XML 71 R58.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Income taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of income tax expense (benefit) | Income tax expense (benefit) for the years ended December 31, 2019, 2020 and 2021 is allocated as follows:
| Year ended December 31,
| 2019 |  | 2020 |  | 2021
Income from continuing operations | $ | 94,536 |  |  | $ | 92,201 |  |  | $ | 113,681 |
Other comprehensive income: |  |  |  |  |
Unrealized gains (losses) on cash flow hedges | (4,058) |  |  | (3,327) |  |  | 5,265 |
Retirement benefits | (2,720) |  |  | (894) |  |  | 3,859 |
Retained earnings: |  |  |  |  |
Deferred tax benefit recognized on adoption of ASU 2016-13 | — |  |  | (935) |  |  | — |
Schedule of components of income before income tax expense from continuing operations | The components of income before income tax expense from continuing operations are as follows:
| Year ended December 31,
| 2019 |  | 2020 |  | 2021
Domestic (U.S.) | $ | 27,783 |  |  | $ | 122,497 |  |  | $ | 126,107 |
Foreign (other than U.S.) | 371,634 |  |  | 277,980 |  |  | 357,022 |
Income before income tax expense | $ | 399,417 |  |  | $ | 400,477 |  |  | $ | 483,129 |
Schedule of income tax expense (benefit) attributable to income from continuing operations | Income tax expense (benefit) attributable to income from continuing operations consists of:
| Year ended December 31,
| 2019 |  | 2020 |  | 2021
Current tax expense: |  |  |  |  |
Domestic (U.S. federal) | $ | 2,854 |  |  | $ | 23,668 |  |  | $ | 34,538 |
Domestic (U.S. state) | 3,908 |  |  | 10,765 |  |  | 5,605 |
Foreign (other than U.S.) | 104,089 |  |  | 80,355 |  |  | 82,801 |
| $ | 110,851 |  |  | $ | 114,788 |  |  | $ | 122,944 |
Deferred tax expense (benefit): |  |  |  |  |
Domestic (U.S. federal) | $ | 2,669 |  |  | $ | (7,329) |  |  | $ | (6,039) |
Domestic (U.S. state) | (1,679) |  |  | (3,770) |  |  | 232 |
Foreign (other than U.S.) | (17,305) |  |  | (11,488) |  |  | (3,456) |
| $ | (16,315) |  |  | $ | (22,587) |  |  | $ | (9,263) |
Total income tax expense (benefit) | $ | 94,536 |  |  | $ | 92,201 |  |  | $ | 113,681 |
Schedule of income tax expense (benefit) computed by applying the U.S. federal statutory income tax rate to income before income taxes | Income tax expense (benefit) attributable to income from continuing operations differed from the amounts computed by applying the U.S. federal statutory income tax rate of 21% to income before income taxes as a result of the following:
| Year ended December 31,
| 2019 |  | 2020 |  | 2021
Income before income tax expense | $ | 399,417 |  |  | $ | 400,477 |  |  | $ | 483,129 |
Statutory tax rates | 21 | % |  | 21 | % |  | 21 | %
Computed expected income tax expense | 83,878 |  |  | 84,100 |  |  | 101,457 |
Increase (decrease) in income taxes resulting from: |  |  |  |  |
Foreign tax rate differential | 31,121 |  |  | 15,456 |  |  | 10,747 |
Tax benefit from tax holiday | (21,393) |  |  | (16,063) |  |  | (3,159) |
True-up of prior years tax liability | (3,568) |  |  | (3,420) |  |  | 7,590 |
Interest income on income tax refund | — |  |  | — |  |  | (7,780) |
Non-deductible expenses | 2,152 |  |  | 372 |  |  | 1,755 |
Effect of change in tax rates | 6,497 |  |  | 453 |  |  | 1,740 |
Change in valuation allowance | 10,515 |  |  | 142,733 |  |  | 6,244 |
Unrecognized tax benefits | 5,502 |  |  | 3,228 |  |  | (327) |
Employment related tax incentive | (5,239) |  |  | — |  |  | (3,930) |
Internal restructuring | — |  |  | (129,688) |  |  | — |
State income taxes | 2,229 |  |  | 6,995 |  |  | 5,837 |
Excess tax benefit on share-based compensation | (2,743) |  |  | (7,310) |  |  | (7,773) |
Others* | (14,415) |  |  | (4,655) |  |  | 1,280 |
Reported income tax expense (benefit) | $ | 94,536 |  |  | $ | 92,201 |  |  | $ | 113,681 |
*Following the transfer/closure of certain affiliated entities, deferred tax liabilities recorded against the outside basis difference were reversed amounting to $3,782 during the year ended December 31, 2019. Additionally, during the years ended December 31, 2019 and 2020, the Company created a deferred tax asset on the impairment of one of its intercompany investments for income tax purposes amounting to $8,069 and $8,384, respectively. It was not more likely than not that the resulting net deferred tax asset would be realized. Therefore, a full valuation allowance was established.
