. |
Interest income (expense), net
Interest income (expense), net | 12 Months Ended |
Dec. 31, 2023 | |
Banking and Thrift, Interest [Abstract] | |
Interest income (expense), net | Interest income (expense), net Interest income (expense), net consists of the following: Year ended December 31, 2021 2022 2023 Interest income $ 6,878 $ 5,899 $ 18,373 Interest expense (58,312) (58,103) (66,308) Interest income (expense), net $ (51,434) $ (52,204) $ (47,935) |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes Income tax expense (benefit) for the years ended December 31, 2021, 2022 and 2023 is allocated as follows: Year ended December 31, 2021 2022 2023 Income from continuing operations $ 113,681 $ 111,832 $ (29,031) Other comprehensive income: Cash flow hedges 5,265 (4,947) 1,397 Retirement benefits 3,859 690 705 The components of income before income tax expense (benefit) from continuing operations are as follows: Year ended December 31, 2021 2022 2023 Domestic (U.S.) $ 126,107 $ 44,903 $ 216,718 Foreign (other than U.S.) 357,022 420,333 385,506 Income before income tax expense (benefit) $ 483,129 $ 465,236 $ 602,224 Income tax expense (benefit) attributable to income from continuing operations consists of: Year ended December 31, 2021 2022 2023 Current tax expense: Domestic (U.S. federal) $ 34,538 $ 17,525 $ 20,222 Domestic (U.S. state) 5,605 4,582 7,558 Foreign (other than U.S.) 82,801 118,876 101,121 $ 122,944 $ 140,983 $ 128,901 Deferred tax expense (benefit): Domestic (U.S. federal) (Note a) $ (6,039) $ (10,481) $ (122,166) Domestic (U.S. state) (Note b) 232 (1,910) (32,112) Foreign (other than U.S.) (3,456) (16,760) (3,654) $ (9,263) $ (29,151) $ (157,932) Total income tax expense (benefit) $ 113,681 $ 111,832 $ (29,031) (a) For the year ended December 31, 2023, the amount includes a U.S. federal tax benefit on the transfer of intellectual property rights amounting to $138,390. (b) For the year ended December 31, 2023, the amount includes a state tax benefit on the transfer of intellectual property rights amounting to $33,800. 23. Income taxes (Continued) Income tax expense (benefit) attributable to income from continuing operations differed from the amounts computed by applying the U.S. federal statutory income tax rate of 21% to income before income tax expense (benefit) as a result of the following: Year ended December 31, 2021 2022 2023 Income before income tax expense (benefit) $ 483,129 $ 465,236 $ 602,224 Statutory income tax rates 21 % 21 % 21 % Computed expected income tax expense 101,457 97,700 126,467 Increase (decrease) in income taxes resulting from: Foreign tax rate differential 10,747 13,853 16,455 Tax benefit from tax holiday (3,159) (797) (3,877) True-up of prior years tax liability 7,590 2,096 343 Interest income on income tax refund (7,780) (2,168) (173) Non-deductible expenses 1,755 4,826 2,932 Impact of change in tax rates (Note c) 1,740 (116) (36,099) Change in valuation allowance (Note d) 6,244 10,752 (121,358) Unrecognized tax benefits (327) 1,236 (5,563) Employment related tax incentive (3,930) (1,093) (3,366) Internal transfer of intellectual property rights (Note d) — — (7,835) State income taxes (Note e) 5,837 2,672 9,245 Excess tax benefit on share-based compensation (7,773) (10,418) (5,274) Others (Note f) 1,280 (6,711) (928) Reported income tax expense (benefit) $ 113,681 $ 111,832 $ (29,031) (c) For the year ended December 31, 2023, the amount includes a benefit of $35,771 resulting from a new income tax enacted in Bermuda on December 27, 2023, the impact of which has been fully offset by a valuation allowance. (d) For the year ended December 31, 2023, the Company recorded an income tax benefit of $169,945 in connection with an intra-entity transfer of certain intellectual property rights from certain non-U.S. subsidiaries to certain wholly-owned US subsidiaries in an effort to better align with the Company’s business operations, which is reflected in the rows titled “change in valuation allowance” and “internal transfer of intellectual property rights” in the above reconciliation table. (e) For the year ended December 31, 2023, the amount does not include a state tax benefit on the transfer of intellectual property rights amounting to $33,800. (f) During the year ended December 31, 2022, the Company recorded a tax benefit on the outside basis difference on the stock of a subsidiary amounting to $6,881. 23. Income taxes (Continued) The effect of the tax holiday on both basic and diluted earnings per share was $0.02, $0.00 and $0.02, respectively, for the years ended December 31, 2021, 2022 and 2023. The components of the Company’s deferred tax balances as of December 31, 2022 and 2023 are as follows: As of December 31, 2022 2023 Deferred tax assets Net operating loss carryforwards $ 49,810 $ 86,556 Accrued expenses and other liabilities 72,588 77,516 Allowance for credit losses 8,441 5,772 Property, plant and equipment, net 7,474 8,934 Lease liabilities 51,913 45,295 Share-based compensation 32,777 33,490 Intangible assets, net 179,815 193,073 Retirement benefits 8,629 6,375 Contract liabilities 7,452 10,498 Tax credit carryforwards 17,199 22,449 Others 21,902 13,593 Total deferred tax assets $ 458,000 $ 503,551 Less: Valuation allowance (222,655) (101,438) Total deferred tax assets, net of valuation allowance $ 235,345 $ 402,113 Deferred tax liabilities Intangible assets, net $ 128 $ 4 Property, plant and equipment, net 1,290 1,120 Right-of use assets 40,946 37,248 Retirement benefits 4,175 2,648 Investments in foreign subsidiaries not indefinitely reinvested 1,663 9,177 Derivative instruments 2,344 1,318 Goodwill 43,173 52,603 Others 10,319 10,780 Total deferred tax liabilities $ 104,038 $ 114,898 Net of deferred tax assets and liabilities $ 131,307 $ 287,215 As of December 31, Classified as 2022 2023 Deferred tax assets non-current $ 135,483 $ 298,921 Deferred tax liabilities non-current 4,176 11,706 $ 131,307 $ 287,215 23. Income taxes (Continued) The change in the Company’s total valuation allowance for deferred tax assets as of December 31, 2021, 2022 and 2023 is as follows: Year ended December 31, 2021 2022 2023 Opening valuation allowance $ 206,011 $ 212,192 $ 222,655 Reduction during the year through continuing operations (1,206) (214) (162,138) Addition during the year through continuing operations 7,387 10,677 40,921 Closing valuation allowance $ 212,192 $ 222,655 $ 101,438 During the year ended December 31, 2023 the Company completed an intra-entity transfer of certain intellectual property rights from certain non-US subsidiari es to certain wholly-owned US subsidiari es in an effort to better align with the Company's business operations. As a result of this transfer, the Company received a step-up in tax basis of the transferred intellectual property assets to their current fair mar ket value under applicable tax law. The determination of fair value involves judgments with respect to future revenue growth, operating margins and discount rates. The step-up in basis will be amortizable against future taxable income and, accordingly, the Company recognized a one-time tax benefit of $169,945. The Company expects to realize the deferred tax asset recorded as a result of the intellectual property transfer and will periodically assess such realizability. The tax-deductible amortization related to the transferred intellectual property rights will be recognized over a 15-year period. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which temporary differences are deductible. In order to fully realize a deferred tax asset, the Company must generate future taxable income prior to the expiration of the deferred tax asset under applicable law. Management considers the scheduled reversal of deferred tax liabilities , carryback availability and projected taxable income in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods during which the Company’s deferred tax assets are deductible, management believes that it is more likely than not that the Company will realize the benefits of its deductible temporary differences and carry forwards, net of the existing valuation allowances as of December 31, 2023. The amount of the Company’s deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward period are reduced. For the years ended December 31, 2021, 2022 and 2023, the Company recognized net excess tax benefits on share-based compensation of $7,773, $10,418 and $5,274, respectively, in income tax expense attributable to continuing operations. As of December 31, 2023, the Company’s deferred tax assets related to net operating loss carryforwards of $426,761 amounted to $73,218 (excluding state and local operating loss carryforwards). Federal net operating losses of subsidiaries in Bermuda, Brazil, Germany, the United Kingdom, Israel, Hong Kong, the United States and Luxembourg (for 2016 and prior years) amounted to $331,451 and can be carried forward for an indefinite period. 23. Income taxes (Continued) The Company’s remaining federal operating loss carryforwards expire as set forth in the table below: Europe Others Year ending December 31, 2024 $ — $ 1,785 2025 232 1,757 2026 1,073 — 2027 229 — 2028 5 423 2029 — 59 2032 — 196 2034 18,820 — 2035 7,357 — 2036 63,374 — $ 91,090 $ 4,220 In the table above, “Europe” includes federal net operating losses of subsidiaries in Slovakia, Latvia and Luxembourg, while “Others” includes net operating losses of subsidiaries in Argentina, Japan and the Philippines. As of December 31, 2023, the Company had additional deferred tax assets of $13,338 for state and local tax loss carryforwards of $194,666, of which $154,336 will expire in various years from 2024 through 2042. The remaining state and local net operating losses can be carried forward for an indefinite period. As of December 31, 2023, the Company had a total United States foreign tax credit carryforward of $22,449 which will expire as set forth in the table below: Year ending December 31, Amount 2027 $ 5,044 2028 3,304 2029 1,833 2030 832 2031 5,302 2033 6,134 $ 22,449 23. Income taxes (Continued) Undistributed earnings of the Company’s foreign (non-Bermuda) subsidiaries for which a deferred tax liability has not been recognized due to being indefinitely reinvested amounted to approximately $1,073,210 as of December 31, 2023. The Company plans to indefinitely reinvest the subsidiaries’ undistributed earnings, except for those earnings for which a deferred tax liability has already been accrued or which can be repatriated in a tax-free manner. Accordingly, with limited exceptions, the Company does not accrue any income, distribution or withholding taxes that would arise if such earnings were repatriated. Due to the Company’s changing corporate structure, the various methods that are available to repatriate earnings and uncertainty relative to the applicable taxes at the time of repatriation, it is not practicable to determine the amount of tax that would be imposed upon repatriation. If undistributed earnings are repatriated in the future, or are no longer deemed to be indefinitely reinvested, the Company will accrue the applicable amount of taxes associated with such earnings at that time. As of December 31, 2023 , $581,396 of the Company’s $583,670 in cash and cash equivalents was held by the Company’s foreign (non-Bermuda) subsidiaries. $207,953 of this cash is held by foreign subsidiaries for which the Company expects to incur and has accrued a deferred tax liability on the repatriation of $92,252 of retained earnings. $277,742 of the Company’s cash and cash equivalents is held by foreign subsidiaries in jurisdictions where no tax is expected to be imposed upon repatriation. The remaining $95,701 in cash and cash equivalents held by foreign subsidiaries is being indefinitely reinvested. The Company reports its gain/loss on derivatives designated as cash flow hedges, actuarial gain/loss on retirement benefits and currency translation adjustment, net of income taxes to the extent applicable, in OCI. The following table summarizes activities related to our unrecognized tax benefits from January 1 to December 31 for each of 2021, 2022 and 2023: 2021 2022 2023 Opening Balance at January 1 $ 34,300 $ 25,651 $ 25,430 Increase related to prior year tax positions, including recorded in acquisition accounting 2,992 2,869 1,385 Decrease related to prior year tax positions due to lapse of applicable statute of limitation (455) (1,313) (4,658) Increase related to current year tax positions 1,385 1,426 677 Decrease related to settlements with taxing authorities (11,170) (4) (1,144) Decrease related to prior year tax positions for other reasons (455) (1,802) (2,405) Effect of exchange rate changes (946) (1,397) (49) Closing Balance at December 31 $ 25,651 $ 25,430 $ 19,236 As of December 31, 2022 and 2023, the Company had unrecognized tax benefits amounting to $25,430 and $19,236, respectively, which, if recognized, would affect the Company's effective tax rate. As of December 31, 2022 and 2023, the Company had accrued $2,871 and $3,312, respectively, in interest and $374 and $499, respectively, for penalties relating to income taxes. During the years ended December 31, 2021, 2022 and 2023, the Company recognized $(13,851), $(2,583) and $220, respectively, in interest expense (income) related to income taxes. For all tax years that remain open to examinations by U.S. federal and various state, local, and other U.S. taxing authorities, the Company estimates that it is reasonably possible that the total amount of its unrecognized tax benefits for existing tax positions will vary. However, the Company does not expect significant changes within the next twelve months other than adjustments depending on the progress of tax matters or examinations with various taxing authorities, which are difficult to predict. With certain immaterial exceptions, the Company is no longer subject to U.S. federal, state and local or other U.S. income tax examinations by taxing authorities for years prior to 2018. The Company’s subsidiaries in India and China are open to examination by relevant taxing authorities for tax years beginning on or after April 1, 2016 and January 1, 2014, respectively. The Company regularly reviews the likelihood of additional tax assessments and adjusts its unrecognized tax benefits as additional information or events require. |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment reporting | Segment reporting The Company manages various types of business process and information technology services in an integrated manner for clients in various industries and geographic locations. The Company's operating segments are significant strategic business units that align its products and services with how it manages its business, approaches key markets and interacts with its clients. During the second quarter of 2022, the Company renamed its three reportable segments as follows: (1) the Banking, Capital Markets and Insurance segment was renamed the Financial Services segment; (2) the Consumer Goods, Retail, Life Sciences and Healthcare segment was renamed the Consumer and Healthcare segment; and (3) the High Tech, Manufacturing and Services segment was renamed the High Tech and Manufacturing segment. The Company’s Chief Executive Officer, who has been identified as the Chief Operating Decision Maker ("CODM"), reviews operating segment revenue, which is a GAAP measure, and operating segment adjusted income from operations ("AOI"), which is a non-GAAP measure. The Company does not allocate, and therefore the CODM does not evaluate, stock-based compensation expenses, amortization and impairment of acquired intangible assets, foreign exchange gain/(losses) (other than those included in income from operations), interest income/(expense), restructuring expenses/income, acquisition related expenses, any losses or gains from businesses held for sale, including impairment charges, other income/(expense), or income taxes by segment. The Company’s operating assets and liabilities pertain to multiple segments. The Company manages assets and liabilities on a total company basis, not by operating segment, and therefore asset and liability information and capital expenditures by operating segment are not presented to the CODM and are not reviewed by the CODM. With effect from January 1, 2023, the Company has modified the items that are allocated to the Company's reportable segments for the purpose of evaluating segment performance, and the Company now allocates by segment certain foreign exchange gains/(losses) (to the extent included in income from operations) and unallocated resource costs. Segment results after such allocation are reviewed by the CODM to evaluate segment performance. Prior to January 1, 2023, the CODM evaluated the performance of reportable segment revenue and adjusted income from operations after excluding these items, which were previously included under "Others." Accordingly, the Company has recast the segment revenue and adjusted income from operations of its reportable segments for the years ended December 31, 2021 and 2022 to present comparable segment information. Adjusted income from operations for “Others” primarily represents the impact of certain under or over-absorption of overhead, and allowance for credit losses, which are not allocated to the Company’s segments for management’s internal reporting purposes. Revenues and adjusted income from operations for each of the Company’s segments in the year ended December 31, 2021 were as follows: Net revenues Data-Tech-AI Digital Operations Total AOI Financial Services $ 403,609 $ 617,511 $ 1,021,120 $ 131,287 Consumer and Healthcare 668,621 847,082 1,515,703 256,870 High Tech and Manufacturing 620,051 865,337 1,485,388 278,868 Net revenues $ 1,692,281 $ 2,329,930 $ 4,022,211 Others (4,345) Total AOI $ 662,680 Stock-based compensation (81,968) Amortization and impairment of acquired intangible assets (other than included above) (57,641) Acquisition-related expenses (1,177) Foreign exchange gains (losses), net 12,669 Interest income (expense), net (51,434) Income tax expense (113,681) Net income $ 369,448 24. Segment reporting (Continued) Revenues and adjusted income from operations for each of the Company’s segments in the year ended December 31, 2022 were as follows: Net revenues Data-Tech-AI Digital Operations Total AOI Financial Services $ 524,488 $ 635,220 $ 1,159,708 $ 172,292 Consumer and Healthcare 730,030 863,519 1,593,549 233,028 High Tech and Manufacturing 705,371 912,544 1,617,915 303,555 Net revenues $ 1,959,889 $ 2,411,283 $ 4,371,172 Business held for sale (refer to Note (a) below and Note 8) (11,973) 24,842 Net revenues (excluding business held for sale - refer to Note (a) below and Note 8) $ 4,359,199 Others (15,498) Total AOI $ 718,219 Stock-based compensation (77,373) Amortization and impairment of acquired intangible assets (other than included above) (42,566) Foreign exchange gains (losses), net 15,392 Interest income (expense), net (52,204) Business held for sale (refer to Note (a) below and Note 8) (24,842) Impairment charge on assets classified as held for sale (refer to Note (a) below and Note 8) (32,575) Restructuring expense (refer to Note (b) below and Note 27) (38,815) Income tax expense (111,832) Net income $ 353,404 24. Segment reporting (Continued) Revenues and adjusted income from operations for each of the Company’s segments in the year ended December 31, 2023 were as follows: Net revenues Data-Tech-AI Digital Operations Total AOI Financial Services $ 511,691 $ 713,683 $ 1,225,374 193,355 Consumer and Healthcare 717,546 853,173 1,570,719 242,457 High Tech and Manufacturing 763,822 916,973 1,680,795 297,909 Net revenues $ 1,993,059 $ 2,483,829 $ 4,476,888 Business held for sale (refer to Note (a) below and Note 8) (490) 1,201 Net revenues (excluding business held for sale - refer to Note (a) below and Note 8) $ 4,476,398 Others 28,016 Total AOI $ 762,938 Stock-based compensation (88,576) Amortization and impairment of acquired intangible assets (other than included above) (31,348) Foreign exchange gains (losses), net 4,274 Interest income (expense), net (47,935) Restructuring (expense)/income (refer to Note (b) below and Note 27) 4,874 Operating loss from the business classified as held for sale (refer to Note (a) below and Note 8) (1,201) Loss on the sale of business classified as held for sale (refer to Note (a) below and Note 8) (802) Income tax benefit 29,031 Net income $ 631,255 (a) During the second quarter of 2022, the Company's management approved a plan to divest a business that comprised part of the Company's Consumer and Healthcare segment. The revenues and associated losses, including an impairment charge recorded for the year ended December 31, 2022, attributable to this business have been excluded from the computation of adjusted income from operations margin with effect from April 1, 2022, as management believes that excluding these items provides useful information about the Company's financial performance and underlying business trends. (b) The Company does not allocate these charges to individual segments in internal management reports used by the CODM. Accordingly, such expenses are included in the Company's segment reporting as “unallocated costs.” 24. Segment reporting (Continued) No single customer accounted for more than 10% of the Company's consolidated net revenue in 2021, 2022 or 2023. Net revenues from geographic areas based on the location of the Company’s service delivery centers are as follows. A portion of net revenues attributable to India consists of net revenues for services performed by delivery centers in India or at clients’ premises outside of India by business units or personnel normally based in India. Year ended December 31, 2021 2022 2023 India $ 2,022,123 $ 2,282,706 $ 2,320,853 Asia, other than India 536,595 551,474 643,096 North and Latin America 1,011,759 1,065,509 979,946 Europe 451,734 471,483 532,993 Total net revenues $ 4,022,211 $ 4,371,172 $ 4,476,888 Property, plant and equipment, net by geographic region are as follows: As of December 31, 2022 2023 India $ 125,442 $ 132,019 Asia, other than India 14,486 18,878 North and Latin America 26,031 25,281 Europe 14,799 13,625 Total $ 180,758 $ 189,803 |
Net revenues
Net revenues | 12 Months Ended |
Dec. 31, 2023 | |
Revenues [Abstract] | |
Net revenues | Net revenues Disaggregation of revenue In the following table, the Company’s revenue is disaggregated by the nature of services provided: Year ended December 31, 2021 2022 2023 Data-Tech-AI $ 1,692,281 $ 1,959,889 $ 1,993,059 Digital Operations 2,329,930 2,411,283 2,483,829 Total net revenues $ 4,022,211 $ 4,371,172 $ 4,476,888 All three of the Company's segments include revenue from both Data-Tech-AI and Digital Operations services. See Note 24 for additional information. During the second quarter of 2022, the Company's management modified the manner in which it disaggregates revenue for reporting and internal tracking purposes, and the Company now reports revenue disaggregated by the nature of services provided to the client, namely either Data-Tech-AI or Digital Operations services. Prior to the second quarter of 2022, the Company disaggregated its revenue as either revenue from the General Electric Company (GE) or revenue from Global Clients (other than GE). Contract balances Accounts receivable include amounts for services that the Company has performed but for which payment has not been received. The Company typically follows a 30-day billing cycle and, as such, at any point in time may have accrued up to 30 days of revenues that have not been billed. The Company has determined that in instances where the timing of revenue recognition differs from the timing of invoicing, the related contracts generally do not include a significant financing component. Refer to Note 4 for details on the Company’s accounts receivable and allowance for credit losses and Note 11 for deferred billings. 25. Net revenues (Continued) The following table provides details of the Company’s contract balances: As of December 31, 2022 2023 Contract assets (Note a) $ 18,347 $ 33,370 Contract liabilities (Note b) Deferred transition revenue $ 128,726 $ 116,577 Advance from customers $ 88,056 $ 55,251 (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. During the year ended December 31, 2022, the Company sold certain contract assets and contract liabilities amounting to $0 and $2,451, respectively, and classified certain contract assets and contract liabilities amounting to $2,168 and $649, respectively, as assets/liabilities held for sale relating to the Business, the sale of which was completed in the first quarter of 2023. See Note 8 for additional information. Contract assets represent the contract acquisition fees or other upfront fees paid to a customer. Such costs are amortized over the expected period of benefit and recorded as an adjustment to the transaction price and deducted from revenue. The Company’s assessment did not indicate any significant impairment losses on its contract assets for the periods presented. Contract liabilities include that portion of revenue for which payments have been received in advance from customers. The Company also defers revenues attributable to certain process transition activities for which costs have been capitalized by the Company as contract fulfillment costs. Consideration received from customers, if any, relating to such transition activities is also included as part of contract liabilities. The contract liabilities are included within “Accrued expenses and other current liabilities” and “Other liabilities” in the consolidated balance sheets. The revenues are recognized as (or when) the performance obligation is fulfilled pursuant to the contract with the customer. Changes in the Company’s contract asset and liability balances during the years ended December 31, 2022 and 2023 were a result of normal business activity and not materially impacted by any other factors. Revenue recognized during the year ended December 31, 2022 and 2023 that was included in the contract liabilities balance at the beginning of the period was $152,570 and $160,024, respectively. The following table includes estimated revenue expected to be recognized in the future related to remaining performance obligations as of December 31, 2023: Particulars Total Less than 1 year 1-3 years 3-5 years After 5 years Transaction price allocated to remaining performance obligations $ 171,828 $ 112,435 $ 47,246 $ 11,864 $ 283 25. Net revenues (Continued) The following table provides details of the Company’s contract cost assets: As of December 31, 2022 As of December 31, 2023 Particulars Sales incentive programs Transition activities Sales incentive programs Transition activities Opening balance $ 32,296 $ 206,498 $ 34,805 $ 181,865 Closing balance 34,805 181,865 41,964 160,579 Amortization 26,769 89,398 29,814 88,913 During the year ended December 31, 2022, the Company sold certain contract assets amounting to $304 and classified $1,247 as assets held for sale relating to the Business, the sale of which was completed in the first quarter of 2023. See Note 8 for additional information. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Capital commitments As of December 31, 2022 and 2023, the Company has committed to spend $17,972 and $15,982, respectively, under agreements to purchase property, plant and equipment. This amount is net of capital advances paid in respect of such purchases. Bank guarantees The Company has outstanding bank guarantees and letters of credit amounting to $8,050 and $10,963 as of December 31, 2022 and 2023, respectively. Bank guarantees are generally provided to government agencies and excise and customs authorities for the purposes of maintaining a bonded warehouse. These guarantees may be revoked by the government agencies if they suffer any losses or damages through the breach of any of the covenants contained in the agreements governing such guarantees. Other commitments Certain units of the Company’s Indian subsidiaries are established as Software Technology Parks of India units or Special Economic Zone (“SEZ”) units under the relevant regulations issued by the Government of India. These units are exempt from customs and other duties on imported and indigenous capital goods, stores and spares. SEZ units are also exempt from the Indian Goods and Services Tax (“GST”) that was introduced in India in 2017. The Company has undertaken to pay taxes and duties, if any, in respect of capital goods, stores, spares and services consumed duty-free, in the event that certain terms and conditions are not fulfilled. Contingency (a) In February 2019, there was a judicial pronouncement in India with respect to defined contribution benefit payments interpreting certain statutory defined contribution obligations of employees and employers. It is not currently clear whether the interpretation set out in the pronouncement has retrospective application. If applied retrospectively, the interpretation would result in an increase in contributions payable by the Company for past periods for certain of its India-based employees. There are numerous interpretative challenges concerning the retrospective application of the judgment. Due to such challenges and a lack of interpretive guidance and based on legal advice the Company has obtained on the matter, it is currently impracticable to reliably estimate the timing and amount of any payments the Company may be required to make. Accordingly, the Company plans to obtain further clarity and will evaluate the amount of a potential provision, if any. 26. Commitments and contingencies (Continued) (b) The Indian taxing authorities ("ITA") have issued assessment orders to certain subsidiaries of the Company seeking to assess income tax on certain transactions that occurred in 2015. The Company has received demands for potential tax claims related to these orders in an aggregate amount of $111,288, including interest through the date of the orders. This amount excludes penalties or interest accrued since the date of the orders. The Company is pursuing appeals before the relevant appellate authorities in respect of these orders. Further, in respect of a 2015 transaction, the ITA has attempted to revise a previously closed assessment. During 2022, the Income Tax Appellate Tribunal of India (the "Tribunal") ruled in favor of the Company denying the ITA's ability to revise the assessment, and the ITA have appealed this ruling before the Delhi High Court. In January 2023, notwithstanding the Tribunal’s decision in the Company's favor, the ITA issued a revised assessment order to the Company, and in March 2023, this assessment order was struck down by the Tribunal. The ITA have filed an appeal challenging this most recent decision of the Tribunal before the Delhi High Court. The Company believes that it is more likely than not that the Company’s position will ultimately prevail in respect of these transactions. Accordingly, no unrecognized tax benefit has been provided with respect to this matter as of December 31, 2023. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In 2022, the Company implemented a flexible, hybrid global delivery model in line with the Company's long-term strategy that incorporates a mix of offshore, onshore, near-shore, and remote working. As a result, the Company determined that certain leases and employee roles were no longer needed. Accordingly, the Company recorded a $38,815 restructuring charge relating to the abandonment of leased office premises and an employee severance charge. Of the total charge of $38,815, $21,684 was a non-cash charge (including $1,377 related to writing down certain property, plant and equipment) recorded as other operating expense, which pertains to the abandonment of various leased office premises. The Company has sought out one or more third parties to sublease certain office premises from the Company, wherever applicable, instead of abandoning them. However, the Company has not been successful in such attempts, and the Company believes it is unlikely that it will be able to sublease such premises in the foreseeable future. The Company also recorded a severance charge of $17,131, which was paid during the year ended December 31, 2022 related to a focused reduction in the Company's workforce. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent Events Share Repurchase Pursuant to its share repurchase program, the Company repurchased 221,569 of its common shares on the open market between January 1, 2024 and February 28, 2024 at a weighted average price of $36.14 per share for an aggregate cash amount of $8,008. Dividend In February 2024, the Company announced that its Board of Directors approved an 11% increase in its quarterly cash dividend, representing a planned annual dividend of $0.61 per common share in 2024, increased from $0.55 per common share in 2023. The Board of Directors also declared a dividend for the first quarter of 2024 of $0.1525 per common share, which will be paid on March 26, 2024 to shareholders of record as of the close of business on March 11, 2024. The declaration of any future dividends will be at the discretion of the Board of Directors and subject to Bermuda and other applicable laws. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income | $ 631,255 | $ 353,404 | $ 369,448 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of preparation and principles of consolidation | (a) Basis of preparation and principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-K. The accompanying consolidated financial statements reflect all adjustments that management considers necessary for a fair presentation of the results of operations for these periods . The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of Genpact Limited, a Bermuda company, and all of its subsidiaries that are more than 50% owned and controlled. When the Company does not have a controlling interest in an entity but exerts significant influence over the entity, the Company applies the equity method of accounting. All intercompany transactions and balances are eliminated on consolidation. |
Use of estimates | (b) Use of estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, intangible assets and goodwill, revenue recognition, allowance for credit losses, valuation allowances for deferred tax assets, the valuation of derivative financial instruments, the measurement of lease liabilities and right-of-use ("ROU") assets, measurements of stock-based compensation, assets and obligations related to employee benefits, the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, variable consideration, other obligations for revenue recognition, unrecognized tax benefits and other contingencies. Management believes that the estimates used in the preparation of the consolidated financial statements are reasonable. Although these estimates and assumptions are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates. Any changes in estimates are adjusted prospectively in the Company’s consolidated financial statements. |
Business combinations | (c) Business combinations, goodwill and other intangible assets The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standard Codification ("ASC") Topic 805, Business Combinations, by recognizing the identifiable tangible and intangible assets acquired and liabilities assumed, and any non-controlling interest in the acquired business, measured at their acquisition date fair values. Contingent consideration is included within the acquisition cost and is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is re-measured to fair value as of each reporting date until the contingency is resolved. Changes in fair value are recognized in earnings. All assets and liabilities of the acquired businesses, including goodwill, are assigned to reporting units. Acquisition-related costs are expensed as incurred under selling, general and administrative expenses. |
Goodwill | Goodwill represents the cost of acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased. Goodwill is not amortized but is tested for impairment at least on an annual basis on December 31, based on a number of factors, including operating results, business plans and future cash flows. The Company performs an assessment of qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Based on the assessment of events or circumstances, the Company performs a quantitative assessment of goodwill impairment if it determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, based on the quantitative impairment analysis, the carrying value of the goodwill of a reporting unit exceeds the fair value of such goodwill, an impairment loss is recognized in an amount equal to the excess. In addition, the Company performs a qualitative assessment of goodwill impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. See Note 10 for information and related disclosures. |
Other intangible assets | Intangible assets acquired individually or with a group of other assets or in a business combination and developed internally are carried at cost less accumulated amortization and accumulated impairment loss based on their estimated useful lives as follows: Customer-related intangible assets 1 - 9 years Marketing-related intangible assets 1 - 8 years Technology-related intangible assets 2 - 10 years Intangible assets are amortized over their estimated useful lives using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise realized. In business combinations where the fair value of identifiable tangible and intangible net assets purchased exceeds the cost of the acquired business, the Company recognizes the resulting gain under “Other operating (income) expense, net” in the consolidated statements of income. The Company also capitalizes certain software and technology-related development costs incurred in connection with developing or obtaining software or technology for sale to customers when the initial design phase is completed and commercial and technological feasibility has been established. Any development cost incurred before technological feasibility is established is expensed as incurred as research and development costs. Technological feasibility is established upon completion of a detailed design program or, in its absence, completion of a working model. Capitalized software and technology costs include only (i) external direct costs of materials and services utilized in developing or obtaining software and technology and (ii) compensation and related benefits for employees who are directly associated with the project. Costs incurred in connection with developing or obtaining software or technology for sale to customers which are under development and not put to use are disclosed under “intangible assets under development.” Advances paid towards the acquisition of intangible assets outstanding as of each balance sheet date are disclosed under “intangible assets under development.” Capitalized software and technology costs are included in intangible assets under technology-related intangible assets on the Company’s consolidated balance sheets and are amortized on a straight-line basis when placed into service over the estimated useful lives of the software and technology. The Company evaluates the remaining useful life of intangible assets that are being amortized at each reporting period wherever events and circumstances warrant a revision to the remaining period of amortization, and the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. |
Financial instruments and concentration of credit risk | (d) Financial instruments and concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk are reflected principally in cash and cash equivalents, derivative financial instruments and accounts receivable. The Company places its cash and cash equivalents and derivative financial instruments with corporations and banks with high investment grade ratings, limits the amount of credit exposure with any one corporation or bank and conducts ongoing evaluations of the creditworthiness of the corporations and banks with which it does business. To reduce its credit risk on accounts receivable, the Company conducts ongoing credit evaluations of its customers. |
Accounts receivable | (e) Accounts receivable Accounts receivable are recorded at the invoiced or to be invoiced amount and do not bear interest. Amounts collected on trade accounts receivable are included in net cash provided by operating activities in the consolidated statements of cash flows. The Company maintains an allowance for current expected credit losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses which are adjusted to current market conditions and a reasonable and supportable forecast. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. 2. Summary of significant accounting policies (Continued) The Company uses revolving accounts receivable-based facilities in the normal course of business as part of managing its cash flows. The Company accounts for receivables sold under these facilities as a sale of financial assets pursuant to ASC 860 “Transfers and Servicing” and de-recognizes these receivables, as well as the related allowances, from its balance sheets. Generally, the fair value of accounts receivable sold approximates their book value due to their short-term nature, and any gains or losses on the sale of these receivables are recorded at the time of transfer and included under "interest income (expense), net" in the Company’s consolidated statements of income. |
Revenue recognition | (f) Revenue Recognition The Company derives its revenue primarily from business process management services, including analytics, consulting and related digital solutions and information technology services, which are provided primarily on a time-and-material, transaction or fixed-price basis. The Company recognizes revenue upon the transfer of control of promised services to its customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. Revenues from services rendered under time-and-materials and transaction-based contracts are recognized as the services are provided. The Company’s fixed-price contracts include contracts for customization of applications, maintenance and support services. Revenues from these contracts are recognized ratably over the term of the agreement. The Company accrues for revenue and unbilled receivables for services rendered between the last billing date and the balance sheet date. The Company’s contracts with its customers also include incentive payments received for discrete benefits delivered or promised to be delivered to the customer or service level agreements that could result in credits or refunds to the customer. Revenues relating to such arrangements are accounted for as variable consideration when the amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur. The Company records deferred revenue attributable to certain process transition activities where such activities do not represent separate performance obligations. Revenues relating to such transition activities are classified under contract liabilities and subsequently recognized ratably over the period in which the related services are performed. Costs relating to such transition activities are fulfillment costs which are directly related to the contract and result in the generation or enhancement of resources. Such costs are expected to be recoverable under the contract and are therefore classified as contract cost assets and recognized ratably over the estimated expected period of benefit under cost of revenue. Revenues are reported net of value-added tax, business tax and applicable discounts and allowances. Reimbursements of out-of-pocket expenses received from customers have been included as part of revenues. Revenue for performance obligations that are satisfied over time is recognized in accordance with the methods prescribed for measuring progress. The input (cost expended) method has been used to measure progress towards completion as there is a direct relationship between input and the satisfaction of a performance obligation. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the current contract estimates. The Company enters into multiple-element revenue arrangements in which a customer may purchase a combination of products or services. The Company determines whether each product or service promised to a customer is capable of being distinct, and is distinct in the context of the contract. If not, the promised products or services are combined and accounted for as a single performance obligation. In the event of a multiple-element revenue arrangement, the Company allocates the arrangement consideration to separately identifiable performance obligations based on their relative stand-alone selling prices. 2. Summary of significant accounting policies (Continued) Certain contracts may include offerings such as sale of licenses, which may be perpetual or subscription-based. Revenue from distinct perpetual licenses is recognized upfront at the point in time when the software is made available to the customer. Revenue from distinct, non-cancellable, subscription-based licenses is recognized at the point in time when the license is transferred to the customer. Revenue from any associated maintenance or ongoing support services is recognized ratably over the term of the contract. For a combined software license/services performance obligation, revenue is recognized over the period that the services are performed. All incremental and direct costs incurred for acquiring contracts, such as certain sales commissions, are classified as contract cost assets. Such costs are amortized over the expected period of benefit and recorded under selling, general and administrative expenses. Other upfront fees paid to customers are classified as contract assets. Such fees are amortized over the expected period of benefit and recorded as an adjustment to the transaction price and deducted from revenue. Timing of revenue recognition may differ from the timing of invoicing. If a payment is received in respect of services prior to the delivery of services, the payment is recognized as an advance from the customer and classified as a contract liability. Contract assets and contract liabilities relating to the same customer contract are offset against each other and presented on a net basis in the consolidated financial statements. |
Leases | (g) Leases At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on whether: (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all the economic benefits from the use of the asset throughout the term of the contract, and (3) the Company has the right to direct the use of the asset. At the inception of a lease, the consideration in the contract is allocated to each lease component based on its relative standalone price to determine the lease payments. Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any one of the above criteria. For all leases at the lease commencement date, a right-of-use (ROU) asset and a lease liability are recognized. The lease liability represents the present value of the lease payments under the lease. Lease liabilities are initially measured at the present value of the lease payments not yet paid, discounted using the discount rate for the lease at the lease commencement. The lease liabilities are subsequently measured on an amortized cost basis. The lease liability is adjusted to reflect interest on the liability and the lease payments made during the period. Interest on the lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. The ROU asset represents the right to use the leased asset for the lease term. The ROU asset for each lease initially includes the amount of the initial measurement of the lease liability adjusted for any lease payments made to the lessor at or before the commencement date, accrued lease liabilities and any lease incentives received or any initial direct costs incurred by the Company. The ROU asset of finance leases is subsequently measured at cost, less accumulated amortization. The ROU asset of operating leases is subsequently measured from the carrying amount of the lease liability at the end of each reporting period, and is equal to the carrying amount of lease liabilities adjusted for (1) unamortized initial direct costs, (2) prepaid/(accrued) lease payments and (3) the unamortized balance of lease incentives received. The carrying value of ROU assets is reviewed for impairment, similar to long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company has elected to not separate lease and non-lease components for all of its leases and to use the recognition exemptions for lease contracts that, at commencement date, have a lease term of 12 months or less and do not contain a purchase option (“short-term leases” ). 2. Summary of significant accounting policies (Continued) Significant judgements The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. Under certain of its leases, the Company has a renewal and termination option to lease assets for additional terms between one The Company has applied an incremental borrowing rate for the purpose of computing lease liabilities based on the remaining lease term and the rates prevailing in the jurisdictions where leases were executed. |
Cost of revenue | (h) Cost of revenue Cost of revenue primarily consists of salaries and benefits (including stock-based compensation), recruitment, training and related costs of employees who are directly responsible for the performance of services for customers, their supervisors and certain support personnel who may be dedicated to a particular customer or a set of processes. It also includes operational expenses, which consist of facilities maintenance expenses, travel and living expenses, rent, IT expenses, and consulting and certain other expenses. Consulting charges represent the cost of consultants and contract resources with specialized skills who are directly responsible for the performance of services for clients and travel and other billable costs related to the Company’s clients. It also includes depreciation of property, plant and equipment, and amortization of intangible and ROU assets which are directly related to providing services that generate revenue. |
Selling, general and administrative expenses | (i) Selling, general and administrative expenses |
Credit losses | (j) Credit losses An allowance for credit losses is recognized for all debt instruments other than those held at fair value through profit or loss. The Company pools its accounts receivable (other than deferred billings) based on similar risk characteristics in estimating expected credit losses. Credit losses for accounts receivable are based on the roll-rate method, and the Company recognizes a loss allowance based on lifetime expected credit losses at each reporting date. The Company has established a provision matrix based on historical credit loss experience, adjusted for forward-looking factors and the economic environment. The Company believes the most relevant forward-looking factors are economic environment, gross domestic product, inflation rates and unemployment rates for each of the countries in which the Company or its customers operate, and accordingly the Company adjusts historical loss rates based on expected changes in these factors. At every reporting date, observed historical default rates are updated to reflect changes in the Company’s forward-looking estimates. Credit losses for other financial assets and deferred billings are based on the discounted cash flow (“DCF”) method. Under the DCF method, the allowance for credit losses reflects the difference between the contractual cash flows due in accordance with the contract and the present value of the cash flows expected to be collected. The expected cash flows are discounted at the effective interest rate of the financial asset. Such allowances are based on the credit losses expected to arise over the life of the asset which includes consideration of prepayments based on the Company’s expectation as of the balance sheet date. 2. Summary of significant accounting policies (Continued) A financial asset is written off when it is deemed uncollectible and there is no reasonable expectation of recovering the contractual cash flows. Expected recoveries of amounts previously written off, not to exceed the aggregate amounts previously written off, are included in determining the allowance at each reporting period. |
Cash and cash equivalents | (k) 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 | (l) Short-term investments All liquid investments with an original maturity greater than three months but less than one year are considered to be short-term investments. Marketable short-term investments are classified and accounted for as available-for-sale investments. Available-for-sale investments are reported at fair value with changes in unrealized gains and losses recorded as a separate component of other comprehensive income (loss) until realized. Realized gains and losses on investments are determined based on the specific identification method and are included in “Other income (expense), net.” The Company does not hold these investments for speculative purposes. |
Property, plant and equipment, net | (m) Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and amortization and accumulated impairment loss. Expenditures for replacements and improvements are capitalized, whereas the costs of maintenance and repairs are charged to earnings as incurred. The Company depreciates and amortizes all property, plant and equipment using the straight-line method over the following estimated economic useful lives of the assets: Years Buildings 40 Furniture and fixtures 4 Computer equipment and servers 4 Plant, machinery and equipment 4 Computer software 4 - 7 Leasehold improvements Lease period or 10 years, whichever is less Vehicles 3 - 4 The Company capitalizes certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, (ii) compensation and related benefits for employees who are directly associated with the software project, and (iii) interest costs incurred while developing internal-use computer software. Capitalized computer software costs are included in property, plant and equipment on the Company’s consolidated balance sheets and amortized on a straight-line basis when placed into service over the estimated useful lives of the software. Advances paid towards acquisition of property, plant and equipment outstanding as of each balance sheet date and the cost of property, plant and equipment not put to use before such date are disclosed under “Capital work in progress.” |
Impairment of long-lived assets | (n) 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 | (o) Foreign currency The Company’s consolidated financial statements are reported in U.S. dollars, the Company’s functional currency. The functional currency for the Company’s subsidiaries organized in Europe, other than the United Kingdom, the Czech Republic, Luxembourg and one subsidiary in Poland, is the euro, and the functional currencies of the Company’s subsidiaries organized in Brazil, China, Colombia, Guatemala, Argentina, India, Israel, Japan, Morocco, South Africa, the Philippines, Poland, the Czech Republic, Hong Kong, Singapore, Australia and Canada are their respective local currencies. The functional currency of all other Company subsidiaries is the U.S. dollar. The translation of the functional currencies of the Company’s subsidiaries into U.S. dollars is performed for balance sheet accounts using the exchange rates in effect as of the balance sheet date and for revenues and expense accounts using a monthly average exchange rate prevailing during the respective period. The gains or losses resulting from such translation are reported as currency translation adjustments under other comprehensive income (loss), net, under accumulated other comprehensive income (loss) as a separate component of equity. Monetary assets and liabilities of each subsidiary denominated in currencies other than the subsidiary’s functional currency are translated into their respective functional currency at the rates of exchange prevailing on the balance sheet date. |
Derivative instruments and hedging activities | (p) Derivative instruments and hedging activities In the normal course of business, the Company uses derivative financial instruments to manage fluctuations in foreign currency exchange rates and interest rate fluctuation. The Company enters into forward foreign exchange contracts to mitigate the risk of changes in foreign exchange rates on intercompany transactions and forecasted transactions denominated in foreign currencies and interest rate swaps to mitigate interest rate fluctuation risk on its indebtedness. The Company recognizes derivative instruments and hedging activities as either assets or liabilities in its consolidated balance sheets and measures them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting. Changes in the fair values of derivatives designated as cash flow hedges are deferred and recorded as a component of other comprehensive income (loss) reported under accumulated other comprehensive income (loss) until the hedged transactions occur and are then recognized in the consolidated statements of income along with the underlying hedged item and disclosed as part of “Total net revenues,” “Cost of revenue,” “Selling, general and administrative expenses,” and “Interest expense,” as applicable. Changes in the fair value of derivatives not designated as hedging instruments and the ineffective portion of derivatives designated as cash flow hedges are recognized in the consolidated statements of income and are included in foreign exchange gains (losses), net, and other income (expense), net, respectively. With respect to derivatives designated as cash flow hedges, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. The Company also formally assesses, both at the inception of the hedge and on a quarterly basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If it is determined that a derivative or portion thereof is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, the Company will prospectively discontinue hedge accounting with respect to that derivative instrument. 2. Summary of significant accounting policies (Continued) 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 | (q) Income taxes The Company calculates and provides for income taxes in each of the tax jurisdictions in which it operates. 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 income taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and for all operating loss and tax credit carry forwards, if any. Deferred tax assets and liabilities are measured using the enacted tax rates of the respective jurisdictions which are expected to apply to taxable income in the years in which the related temporary differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in the consolidated statements of income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance to the amount, based on the weight of available evidence, that is more likely than not to be realized. The Company applies a two-step approach for recognizing and measuring the benefit of tax positions. The first step is to evaluate the tax position for recognition by determining, based on the technical merits, that the position will more likely than not be sustained upon examination. The second step is to measure the tax benefit as the largest amount of the tax benefit that has a greater than 50 percent likelihood of being realized upon settlement. The Company includes interest and penalties related to income taxes within income tax expense. The Company follows the specific identification approach for releasing stranded tax effects from accumulated other comprehensive income (“AOCI”) upon recognition of these AOCI items in the consolidated statements of income. |
Employee benefit plans | (r) Employee benefit plans Contributions to defined contribution plans are charged to consolidated statements of income in the period in which services are rendered by the covered employees. Current service costs for defined benefit plans are accrued in the period to which they relate. The liability in respect of defined benefit plans is calculated annually by the Company using the projected unit credit method. Prior service cost, if any, resulting from an amendment to a plan is recognized and amortized over the remaining period of service of the covered employees. The Company recognizes its liabilities for compensated absences dependent on whether the obligation is attributable to employee services already rendered, relates to rights that vest or accumulate and payment is probable and estimable. The service cost is recognized under “cost of revenue” and “selling, general and administrative expenses,” depending on the functional area of the underlying employees included in the plans, and the non-operating components of net benefit plan costs are included within “other income (expense), net” in the consolidated statements of income. The Company records annual amounts relating to its defined benefit plans based on calculations that incorporate various actuarial and other assumptions, including discount rates, mortality, assumed rates of return on plan assets, future compensation increases and attrition rates. The Company reviews its assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The effect of modifications to those assumptions is recorded in other comprehensive income (loss) and amortized to net periodic cost over future periods using the corridor method. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience and market conditions. |
Deferred compensation plans | ( s ) Deferred Compensation Plans The Company maintains a non-qualified deferred compensation plan for certain employees. The plan is accounted for using the fair value measurement approach. Plan earnings are calculated by reference to actual earnings of the funds chosen by individual participants. In connection with the administration of this plan, the Company has purchased Company-owned life insurance policies insuring the lives of certain employees, held under a Rabbi Trust. The Company consolidates the invested assets of the trust. The cash surrender value of these insurance policies is included in “other assets” in the consolidated balance sheets at fair value. Gains or losses on the plan’s assets and changes in the fair value of deferred compensation liabilities are included in “other income (expense), net,” and “selling, general and administrative expenses,” respectively, in the consolidated statements of income. |
Stock-based compensation | (t) Stock-based compensation The Company recognizes and measures compensation expense for all stock-based awards based on the grant date fair value. For option awards, grant date fair value is determined under the option-pricing model (Black-Scholes-Merton model). For stock-based awards other than option awards and the performance units ("PUs") granted in 2023, 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. In 2023, the Company granted performance units ("PUs") to certain employees. Vesting of these PUs is contingent upon Genpact's financial performance over the three-year performance period. For PUs granted in 2023, the performance period increased to three years from one year for PUs granted prior to 2023. The number of PUs granted in 2023 that will ultimately vest will be determined, subject to certain conditions and limitations, based on the Company’s total shareholder return (“TSR”) relative to the TSR of the companies included as of January 1, 2023 in the S&P 400 Midcap Index (the “Peer Group”) over the three-year performance period. Accordingly, the grant date fair value for PUs granted in 2023 is determined using a Monte Carlo simulation model. The fair value determined at the grant date is expensed over the vesting period of the stock-based awards. The Company recognizes compensation expense for stock-based awards net of estimated forfeitures. Stock-based compensation recognized in the consolidated statements of income is based on awards ultimately expected to vest. As a result, the expense has been reduced for estimated forfeitures. |
Earnings (loss) per share | (u) 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 | (v) Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Legal costs incurred in connection with such liabilities are expensed as incurred. |
Debt restructuring | (w) Debt restructuring The Company accounts for any restructuring of its credit facility using the ten percent cash flow test in accordance with ASC 470, Debt. If the cash flow effect of the change in terms on a present-value basis is less than ten percent, the debt instruments are not considered to be substantially different, and are accounted for as a modification. If the change is more than ten percent, it is treated as an extinguishment. In performing the cash flow test, the Company includes all amounts paid to its lenders in connection with the restructuring but excludes third party expenses. In the case of a modification, all new fees paid to lenders are capitalized and amortized as part of the existing effective yield and any new fees paid to third parties are expensed as incurred. No gain or loss is recorded in the case of a modification. In the case of an extinguishment, all new fees paid to lenders are expensed as incurred and any new fees paid to third parties are capitalized and amortized as a debt issuance cost. The old debt is derecognized and the new debt is recorded at fair value and a gain or loss is recorded for the difference between the net carrying value of the original debt and the fair value of the new debt. |
Assets held for sale policy | (x) Assets held for sale A long-lived asset (or a disposal group for a long-lived asset comprising a group of assets and related liabilities) is classified as held for sale if it is highly probable that the asset will be recovered through sale rather than continuing use. The Company records assets held for sale at the lower of their carrying value or fair value less costs to sell. The following criteria are used to determine if a business is held for sale: (i) management, having the authority to approve a sale, commits to a plan to sell; (ii) the business is available for immediate sale in its present condition; (iii) an active program to locate a buyer and a plan to sell the business have been initiated; (iv) the sale of the business is probable within one year; (v) the business is being actively marketed for sale at a reasonable price relative to its fair value; and (vi) it is unlikely that the plan to sell will be withdrawn or that significant changes to the plan will be made. In determining the fair value of the assets less costs to sell, the Company considers factors including current sales prices for comparable assets, discounted cash flow projections, third party valuation and any indicative offers. The Company’s assumptions about fair value require significant judgment because the current market is highly sensitive to changes in economic conditions. The Company estimates the fair values of assets held for sale based on current market conditions and assumptions made by management, which may differ from actual results and may result in impairments if market conditions deteriorate. Any impairment loss on the initial classification and subsequent measurement is recognized as an expense. Any subsequent increase in fair value less costs to sell (not exceeding the accumulated impairment loss that has been previously recognized) is recognized in the income statement. When assets are classified as held for sale, the Company does not record any depreciation and amortization for the respective property, plant and equipment and intangibles. |
Recently issued accounting pronouncements | (y) Recently issued accounting pronouncements The authoritative bodies release standards and guidance which are assessed by management for impact on the Company’s consolidated financial statements. The following recently released accounting standards have not yet been adopted by the Company: In March 2023, the FASB issued ASU No. 2023-01, “Leases (Topic 842).” This ASU requires a lessee in a common control lease arrangement to amortize leasehold improvements that it owns over the improvements’ useful lives to the common control group, regardless of the lease term, if the lessee continues to control the use of the underlying asset through a lease. The ASU is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its consolidated results of operations, cash flows, financial position and disclosures. 2. Summary of significant accounting policies (Continued) In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280)." This ASU improves reportable segment disclosure requirements by enhancing disclosures about significant segment expenses. It requires public entities to disclose significant segment expenses, other segment items, and additional measures of segment profit or loss, providing more comprehensive information for investors and stakeholders. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its disclosures. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740)." This ASU enhances income tax disclosures by requiring public business entities on an annual basis (1) to disclose specific categories in the rate reconciliation, and (2) to provide additional information for reconciling items that meet a quantitative threshold, i.e., if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate. It also requires entities to disclose the income taxes paid (net of refunds received), broken out between federal (national), state/local and foreign, as well as the amounts paid to an individual jurisdiction when 5% or more of the total income taxes were paid to such jurisdiction. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its disclosures. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives of intangible assets acquired | Intangible assets acquired individually or with a group of other assets or in a business combination and developed internally are carried at cost less accumulated amortization and accumulated impairment loss based on their estimated useful lives as follows: Customer-related intangible assets 1 - 9 years Marketing-related intangible assets 1 - 8 years Technology-related intangible assets 2 - 10 years |
Schedule of estimated economic useful lives of property, plant and equipment | The Company depreciates and amortizes all property, plant and equipment using the straight-line method over the following estimated economic useful lives of the assets: Years Buildings 40 Furniture and fixtures 4 Computer equipment and servers 4 Plant, machinery and equipment 4 Computer software 4 - 7 Leasehold improvements Lease period or 10 years, whichever is less Vehicles 3 - 4 |
Accounts receivable, net of a_2
Accounts receivable, net of allowance for credit losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of allowance for credit losses | The following table provides details of the Company’s allowance for credit losses: Year ended December 31, 2021 2022 2023 Opening balance as of January 1 $ 27,707 $ 24,329 $ 20,442 Additions (net), charged to income statement 910 2,096 3,081 Deductions/effect of exchange rate fluctuations (4,288) (5,983) (5,245) Closing balance $ 24,329 $ 20,442 $ 18,278 |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of assets and liabilities, including derivative instruments, at fair value on a recurring basis | The Company measures certain financial assets and liabilities, including derivative instruments, at fair value on a recurring basis. The fair value measurements of these financial assets and liabilities were determined using the following inputs as of December 31, 2022 and 2023: As of December 31, 2022 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Assets Derivative instruments (Note a, c) $ 21,687 $ — $ 21,687 $ — Deferred compensation plan assets (Note a, e) 40,261 — — 40,261 Total $ 61,948 $ — $ 21,687 $ 40,261 Liabilities Earn-out consideration (Note b, d) $ 2,517 $ — $ — $ 2,517 Derivative instruments (Note b, c) 38,817 — 38,817 — Deferred compensation plan liability (Note b, f) 39,654 — — 39,654 Total $ 80,988 $ — $ 38,817 $ 42,171 5. Fair value measurements (Continued) As of December 31, 2023 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Assets Derivative instruments (Note a, c) $ 22,307 $ — $ 22,307 $ — Deferred compensation plan assets (Note a, e) 51,983 — — 51,983 Total $ 74,290 $ — $ 22,307 $ 51,983 Liabilities Derivative instruments (Note b, c) 17,363 — 17,363 — Deferred compensation plan liability (Note b, f) 51,354 — — 51,354 Total $ 68,717 $ — $ 17,363 $ 51,354 (a) Derivative assets are included in “prepaid expenses and other current assets” and “other assets” in the consolidated balance sheets. Deferred compensation plan assets are included in “other assets” in the consolidated balance sheets. (b) Included in “accrued expenses and other current liabilities” and “other liabilities” in the consolidated balance sheets. (c) The Company values its derivative instruments based on market observable inputs, including both forward and spot prices for the relevant currencies and interest rate indices for relevant interest rates. The quotes are taken from an independent market database. (d) The fair value of earn-out consideration, calculated as the present value of expected future payments to be made to the sellers of acquired businesses, was derived by estimating the future financial performance of the acquired businesses using the earn-out formula and performance targets specified in each purchase agreement and adjusting the result to reflect the Company’s estimate of the likelihood of achievement of such targets. Given the significance of the unobservable inputs, the valuations are classified in level 3 of the fair value hierarchy. (e) Deferred compensation plan assets consist of life insurance policies held under a Rabbi Trust. Assets held in the Rabbi Trust are valued based on the cash surrender value of the insurance contract, which is determined based on the fair value of the underlying assets included in the insurance portfolio and are therefore classified within level 3 of the fair value hierarchy. (f) The fair value of the deferred compensation plan liability is derived based on the fair value of the underlying assets in the insurance policies and is therefore classified within level 3 of the fair value hierarchy. |
Schedule of roll-forward of fair value of earn-out consideration categorized as level 3 in fair value hierarchy | The following table provides a roll-forward of the fair value of earn-out consideration categorized as level 3 in the fair value hierarchy for the years ended December 31, 2022 and 2023: Year ended December 31, 2022 2023 Opening balance $ 5,406 $ 2,517 Payments made on earn-out consideration (2,437) (2,399) Change in fair value of earn-out consideration (Note a) (452) (118) Closing balance $ 2,517 $ — (a) Changes in the fair value of earn-out consideration are reported in “other operating (income) expense, net” in the consolidated statements of income. The following table provides a roll-forward of the fair value of deferred compensation liabilities categorized as level 3 in the fair value hierarchy for the years ended December 31, 2022 and 2023: Year ended December 31, 2022 2023 Opening balance $ 38,007 $ 39,654 Additions (net of redemption) 9,257 4,216 Change in fair value of deferred compensation plan liabilities (Note a) (7,610) 7,484 Closing balance $ 39,654 $ 51,354 (a) Changes in the fair value of deferred compensation liabilities are reported in “selling, general and administrative expenses” in the consolidated statements of income. |
Schedule of roll-forward of fair value of deferred compensation plan assets categorized as level 3 in fair value hierarchy | The following table provides a roll-forward of the fair value of deferred compensation plan assets categorized as level 3 in the fair value hierarchy for the years ended December 31, 2022 and 2023: Year ended December 31, 2022 2023 Opening balance $ 38,584 $ 40,261 Additions (net of redemption) 9,257 4,216 Change in fair value of deferred compensation plan assets (Note a) (7,580) 7,506 Closing balance $ 40,261 $ 51,983 (a) Changes in the fair value of plan assets are reported in “other income (expense), net” in the consolidated statements of income. |
Schedule of fair value of deferred compensation liabilities categorized as Level 3 in fair value hierarchy | The following table provides a roll-forward of the fair value of earn-out consideration categorized as level 3 in the fair value hierarchy for the years ended December 31, 2022 and 2023: Year ended December 31, 2022 2023 Opening balance $ 5,406 $ 2,517 Payments made on earn-out consideration (2,437) (2,399) Change in fair value of earn-out consideration (Note a) (452) (118) Closing balance $ 2,517 $ — (a) Changes in the fair value of earn-out consideration are reported in “other operating (income) expense, net” in the consolidated statements of income. The following table provides a roll-forward of the fair value of deferred compensation liabilities categorized as level 3 in the fair value hierarchy for the years ended December 31, 2022 and 2023: Year ended December 31, 2022 2023 Opening balance $ 38,007 $ 39,654 Additions (net of redemption) 9,257 4,216 Change in fair value of deferred compensation plan liabilities (Note a) (7,610) 7,484 Closing balance $ 39,654 $ 51,354 (a) Changes in the fair value of deferred compensation liabilities are reported in “selling, general and administrative expenses” in the consolidated statements of income. |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of aggregate notional principal amounts of outstanding derivative financial instruments with related balance sheet exposure | The following table presents the aggregate notional principal amounts of outstanding derivative financial instruments together with the related balance sheet exposure: Notional principal amounts (Note a) Balance sheet exposure asset (liability) (Note b) As of December 31, 2022 As of December 31, 2023 As of December 31, 2022 As of December 31, 2023 Foreign exchange forward contracts denominated in: United States Dollars (sell) Indian Rupees (buy) $ 1,587,500 $ 1,892,800 $ (25,581) $ 5,278 United States Dollars (sell) Mexican Peso (buy) 24,000 66,000 1,079 2,129 United States Dollars (sell) Philippines Peso (buy) 79,200 118,500 (828) 637 Euro (sell) United States Dollars (buy) 182,163 222,363 480 (3,499) Singapore Dollars (buy) United States Dollars (sell) 50,956 — 166 — Euro (sell) Romanian Leu (buy) 51,115 66,384 848 90 Japanese Yen (sell) Chinese Renminbi (buy) 8,185 52,562 (327) 803 United States Dollars (sell) Chinese Renminbi (buy) 41,000 40,800 605 (638) Pound Sterling (sell) United States Dollars (buy) 32,594 14,915 1,113 (398) United States Dollars (sell) Hungarian Font (buy) 12,000 32,000 828 809 Australian Dollars (sell) Indian Rupees (buy) 87,513 90,077 (452) (1,914) United States Dollars (Sell) Polish Zloty (buy) 24,000 51,000 1,372 3,046 Japanese Yen (sell) United States Dollars (buy) 10,000 7,000 (1,134) 323 Israeli Shekel (sell) United States Dollars (buy) 3,000 15,000 3 1,175 South African Rand (sell) United States Dollars (buy) 21,000 27,000 (1,652) 216 United States Dollars (sell) Brazilian Real (buy) — 4,000 — 55 United States Dollars (sell) Costa Rica Colon (buy) — 13,000 — 555 Pound Sterling (buy) United States Dollar (sell) — 22,300 — 669 United States Dollars (sell) Malaysian Ringgit (buy) — 18,000 — 161 Interest rate swaps (floating to fixed) 432,248 148,125 6,350 (4,553) $ (17,130) $ 4,944 (a) Notional amounts are key elements of derivative financial instrument agreements but do not represent the amount exchanged by counterparties and do not measure the Company’s exposure to credit, foreign exchange, interest rate or market risks. However, the amounts exchanged are based on the notional amounts and other provisions of the underlying derivative financial instrument agreements. Notional amounts are denominated in U.S. dollars. (b) Balance sheet exposure is denominated in U.S. dollars and denotes the mark-to-market impact of the derivative financial instruments on the reporting date. |
Schedule of fair value of derivative instruments and their location in the Company's financial statements | The fair value of the Company’s derivative instruments and their location in the Company’s financial statements are summarized in the table below: Cash flow hedges Non-designated As of December 31, 2022 As of December 31, 2023 As of December 31, 2022 As of December 31, 2023 Assets Prepaid expenses and other current assets $ 17,531 $ 13,273 $ 2,151 $ 5,783 Other assets $ 2,005 $ 3,251 $ — $ — Liabilities Accrued expenses and other current liabilities $ 23,662 $ 6,833 $ 11,495 $ 1,276 Other liabilities $ 3,660 $ 9,254 $ — $ — |
Schedule gains (losses) recorded as component of other comprehensive income (loss) in connection with cash flow hedges | In connection with cash flow hedges, the gains (losses) recorded as a component of other comprehensive income (loss) ("OCI"), and the related tax effects are summarized below: Year ended December 31, 2021 2022 2023 Before-Tax amount Tax (Expense) or Benefit Net of tax Amount Before-Tax Tax (Expense) or Benefit Net of tax Amount Before-Tax Tax (Expense) or Benefit Net of tax Amount Opening balance $ (10,921) $ 1,861 $ (9,060) $ 17,468 $ (3,404) $ 14,064 $ (7,255) $ 1,543 $ (5,712) Net gains (losses) reclassified into statement of income on completion of hedged transactions 7,628 (1,836) 5,792 (6,815) (413) (7,228) 13,871 (3,644) 10,227 Changes in fair value of effective portion of outstanding derivatives, net 36,017 (7,101) 28,916 (31,538) 4,534 (27,004) 21,931 (5,041) 16,890 Gain (loss) on cash flow hedging derivatives, net 28,389 (5,265) 23,124 (24,723) 4,947 (19,776) 8,060 (1,397) 6,663 Closing balance $ 17,468 $ (3,404) $ 14,064 $ (7,255) $ 1,543 $ (5,712) $ 805 $ 146 $ 951 |
Schedule of gains or losses recognized in other comprehensive income (loss) | The gains or losses recognized in other comprehensive income (loss) and their effects on financial performance are summarized below: Derivatives in Amount of Gain (Loss) Location of Gain (Loss) Amount of Gain (Loss) reclassified Year ended December 31, Year ended December 31, 2021 2022 2023 2021 2022 2023 Forward foreign $ 32,270 $ (44,873) $ 24,660 Revenue $ 1,354 $ 3,586 $ 1,256 Interest rate swaps 2,931 13,335 (2,729) Cost of revenue 11,155 (8,668) 3,715 Treasury rate lock 816 — — Selling, general and administrative expenses 3,012 (1,148) 565 Interest expense (7,893) (585) 8,335 $ 36,017 $ (31,538) $ 21,931 $ 7,628 $ (6,815) $ 13,871 There were no gains (losses) recognized in the statement of income on the ineffective portion of derivatives and excluded from effectiveness testing for the years ended December 31, 2021, 2022 and 2023, respectively. Non-designated Hedges Derivatives not designated as hedging instruments Location of Gain (Loss) recognized in Statement of Income on Derivatives Amount of Gain (Loss) recognized in Statement of Income on Derivatives Year ended December 31, 2021 2022 2023 Forward foreign exchange contracts (Note a) Foreign exchange gains (losses), net $ 12,116 $ (29,499) $ 13,462 a) These forward foreign exchange contracts were entered into to hedge fluctuations in foreign exchange rates for recognized balance sheet items, such as receivables and intercompany borrowings, and were not originally designated as hedges under FASB guidance on derivatives and hedging. Realized gains (losses) and changes in the fair value of these derivatives are recorded in foreign exchange gains (losses), net in the consolidated statements of income. |
Prepaid expenses and other cu_2
Prepaid expenses and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of prepaid expenses and other current assets | Prepaid expenses and other current assets consist of the following: As of December 31, 2022 2023 Advance income and non-income taxes $ 38,382 $ 90,136 Contract asset (Note 25) 11,613 17,454 Prepaid expenses 39,952 36,196 Derivative instruments 19,682 19,056 Employee advances 3,299 5,087 Deposits 5,372 4,406 Advances to suppliers 953 1,689 Others 18,719 17,542 Total $ 137,972 $ 191,566 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment, net | Property, plant and equipment, net consist of the following: As of December 31, 2022 2023 Land $ 6,662 $ 6,652 Buildings 38,376 45,596 Furniture and fixtures 47,076 46,652 Computer equipment and servers 300,501 311,320 Plant, machinery and equipment 98,515 93,744 Computer software 118,547 118,646 Leasehold improvements 102,248 111,308 Vehicles 110 78 Capital work in progress 54,330 46,138 Property, plant and equipment, gross $ 766,365 $ 780,134 Less: Accumulated depreciation, amortization and impairment (585,607) (590,331) Property, plant and equipment, net $ 180,758 $ 189,803 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in goodwill | The following table presents the changes in goodwill for the year ended December 31, 2022 and 2023: As of December 31, 2022 2023 Opening balance $ 1,731,027 $ 1,684,196 Impact of measurement period adjustments 1,817 — Classified as held for sale (1,625) — Effect of exchange rate fluctuations (47,023) (414) Closing balance $ 1,684,196 $ 1,683,782 |
Schedule of changes in goodwill by reporting unit | The following table presents the changes in goodwill by reporting unit for the year ended December 31, 2022: Financial Services Consumer and Healthcare High Tech and Manufacturing Total Opening balance $ 421,257 $ 611,120 $ 698,650 $ 1,731,027 Impact of measurement period adjustments 171 289 1,357 1,817 Classified as held for sale — (1,625) — (1,625) Effect of exchange rate fluctuations (12,692) (16,877) (17,454) (47,023) Closing balance $ 408,736 $ 592,907 $ 682,553 $ 1,684,196 The following table presents the changes in goodwill by reporting unit for the year ended December 31, 2023: Financial Services Consumer and Healthcare High Tech and Manufacturing Total Opening balance $ 408,736 $ 592,907 $ 682,553 $ 1,684,196 Effect of exchange rate fluctuations (62) (127) (225) (414) Closing balance $ 408,674 $ 592,780 $ 682,328 $ 1,683,782 |
Schedule of intangible assets | The Company’s intangible assets are as follows: As of December 31, 2022 As of December 31, 2023 Gross carrying amount Accumulated amortization & Impairment Net Gross carrying amount Accumulated amortization & Impairment Net Customer-related intangible assets $ 473,997 $ 411,706 $ 62,291 $ 474,090 $ 436,104 $ 37,986 Marketing-related intangible assets 97,831 83,253 14,578 97,840 88,648 9,192 Technology-related intangible assets 126,406 113,560 12,846 129,600 123,750 5,850 Total $ 698,234 $ 608,519 $ 89,715 $ 701,530 $ 648,502 $ 53,028 |
Schedule of impairment charge recorded for various categories of assets | The summary below presents the impairment charges Year ended December 31, 2021 2022 2023 Technology related intangible assets $ 205 $ 25,266 $ — Customer related intangible assets $ — $ 905 $ — Goodwill $ — $ 1,625 $ — Total intangible assets and goodwill $ 205 $ 27,796 $ — Property, plant and equipment $ 710 $ 1,377 $ — Total property, plant and equipment $ 710 $ 1,377 $ — Total impairment and write-down $ 915 $ 29,173 $ — |
Schedule of estimated amortization for intangible assets for future periods | The estimated amortization schedule for the Company’s intangible assets for future periods as of December 31, 2023 is set out below: For the year ending December 31: 2024 28,276 2025 18,152 2026 3,895 2027 2,705 Total $ 53,028 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of other assets | Other assets consist of the following: As of December 31, 2022 2023 Contract asset (Note 25) $ 6,734 $ 15,916 Advance income and non-income taxes 126,172 94,651 Deposits 22,524 22,755 Derivative instruments 2,005 3,251 Prepaid expenses 6,354 3,775 Deferred billings, net* 61,537 85,998 Right of use (ROU) assets finance lease 26,358 17,766 Others 52,450 55,848 Total $ 304,134 $ 299,960 *Deferred billings were $64,735 and $90,094 and allowances for credit losses on deferred billings were $3,198 and $4,096, resulting in net deferred billings balances of $61,537 and $85,998 as of December 31, 2022 and 2023, respectively. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of components of lease cost for operating and finance leases | The components of lease cost for operating and finance leases for the years ended December 31, 2021, 2022 and 2023 are summarized below: Year ended December 31, 2021 Year ended December 31, 2022 Year ended December 31, 2023 Finance lease cost: Amortization of ROU assets (Note a) 15,549 13,132 11,058 Interest on lease liabilities (Note b) 2,538 1,532 1,332 Operating lease cost (Note c) 81,637 68,172 60,629 Short-term lease cost (Note c) 1,057 1,563 1,963 Variable lease cost (Note c) 5,307 6,898 6,785 Total lease cost $ 106,088 $ 91,297 $ 81,767 a) Included in “depreciation and amortization” in the consolidated statements of income. b) Included in “interest income (expense), net” in the consolidated statements of income. c) Included in “cost of revenue” and “selling, general and administrative expenses” in the consolidated statements of income. |
Schedule of other information on leases | Year ended December 31, 2021 Year ended December 31, 2022 Year ended December 31, 2023 Weighted-average remaining lease term—finance leases 2.3 years 2.02 years 1.91 years Weighted-average remaining lease term—operating leases 5.76 years 5.41 years 5.06 years Weighted-average discount rate—finance leases 5.70 % 5.72 % 6.54 % Weighted-average discount rate—operating leases 6.98 % 7.80 % 8.33 % Year ended December 31, 2021 Year ended December 31, 2022 Year ended December 31, 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows for finance leases $ 2,592 $ 1,532 $ 1,332 Operating cash outflows for operating leases $ 80,159 $ 79,037 $ 70,176 Financing cash outflows for finance leases $ 13,926 $ 12,810 $ 12,165 |
Schedule of future minimum lease payments under operating lease arrangements | The following table reconciles the undiscounted cash flows for the Company’s operating and finance leases as of December 31, 2022 to the finance and operating lease liabilities recorded on the Company’s consolidated balance sheets: Period range Finance lease Operating lease 2023 $ 16,382 $ 69,902 2024 8,681 61,017 2025 3,000 46,979 2026 830 40,638 2027 119 30,100 Thereafter — 52,466 Total lease payments $ 29,012 $ 301,102 Less: Imputed interest 1,625 56,641 Total lease liabilities $ 27,387 $ 244,461 |
Schedule of future minimum lease payments under finance lease arrangements | The following table reconciles the undiscounted cash flows for the Company’s operating and finance leases as of December 31, 2023 to the operating and finance lease liabilities recorded on the Company’s consolidated balance sheets: Period range Finance lease Operating lease 2024 $ 11,779 $ 65,016 2025 4,061 51,690 2026 2,403 48,686 2027 930 40,886 2028 198 26,719 Thereafter — 35,177 Total lease payments $ 19,371 $ 268,174 Less: Imputed interest 1,660 49,846 Total lease liabilities $ 17,711 $ 218,328 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consist of the following: As of December 31, 2022 2023 Accrued expenses $ 126,680 $ 165,378 Accrued employee cost 293,934 322,601 Earn-out consideration 2,517 — Statutory liabilities 82,912 76,022 Retirement benefits 1,725 2,386 Compensated absences 25,101 29,779 Derivative instruments 35,157 8,109 Contract liabilities (Note 25) 160,625 112,435 Finance lease liability 15,585 10,837 Others 46,771 31,633 Total $ 791,007 $ 759,180 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of maturity profile of term loan outstanding net of debt amortization expense | The maturity profile of the term loan outstanding as of December 31, 2023, net of debt amortization expense, is as follows: Year ended Amount 2024 32,778 2025 26,173 2026 26,192 2027 423,724 Total $ 508,867 |
Schedule of long term debt | A summary of the Company’s long-term debt is as follows: As of December 31, 2022 2023 Credit facility, net of debt amortization expenses $ 528,378 $ 508,867 3.375% 2019 Senior Notes, net of debt amortization expenses 398,881 399,464 1.750% 2021 Senior Notes, net of debt amortization expenses $ 348,030 $ 348,631 Total $ 1,275,289 $ 1,256,962 Current portion 26,136 432,242 Non-current portion 1,249,153 824,720 Total $ 1,275,289 $ 1,256,962 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of other liabilities | Other liabilities consist of the following: As of December 31, 2022 2023 Accrued employee cost 14,120 3,329 Retirement benefits 10,694 13,947 Compensated absences 43,474 50,214 Derivative instruments 3,660 9,254 Contract liabilities (Note 25) 56,157 59,393 Finance lease liability 11,802 6,874 Others 75,701 91,937 Total $ 215,608 $ 234,948 |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of funded status of the Company's defined benefit plans and the amounts recognized | The following table sets forth the funded status of the Company’s defined benefit plans and the amounts recognized in the Company’s financial statements based on actuarial valuations carried out as of December 31, 2022 and 2023. As of December 31, 2022 2023 Change in benefit obligation Projected benefit obligation at the beginning of the year $ 91,782 $ 86,999 Service cost 14,248 15,099 Actuarial loss/(Gain) (2,136) 822 Interest cost 5,790 6,930 Benefits paid (12,602) (8,567) Settlements (875) 149 Curtailments (6) (6) Loss/(Gain) on exchange rate changes (9,202) 313 Projected benefit obligation at the end of the year $ 86,999 $ 101,739 Change in fair value of plan assets Fair value of plan assets at the beginning of the year $ 96,975 $ 80,440 Employer contributions 2,350 8,851 Actual gain on plan assets 4,704 7,255 Benefits paid (13,143) (8,567) Settlements (824) (657) (Loss)/Gain on exchange rate changes (9,622) (637) Fair value of plan assets at the end of the year $ 80,440 $ 86,685 Funded status, end of year $ (6,559) $ (15,054) Amounts recognized in the consolidated balance sheets Non-current assets (recorded under other assets-others) $ 5,860 $ 1,279 Current liabilities (recorded under accrued expenses and other current liabilities-retirement benefits) (1,725) (2,379) Non-current liabilities (recorded under other liabilities- retirement benefits) (10,694) (13,954) Funded status, end of year $ (6,559) $ (15,054) |
Schedule of amounts included in accumulated other comprehensive income (loss) | Amounts included in accumulated other comprehensive income (loss) as of December 31, 2021, 2022 and 2023 were as follows: As of December 31, 2021 2022 2023 Net actuarial loss $ (13,399) $ (10,453) $ (8,747) Net prior service credit / (cost) (300) (124) 446 Deferred tax benefits 3,206 2,516 1,812 Other comprehensive income (loss), net $ (10,493) $ (8,061) $ (6,489) |
Schedule of changes in other comprehensive income (loss) | Changes in other comprehensive income (loss) during the year ended December 31, 2022 and 2023 were as follows: Year ended December 31, 2022 2023 Net Actuarial (Loss) Gain $ 891 $ 1,425 Amortization of net actuarial loss 662 673 Deferred tax (expense) benefits (690) (704) Net prior service credit / (cost) 154 104 Curtailment 6 6 Settlements 49 2 Effect of exchange rate changes 1,360 66 Other comprehensive income (loss), net $ 2,432 $ 1,572 |
Schedule of accumulated benefit obligation for defined benefit plans | The accumulated benefit obligation for defined benefit plans in excess of plan assets as of December 31, 2022 and 2023 was as follows: As of December 31, 2022 2023 Accumulated benefit obligation $ 12,328 $ 14,756 Fair value of plan assets at the end of the year $ 3,822 $ 3,295 The projected benefit obligation for defined benefit plans in excess of plan assets as of December 31, 2022 and 2023 was as follows: As of December 31, 2022 2023 Projected benefit obligation $ 16,207 $ 101,561 Fair value of plan assets at the end of the year $ 3,822 $ 85,228 |
Schedule of net defined benefit plan costs | Net defined benefit plan costs for the years ended December 31, 2021, 2022 and 2023 include the following components: Year ended December 31, 2021 2022 2023 Service costs $ 14,546 $ 14,248 $ 15,099 Interest costs 5,497 5,790 6,930 Amortization of actuarial loss 1,549 859 660 Expected return on plan assets (6,239) (5,949) (5,008) Settlements 519 127 140 Net defined benefit plan costs $ 15,872 $ 15,075 $ 17,821 |
Schedule of weighted average assumptions used to determine benefit obligations and plan costs | The weighted average assumptions used to determine the benefit obligations of the Indian Gratuity Plan as of December 31, 2022 and 2023 are presented below: As of December 31, 2022 2023 Discount rate 7.45 % - 7.70% 7.65% - 7.90% Rate of increase in compensation per annum 5.20 % - 9.00% 5.20 % - 9.00% The weighted average assumptions used to determine the Indian Gratuity Plan costs for the years ended December 31, 2021, 2022 and 2023 are presented below: Year ended December 31, 2021 2022 2023 Discount rate 4.45 % - 5.90 % 5.25 % - 6.45 % 7.45% _ 7.70% Rate of increase in compensation per annum 5.20 % - 9.00 % 4.60 % - 8.00 % 5.20% - 9.00% Expected long term rate of return on plan assets per annum 7.00% 7.50% 7.00% - 7.20% 7.00% The weighted average assumptions used to determine the benefit obligations of the Mexican Plan as of December 31, 2022 and 2023 are presented below: As of December 31, 2022 2023 Discount rate 9.30 % 9.40 % Rate of increase in compensation per annum 5.50 % 5.50 % The weighted average assumptions used to determine the costs of the Mexican Plan for the years ended December 31, 2021, 2022 and 2023 are presented below: Year ended December 31, 2021 2022 2023 Discount rate 7.20 % 8.20 % 9.30 % Rate of increase in compensation per annum 5.50 % 5.50 % 5.50 % The weighted average assumptions used to determine the benefit obligations of the Philippines Plan as of December 31, 2022 and 2023 are presented below: As of December 31, 2022 2023 Discount rate 9.80% 8.54% Rate of increase in compensation per annum 5.30% 5.80% The weighted average assumptions used to determine the costs of the Philippines Plan for the years ended December 31, 2021, 2022 and 2023 are presented below: Year ended December 31, 2021 2022 2023 Discount rate 5.26 % 7.67 % 9.80 % Rate of increase in compensation per annum 5.00 % 6.00 % 5.30 % Expected long-term rate of return on plan assets per annum 2.00 % 2.00 % 2.00 % The weighted average assumptions used to determine the benefit obligation of the Japan Plan as of December 31, 2022 and 2023 are presented below: As of December 31, 2022 2023 Discount rate 0.14% — 0.94% 0.28% — 0.94% Rate of increase in compensation per annum 0.00% 0.00% The weighted average assumptions used to determine the costs of the Japan Plan for the years ended December 31, 2021, 2022 and 2023 are presented below: Year ended December 31, 2021 2022 2023 Discount rate 0.170 % - 0.410 % 0.14% - 0.81% 0.14 % - 0.94% Rate of increase in compensation per annum 0.00 % 0.00 % 0.00% Expected long term rate of return on plan assets per annum 1.77 % - 3.12 % 1.77% - 3.12% 1.77% |
Schedule of fair values of plan assets | The fair values of the Company’s plan assets as of December 31, 2022 and 2023 by asset category are as follows: As of December 31, 2022 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Asset Category Cash 2,423 2,423 — — Fixed income securities (Note a) 77,722 — 77,722 — Other securities (Note b) 295 — 295 — Total $ 80,440 $ 2,423 $ 78,017 $ — 17. Employee benefit plans (Continued) As of December 31, 2023 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Significant Other Total (Level 1) (Level 2) (Level 3) Asset Category Cash 825 825 — — Fixed income securities (Note a) 85,569 — 85,569 — Other securities (Note b) 291 — 291 — Total $ 86,685 $ 825 $ 85,860 $ — (a) Includes investments in funds that invest 100% of their assets in fixed income securities such as money market instruments, government securities and public and private bonds. (b) Includes investments in funds that invest primarily in equity securities. |
Schedule of expected benefit plan payments | The expected benefit plan payments set forth below reflect expected future service: Year ending December 31, 2024 $ 18,145 2025 17,424 2026 20,268 2027 22,448 2028 23,057 2029 - 2033 108,672 $ 210,014 |
Schedule of amounts contributed to defined contribution plans in various jurisdictions | During the years ended December 31, 2021, 2022 and 2023, the Company contributed the following amounts to defined contribution plans in various jurisdictions: Year ended December 31, 2021 2022 2023 India $ 37,508 $ 43,805 $ 47,979 U.S. 21,496 23,084 20,820 U.K. 19,874 20,763 19,197 China 24,988 26,514 27,077 Other regions 15,516 18,062 19,737 Total $ 119,382 $ 132,228 $ 134,810 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of significant assumptions used in determining fair value of options granted | The following table shows the significant assumptions used in connection with the determination of the fair value of options granted in 2021 and 2022. No options were granted in 2023. 2021 2022 Dividend yield 0.84% — 1.08% 0.96% Expected life (in months) 84 84 Risk-free rate of interest for expected life 1.12% — 1.37% 1.71% Volatility 26.05% — 26.18% 26.29% |
Schedule of stock option activity | A summary of stock option activity during the years ended December 31, 2021, 2022 and 2023 is set out below: Year ended December 31, 2021 Shares arising Weighted Weighted average Aggregate Outstanding as of January 1, 2021 7,347,241 26.41 5.7 — Granted 1,831,180 43.98 — — Forfeited (25,000) 31.50 — — Expired — — — — Exercised (1,145,125) 20.23 — 30,463 Outstanding as of December 31, 2021 8,008,296 31.30 6.1 $ 174,428 Vested as of December 31, 2021 and expected to vest thereafter (Note a) 7,422,919 30.51 6.1 $ 167,551 Vested and exercisable as of December 31, 2021 3,117,333 24.17 3.4 $ 90,117 Weighted average grant-date fair value of options granted during the period $ 11.35 Year ended December 31, 2022 Shares arising Weighted Weighted average Aggregate Outstanding as of January 1, 2022 8,008,296 $ 31.30 6.1 — Granted 475,695 52.12 — — Forfeited (70,841) 41.46 — — Expired — — — — Exercised (665,036) 22.11 — 15,752 Outstanding as of December 31, 2022 7,748,114 $ 33.27 5.6 $ 105,261 Vested as of December 31, 2022 and expected to vest thereafter (Note a) 7,287,127 $ 32.59 5.6 $ 103,474 Vested and exercisable as of December 31, 2022 3,211,699 $ 25.35 3.3 $ 67,347 Weighted average grant-date fair value of options granted during the period $ 14.19 Year Ended December 31, 2023 Shares arising Weighted Weighted average Aggregate Outstanding as of January 1, 2023 7,748,114 $ 33.27 5.6 — Granted — — — — Forfeited (319,646) 41.06 — — Expired (53,990) 43.94 — — Exercised (1,376,330) 20.17 — 29,255 Outstanding as of December 31, 2023 5,998,148 $ 35.77 5.5 $ 19,341 Vested as of December 31, 2023 and expected to vest thereafter (Note a) 5,784,672 $ 35.38 5.5 $ 19,332 Vested and exercisable as of December 31, 2023 3,161,392 $ 30.42 4.3 $ 15,069 Weighted average grant-date fair value of options granted during the period — (a) Options expected to vest after considering an estimated forfeiture rate. |
Schedule of RSU activity | A summary of RSU activity during the years ended December 31, 2021, 2022 and 2023 is set out below: Year ended December 31, 2021 Number of Weighted Outstanding as of January 1, 2021 860,308 $ 36.44 Granted 466,702 44.00 Vested (Note b) (501,273) 34.41 Forfeited (66,230) 38.02 Outstanding as of December 31, 2021 759,507 $ 42.29 Expected to vest (Note a) 654,594 Year ended December 31, 2022 Number of Weighted Outstanding as of January 1, 2022 759,507 $ 42.29 Granted 206,280 45.66 Vested (Note c) (274,521) 43.23 Forfeited (111,644) 42.69 Outstanding as of December 31, 2022 579,622 $ 42.97 Expected to vest (Note a) 527,621 Year ended December 31, 2023 Number of Weighted Outstanding as of January 1, 2023 579,622 $ 42.97 Granted 1,047,905 42.77 Vested (Note d) (510,057) 42.77 Forfeited (80,854) 42.96 Outstanding as of December 31, 2023 1,036,616 $ 42.87 Expected to vest (Note a) 953,972 18. Stock-based compensation (Continued) (a) RSUs expected to vest after considering an estimated forfeiture rate. (b) 461,640 RSUs that vested during the period were net settled upon vesting by issuing 300,944 shares (net of minimum statutory tax withholding). 39,633 RSUs vested in the year ended December 31, 2021, in respect of which 39,515 shares were issued during the period ended December 31, 2023 after withholding shares to the extent of minimum statutory withholding taxes. 7,863 RSUs vested in the year ended December 31, 2021, in respect of which 5,496 shares were issued during the period ended December 31, 2022 after withholding shares to the extent required to satisfy minimum statutory withholding obligations. (c) 28,866 RSUs that vested during the period were net settled upon vesting by issuing 19,992 shares (net of minimum statutory tax withholding). 199,297 RSUs vested in the year ended December 31, 2022, in respect of which 120,858 shares were issued during the period ended December 31, 2023 after withholding shares to the extent of minimum statutory withholding taxes. 46,358 RSUs vested in the year ended December 31, 2022, shares in respect of which will be issued in 2024 after withholding shares to the extent of minimum statutory withholding taxes. (d) 453,761 RSUs vested during the period were net settled upon vesting by issuing 296,656 shares (net of minimum statutory tax withholding). 56,296 RSUs vested in the year ended December 31, 2023, shares in respect of which will be issued in 2024 after withholding shares to the extent of minimum statutory withholding taxes. |
Schedule of significant assumptions used in determining fair value of performance units | The fair value of each PU granted in 2023 to employees was estimated on the date of grant using the following valuation assumptions: Year ended December 31, 2023 Dividend yield 1.22 % — 1.52 % Expected life (years) 2.54 — 2.80 Risk-free rate of interest for expected life 3.80 % — 4.44 % Volatility 24.03 % — 24.71 % |
Schedule of performance units activity | A summary of PU activity during the years ended December 31, 2021, 2022 and 2023 is set out below: Year ended December 31, 2021 Number of Weighted Average Maximum Shares Outstanding as of January 1, 2021 4,876,196 $ 34.56 4,876,196 Granted 1,340,877 44.06 2,681,754 Vested (Note b) (1,784,140) 30.66 (1,784,140) Forfeited (258,258) 39.97 (320,098) Adjustment upon final determination of level of performance goal achievement (Note c) 408,480 43.99 Adjustment upon final determination of level of performance goal achievement (Note d) (870,557) Outstanding as of December 31, 2021 4,583,155 $ 39.40 4,583,155 Expected to vest (Note a) 4,263,803 Year ended December 31, 2022 Number of Weighted Average Maximum Shares Outstanding as of January 1, 2022 4,583,155 $ 39.40 4,583,155 Granted 1,590,794 44.50 3,181,588 Vested (Note e) (2,161,789) 34.61 (2,161,789) Forfeited (487,909) 43.52 (642,512) Adjustment upon final determination of level of performance goal achievement (Note f) 46,700 44.20 Adjustment upon final determination of level of performance goal achievement (Note g) (1,389,491) Outstanding as of December 31, 2022 3,570,951 $ 44.07 3,570,951 Expected to vest (Note a) 3,224,941 18. Stock-based compensation (Continued) Year ended December 31, 2023 Number of Weighted Average Maximum Shares Outstanding as of January 1, 2023 3,570,951 $ 44.07 3,570,951 Granted 986,891 43.99 2,368,538 Vested (Note h) (647,549) 42.53 (647,549) Forfeited (357,362) 44.19 (411,551) Adjustment upon final determination of level of performance goal achievement (Note i) 96,668 44.50 96,668 Outstanding as of December 31, 2023 3,649,599 $ 44.32 4,977,057 Expected to vest (Note a) 3,282,005 (a) PUs expected to vest are based on the probable achievement of the performance targets after considering an estimated forfeiture rate. (b) Vested PUs in the year 2021 were net settled upon vesting by issuing 1,102,440 shares (net of minimum statutory tax withholding). (c) Represents a 31.20% increase in the number of target shares expected to vest as a result of achievement of higher-than-target performance for PUs granted in 2021, partially offset by an adjustment made in March 2021 to the number of shares subject to the PUs granted in 2020 upon certification of the level of achievement of the performance targets underlying such awards. (d) Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2021 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2021 to the number of shares subject to the PUs granted in 2020 upon certification of the level of achievement of the performance targets underlying such awards. (e) 2,161,789 PSUs that vested during the year 2022 were net settled upon vesting by issuing 1,300,511 shares (net of minimum statutory tax withholding). (f) Represents a 1.31% increase in the number of target shares expected to vest as a result of achievement of higher-than-target performance for PUs granted in 2022, partially offset by an adjustment made in March 2022 to the number of shares subject to the PUs granted in 2021 upon certification of the level of achievement of the performance targets underlying such awards. (g) Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2022 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2022 to the number of shares subject to the PUs granted in 2021 upon certification of the level of achievement of the performance targets underlying such awards. (h) 647,549 PSUs that vested during the year 2023 were net settled upon vesting by issuing 412,275 shares (net of minimum statutory tax withholding). (i) Represents an adjustment made in March 2023 to the number of shares subject to the PUs granted in 2022 upon certification of the level of achievement of the performance targets underlying such awards. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | The number of shares subject to stock awards outstanding but not included in the computation of diluted earnings per common share because their effect was anti-dilutive was 1,663,219, 2,734,825 and 2,289,623 for the years ended December 31, 2021, 2022 and 2023, respectively. Year ended December 31, 2021 2022 2023 Net income $ 369,448 $ 353,404 $ 631,255 Weighted average number of common shares used in computing basic earnings per common share 187,802,219 184,184,930 182,345,548 Dilutive effect of stock-based awards 5,159,622 3,902,310 2,796,295 Weighted average number of common shares used in computing dilutive earnings per common share 192,961,841 188,087,240 185,141,843 Earnings per common share Basic $ 1.97 $ 1.92 $ 3.46 Diluted $ 1.91 $ 1.88 $ 3.41 |
Other operating (income) expe_2
Other operating (income) expense, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of other operating (income) expense, net | Year ended December 31, 2021 2022 2023 Write-down of intangible assets and property, plant and equipment^ $ 915 $ 1,377 $ — Write-down of operating lease right-of-use assets and other assets^* — 20,307 — Impairment charge on assets classified as held for sale^ — 32,575 — Change in fair value of earn out consideration and deferred consideration (relating to business acquisitions) (750) (452) (118) Loss on the sale of business classified as held for sale^ — — 802 Gain on termination of lease^* — — (4,874) Other operating (income) expense (1,368) (612) (526) Other operating (income) expense, net $ (1,203) $ 53,195 $ (4,716) ^ Refer to Notes 8, 10 and 27 for additional information about other operating (income) expense, net for the years ended December 31, 2021, 2022 and 2023. * Of the total write-down, $20,307 and $(4,874) pertains to restructuring charges for the years ended December 31, 2022 and 2023, respectively. No such charges were recorded in the year ended December 31, 2021. Refer to Notes 12 and 27 for additional information. |
Interest income (expense), net
Interest income (expense), net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of interest income (expense), net | Interest income (expense), net consists of the following: Year ended December 31, 2021 2022 2023 Interest income $ 6,878 $ 5,899 $ 18,373 Interest expense (58,312) (58,103) (66,308) Interest income (expense), net $ (51,434) $ (52,204) $ (47,935) |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense (benefit) | Income tax expense (benefit) for the years ended December 31, 2021, 2022 and 2023 is allocated as follows: Year ended December 31, 2021 2022 2023 Income from continuing operations $ 113,681 $ 111,832 $ (29,031) Other comprehensive income: Cash flow hedges 5,265 (4,947) 1,397 Retirement benefits 3,859 690 705 |
Schedule of components of income before income tax expense from continuing operations | The components of income before income tax expense (benefit) from continuing operations are as follows: Year ended December 31, 2021 2022 2023 Domestic (U.S.) $ 126,107 $ 44,903 $ 216,718 Foreign (other than U.S.) 357,022 420,333 385,506 Income before income tax expense (benefit) $ 483,129 $ 465,236 $ 602,224 |
Schedule of income tax expense (benefit) attributable to income from continuing operations | Income tax expense (benefit) attributable to income from continuing operations consists of: Year ended December 31, 2021 2022 2023 Current tax expense: Domestic (U.S. federal) $ 34,538 $ 17,525 $ 20,222 Domestic (U.S. state) 5,605 4,582 7,558 Foreign (other than U.S.) 82,801 118,876 101,121 $ 122,944 $ 140,983 $ 128,901 Deferred tax expense (benefit): Domestic (U.S. federal) (Note a) $ (6,039) $ (10,481) $ (122,166) Domestic (U.S. state) (Note b) 232 (1,910) (32,112) Foreign (other than U.S.) (3,456) (16,760) (3,654) $ (9,263) $ (29,151) $ (157,932) Total income tax expense (benefit) $ 113,681 $ 111,832 $ (29,031) (a) For the year ended December 31, 2023, the amount includes a U.S. federal tax benefit on the transfer of intellectual property rights amounting to $138,390. (b) For the year ended December 31, 2023, the amount includes a state tax benefit on the transfer of intellectual property rights amounting to $33,800. |
Schedule of income tax expense (benefit) computed by applying the U.S. federal statutory income tax rate to income before income taxes | Income tax expense (benefit) attributable to income from continuing operations differed from the amounts computed by applying the U.S. federal statutory income tax rate of 21% to income before income tax expense (benefit) as a result of the following: Year ended December 31, 2021 2022 2023 Income before income tax expense (benefit) $ 483,129 $ 465,236 $ 602,224 Statutory income tax rates 21 % 21 % 21 % Computed expected income tax expense 101,457 97,700 126,467 Increase (decrease) in income taxes resulting from: Foreign tax rate differential 10,747 13,853 16,455 Tax benefit from tax holiday (3,159) (797) (3,877) True-up of prior years tax liability 7,590 2,096 343 Interest income on income tax refund (7,780) (2,168) (173) Non-deductible expenses 1,755 4,826 2,932 Impact of change in tax rates (Note c) 1,740 (116) (36,099) Change in valuation allowance (Note d) 6,244 10,752 (121,358) Unrecognized tax benefits (327) 1,236 (5,563) Employment related tax incentive (3,930) (1,093) (3,366) Internal transfer of intellectual property rights (Note d) — — (7,835) State income taxes (Note e) 5,837 2,672 9,245 Excess tax benefit on share-based compensation (7,773) (10,418) (5,274) Others (Note f) 1,280 (6,711) (928) Reported income tax expense (benefit) $ 113,681 $ 111,832 $ (29,031) (c) For the year ended December 31, 2023, the amount includes a benefit of $35,771 resulting from a new income tax enacted in Bermuda on December 27, 2023, the impact of which has been fully offset by a valuation allowance. (d) For the year ended December 31, 2023, the Company recorded an income tax benefit of $169,945 in connection with an intra-entity transfer of certain intellectual property rights from certain non-U.S. subsidiaries to certain wholly-owned US subsidiaries in an effort to better align with the Company’s business operations, which is reflected in the rows titled “change in valuation allowance” and “internal transfer of intellectual property rights” in the above reconciliation table. (e) For the year ended December 31, 2023, the amount does not include a state tax benefit on the transfer of intellectual property rights amounting to $33,800. (f) |
Schedule of components of deferred tax balances | The components of the Company’s deferred tax balances as of December 31, 2022 and 2023 are as follows: As of December 31, 2022 2023 Deferred tax assets Net operating loss carryforwards $ 49,810 $ 86,556 Accrued expenses and other liabilities 72,588 77,516 Allowance for credit losses 8,441 5,772 Property, plant and equipment, net 7,474 8,934 Lease liabilities 51,913 45,295 Share-based compensation 32,777 33,490 Intangible assets, net 179,815 193,073 Retirement benefits 8,629 6,375 Contract liabilities 7,452 10,498 Tax credit carryforwards 17,199 22,449 Others 21,902 13,593 Total deferred tax assets $ 458,000 $ 503,551 Less: Valuation allowance (222,655) (101,438) Total deferred tax assets, net of valuation allowance $ 235,345 $ 402,113 Deferred tax liabilities Intangible assets, net $ 128 $ 4 Property, plant and equipment, net 1,290 1,120 Right-of use assets 40,946 37,248 Retirement benefits 4,175 2,648 Investments in foreign subsidiaries not indefinitely reinvested 1,663 9,177 Derivative instruments 2,344 1,318 Goodwill 43,173 52,603 Others 10,319 10,780 Total deferred tax liabilities $ 104,038 $ 114,898 Net of deferred tax assets and liabilities $ 131,307 $ 287,215 As of December 31, Classified as 2022 2023 Deferred tax assets non-current $ 135,483 $ 298,921 Deferred tax liabilities non-current 4,176 11,706 $ 131,307 $ 287,215 |
Schedule of change in total valuation allowance for deferred tax assets | The change in the Company’s total valuation allowance for deferred tax assets as of December 31, 2021, 2022 and 2023 is as follows: Year ended December 31, 2021 2022 2023 Opening valuation allowance $ 206,011 $ 212,192 $ 222,655 Reduction during the year through continuing operations (1,206) (214) (162,138) Addition during the year through continuing operations 7,387 10,677 40,921 Closing valuation allowance $ 212,192 $ 222,655 $ 101,438 |
Schedule of remaining tax loss carry-forwards expiration | The Company’s remaining federal operating loss carryforwards expire as set forth in the table below: Europe Others Year ending December 31, 2024 $ — $ 1,785 2025 232 1,757 2026 1,073 — 2027 229 — 2028 5 423 2029 — 59 2032 — 196 2034 18,820 — 2035 7,357 — 2036 63,374 — $ 91,090 $ 4,220 |
Schedule of foreign tax credit carry-forward expiry period | As of December 31, 2023, the Company had a total United States foreign tax credit carryforward of $22,449 which will expire as set forth in the table below: Year ending December 31, Amount 2027 $ 5,044 2028 3,304 2029 1,833 2030 832 2031 5,302 2033 6,134 $ 22,449 |
Schedule of activities related to unrecognized tax benefits | The following table summarizes activities related to our unrecognized tax benefits from January 1 to December 31 for each of 2021, 2022 and 2023: 2021 2022 2023 Opening Balance at January 1 $ 34,300 $ 25,651 $ 25,430 Increase related to prior year tax positions, including recorded in acquisition accounting 2,992 2,869 1,385 Decrease related to prior year tax positions due to lapse of applicable statute of limitation (455) (1,313) (4,658) Increase related to current year tax positions 1,385 1,426 677 Decrease related to settlements with taxing authorities (11,170) (4) (1,144) Decrease related to prior year tax positions for other reasons (455) (1,802) (2,405) Effect of exchange rate changes (946) (1,397) (49) Closing Balance at December 31 $ 25,651 $ 25,430 $ 19,236 |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of revenue and adjusted income from operations by reporting segments | Revenues and adjusted income from operations for each of the Company’s segments in the year ended December 31, 2021 were as follows: Net revenues Data-Tech-AI Digital Operations Total AOI Financial Services $ 403,609 $ 617,511 $ 1,021,120 $ 131,287 Consumer and Healthcare 668,621 847,082 1,515,703 256,870 High Tech and Manufacturing 620,051 865,337 1,485,388 278,868 Net revenues $ 1,692,281 $ 2,329,930 $ 4,022,211 Others (4,345) Total AOI $ 662,680 Stock-based compensation (81,968) Amortization and impairment of acquired intangible assets (other than included above) (57,641) Acquisition-related expenses (1,177) Foreign exchange gains (losses), net 12,669 Interest income (expense), net (51,434) Income tax expense (113,681) Net income $ 369,448 24. Segment reporting (Continued) Revenues and adjusted income from operations for each of the Company’s segments in the year ended December 31, 2022 were as follows: Net revenues Data-Tech-AI Digital Operations Total AOI Financial Services $ 524,488 $ 635,220 $ 1,159,708 $ 172,292 Consumer and Healthcare 730,030 863,519 1,593,549 233,028 High Tech and Manufacturing 705,371 912,544 1,617,915 303,555 Net revenues $ 1,959,889 $ 2,411,283 $ 4,371,172 Business held for sale (refer to Note (a) below and Note 8) (11,973) 24,842 Net revenues (excluding business held for sale - refer to Note (a) below and Note 8) $ 4,359,199 Others (15,498) Total AOI $ 718,219 Stock-based compensation (77,373) Amortization and impairment of acquired intangible assets (other than included above) (42,566) Foreign exchange gains (losses), net 15,392 Interest income (expense), net (52,204) Business held for sale (refer to Note (a) below and Note 8) (24,842) Impairment charge on assets classified as held for sale (refer to Note (a) below and Note 8) (32,575) Restructuring expense (refer to Note (b) below and Note 27) (38,815) Income tax expense (111,832) Net income $ 353,404 24. Segment reporting (Continued) Revenues and adjusted income from operations for each of the Company’s segments in the year ended December 31, 2023 were as follows: Net revenues Data-Tech-AI Digital Operations Total AOI Financial Services $ 511,691 $ 713,683 $ 1,225,374 193,355 Consumer and Healthcare 717,546 853,173 1,570,719 242,457 High Tech and Manufacturing 763,822 916,973 1,680,795 297,909 Net revenues $ 1,993,059 $ 2,483,829 $ 4,476,888 Business held for sale (refer to Note (a) below and Note 8) (490) 1,201 Net revenues (excluding business held for sale - refer to Note (a) below and Note 8) $ 4,476,398 Others 28,016 Total AOI $ 762,938 Stock-based compensation (88,576) Amortization and impairment of acquired intangible assets (other than included above) (31,348) Foreign exchange gains (losses), net 4,274 Interest income (expense), net (47,935) Restructuring (expense)/income (refer to Note (b) below and Note 27) 4,874 Operating loss from the business classified as held for sale (refer to Note (a) below and Note 8) (1,201) Loss on the sale of business classified as held for sale (refer to Note (a) below and Note 8) (802) Income tax benefit 29,031 Net income $ 631,255 (a) During the second quarter of 2022, the Company's management approved a plan to divest a business that comprised part of the Company's Consumer and Healthcare segment. The revenues and associated losses, including an impairment charge recorded for the year ended December 31, 2022, attributable to this business have been excluded from the computation of adjusted income from operations margin with effect from April 1, 2022, as management believes that excluding these items provides useful information about the Company's financial performance and underlying business trends. (b) The Company does not allocate these charges to individual segments in internal management reports used by the CODM. Accordingly, such expenses are included in the Company's segment reporting as “unallocated costs.” |
Schedule of net revenues from geographic areas based on location of service delivery centers | Net revenues from geographic areas based on the location of the Company’s service delivery centers are as follows. A portion of net revenues attributable to India consists of net revenues for services performed by delivery centers in India or at clients’ premises outside of India by business units or personnel normally based in India. Year ended December 31, 2021 2022 2023 India $ 2,022,123 $ 2,282,706 $ 2,320,853 Asia, other than India 536,595 551,474 643,096 North and Latin America 1,011,759 1,065,509 979,946 Europe 451,734 471,483 532,993 Total net revenues $ 4,022,211 $ 4,371,172 $ 4,476,888 |
Schedule of property, plant and equipment, net by geographic areas | Property, plant and equipment, net by geographic region are as follows: As of December 31, 2022 2023 India $ 125,442 $ 132,019 Asia, other than India 14,486 18,878 North and Latin America 26,031 25,281 Europe 14,799 13,625 Total $ 180,758 $ 189,803 |
Net revenues (Tables)
Net revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenues [Abstract] | |
Schedule of net revenues disaggregated by customer | In the following table, the Company’s revenue is disaggregated by the nature of services provided: Year ended December 31, 2021 2022 2023 Data-Tech-AI $ 1,692,281 $ 1,959,889 $ 1,993,059 Digital Operations 2,329,930 2,411,283 2,483,829 Total net revenues $ 4,022,211 $ 4,371,172 $ 4,476,888 |
Schedule of details of Company's contract liabilities | The following table provides details of the Company’s contract balances: As of December 31, 2022 2023 Contract assets (Note a) $ 18,347 $ 33,370 Contract liabilities (Note b) Deferred transition revenue $ 128,726 $ 116,577 Advance from customers $ 88,056 $ 55,251 (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. |
Schedule of estimated revenue expected to be recognized in the future related to remaining performance obligation | The following table includes estimated revenue expected to be recognized in the future related to remaining performance obligations as of December 31, 2023: Particulars Total Less than 1 year 1-3 years 3-5 years After 5 years Transaction price allocated to remaining performance obligations $ 171,828 $ 112,435 $ 47,246 $ 11,864 $ 283 |
Schedule of contract cost assets | The following table provides details of the Company’s contract cost assets: As of December 31, 2022 As of December 31, 2023 Particulars Sales incentive programs Transition activities Sales incentive programs Transition activities Opening balance $ 32,296 $ 206,498 $ 34,805 $ 181,865 Closing balance 34,805 181,865 41,964 160,579 Amortization 26,769 89,398 29,814 88,913 |
Organization (Detail)
Organization (Detail) | Dec. 31, 2023 Employee Country |
Accounting Policies [Abstract] | |
Number of employees around the globe, minimum | Employee | 129,100 |
Number of countries in which entity operates | Country | 35 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of estimated useful lives of intangible assets acquired (Detail) | Dec. 31, 2023 |
Customer-related intangible assets | Minimum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful lives | 1 year |
Customer-related intangible assets | Maximum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful lives | 9 years |
Marketing-related intangible assets | Minimum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful lives | 1 year |
Marketing-related intangible assets | Maximum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful lives | 8 years |
Technology-related intangible assets | Minimum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful lives | 2 years |
Technology-related intangible assets | Maximum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful lives | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Narrative (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Significant Accounting Policies [Line Items] | ||
Performance units , performance period | 3 years | 1 year |
Minimum | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Additional terms of termination option | 1 year | |
Short term investment, maturity period | 3 months | |
Maximum | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Additional terms of termination option | 10 years | |
Short term investment, maturity period | 1 year |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of estimated economic useful lives of property, plant and equipment (Detail) | Dec. 31, 2023 |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 40 years |
Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 4 years |
Computer equipment and servers | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 4 years |
Plant, machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 4 years |
Computer software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 4 years |
Computer software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 7 years |
Leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 10 years |
Vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 3 years |
Vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 4 years |
Business acquisitions - Hoodoo
Business acquisitions - Hoodoo Digital, LLC. - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||
Payment for business acquisitions, net of cash acquired | $ 682 | $ 33 | $ 72,025 | |
Goodwill | $ 1,731,027 | 1,683,782 | $ 1,684,196 | 1,731,027 |
Acquisition related cost | $ 1,177 | |||
Hoodoo Digital, LLC | ||||
Business Acquisition [Line Items] | ||||
Ownership percentage acquired (in percentage) | 100% | |||
Purchase consideration | 66,721 | |||
Payment for business acquisitions, net of cash acquired | 64,439 | |||
Cash and cash equivalents | 2,283 | |||
Cash consideration to acquired certain assets and assumed certain liabilities | $ 67,695 | |||
Consideration receivable | $ 973 | |||
Taxation, purchase accounting adjustments | 1,688 | |||
Purchase accounting adjustments, outstanding | $ 682 | |||
Acquired intangible assets, weighted average amortization period | 5 years | |||
Goodwill | 46,033 | |||
Acquisition related cost | $ 1,177 | |||
Acquired assets | 5,629 | |||
Liabilities assumed | 1,852 | |||
Indemnification assets | 278 | |||
Hoodoo Digital, LLC | Financial Services | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 4,338 | |||
Hoodoo Digital, LLC | Consumer and Healthcare | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 7,321 | |||
Hoodoo Digital, LLC | High Tech and Manufacturing | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 34,374 | |||
Hoodoo Digital, LLC | Customer-related intangible assets | ||||
Business Acquisition [Line Items] | ||||
Acquired intangibles | 16,200 | |||
Hoodoo Digital, LLC | Marketing-related intangible assets | ||||
Business Acquisition [Line Items] | ||||
Acquired intangibles | $ 2,400 |
Accounts receivable, net of a_3
Accounts receivable, net of allowance for credit losses - Schedule of allowance for credit losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Opening balance as of January 1 | $ 20,442 | $ 24,329 | $ 27,707 |
Additions (net), charged to income statement | 3,081 | 2,096 | 910 |
Deductions/effect of exchange rate fluctuations | (5,245) | (5,983) | (4,288) |
Closing balance | $ 18,278 | $ 20,442 | $ 24,329 |
Accounts receivable, net of a_4
Accounts receivable, net of allowance for credit losses - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gross accounts receivable | $ 1,134,551 | $ 1,015,197 | ||
Allowance for credit losses | 18,278 | 20,442 | $ 24,329 | $ 27,707 |
Accounts receivable, after allowance for credit loss, current | 1,116,273 | 994,755 | ||
Gross factored accounts receivable | 324,401 | 299,875 | ||
Accounts receivable, held-for-sale | 2,341 | |||
Factoring facility, maximum capacity | 75,000 | 100,000 | ||
Factoring facility, maximum capacity utilized | 51,367 | 33,030 | ||
Factoring facility, amount outstanding | 51,344 | 33,030 | ||
Cost of factoring facility | 2,013 | 601 | 40 | |
Cost of accounts receivable factoring facility with financial institution | $ 7,921 | 4,154 | $ 1,295 | |
Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gross factored accounts receivable | $ 2,180 |
Fair value measurements - Sched
Fair value measurements - Schedule of fair value of assets and liabilities, including derivative instruments, at fair value on a recurring basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | $ 22,307 | $ 21,687 |
Deferred compensation plan assets | 51,983 | 40,261 |
Total | 74,290 | 61,948 |
Earn-out consideration | 2,517 | |
Derivative instruments | 17,363 | 38,817 |
Deferred compensation plan liability | 51,354 | 39,654 |
Total | 68,717 | 80,988 |
(Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Total | 0 | 0 |
Earn-out consideration | 0 | |
Derivative instruments | 0 | 0 |
Deferred compensation plan liability | 0 | 0 |
Total | 0 | 0 |
(Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 22,307 | 21,687 |
Deferred compensation plan assets | 0 | 0 |
Total | 22,307 | 21,687 |
Earn-out consideration | 0 | |
Derivative instruments | 17,363 | 38,817 |
Deferred compensation plan liability | 0 | 0 |
Total | 17,363 | 38,817 |
(Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 0 | 0 |
Deferred compensation plan assets | 51,983 | 40,261 |
Total | 51,983 | 40,261 |
Earn-out consideration | 2,517 | |
Derivative instruments | 0 | 0 |
Deferred compensation plan liability | 51,354 | 39,654 |
Total | $ 51,354 | $ 42,171 |
Fair value measurements - Sch_2
Fair value measurements - Schedule of roll-forward of fair value of earn-out consideration categorized as level 3 in fair value hierarchy (Detail) - Business Acquisition Contingent Consideration - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening balance | $ 2,517 | $ 5,406 |
Payments made on earn-out consideration | (2,399) | (2,437) |
Change in fair value of earn-out consideration | (118) | (452) |
Closing balance | $ 0 | $ 2,517 |
Fair value measurements - Sch_3
Fair value measurements - Schedule of roll-forward of fair value of deferred compensation plan assets categorized as level 3 in fair value hierarchy (Detail) - Deferred Compensation Plan Assets - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening balance | $ 40,261 | $ 38,584 |
Additions (net of redemption) | 4,216 | 9,257 |
Change in fair value of deferred compensation plan assets | 7,506 | (7,580) |
Closing balance | $ 51,983 | $ 40,261 |
Fair value measurements - Sch_4
Fair value measurements - Schedule of fair value of deferred compensation liabilities categorized as Level 3 in fair value hierarchy (Detail) - Deferred Compensation Liabilities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Opening balance | $ 39,654 | $ 38,007 |
Additions (net of redemption) | 4,216 | 9,257 |
Change in fair value of earn-out consideration | 7,484 | (7,610) |
Closing balance | $ 51,354 | $ 39,654 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2021 |
Forward foreign exchange contract | Maximum | |||
Derivative [Line Items] | |||
Derivatives, term of contract | 60 months | ||
Interest rate swaps | Maximum | |||
Derivative [Line Items] | |||
Derivatives, term of contract | 60 months | ||
Treasury rate lock | |||
Derivative [Line Items] | |||
Treasury lock on fair value edges, amount | $ 350 | ||
Derivative instrument, gain amortized | $ 368 | $ 530 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of aggregate notional principal amounts of outstanding derivative financial instruments with related balance sheet exposure (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Balance sheet exposure asset (liability) | $ 4,944 | $ (17,130) |
United States Dollars (sell) Indian Rupees (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 1,892,800 | 1,587,500 |
Balance sheet exposure asset (liability) | 5,278 | (25,581) |
United States Dollars (sell) Mexican Peso (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 66,000 | 24,000 |
Balance sheet exposure asset (liability) | 2,129 | 1,079 |
United States Dollars (sell) Philippines Peso (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 118,500 | 79,200 |
Balance sheet exposure asset (liability) | 637 | (828) |
Euro (sell) United States Dollars (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 222,363 | 182,163 |
Balance sheet exposure asset (liability) | (3,499) | 480 |
Singapore Dollars (buy) United States Dollars (sell) | ||
Derivative [Line Items] | ||
Notional principal amounts | 0 | 50,956 |
Balance sheet exposure asset (liability) | 0 | 166 |
Euro (sell) Romanian Leu (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 66,384 | 51,115 |
Balance sheet exposure asset (liability) | 90 | 848 |
Japanese Yen (sell) Chinese Renminbi (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 52,562 | 8,185 |
Balance sheet exposure asset (liability) | 803 | (327) |
United States Dollars (sell) Chinese Renminbi (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 40,800 | 41,000 |
Balance sheet exposure asset (liability) | (638) | 605 |
Pound Sterling (sell) United States Dollars (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 14,915 | 32,594 |
Balance sheet exposure asset (liability) | (398) | 1,113 |
United States Dollars (sell) Hungarian Font (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 32,000 | 12,000 |
Balance sheet exposure asset (liability) | 809 | 828 |
Australian Dollars (sell) Indian Rupees (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 90,077 | 87,513 |
Balance sheet exposure asset (liability) | (1,914) | (452) |
United States Dollars (Sell) Polish Zloty (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 51,000 | 24,000 |
Balance sheet exposure asset (liability) | 3,046 | 1,372 |
Japanese Yen (sell) United States Dollars (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 7,000 | 10,000 |
Balance sheet exposure asset (liability) | 323 | (1,134) |
Israeli Shekel (sell) United States Dollars (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 15,000 | 3,000 |
Balance sheet exposure asset (liability) | 1,175 | 3 |
South African Rand (sell) United States Dollars (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 27,000 | 21,000 |
Balance sheet exposure asset (liability) | 216 | (1,652) |
United States Dollars (sell) Brazilian Real (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 4,000 | 0 |
Balance sheet exposure asset (liability) | 55 | 0 |
United States Dollars (sell) Costa Rica Colon (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 13,000 | 0 |
Balance sheet exposure asset (liability) | 555 | 0 |
Pound Sterling (buy) United States Dollar (sell) | ||
Derivative [Line Items] | ||
Notional principal amounts | 22,300 | 0 |
Balance sheet exposure asset (liability) | 669 | 0 |
United States Dollars (sell) Malaysian Ringgit (buy) | ||
Derivative [Line Items] | ||
Notional principal amounts | 18,000 | 0 |
Balance sheet exposure asset (liability) | 161 | 0 |
Interest rate swaps (floating to fixed) | ||
Derivative [Line Items] | ||
Notional principal amounts | 148,125 | 432,248 |
Balance sheet exposure asset (liability) | $ (4,553) | $ 6,350 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of fair value of derivative instruments and their location in the Company's financial statements (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid expenses and other current assets | Non-designated | ||
Derivatives, Fair Value [Line Items] | ||
Assets | $ 5,783 | $ 2,151 |
Other assets | Non-designated | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0 | 0 |
Accrued expenses and other current liabilities | Non-designated | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 1,276 | 11,495 |
Other liabilities | Non-designated | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 0 | 0 |
Cash flow hedges | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 13,273 | 17,531 |
Cash flow hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 3,251 | 2,005 |
Cash flow hedges | Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 6,833 | 23,662 |
Cash flow hedges | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | $ 9,254 | $ 3,660 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule gains (losses) recorded as component of other comprehensive income (loss) in connection with cash flow hedges (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Opening balance, before-tax amount | $ (7,255) | $ 17,468 | $ (10,921) |
Net gains (losses) reclassified into statement of income on completion of hedged transations | 13,871 | (6,815) | 7,628 |
Changes in fair value of effective portion of outstanding derivatives, net | 21,931 | (31,538) | 36,017 |
Gain (loss) on cashflow hedging derivatives, net | 8,060 | (24,723) | 28,389 |
Closing balance, before-tax amount | 805 | (7,255) | 17,468 |
Opening balance, tax (expense) or benefit | 1,543 | (3,404) | 1,861 |
Net gains (losses) reclassified into statement of income on completion of hedged transactions, tax (expense) or benefit | (3,644) | (413) | (1,836) |
Changes in fair value of effective portion of outstanding derivatives, net, tax (expense) or benefit | (5,041) | 4,534 | (7,101) |
Gain (loss) on cash flow hedging derivatives, tax (expense) benefit | (1,397) | 4,947 | (5,265) |
Closing balance, tax (expense) or benefit | 146 | 1,543 | (3,404) |
Opening balance, net of tax amount | (5,712) | 14,064 | (9,060) |
Net gains (losses) reclassified into statement of income on completion of hedged transactions, net of tax amount | 10,227 | (7,228) | 5,792 |
Changes in fair value of effective portion of outstanding derivatives, net, net of tax amount | 16,890 | (27,004) | 28,916 |
Gain (loss) on cash flow hedging derivatives, net of tax amount | 6,663 | (19,776) | 23,124 |
Closing balance, net of tax amount | $ 951 | $ (5,712) | $ 14,064 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Schedule of gains or losses recognized in other comprehensive income (loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) recognized in OCI on Derivatives (Effective Portion) | $ 21,931 | $ (31,538) | $ 36,017 |
Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion) | 13,871 | (6,815) | 7,628 |
Revenue | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion) | 1,256 | 3,586 | 1,354 |
Cost of revenue | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion) | 3,715 | (8,668) | 11,155 |
Selling, general and administrative expenses | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion) | 565 | (1,148) | 3,012 |
Interest expense | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion) | 8,335 | (585) | (7,893) |
Forward foreign exchange contracts | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) recognized in OCI on Derivatives (Effective Portion) | 24,660 | (44,873) | 32,270 |
Forward foreign exchange contracts | Foreign exchange (gains) losses, net | Non-designated | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) recognized in Statement of Income on Derivatives | 13,462 | (29,499) | 12,116 |
Interest rate swaps | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) recognized in OCI on Derivatives (Effective Portion) | (2,729) | 13,335 | 2,931 |
Treasury rate lock | |||
Other Comprehensive Income (Loss) [Line Items] | |||
Amount of Gain (Loss) recognized in OCI on Derivatives (Effective Portion) | $ 0 | $ 0 | $ 816 |
Prepaid expenses and other cu_3
Prepaid expenses and other current assets - Schedule of prepaid expenses and other current assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Advance income and non-income taxes | $ 90,136 | $ 38,382 |
Contract asset (Note 25) | 17,454 | 11,613 |
Prepaid expenses | 36,196 | 39,952 |
Derivative instruments | 19,056 | 19,682 |
Employee advances | 5,087 | 3,299 |
Deposits | 4,406 | 5,372 |
Advances to suppliers | 1,689 | 953 |
Others | 17,542 | 18,719 |
Total | $ 191,566 | $ 137,972 |
Prepaid expenses and other cu_4
Prepaid expenses and other current assets - Schedule of prepaid expenses and other current assets -Narrative (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Prepaid and other assets sold | $ 445 |
Disposal group, held-for-sale, not discontinued operations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal group, prepaid and other assets, current | $ 901 |
Assets and liabilities held f_2
Assets and liabilities held for sale - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revised redemption period | 6 months | |||
Loss on sale of business classified as held for sale (refer to Note 8) | $ 802 | $ 0 | $ 0 | |
Impairment charge on assets classified as held for sale | 0 | $ 32,575 | $ 0 | |
The Business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percentage of issued and outstanding shares (in percent) | 100% | |||
Contingent consideration, asset | 10,600 | |||
Net consideration transferred | 2,091 | |||
Loss on sale of business classified as held for sale (refer to Note 8) | $ 802 | |||
Impairment charge on assets classified as held for sale | $ 32,575 | |||
The Business | Fixed rate unsecured loan note | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Interest rate on senior notes (in percentage) | 1.50% | |||
Debt instrument, face amount | $ 18,001 | |||
Redemption reduced amount loan note | $ 1,500 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of property, plant and equipment, net (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 780,134 | $ 766,365 |
Less: Accumulated depreciation, amortization and impairment | (590,331) | (585,607) |
Property, plant and equipment, net | 189,803 | 180,758 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,652 | 6,662 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 45,596 | 38,376 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 46,652 | 47,076 |
Computer equipment and servers | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 311,320 | 300,501 |
Plant, machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 93,744 | 98,515 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 118,646 | 118,547 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 111,308 | 102,248 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 78 | 110 |
Capital work in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 46,138 | $ 54,330 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 72,530 | $ 86,849 | $ 109,124 |
Property, plant and equipment, disposals | 377 | ||
Accumulated depreciation, disposal of property, plant and equipment | 355 | ||
Depreciation expense on property, plant and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 50,445 | 54,603 | 62,159 |
Computer software | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 2,429 | 4,703 | 5,842 |
Effect of reclassification of foreign exchange (gains) losses | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ (24) | $ 306 | $ (430) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Opening balance | $ 1,684,196 | $ 1,731,027 |
Impact of measurement period adjustments | 0 | 1,817 |
Classified as held for sale | 0 | (1,625) |
Effect of exchange rate fluctuations | (414) | (47,023) |
Closing balance | $ 1,683,782 | $ 1,684,196 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of changes in goodwill by reporting unit (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Opening balance | $ 1,684,196 | $ 1,731,027 |
Impact of measurement period adjustments | 0 | 1,817 |
Classified as held for sale | 0 | (1,625) |
Effect of exchange rate fluctuations | (414) | (47,023) |
Closing balance | 1,683,782 | 1,684,196 |
Financial Services | ||
Goodwill [Roll Forward] | ||
Opening balance | 408,736 | 421,257 |
Impact of measurement period adjustments | 171 | |
Classified as held for sale | 0 | |
Effect of exchange rate fluctuations | (62) | (12,692) |
Closing balance | 408,674 | 408,736 |
Consumer and Healthcare | ||
Goodwill [Roll Forward] | ||
Opening balance | 592,907 | 611,120 |
Impact of measurement period adjustments | 289 | |
Classified as held for sale | (1,625) | |
Effect of exchange rate fluctuations | (127) | (16,877) |
Closing balance | 592,780 | 592,907 |
High Tech and Manufacturing | ||
Goodwill [Roll Forward] | ||
Opening balance | 682,553 | 698,650 |
Impact of measurement period adjustments | 1,357 | |
Classified as held for sale | 0 | |
Effect of exchange rate fluctuations | (225) | (17,454) |
Closing balance | $ 682,328 | $ 682,553 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Goodwill classified as held for sale | $ 0 | $ 1,625 | |
Goodwill deductible for tax purposes | 263,910 | 291,377 | |
Amortization of acquired intangible assets | 31,463 | 42,667 | $ 58,448 |
Intangible assets, disposals | 9,894 | ||
Amortization, sale or disposal of intangible assets | 7,272 | ||
Provision for impairment of intangible assets and property, plant and equipment | $ 0 | $ 29,173 | 915 |
Impairment, long-lived asset, held-for-use, statement of income or comprehensive income [extensible enumeration] | Other Operating Income (Expense), Net | Other Operating Income (Expense), Net | |
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Operating Income (Expense), Net | ||
Disposal group, held-for-sale, not discontinued operations | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Intangible assets held for sale, gross | $ 40,538 | ||
Intangible assets held for sale, accumulated amortization | 16,989 | ||
Internally developed and other intangibles | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Amortization of acquired intangible assets | $ 8,571 | 14,768 | 24,987 |
Internally developed and other intangibles | Effect of reclassification of foreign exchange (gains) losses | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Amortization of acquired intangible assets | $ (4) | $ 51 | $ (157) |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of intangible assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 701,530 | $ 698,234 |
Accumulated amortization & Impairment | 648,502 | 608,519 |
Net | 53,028 | 89,715 |
Customer-related intangible assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 474,090 | 473,997 |
Accumulated amortization & Impairment | 436,104 | 411,706 |
Net | 37,986 | 62,291 |
Marketing-related intangible assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 97,840 | 97,831 |
Accumulated amortization & Impairment | 88,648 | 83,253 |
Net | 9,192 | 14,578 |
Technology-related intangible assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 129,600 | 126,406 |
Accumulated amortization & Impairment | 123,750 | 113,560 |
Net | $ 5,850 | $ 12,846 |
Goodwill and intangible asset_6
Goodwill and intangible assets - Schedule of impairment charge recorded for various categories of assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 0 | $ 1,625 | $ 0 |
Total intangible assets and goodwill | 0 | 27,796 | 205 |
Total property, plant and equipment | 0 | 1,377 | 710 |
Total impairment and write-down | 0 | 29,173 | 915 |
Property, plant and equipment | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Total property, plant and equipment | 0 | 1,377 | 710 |
Technology-related intangible assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Impairment of intangible assets, indefinite-lived (excluding goodwill) | 0 | 25,266 | 205 |
Customer-related intangible assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ 0 | $ 905 | $ 0 |
Goodwill and Intangible Asset_7
Goodwill and Intangible Assets - Schedule of estimated amortization for intangible assets for future periods (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 28,276 |
2025 | 18,152 |
2026 | 3,895 |
2026 | 2,705 |
Total | $ 53,028 |
Other assets - Schedule of othe
Other assets - Schedule of other assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets, Noncurrent Disclosure [Abstract] | ||
Contract asset (Note 25) | $ 15,916 | $ 6,734 |
Advance income and non-income taxes | 94,651 | 126,172 |
Deposits | 22,755 | 22,524 |
Derivative instruments | 3,251 | 2,005 |
Prepaid expenses | 3,775 | 6,354 |
Deferred billings, net | 85,998 | 61,537 |
Right of use (ROU) assets finance lease | $ 17,766 | $ 26,358 |
Right of use (ROU) assets finance lease | Total | Total |
Others | $ 55,848 | $ 52,450 |
Total | 299,960 | 304,134 |
Deferred billings | 90,094 | 64,735 |
Allowance for credit losses | $ 4,096 | $ 3,198 |
Other assets - Narrative (Detai
Other assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit losses on deferred billings | $ (898) | $ 513 | $ (577) |
Disposals of other assets | 0 | ||
Disposal group, held-for-sale, not discontinued operations | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Disposal group, other assets, current | $ 1,765 |
Leases - Narrative (Detail)
Leases - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Right of use (ROU) assets finance lease | $ 17,766 | $ 26,358 | |
Right of use (ROU) assets finance lease | Other assets, net of allowance for credit losses of $3,198 and $4,096 as of December 31, 2022 and 2023, respectively | Other assets, net of allowance for credit losses of $3,198 and $4,096 as of December 31, 2022 and 2023, respectively | |
Reclassification of foreign exchange (gains)/losses, amortization of ROU | $ (3) | $ 71 | $ (99) |
Reclassification of foreign exchange (gains)/losses, operating leases | (74) | 187 | (333) |
Operating lease right of use asset impairment charge | $ 0 | $ 20,307 | $ 0 |
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lease renewal term | 10 years |
Leases - Schedule of components
Leases - Schedule of components of lease cost for operating and finance leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance lease cost: | |||
Amortization of ROU assets | $ 11,058 | $ 13,132 | $ 15,549 |
Interest on lease liabilities | 1,332 | 1,532 | 2,538 |
Operating lease cost | 60,629 | 68,172 | 81,637 |
Short-term lease cost | 1,963 | 1,563 | 1,057 |
Variable lease cost | 6,785 | 6,898 | 5,307 |
Total lease cost | $ 81,767 | $ 91,297 | $ 106,088 |
Leases - Schedule of other info
Leases - Schedule of other information on leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Weighted-average remaining lease term—finance leases | 1 year 10 months 28 days | 2 years 7 days | 2 years 3 months 18 days |
Weighted-average remaining lease term—operating leases | 5 years 21 days | 5 years 4 months 28 days | 5 years 9 months 3 days |
Weighted-average discount rate—finance leases | 6.54% | 5.72% | 5.70% |
Weighted-average discount rate—operating leases | 8.33% | 7.80% | 6.98% |
Operating cash outflows for finance leases | $ 1,332 | $ 1,532 | $ 2,592 |
Operating cash outflows for operating leases | 70,176 | 79,037 | 80,159 |
Financing cash outflows for finance leases | $ 12,165 | $ 12,810 | $ 13,926 |
Leases - Schedule of future min
Leases - Schedule of future minimum lease payments under operating and finance lease arrangements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finance lease | ||
Year one | $ 11,779 | $ 16,382 |
Year two | 4,061 | 8,681 |
Year three | 2,403 | 3,000 |
Year four | 930 | 830 |
Year five | 198 | 119 |
Thereafter | 0 | 0 |
Total lease payments | 19,371 | 29,012 |
Less: Imputed interest | 1,660 | 1,625 |
Total lease liabilities | 17,711 | 27,387 |
Operating lease | ||
Year one | 65,016 | 69,902 |
Year two | 51,690 | 61,017 |
Year three | 48,686 | 46,979 |
Year four | 40,886 | 40,638 |
Year five | 26,719 | 30,100 |
Thereafter | 35,177 | 52,466 |
Total lease payments | 268,174 | 301,102 |
Less: Imputed interest | 49,846 | 56,641 |
Total lease liabilities | $ 218,328 | $ 244,461 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities - Schedule of accrued expenses and other current liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued expenses | $ 165,378 | $ 126,680 |
Accrued employee cost | 322,601 | 293,934 |
Earn-out consideration | 0 | 2,517 |
Statutory liabilities | 76,022 | 82,912 |
Retirement benefits | 2,386 | 1,725 |
Compensated absences | 29,779 | 25,101 |
Derivative instruments | 8,109 | 35,157 |
Contract liabilities (Note 25) | 112,435 | 160,625 |
Finance lease liability | $ 10,837 | $ 15,585 |
Finance lease liability | Total | Total |
Others | $ 31,633 | $ 46,771 |
Total | $ 759,180 | $ 791,007 |
Accrued expenses and other cu_4
Accrued expenses and other current liabilities - Schedule of accrued expenses and other current liabilities -Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal of other liabilities, current | $ 4,853 |
Disposal group, held-for-sale, not discontinued operations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal group, accrued liabilities, current | $ 1,147 |
Long-term debt - Narrative (Det
Long-term debt - Narrative (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Nov. 30, 2019 | |
Debt Instrument [Line Items] | ||||||
Long term debt, outstanding | $ 1,256,962,000 | $ 1,275,289,000 | ||||
Proceeds from long-term debt | $ 0 | $ 239,130,000 | $ 350,000,000 | |||
Commitment fee percentage | 0.20% | 0.20% | ||||
Term loan credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt, outstanding | $ 508,867,000 | $ 528,378,000 | ||||
Debt amortization expense | 1,258,000 | 1,622,000 | ||||
Principal amount of term loan | $ 6,625,000 | |||||
2018 facility | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt, outstanding | 527,000,000 | |||||
Long term debt, part not modified after amendments | 290,870,000 | |||||
Extinguished outstanding term loan | 236,130,000 | |||||
Amortization of debt issuance costs | 93,000 | |||||
2018 facility | Line of credit | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | 500,000,000 | |||||
Credit facility, maximum borrowing capacity | 500,000 | |||||
2018 facility | Term loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 680,000,000 | |||||
2022 facility | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, term | 5 years | |||||
Proceeds from long-term debt | $ 239,130,000 | |||||
Payments of debt restructuring costs | 126,000 | |||||
Margin over LIBOR (in percentage) | 1.375% | |||||
Credit facility, base rate (in percentage) | 0.375% | |||||
2022 facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Term SOFR adjustment | 0% | |||||
2022 facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Term SOFR adjustment | 0.10% | |||||
2022 facility | Line of credit | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | 650,000,000 | |||||
Credit facility, maximum borrowing capacity | 650,000 | |||||
Commitment fee percentage | 0.20% | |||||
2022 facility | Term loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | 530,000,000 | |||||
2019 senior notes | Genpact Luxembourg S.r.l. | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 400,000,000 | |||||
Long term debt, outstanding | $ 399,464,000 | 398,881,000 | ||||
Debt amortization expense | $ 536,000 | $ 1,119,000 | ||||
Interest rate on senior notes (in percentage) | 3.375% | 3.375% | ||||
Total debt issuance cost | $ 2,937,000 | |||||
Debt instrument redemption price (in percentage) | 100% | |||||
Debt repurchase price as percentage of aggregate principal value upon certain change of controls (in percentage) | 101% | |||||
Maximum increase in downgrade of credit rating of notes to adjust interest rate payable (in percentage) | 2% | |||||
2021 senior notes | Genpact Luxembourg S.r.l. | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 350,000,000 | |||||
Long term debt, outstanding | $ 348,631,000 | $ 348,030,000 | ||||
Debt amortization expense | $ 1,369,000 | $ 1,970,000 | ||||
Interest rate on senior notes (in percentage) | 1.75% | 1.75% | ||||
Total debt issuance cost | $ 3,032,000 |
Long-term debt - Schedule of ma
Long-term debt - Schedule of maturity profile of term loan outstanding net of debt amortization expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total | $ 1,256,962 | $ 1,275,289 |
Term loan credit facility | ||
Debt Instrument [Line Items] | ||
2024 | 32,778 | |
2025 | 26,173 | |
2026 | 26,192 | |
2027 | 423,724 | |
Total | $ 508,867 | $ 528,378 |
Long-term debt - Schedule of lo
Long-term debt - Schedule of long term debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2021 | Nov. 30, 2019 |
Debt Instrument [Line Items] | ||||
Total | $ 1,256,962 | $ 1,275,289 | ||
Current portion | 432,242 | 26,136 | ||
Non-current portion | 824,720 | 1,249,153 | ||
Genpact Luxembourg S.r.l. | 2019 senior notes | ||||
Debt Instrument [Line Items] | ||||
Total | $ 399,464 | 398,881 | ||
Interest rate on senior notes (in percentage) | 3.375% | 3.375% | ||
Genpact Luxembourg S.r.l. | 2021 senior notes | ||||
Debt Instrument [Line Items] | ||||
Total | $ 348,631 | 348,030 | ||
Interest rate on senior notes (in percentage) | 1.75% | 1.75% | ||
Credit facility, net of debt amortization expenses | ||||
Debt Instrument [Line Items] | ||||
Total | $ 508,867 | 528,378 | ||
2019 senior notes | ||||
Debt Instrument [Line Items] | ||||
Total | 399,464 | 398,881 | ||
2021 senior notes | ||||
Debt Instrument [Line Items] | ||||
Total | $ 348,631 | $ 348,030 |
Short-term borrowings - Narrati
Short-term borrowings - Narrative (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Aug. 09, 2018 | |
Line of Credit Facility [Line Items] | |||
Fund-based and non-fund-based credit facilities limits available | $ 23,302,000 | $ 22,882,000 | |
Utilization of credit facility for non fund-based usage | $ 9,336,000 | $ 5,392,000 | |
Commitment fee percentage | 0.20% | 0.20% | |
Credit facility, amount utilized | $ 11,627,000 | $ 153,658,000 | |
Short-term borrowings | $ 10,000,000 | 151,000,000 | |
2022 facility | Base rate | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.375% | ||
2022 facility | Base rate plus applicable margin | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.375% | ||
Maximum | 2022 facility | |||
Line of Credit Facility [Line Items] | |||
Term SOFR adjustment | 0.10% | ||
Minimum | 2022 facility | |||
Line of Credit Facility [Line Items] | |||
Term SOFR adjustment | 0% | ||
Revolving credit facility | |||
Line of Credit Facility [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 650,000,000 | ||
Non-fund-based credit facility | |||
Line of Credit Facility [Line Items] | |||
Credit facility, amount utilized | $ 1,627,000 | $ 2,658,000 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of other liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Accrued employee cost | $ 3,329 | $ 14,120 |
Retirement benefits | 13,947 | 10,694 |
Compensated absences | 50,214 | 43,474 |
Derivative instruments | 9,254 | 3,660 |
Contract liabilities (Note 25) | $ 59,393 | $ 56,157 |
Finance lease liability | Total | Total |
Finance lease liability | $ 6,874 | $ 11,802 |
Others | 91,937 | 75,701 |
Total | $ 234,948 | $ 215,608 |
Other Liabilities - Schedule _2
Other Liabilities - Schedule of other liabilities -Narrative (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposals of other liabilities | $ 0 |
Disposal group, held-for-sale, not discontinued operations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal group, other liabilities, current | $ 141 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of funded status of the Company's defined benefit plans and the amounts recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in benefit obligation | |||
Projected benefit obligation at the beginning of the year | $ 86,999 | $ 91,782 | |
Service cost | 15,099 | 14,248 | $ 14,546 |
Actuarial loss/(Gain) | 822 | (2,136) | |
Interest cost | 6,930 | 5,790 | 5,497 |
Benefits paid | (8,567) | (12,602) | |
Settlements | 149 | (875) | |
Curtailments | (6) | (6) | |
Loss/(Gain) on exchange rate changes | 313 | (9,202) | |
Projected benefit obligation at the end of the year | 101,739 | 86,999 | 91,782 |
Change in fair value of plan assets | |||
Fair value of plan assets at the beginning of the year | 80,440 | 96,975 | |
Employer contributions | 8,851 | 2,350 | |
Actual gain on plan assets | 7,255 | 4,704 | |
Benefits paid | (8,567) | (13,143) | |
Settlements | (657) | (824) | |
(Loss)/Gain on exchange rate changes | (637) | (9,622) | |
Fair value of plan assets at the end of the year | 86,685 | 80,440 | $ 96,975 |
Funded status, end of year | (15,054) | (6,559) | |
Amounts recognized in the consolidated balance sheets | |||
Non-current assets (recorded under other assets-others) | 1,279 | 5,860 | |
Current liabilities (recorded under accrued expenses and other current liabilities-retirement benefits) | (2,386) | (1,725) | |
Non-current liabilities (recorded under other liabilities- retirement benefits) | (13,947) | (10,694) | |
Funded status, end of year | (15,054) | (6,559) | |
Other current liabilities | |||
Amounts recognized in the consolidated balance sheets | |||
Current liabilities (recorded under accrued expenses and other current liabilities-retirement benefits) | (2,379) | (1,725) | |
Other noncurrent liabilities | |||
Amounts recognized in the consolidated balance sheets | |||
Non-current liabilities (recorded under other liabilities- retirement benefits) | $ (13,954) | $ (10,694) |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of amounts included in accumulated other comprehensive income (loss) (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Retirement Benefits [Abstract] | |||
Net actuarial loss | $ (8,747) | $ (10,453) | $ (13,399) |
Net prior service credit / (cost) | 446 | (124) | (300) |
Deferred tax benefits | 1,812 | 2,516 | 3,206 |
Other comprehensive income (loss), net | $ (6,489) | $ (8,061) | $ (10,493) |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of changes in other comprehensive income (loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Net Actuarial (Loss) Gain | $ 1,425 | $ 891 | |
Amortization of net actuarial loss | 673 | 662 | |
Deferred tax (expense) benefits | (704) | (690) | |
Net prior service credit / (cost) | 104 | 154 | |
Curtailment | 6 | 6 | |
Settlements | 2 | 49 | |
Effect of exchange rate changes | 66 | 1,360 | |
Other comprehensive income (loss), net | $ 1,572 | $ 2,432 | $ 7,588 |
Employee Benefit Plans - Sche_4
Employee Benefit Plans - Schedule of accumulated benefit obligation for defined benefit plans (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement Benefits [Abstract] | ||
Accumulated benefit obligation | $ 14,756 | $ 12,328 |
Fair value of plan assets at the end of the year | 3,295 | 3,822 |
Projected benefit obligation | 101,561 | 16,207 |
Fair value of plan assets at the end of the year | $ 85,228 | $ 3,822 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 01, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Net projected benefit obligation and plan assets for underfunded (including unfunded) defined benefit obligation plans | $ 16,333 | $ 12,386 | ||
Expected contributions in fiscal 2022 | 8,438 | |||
Deferred compensation plan liability | 51,354 | 39,654 | ||
Cash surrender value of policies | 51,983 | 40,261 | ||
Change in fair value of plan assets | 7,506 | (7,580) | $ 4,229 | |
Change in fair value of deferred compensation liabilities | $ 7,484 | $ (7,610) | $ 4,094 | |
Foreign Plan | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Participant deferrals vesting ( in percentage) | 100% | |||
Employer discretionary vesting period | 2 years | |||
Earnings receivable minimum term | 2 years | |||
Earnings receivable lump sum or annual installment maximum terms | 15 years | |||
Maximum re-deferral term | 10 years | |||
One-year anniversary of approval of contribution | Foreign Plan | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Employer discretionary vesting (in percentage) | 50% | |||
Two-year anniversary of approval of contribution | Foreign Plan | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Employer discretionary vesting (in percentage) | 50% | |||
Minimum | Foreign Plan | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Individual qualifying base compensation (in percentage) | 1% | |||
Individual qualifying bonus compensation (in percentage) | 1% | |||
Maximum | Foreign Plan | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Individual qualifying base compensation (in percentage) | 80% | |||
Individual qualifying bonus compensation (in percentage) | 100% | |||
Benefit obligations of Philippines Plan | Minimum | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Expectation of the average long term rate of return expected, years | 15 years | |||
Benefit obligations of Philippines Plan | Maximum | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Expectation of the average long term rate of return expected, years | 20 years |
Employee Benefit Plans - Sche_5
Employee Benefit Plans - Schedule of net defined benefit plan costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Service costs | $ 15,099 | $ 14,248 | $ 14,546 |
Interest costs | 6,930 | 5,790 | 5,497 |
Amortization of actuarial loss | 660 | 859 | 1,549 |
Expected return on plan assets | (5,008) | (5,949) | (6,239) |
Settlements | $ 140 | 127 | 519 |
Net defined benefit plan costs | Cost of revenue, Other income (expense), net, Selling, general and administrative expenses | ||
Net defined benefit plan costs | $ 17,821 | $ 15,075 | $ 15,872 |
Employee Benefit Plans - Sche_6
Employee Benefit Plans - Schedule of weighted average assumptions used to determine benefit obligations, Gratuity Plan (Detail) - Benefit obligations of Gratuity Plan | Dec. 31, 2023 | Dec. 31, 2022 |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 7.65% | 7.45% |
Rate of increase in compensation per annum | 5.20% | 5.20% |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 7.90% | 7.70% |
Rate of increase in compensation per annum | 9% | 9% |
Employee Benefit Plans - Sche_7
Employee Benefit Plans - Schedule of weighted average assumptions used to determine plan costs, Gratuity Plan (Detail) - Gratuity Plan costs | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 7.45% | 5.25% | 4.45% |
Rate of increase in compensation per annum | 5.20% | 4.60% | 5.20% |
Expected long term rate of return on plan assets per annum | 7% | 7% | 7% |
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 7.70% | 6.45% | 5.90% |
Rate of increase in compensation per annum | 9% | 8% | 9% |
Expected long term rate of return on plan assets per annum | 7.20% | 7.50% |
Employee Benefit Plans - Sche_8
Employee Benefit Plans - Schedule of weighted average assumptions used to determine benefit obligations, Mexican Plan (Detail) - Benefit obligations of Mexican Plan | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 9.40% | 9.30% |
Rate of increase in compensation per annum | 5.50% | 5.50% |
Employee Benefit Plans - Sche_9
Employee Benefit Plans - Schedule of weighted average assumptions used to determine plan costs, Mexican Plan (Detail) - Mexican Plan costs | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 9.30% | 8.20% | 7.20% |
Rate of increase in compensation per annum | 5.50% | 5.50% | 5.50% |
Employee Benefit Plans - Sch_10
Employee Benefit Plans - Schedule of weighted average assumptions used to determine benefit obligations, Philippines Plan (Detail) - Benefit obligations of Philippines Plan | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 8.54% | 9.80% |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of increase in compensation per annum | 5.80% | 5.30% |
Employee Benefit Plans - Sch_11
Employee Benefit Plans - Schedule of weighted average assumptions used to determine plan costs, Philippines Plan (Detail) - Philippines Plan costs | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 9.80% | 7.67% | 5.26% |
Rate of increase in compensation per annum | 5.30% | 6% | 5% |
Expected long term rate of return on plan assets per annum | 2% | 2% | 2% |
Employee Benefit Plans - Sch_12
Employee Benefit Plans - Schedule of weighted average assumptions used to determine benefit obligations, Japan Plan (Detail) - Benefit obligations of Japan Plan | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of increase in compensation per annum | 0% | 0% |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 0.28% | 0.14% |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 0.94% | 0.94% |
Employee Benefit Plans - Sch_13
Employee Benefit Plans - Schedule of weighted average assumptions used to determine plan costs, Japan Plan (Detail) - Japan Plan costs | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of increase in compensation per annum | 0% | ||
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 0.14% | 0.14% | 0.17% |
Rate of increase in compensation per annum | 0% | 0% | |
Expected long term rate of return on plan assets per annum | 1.77% | 1.77% | 1.77% |
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 0.94% | 0.81% | 0.41% |
Expected long term rate of return on plan assets per annum | 3.12% | 3.12% |
Employee Benefit Plans - Sch_14
Employee Benefit Plans - Schedule of fair values of plan assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | $ 86,685 | $ 80,440 | $ 96,975 |
(Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 825 | 2,423 | |
(Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 85,860 | 78,017 | |
(Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 0 | 0 | |
Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 825 | 2,423 | |
Cash | (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 825 | 2,423 | |
Cash | (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 0 | 0 | |
Cash | (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 0 | 0 | |
Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | $ 85,569 | 77,722 | |
Investment in funds (in percentage) | 100% | ||
Fixed Income Securities | (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | $ 0 | 0 | |
Fixed Income Securities | (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 85,569 | 77,722 | |
Fixed Income Securities | (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 0 | 0 | |
Other Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 291 | 295 | |
Other Securities | (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 0 | 0 | |
Other Securities | (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | 291 | 295 | |
Other Securities | (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, fair value | $ 0 | $ 0 |
Employee Benefit Plans - Sch_15
Employee Benefit Plans - Schedule of expected benefit plan payments (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Retirement Benefits [Abstract] | |
2024 | $ 18,145 |
2025 | 17,424 |
2026 | 20,268 |
2027 | 22,448 |
2028 | 23,057 |
2029 - 2033 | 108,672 |
Defined benefit plan expected future benefit payments | $ 210,014 |
Employee Benefit Plans - Sch_16
Employee Benefit Plans - Schedule of amounts contributed to defined contribution plans in various jurisdictions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plans, contributed amount | $ 134,810 | $ 132,228 | $ 119,382 |
India | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plans, contributed amount | 47,979 | 43,805 | 37,508 |
Foreign Plan | U.S. | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plans, contributed amount | 20,820 | 23,084 | 21,496 |
Foreign Plan | U.K. | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plans, contributed amount | 19,197 | 20,763 | 19,874 |
Foreign Plan | China | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plans, contributed amount | 27,077 | 26,514 | 24,988 |
Foreign Plan | Other regions | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plans, contributed amount | $ 19,737 | $ 18,062 | $ 15,516 |
Stock-based compensation - Narr
Stock-based compensation - Narrative (Detail) - USD ($) | 12 Months Ended | |||||||||
Apr. 05, 2022 | Dec. 22, 2021 | Sep. 24, 2021 | Jun. 23, 2021 | Mar. 19, 2021 | Apr. 05, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 09, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock based compensation cost | $ 87,108,000 | $ 75,836,000 | $ 80,548,000 | |||||||
Income tax benefits recognized | $ 19,312,000 | $ 21,863,000 | $ 21,857,000 | |||||||
Options granted, contractual period, years | 10 years | |||||||||
Dividends paid per share (in dollars per share) | $ 0.1075 | $ 0.1075 | $ 0.1075 | $ 0.1075 | $ 0.125 | $ 0.1075 | ||||
Cash received from the exercise of stock option | $ 27,755,000 | $ 14,701,000 | $ 23,168,000 | |||||||
Tax benefits from the exercise of stock option | 6,631,000 | $ 2,398,000 | 6,927,000 | |||||||
Unrecognized stock-based compensation cost for options | $ 8,690,000 | |||||||||
Restricted Stock Unit vesting right (in shares) | 1 | |||||||||
Restricted Stock Unit vesting right, fair value (in shares) | 1 | |||||||||
Performance Units vesting right (in shares) | 1 | |||||||||
Performance units , performance period | 3 years | 1 year | ||||||||
Employee Stock Option | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Excess tax benefit | $ 3,453,000 | $ 1,543,000 | $ 4,191,000 | |||||||
Weighted average remaining requisite vesting period | 2 years 4 months 24 days | |||||||||
Restricted Share Units (RSUs) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Weighted average remaining requisite vesting period | 1 year 10 months 24 days | |||||||||
Unrecognized stock-based compensation cost | $ 26,685,000 | |||||||||
Performance Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Weighted average remaining requisite vesting period | 1 year 7 months 6 days | |||||||||
Unrecognized stock-based compensation cost | $ 42,615,000 | |||||||||
Performance units , performance period | 1 year | |||||||||
Performance Units | 2023 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance units , performance period | 3 years | |||||||||
Performance Units | Prior to 2023 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance units , performance period | 1 year | |||||||||
Employee Stock Purchase Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percentage of fair value per share allowed to eligible employees to purchase through payroll deductions | 90% | |||||||||
Maximum percentage of employee's base salary allowed to be purchased | 15% | |||||||||
Maximum dollar amount of common shares allowed to be purchased | $ 25,000 | |||||||||
Common shares reserved for issuance (in shares) | 4,200,000 | |||||||||
Issuance of common shares under the employee stock purchase plan (Note 18) (in shares) | 337,875 | 324,783 | 285,657 | |||||||
Compensation expense for ESPP | $ 1,468,000 | $ 1,537,000 | $ 1,420,000 | |||||||
Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award, vesting period, years | 3 years | |||||||||
Minimum | Restricted Share Units (RSUs) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award, vesting period, years | 3 months | |||||||||
Minimum | Performance Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award, vesting period, years | 6 months | |||||||||
Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award, vesting period, years | 5 years | |||||||||
Maximum | Restricted Share Units (RSUs) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award, vesting period, years | 4 years | |||||||||
Maximum | Performance Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award, vesting period, years | 3 years | |||||||||
2007 Omnibus Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of common shares authorized for issuance (in shares) | 26,500,000 | 23,000,000 | 23,858,823 | |||||||
Amended Omnibus Plan, increase in number of common shares authorized for issuance (in shares) | 3,500,000 | 8,000,000 | ||||||||
2017 Omnibus Incentive Compensation Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of common shares authorized for issuance (in shares) | 15,000,000 |
Stock-based compensation - Sche
Stock-based compensation - Schedule of significant assumptions used in determining fair value of options granted (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in months) | 84 months | 84 months |
Risk-free rate of interest for expected life, minimum | 1.12% | |
Risk-free rate of interest for expected life, maximum | 1.37% | |
Volatility, minimum | 26.05% | |
Volatility, maximum | 26.18% | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.96% | 0.84% |
Risk-free rate of interest for expected life | 1.71% | |
Volatility | 26.29% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 1.08% |
Stock-based compensation - Sc_2
Stock-based compensation - Schedule of stock option activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shares arising out of options | ||||
Outstanding, shares arising out of options, beginning balance (in shares) | 7,748,114 | 8,008,296 | 7,347,241 | |
Granted, shares arising out of options (in shares) | 0 | 475,695 | 1,831,180 | |
Forfeited, shares arising out of options (in shares) | (319,646) | (70,841) | (25,000) | |
Expired, shares arising out of options (in shares) | (53,990) | 0 | 0 | |
Exercised, shares arising out of options (in shares) | (1,376,330) | (665,036) | (1,145,125) | |
Outstanding, shares arising out of options, ending balance (in shares) | 5,998,148 | 7,748,114 | 8,008,296 | 7,347,241 |
Vested and expected to vest thereafter, shares arising out of options (in shares) | 5,784,672 | 7,287,127 | 7,422,919 | |
Vested and exercisable, shares arising out of options (in shares) | 3,161,392 | 3,211,699 | 3,117,333 | |
Weighted average grant-date fair value of options granted during the period (in dollars per share) | $ 0 | $ 14.19 | $ 11.35 | |
Weighted average exercise price | ||||
Outstanding weighted average exercise price, beginning balance (in dollars per share) | 33.27 | 31.30 | 26.41 | |
Granted, weighted average exercise price (in dollars per share) | 0 | 52.12 | 43.98 | |
Forfeited, weighted average exercise price (in dollars per share) | 41.06 | 41.46 | 31.50 | |
Expired, weighted average exercise price (in dollars per share) | 43.94 | 0 | 0 | |
Exercised, weighted average exercise price (in dollars per share) | 20.17 | 22.11 | 20.23 | |
Outstanding weighted average exercise price, ending balance (in dollars per share) | 35.77 | 33.27 | 31.30 | $ 26.41 |
Vested and expected to vest thereafter, weighted average exercise price (in dollars per share) | 35.38 | 32.59 | 30.51 | |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ 30.42 | $ 25.35 | $ 24.17 | |
Weighted average remaining contractual life (years) | ||||
Outstanding weighted average remaining contractual life | 5 years 6 months | 5 years 7 months 6 days | 6 years 1 month 6 days | 5 years 8 months 12 days |
Vested and expected to vest thereafter, weighted average remaining contractual life | 5 years 6 months | 5 years 7 months 6 days | 6 years 1 month 6 days | |
Vested and exercisable, weighted average remaining contractual life | 4 years 3 months 18 days | 3 years 3 months 18 days | 3 years 4 months 24 days | |
Aggregate intrinsic value | ||||
Exercised, aggregate intrinsic value | $ 29,255 | $ 15,752 | $ 30,463 | |
Outstanding aggregate intrinsic value | 19,341 | 105,261 | 174,428 | |
Vested and expected to vest thereafter, aggregate intrinsic value | 19,332 | 103,474 | 167,551 | |
Vested and exercisable, aggregate intrinsic value | $ 15,069 | $ 67,347 | $ 90,117 |
Stock-based compensation - Sc_3
Stock-based compensation - Schedule of RSU activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted Average Grant Date Fair Value | |||
Outstanding weighted average grant date fair value, beginning balance (in dollars per share) | $ 44.07 | ||
Outstanding weighted average grant date fair value, ending balance (in dollars per share) | $ 44.07 | ||
Restricted Share Units (RSUs) | |||
Number of Restricted Share Units | |||
Outstanding number of shares, beginning balance (in shares) | 579,622 | 759,507 | 860,308 |
Granted, number of shares (in shares) | 1,047,905 | 206,280 | 466,702 |
Vested, number of shares (in shares) | (510,057) | (274,521) | (501,273) |
Forfeited, number of shares (in shares) | (80,854) | (111,644) | (66,230) |
Outstanding number of shares, ending balance (in shares) | 1,036,616 | 579,622 | 759,507 |
Expected to vest, number of shares (in shares) | 953,972 | 527,621 | 654,594 |
Weighted Average Grant Date Fair Value | |||
Outstanding weighted average grant date fair value, beginning balance (in dollars per share) | $ 42.97 | $ 42.29 | $ 36.44 |
Granted, weighted average grant date fair value (in dollars per share) | 42.77 | 45.66 | 44 |
Vested, weighted average grant date fair value (in dollars per share) | 42.77 | 43.23 | 34.41 |
Forfeited, weighted average grant date fair value (in dollars per share) | 42.96 | 42.69 | 38.02 |
Outstanding weighted average grant date fair value, ending balance (in dollars per share) | $ 42.87 | $ 42.97 | $ 42.29 |
Restricted Share Units (RSUs) | Vested in 2021, excluding directors | |||
Weighted Average Grant Date Fair Value | |||
Net settlement on vesting of restricted share units (Note 18) (in shares) | 39,515 | 5,496 | 300,944 |
Restricted Share Units (RSUs) | Vested in 2021, excluding directors | 2023 | |||
Number of Restricted Share Units | |||
Vested, number of shares (in shares) | (39,633) | ||
Restricted Share Units (RSUs) | Vested in 2021, excluding directors | 2022 | |||
Number of Restricted Share Units | |||
Vested, number of shares (in shares) | (7,863) | ||
Restricted Share Units (RSUs) | Vested in 2021, excluding directors | Net Settled Upon Vesting | |||
Number of Restricted Share Units | |||
Vested, number of shares (in shares) | (461,640) | ||
Restricted Share Units (RSUs) | Vesting in 2022, Excluding Directors | |||
Weighted Average Grant Date Fair Value | |||
Net settlement on vesting of restricted share units (Note 18) (in shares) | 120,858 | 19,992 | |
Restricted Share Units (RSUs) | Vesting in 2022, Excluding Directors | 2023 | |||
Number of Restricted Share Units | |||
Vested, number of shares (in shares) | (199,297) | ||
Restricted Share Units (RSUs) | Vesting in 2022, Excluding Directors | 2022 | |||
Weighted Average Grant Date Fair Value | |||
Net settlement on vesting of restricted share units (Note 18) (in shares) | 46,358 | ||
Restricted Share Units (RSUs) | Vesting in 2022, Excluding Directors | Net Settled Upon Vesting | |||
Number of Restricted Share Units | |||
Vested, number of shares (in shares) | (28,866) | ||
Restricted Share Units (RSUs) | Vesting in 2023, excluding directors | |||
Weighted Average Grant Date Fair Value | |||
Net settlement on vesting of restricted share units (Note 18) (in shares) | 296,656 | ||
Restricted Share Units (RSUs) | Vesting in 2023, excluding directors | 2023 | |||
Weighted Average Grant Date Fair Value | |||
Net settlement on vesting of restricted share units (Note 18) (in shares) | 56,296 | ||
Restricted Share Units (RSUs) | Vesting in 2023, excluding directors | Net Settled Upon Vesting | |||
Number of Restricted Share Units | |||
Vested, number of shares (in shares) | (453,761) |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of significant assumptions used in determining fair value of performance units (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 0 | 475,695 | 1,831,180 |
Expected life (in months) | 84 months | 84 months | |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.96% | 0.84% | |
Risk-free rate of interest for expected life | 1.71% | ||
Volatility | 26.29% | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.08% | ||
Performance Units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.22% | ||
Expected life (in months) | 2 years 6 months 14 days | ||
Risk-free rate of interest for expected life | 3.80% | ||
Volatility | 24.03% | ||
Performance Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.52% | ||
Expected life (in months) | 2 years 9 months 18 days | ||
Risk-free rate of interest for expected life | 4.44% | ||
Volatility | 24.71% |
Stock-based compensation - Sc_5
Stock-based compensation - Schedule of PU activity (Detail) | 12 Months Ended | ||
Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Weighted Average Grant Date Fair Value | |||
Outstanding weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 44.07 | ||
Outstanding weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 44.07 | ||
Maximum shares eligible to receive | |||
Outstanding maximum shares eligible to receive, beginning balance (in shares) | 3,570,951 | 4,583,155 | |
Outstanding maximum shares eligible to receive, ending balance (in shares) | 3,570,951 | 4,583,155 | |
Performance Units | |||
Number of Performance Units | |||
Outstanding number of shares, beginning balance (in shares) | 3,570,951 | 4,583,155 | 4,876,196 |
Granted, number of shares (in shares) | 986,891 | 1,590,794 | 1,340,877 |
Vested, number of shares (in shares) | (647,549) | (2,161,789) | (1,784,140) |
Forfeited, number of shares (in shares) | (357,362) | (487,909) | (258,258) |
Adjustment upon final determination of level of performance goal achievement (in shares) | 96,668 | 46,700 | 408,480 |
Outstanding number of shares, ending balance (in shares) | 3,649,599 | 3,570,951 | 4,583,155 |
Expected to vest, number of shares (in shares) | 3,282,005 | 3,224,941 | 4,263,803 |
Weighted Average Grant Date Fair Value | |||
Outstanding weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 44.07 | $ 39.40 | $ 34.56 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 43.99 | 44.50 | 44.06 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 42.53 | 34.61 | 30.66 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 44.19 | 43.52 | 39.97 |
Adjustment upon final determination of level of performance goal achievement (in dollars per share) | $ / shares | 44.50 | 44.20 | 43.99 |
Outstanding weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 44.32 | $ 44.07 | $ 39.40 |
Maximum shares eligible to receive | |||
Outstanding maximum shares eligible to receive, beginning balance (in shares) | 3,570,951 | 4,583,155 | 4,876,196 |
Granted, maximum shares eligible to receive (in shares) | 2,368,538 | 3,181,588 | 2,681,754 |
Vested, maximum shares eligible to receive (in shares) | (647,549) | (2,161,789) | (1,784,140) |
Forfeited, maximum shares eligible to receive (in shares) | (411,551) | (642,512) | (320,098) |
Adjustment upon final determination of level of performance goal achievement (in shares) | 96,668 | (1,389,491) | (870,557) |
Outstanding maximum shares eligible to receive, ending balance (in shares) | 4,977,057 | 3,570,951 | 4,583,155 |
Net settlement on vesting of performance units (Note 18) (in shares) | 412,275 | 1,300,511 | 1,102,440 |
Increase due to achievement of higher-than-target performance | 1.31% | ||
Increase due to achievement of lower-than-target performance | 0.3120 |
Capital Stock - Narrative (Deta
Capital Stock - Narrative (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||||||||||
Dec. 22, 2023 USD ($) $ / shares | Sep. 26, 2023 USD ($) $ / shares | Jun. 26, 2023 USD ($) $ / shares | Mar. 24, 2023 USD ($) $ / shares | Feb. 09, 2023 $ / shares | Dec. 23, 2022 USD ($) $ / shares | Sep. 23, 2022 USD ($) $ / shares | Jun. 24, 2022 USD ($) $ / shares | Mar. 23, 2022 USD ($) $ / shares | Feb. 10, 2022 $ / shares | Dec. 22, 2021 USD ($) $ / shares | Sep. 24, 2021 USD ($) $ / shares | Jun. 23, 2021 USD ($) $ / shares | Mar. 19, 2021 USD ($) $ / shares | Feb. 09, 2021 $ / shares | Feb. 06, 2020 $ / shares | Dec. 31, 2023 USD ($) votes $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) | |
Class of Stock [Line Items] | ||||||||||||||||||||
Common shares, authorized (in shares) | shares | 500,000,000 | 500,000,000 | ||||||||||||||||||
Common shares, par value (in usd per share) | $ 0.01 | $ 0.01 | ||||||||||||||||||
Preferred shares, authorized (in shares) | shares | 250,000,000 | 250,000,000 | ||||||||||||||||||
Preferred shares, par value (in usd per share) | $ 0.01 | $ 0.01 | ||||||||||||||||||
Common shares, issued (in shares) | shares | 179,494,132 | 182,924,416 | ||||||||||||||||||
Preferred shares, issued (in shares) | shares | 0 | 0 | ||||||||||||||||||
Common shares, outstanding (in shares) | shares | 179,494,132 | 182,924,416 | ||||||||||||||||||
Preferred shares, outstanding (in shares) | shares | 0 | 0 | ||||||||||||||||||
Common stock, number of votes per share | votes | 1 | |||||||||||||||||||
Stock repurchase authorized amount | $ | $ 2,250,000 | $ 500 | ||||||||||||||||||
Shares repurchased and retired (in shares) | shares | 6,013,793 | 4,777,205 | 6,577,562 | |||||||||||||||||
Common stock shares repurchased price per share (in US dollars per share) | $ 37.48 | $ 44.79 | $ 45.32 | |||||||||||||||||
Aggregate amount of common stock shares repurchased | $ | $ 225,499 | $ 214,082 | $ 298,219 | |||||||||||||||||
Expenses related to stock purchases | $ | 720 | $ 96 | $ 132 | |||||||||||||||||
Stock repurchase program remained available for share | $ | $ 399,545 | |||||||||||||||||||
Increase in quarterly cash dividend (in percentage) | 10% | 16% | 10% | |||||||||||||||||
Dividends per common share (in usd per share) | $ 0.1375 | $ 0.1375 | $ 0.1375 | $ 0.1375 | $ 0.1375 | $ 0.125 | $ 0.1075 | $ 0.0975 | $ 0.55 | $ 0.50 | $ 0.43 | |||||||||
Planned annual dividend (in usd per share) | 0.50 | 0.43 | 0.55 | |||||||||||||||||
Annual dividend per common share (in usd per share) | $ 0.43 | $ 0.55 | 0.50 | 0.39 | ||||||||||||||||
Dividends paid per share (in dollars per share) | $ 0.1075 | $ 0.1075 | $ 0.1075 | $ 0.1075 | 0.125 | $ 0.1075 | ||||||||||||||
Initial dividend paid | $ | $ 24,784 | $ 24,944 | $ 25,031 | $ 25,255 | $ 20,018 | $ 20,213 | $ 20,133 | $ 20,115 | ||||||||||||
Quarterly cash dividend | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Dividends per common share (in usd per share) | $ 0.125 | $ 0.1075 | ||||||||||||||||||
Dividends paid per share (in dollars per share) | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | ||||||||||||||||
Initial dividend paid | $ | $ 22,895 | $ 22,873 | $ 22,935 | $ 23,134 | ||||||||||||||||
Share repurchase open market | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Aggregate amount of common stock shares repurchased | $ | $ 225,379 | $ 213,986 | $ 298,087 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Number of stock awards outstanding but not included in the computation of diluted earnings per common share | 2,289,623 | 2,734,825 | 1,663,219 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of earnings per share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share (Abstract) | |||
Net income | $ 631,255 | $ 353,404 | $ 369,448 |
Weighted average number of common shares used in computing basic earnings per common share (in shares) | 182,345,548 | 184,184,930 | 187,802,219 |
Dilutive effect of stock-based awards (in shares) | 2,796,295 | 3,902,310 | 5,159,622 |
Weighted average number of common shares used in computing dilutive earnings per common share (in shares) | 185,141,843 | 188,087,240 | 192,961,841 |
Earnings per common share, basic (in usd per share) | $ 3.46 | $ 1.92 | $ 1.97 |
Earnings per common share, diluted (in usd per share) | $ 3.41 | $ 1.88 | $ 1.91 |
Other operating (income) expe_3
Other operating (income) expense, net - Schedule of other operating (income) expense, net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Write-Down of intangible assets and property, plant and equipment | $ 0 | $ 1,377 | $ 915 |
Write-down of operating lease right-of-use assets and other assets | 0 | 20,307 | 0 |
Impairment charge on intangible assets and goodwill held for sale | 0 | 32,575 | 0 |
Change in fair value of earn out consideration and deferred consideration (relating to business acquisitions) | (118) | (452) | (750) |
Loss on sale of business classified as held for sale (refer to Note 8) | 802 | 0 | 0 |
Other operating (income) expense | (526) | (612) | (1,368) |
Other operating (income) expense, net | (4,716) | 53,195 | $ (1,203) |
Write-down of restructuring charges | $ (4,874) | $ 20,307 |
Interest income (expense), ne_2
Interest income (expense), net - Schedule of interest income (expense), net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Interest income | $ 18,373 | $ 5,899 | $ 6,878 |
Interest expense | (66,308) | (58,103) | (58,312) |
Interest income (expense), net | $ (47,935) | $ (52,204) | $ (51,434) |
Income taxes - Schedule of inco
Income taxes - Schedule of income tax expense (benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income from continuing operations | $ (29,031) | $ 111,832 | $ 113,681 |
Other comprehensive income: | |||
Cash flow hedges | 1,397 | (4,947) | 5,265 |
Retirement benefits | $ 705 | $ 690 | $ 3,859 |
Income taxes - Schedule of comp
Income taxes - Schedule of components of income before income tax expense from continuing operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Domestic (U.S.) | $ 216,718 | $ 44,903 | $ 126,107 |
Foreign (other than U.S.) | 385,506 | 420,333 | 357,022 |
Income before income tax expense (benefit) | $ 602,224 | $ 465,236 | $ 483,129 |
Income taxes - Schedule of in_2
Income taxes - Schedule of income tax expense (benefit) attributable to income from continuing operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax expense: | |||
Domestic (U.S. federal) | $ 20,222 | $ 17,525 | $ 34,538 |
Domestic (U.S. state) | 7,558 | 4,582 | 5,605 |
Foreign (other than U.S.) | 101,121 | 118,876 | 82,801 |
Current Income Tax Expense (Benefit), Total | 128,901 | 140,983 | 122,944 |
Deferred tax expense (benefit): | |||
Domestic (U.S. federal) | (122,166) | (10,481) | (6,039) |
Domestic (U.S. state) | (32,112) | (1,910) | 232 |
Foreign (other than U.S.) | (3,654) | (16,760) | (3,456) |
Deferred Income Tax Expense (Benefit), Total | (157,932) | (29,151) | (9,263) |
Reported income tax expense (benefit) | (29,031) | $ 111,832 | $ 113,681 |
Intellectual property | |||
Deferred tax expense (benefit): | |||
Domestic (U.S. federal) | 138,390 | ||
Domestic (U.S. state) | 33,800 | ||
Reported income tax expense (benefit) | $ (169,945) |
Income taxes - Schedule of in_3
Income taxes - Schedule of income tax expense (benefit) computed by applying the U.S. federal statutory income tax rate to income before income taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 27, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Line Items] | ||||
Income before income tax expense (benefit) | $ 602,224 | $ 465,236 | $ 483,129 | |
Statutory income tax rates | 21% | 21% | 21% | |
Computed expected income tax expense | $ 126,467 | $ 97,700 | $ 101,457 | |
Increase (decrease) in income taxes resulting from: | ||||
Foreign tax rate differential | 16,455 | 13,853 | 10,747 | |
Tax benefit from tax holiday | (3,877) | (797) | (3,159) | |
True-up of prior years tax liability | 343 | 2,096 | 7,590 | |
Interest income on income tax refund | (173) | (2,168) | (7,780) | |
Non-deductible expenses | 2,932 | 4,826 | 1,755 | |
Impact of change in tax rates | (36,099) | (116) | 1,740 | |
Change in valuation allowance | (121,358) | 10,752 | 6,244 | |
Unrecognized tax benefits | (5,563) | 1,236 | (327) | |
Employment related tax incentive | 3,366 | 1,093 | 3,930 | |
Internal transfer of intellectual property rights | (7,835) | 0 | 0 | |
State income taxes | 9,245 | 2,672 | 5,837 | |
Excess tax benefit on share-based compensation | (5,274) | (10,418) | (7,773) | |
Others | (928) | (6,711) | 1,280 | |
Reported income tax expense (benefit) | (29,031) | 111,832 | $ 113,681 | |
Subsidiaries | ||||
Increase (decrease) in income taxes resulting from: | ||||
Others | $ 6,881 | |||
Intellectual property | ||||
Increase (decrease) in income taxes resulting from: | ||||
State income taxes | 33,800 | |||
Reported income tax expense (benefit) | (169,945) | |||
Effect income tax benefit with intellectual property rights | $ 169,945 | |||
Bermuda | ||||
Increase (decrease) in income taxes resulting from: | ||||
Impact of change in tax rates | $ 35,771 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Line Items] | |||
Income tax expense | $ 29,031 | $ (111,832) | $ (113,681) |
Net excess tax benefits on share-based compensation | 5,274 | 10,418 | 7,773 |
Net operating loss carryforwards | 426,761 | ||
Deferred tax assets related to net operating loss carryforwards, excluding state | 73,218 | ||
Net operating loss of subsidiary, carried forward | 331,451 | ||
Additional deferred tax assets for U.S. state and local tax loss carry-forwards | 13,338 | ||
Undistributed earnings held by foreign subsidiaries for which no deferred tax liability would accrue on repatriation of retained earnings indefinitely reinvested | 1,073,210 | ||
Cash and cash equivalents | 583,670 | 646,765 | |
Repatriation of retained earnings | 92,252 | ||
Unrecognized tax benefits that would impact effective tax rate | 19,236 | 25,430 | |
Unrecognized tax benefits, interest on income taxes accrued | 3,312 | 2,871 | |
Accrued penalties | 499 | 374 | |
Unrecognized tax benefits, including exchange rate differences for interest recognized | 220 | $ (2,583) | $ (13,851) |
State and local jurisdiction | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 194,666 | ||
Tax loss carry forwards subject to expiration | 154,336 | ||
Intellectual property | |||
Income Tax Disclosure [Line Items] | |||
Income tax expense | $ 169,945 | ||
Intangible assets estimated useful lives | 15 years | ||
Indefinite reinvestment in subsidiary | |||
Income Tax Disclosure [Line Items] | |||
Cash and cash equivalents | $ 95,701 | ||
Foreign (non-Bermuda) subsidiaries | |||
Income Tax Disclosure [Line Items] | |||
Cash and cash equivalents | 581,396 | ||
Subsidiaries for which the company expects to incur deferred tax liability | |||
Income Tax Disclosure [Line Items] | |||
Cash and cash equivalents | 207,953 | ||
No tax expected on repatriation | |||
Income Tax Disclosure [Line Items] | |||
Cash and cash equivalents | $ 277,742 | ||
Basic and diluted earnings per share | |||
Income Tax Disclosure [Line Items] | |||
Earnings per share effect of tax holiday (in usd per share) | $ 0.02 | $ 0 | $ 0.02 |
Income taxes - Schedule of co_2
Income taxes - Schedule of components of deferred tax balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||||
Net operating loss carryforwards | $ 86,556 | $ 49,810 | ||
Accrued expenses and other liabilities | 77,516 | 72,588 | ||
Allowance for credit losses | 5,772 | 8,441 | ||
Property, plant and equipment, net | 8,934 | 7,474 | ||
Lease liabilities | 45,295 | 51,913 | ||
Share-based compensation | 33,490 | 32,777 | ||
Intangible assets, net | 193,073 | 179,815 | ||
Retirement benefits | 6,375 | 8,629 | ||
Contract liabilities | 10,498 | 7,452 | ||
Tax credit carryforwards | 22,449 | 17,199 | ||
Others | 13,593 | 21,902 | ||
Total deferred tax assets | 503,551 | 458,000 | ||
Less: Valuation allowance | (101,438) | (222,655) | $ (212,192) | $ (206,011) |
Total deferred tax assets, net of valuation allowance | 402,113 | 235,345 | ||
Deferred tax liabilities | ||||
Intangible assets, net | 4 | 128 | ||
Property, plant and equipment, net | 1,120 | 1,290 | ||
Right-of use assets | 37,248 | 40,946 | ||
Retirement benefits | 2,648 | 4,175 | ||
Investments in foreign subsidiaries not indefinitely reinvested | 9,177 | 1,663 | ||
Derivative instruments | 1,318 | 2,344 | ||
Goodwill | 52,603 | 43,173 | ||
Others | 10,780 | 10,319 | ||
Total deferred tax liabilities | 114,898 | 104,038 | ||
Net of deferred tax assets and liabilities | 287,215 | 131,307 | ||
Deferred tax assets | 298,921 | 135,483 | ||
Deferred tax liabilities | $ 11,706 | $ 4,176 |
Income taxes - Schedule of chan
Income taxes - Schedule of change in total valuation allowance for deferred tax assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Opening valuation allowance | $ 222,655 | $ 212,192 | $ 206,011 |
Reduction during the year through continuing operations | (162,138) | (214) | (1,206) |
Addition during the year through continuing operations | 40,921 | 10,677 | 7,387 |
Closing valuation allowance | 101,438 | 222,655 | 212,192 |
Net excess tax benefits on share-based compensation | 5,274 | $ 10,418 | $ 7,773 |
Net operating loss carryforwards | 426,761 | ||
Deferred tax assets related to net operating loss carryforwards, excluding state | 73,218 | ||
Net operating loss of subsidiary, carried forward | $ 331,451 |
Income taxes - Schedule of rema
Income taxes - Schedule of remaining tax loss carry-forwards expiration (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Europe | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | $ 91,090 |
Europe | 2024 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 0 |
Europe | 2025 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 232 |
Europe | 2026 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 1,073 |
Europe | 2027 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 229 |
Europe | 2028 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 5 |
Europe | 2029 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 0 |
Europe | 2032 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 0 |
Europe | 2034 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 18,820 |
Europe | 2035 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 7,357 |
Europe | 2036 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 63,374 |
Others | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 4,220 |
Others | 2024 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 1,785 |
Others | 2025 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 1,757 |
Others | 2026 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 0 |
Others | 2027 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 0 |
Others | 2028 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 423 |
Others | 2029 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 59 |
Others | 2032 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 196 |
Others | 2034 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 0 |
Others | 2035 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | 0 |
Others | 2036 | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carry forwards subject to expiration | $ 0 |
Income taxes - Schedule of fore
Income taxes - Schedule of foreign tax credit carry-forward expiry period (Detail) - Foreign tax authority $ in Thousands | Dec. 31, 2023 USD ($) |
Tax Credit Carryforward [Line Items] | |
Foreign tax credit carryforward amount | $ 22,449 |
2027 | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credit carryforward amount | 5,044 |
2028 | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credit carryforward amount | 3,304 |
2029 | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credit carryforward amount | 1,833 |
2030 | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credit carryforward amount | 832 |
2031 | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credit carryforward amount | 5,302 |
2033 | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credit carryforward amount | $ 6,134 |
Income taxes - Schedule of acti
Income taxes - Schedule of activities related to unrecognized tax benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Uncertainties [Abstract] | |||
Opening Balance at January 1 | $ 25,430 | $ 25,651 | $ 34,300 |
Increase related to prior year tax positions, including recorded in acquisition accounting | 1,385 | 2,869 | 2,992 |
Decrease related to prior year tax positions due to lapse of applicable statute of limitation | (4,658) | (1,313) | (455) |
Increase related to current year tax positions | 677 | 1,426 | 1,385 |
Decrease related to settlements with taxing authorities | (1,144) | (4) | (11,170) |
Decrease related to prior year tax positions for other reasons | (2,405) | (1,802) | (455) |
Effect of exchange rate changes | 49 | 1,397 | 946 |
Closing Balance at December 31 | $ 19,236 | $ 25,430 | $ 25,651 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 3 Months Ended |
Jun. 30, 2022 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Reporting -Revenues and
Segment Reporting -Revenues and adjusted income from operations for each of the Company’s segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Disclosure [Line Items] | |||
Net revenues | $ 4,476,888 | $ 4,371,172 | $ 4,022,211 |
AOI | 718,219 | 662,680 | |
Total excluding business held for sale | 4,476,398 | 4,359,199 | |
Adjusted income loss from operations, before held for sale business | 762,938 | ||
Stock-based compensation | (88,576) | (77,373) | (81,968) |
Amortization and impairment of acquired intangible assets (other than included above) | (31,348) | (42,566) | (57,641) |
Acquisition-related expenses | (1,177) | ||
Foreign exchange gains (losses), net | 4,274 | 15,392 | 12,669 |
Interest income (expense), net | (47,935) | (52,204) | (51,434) |
Restructuring charges | 4,874 | 38,815 | |
Impairment charge on assets classified as held for sale | 0 | 32,575 | 0 |
Loss on sale of business classified as held for sale (refer to Note 8) | (802) | 0 | 0 |
Income tax expense | 29,031 | (111,832) | (113,681) |
Net income | 631,255 | 353,404 | 369,448 |
The Business | |||
Segment Reporting Disclosure [Line Items] | |||
Impairment charge on assets classified as held for sale | 32,575 | ||
Loss on sale of business classified as held for sale (refer to Note 8) | (802) | ||
Disposal group, held-for-sale, not discontinued operations | |||
Segment Reporting Disclosure [Line Items] | |||
Revenue from operations held for sale | (490) | (11,973) | |
Changes from operations held for sale | (1,201) | (24,842) | |
Operating segments | |||
Segment Reporting Disclosure [Line Items] | |||
Net revenues | 4,476,888 | 4,371,172 | 4,022,211 |
Operating segments | Financial Services | |||
Segment Reporting Disclosure [Line Items] | |||
Net revenues | 1,225,374 | 1,159,708 | 1,021,120 |
AOI | 193,355 | 172,292 | 131,287 |
Operating segments | Consumer and Healthcare | |||
Segment Reporting Disclosure [Line Items] | |||
Net revenues | 1,570,719 | 1,593,549 | 1,515,703 |
AOI | 242,457 | 233,028 | 256,870 |
Operating segments | High Tech and Manufacturing | |||
Segment Reporting Disclosure [Line Items] | |||
Net revenues | 1,680,795 | 1,617,915 | 1,485,388 |
AOI | 297,909 | 303,555 | 278,868 |
Operating segments | Data-Tech-AI | |||
Segment Reporting Disclosure [Line Items] | |||
Net revenues | 1,993,059 | 1,959,889 | 1,692,281 |
Operating segments | Data-Tech-AI | Financial Services | |||
Segment Reporting Disclosure [Line Items] | |||
Net revenues | 511,691 | 524,488 | 403,609 |
Operating segments | Data-Tech-AI | Consumer and Healthcare | |||
Segment Reporting Disclosure [Line Items] | |||
Net revenues | 717,546 | 730,030 | 668,621 |
Operating segments | Data-Tech-AI | High Tech and Manufacturing | |||
Segment Reporting Disclosure [Line Items] | |||
Net revenues | 763,822 | 705,371 | 620,051 |
Operating segments | Digital Operations | |||
Segment Reporting Disclosure [Line Items] | |||
Net revenues | 2,483,829 | 2,411,283 | 2,329,930 |
Operating segments | Digital Operations | Financial Services | |||
Segment Reporting Disclosure [Line Items] | |||
Net revenues | 713,683 | 635,220 | 617,511 |
Operating segments | Digital Operations | Consumer and Healthcare | |||
Segment Reporting Disclosure [Line Items] | |||
Net revenues | 853,173 | 863,519 | 847,082 |
Operating segments | Digital Operations | High Tech and Manufacturing | |||
Segment Reporting Disclosure [Line Items] | |||
Net revenues | 916,973 | 912,544 | 865,337 |
Others | |||
Segment Reporting Disclosure [Line Items] | |||
AOI | $ 28,016 | $ (15,498) | $ (4,345) |
Segment Reporting - Schedule of
Segment Reporting - Schedule of net revenues from geographic areas based on location of service delivery centers (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total net revenues | $ 4,476,888 | $ 4,371,172 | $ 4,022,211 |
India | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | 2,320,853 | 2,282,706 | 2,022,123 |
Asia, other than India | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | 643,096 | 551,474 | 536,595 |
North and Latin America | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | 979,946 | 1,065,509 | 1,011,759 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | $ 532,993 | $ 471,483 | $ 451,734 |
Segment Reporting - Schedule _2
Segment Reporting - Schedule of property, plant and equipment, net by geographic areas (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 189,803 | $ 180,758 |
India | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 132,019 | 125,442 |
Asia, other than India | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 18,878 | 14,486 |
North and Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 25,281 | 26,031 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 13,625 | $ 14,799 |
Net revenues - Schedule of net
Net revenues - Schedule of net revenues disaggregated by customer (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total net revenues | $ 4,476,888 | $ 4,371,172 | $ 4,022,211 |
Data-Tech-AI | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | 1,993,059 | 1,959,889 | 1,692,281 |
Digital Operations | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | $ 2,483,829 | $ 2,411,283 | $ 2,329,930 |
Net revenues - Narrative (Detai
Net revenues - Narrative (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 numberOfOperatingSegment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | numberOfOperatingSegment | 3 | ||
Billing cycle period | 30 days | ||
Contract assets, current, disposals | $ 0 | ||
Contract liabilities , current, disposals | 2,451 | ||
Contract liabilities balance | 160,024 | $ 152,570 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||
Segment Reporting Information [Line Items] | |||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |||
Segment Reporting Information [Line Items] | |||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 2 years | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |||
Segment Reporting Information [Line Items] | |||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 2 years | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | |||
Segment Reporting Information [Line Items] | |||
Revenue, remaining performance obligation, expected timing of satisfaction, period | |||
The Business | |||
Segment Reporting Information [Line Items] | |||
Contract assets, current, disposals | 304 | ||
Disposal group, held-for-sale, not discontinued operations | |||
Segment Reporting Information [Line Items] | |||
Disposal group including discontinued operation, contract assets, current | 2,168 | ||
Disposal group including discontinued operation, contract liabilities, current | 649 | ||
Disposal group, held-for-sale, not discontinued operations | The Business | |||
Segment Reporting Information [Line Items] | |||
Disposal group including discontinued operation, contract assets | $ 1,247 |
Net revenues - Schedule of deta
Net revenues - Schedule of details of Company's contract liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Revenues [Abstract] | ||
Contract assets (Note a) | $ 33,370 | $ 18,347 |
Contract liabilities (Note b) | ||
Deferred transition revenue | 116,577 | 128,726 |
Advance from customers | $ 55,251 | $ 88,056 |
Net revenues - Schedule of esti
Net revenues - Schedule of estimated revenue expected to be recognized in the future related to remaining performance obligation (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 171,828 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | 112,435 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | 47,246 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | 11,864 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 283 |
Net revenues - Schedule of cont
Net revenues - Schedule of contract cost assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Opening balance | $ 216,670 | |
Closing balance | 202,543 | $ 216,670 |
Sales incentive programs | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Opening balance | 34,805 | 32,296 |
Closing balance | 41,964 | 34,805 |
Amortization | 29,814 | 26,769 |
Transition activities | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Opening balance | 181,865 | 206,498 |
Closing balance | 160,579 | 181,865 |
Amortization | $ 88,913 | $ 89,398 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments And Contingencies [Line Items] | ||||
Bank guarantees and letter of credits, outstanding | $ 10,963 | $ 8,050 | ||
Unrecognized tax benefits | 19,236 | 25,430 | $ 25,651 | $ 34,300 |
India taxing authorities | ||||
Commitments And Contingencies [Line Items] | ||||
Loss contingency, estimate of possible loss | 111,288 | |||
Unrecognized tax benefits | 0 | |||
Capital addition purchase commitments | ||||
Commitments And Contingencies [Line Items] | ||||
Commitments and contingencies | $ 15,982 | $ 17,972 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 4,874 | $ 38,815 | ||
Severance charge | 17,131 | |||
Property, plant and equipment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 1,377 | |||
Non-cash charge | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 21,684 | |||
Office premises and employee severance charge | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 38,815 | |||
Restructuring income | $ 4,874 | $ 0 | $ 0 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||||
Dec. 22, 2023 | Sep. 26, 2023 | Jun. 26, 2023 | Mar. 24, 2023 | Feb. 09, 2023 | Feb. 10, 2022 | Feb. 09, 2021 | Feb. 06, 2020 | Feb. 29, 2024 | Feb. 28, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | |||||||||||||
Shares repurchased and retired (in shares) | 6,013,793 | 4,777,205 | 6,577,562 | ||||||||||
Common stock shares repurchased price per share (in US dollars per share) | $ 37.48 | $ 44.79 | $ 45.32 | ||||||||||
Aggregate amount of common stock shares repurchased | $ 225,499 | $ 214,082 | $ 298,219 | ||||||||||
Increase in quarterly cash dividend (in percentage) | 10% | 16% | 10% | ||||||||||
Planned annual dividend (in usd per share) | $ 0.50 | $ 0.43 | $ 0.55 | ||||||||||
Dividends per common share (in usd per share) | $ 0.1375 | $ 0.1375 | $ 0.1375 | $ 0.1375 | $ 0.1375 | $ 0.125 | $ 0.1075 | $ 0.0975 | $ 0.55 | $ 0.50 | $ 0.43 | ||
Subsequent event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Shares repurchased and retired (in shares) | 221,569 | ||||||||||||
Common stock shares repurchased price per share (in US dollars per share) | $ 36.14 | ||||||||||||
Aggregate amount of common stock shares repurchased | $ 8,008 | ||||||||||||
Increase in quarterly cash dividend (in percentage) | 11% | ||||||||||||
Planned annual dividend (in usd per share) | $ 0.61 | ||||||||||||
First quarter dividend | Subsequent event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Dividends per common share (in usd per share) | $ 0.1525 |