Schedule of components of deferred tax balances | The components of the Company’s deferred tax balances as of December 31, 2020 and 2021 are as follows:
| As of December 31,
| 2020 |  | 2021
Deferred tax assets |  |  |
Net operating loss carry forwards | $ | 37,278 |  |  | $ | 37,593 |
Accrued expenses and other liabilities | 70,634 |  |  | 70,802 |
Allowance for credit losses | 9,930 |  |  | 9,000 |
Property, plant & equipment, net | 3,387 |  |  | 4,079 |
Lease liabilities | 59,823 |  |  | 50,091 |
Share-based compensation | 35,424 |  |  | 31,147 |
Intangible assets, net | 165,347 |  |  | 168,737 |
Retirement benefits | 14,761 |  |  | 9,721 |
Contract liabilities | 6,080 |  |  | 8,012 |
Tax credit carry forwards | 8,692 |  |  | 15,724 |
Others | 14,619 |  |  | 10,277 |
Total deferred tax assets | $ | 425,975 |  |  | $ | 415,183 |
Less: Valuation allowance | (206,011) |  |  | (212,192) |
Total deferred tax assets, net of valuation allowance | $ | 219,964 |  |  | $ | 202,991 |
Deferred tax liabilities |  |  |
Intangible assets, net | $ | 21,884 |  |  | $ | 6,598 |
Property, plant and equipment, net | 3,700 |  |  | 1,907 |
Right-of use lease assets | 48,816 |  |  | 40,733 |
Earn-out liabilities | 6,189 |  |  | 5,368 |
Retirement benefits | 6,579 |  |  | 3,404 |
Investments in foreign subsidiaries not indefinitely reinvested | 2,726 |  |  | 1,708 |
Derivative instruments | 2,810 |  |  | 6,153 |
Goodwill | 18,649 |  |  | 29,229 |
Others | 3,453 |  |  | 5,511 |
Total deferred tax liabilities | $ | 114,806 |  |  | $ | 100,611 |
Net of deferred tax assets and liabilities | $ | 105,158 |  |  | $ | 102,380 |
23. Income taxes (Continued)
| As of December 31,
Classified as | 2020 |  | 2021
Deferred tax assets non-current | $ | 106,674 |  |  | $ | 106,322 |
Deferred tax liabilities non-current | 1,516 |  |  | 3,942 |
| $ | 105,158 |  |  | $ | 102,380 |
Schedule of change in total valuation allowance for deferred tax assets | The change in the Company’s total valuation allowance for deferred tax assets as of December 31, 2019, 2020 and 2021 is as follows:
| Year ended December 31,
| 2019 |  | 2020 |  | 2021
Opening valuation allowance | $ | 51,986 |  |  | $ | 62,628 |  |  | $ | 206,011 |
Reduction during the year | (4,240) |  |  | (35,662) |  |  | (1,206) |
Addition during the year | 14,882 |  |  | 179,045 |  |  | 7,387 |
Closing valuation allowance | $ | 62,628 |  |  | $ | 206,011 |  |  | $ | 212,192 |
Schedule of remaining tax loss carry-forwards expiration |
|  | Europe |  | Others
Year ending December 31, |  |  |  |
2022 |  | $ | 57 |  |  | $ | — |
2023 |  | 310 |  |  | 1,039 |
2024 |  | 567 |  |  | 2,225 |
2025 |  | 1,772 |  |  | 2 |
2026 |  | 38 |  |  | 19 |
2028 |  | — |  |  | 94 |
2029 |  | — |  |  | 185 |
2034 |  | 18,820 |  |  | — |
2035 |  | 7,357 |  |  | — |
2036 |  | 63,374 |  |  | — |
2041 |  | — |  |  | 2,641 |
|  | $ | 92,295 |  |  | $ | 6,205 |
Schedule of foreign tax credit carry-forward expiry period | As of December 31, 2021, the Company had a total foreign tax credit carry forward of $15,724 for subsidiaries in the United States and India which will expire as set forth in the table below:
Year ending December 31, | Amount
2028 | 6,378 |
2029 | 2,554 |
2030 | 2,665 |
2031 | 3,803 |
2035 | 121 |
2041 | 203 |
| $ | 15,724 |
Schedule of activities related to unrecognized tax benefits | The following table summarizes activities related to our unrecognized tax benefits from January 1 to December 31 for each of 2020 and 2021:
| 2020 |  | 2021
Opening Balance at January 1 | $ | 31,029 |  |  | $ | 34,300 |
Increase related to prior year tax positions, including recorded in acquisition accounting | 2,875 |  |  | 2,992 |
Decrease related to prior year tax positions | (1,309) |  |  | (455) |
Decrease related to prior year tax positions due to lapse of applicable statute of limitation | (287) |  |  | (455) |
Increase related to current year tax positions, including recorded in acquisition accounting | 2,454 |  |  | 1,385 |
Decrease related to settlements with taxing authorities | (317) |  |  | (11,170) |
Effect of exchange rate changes | (145) |  |  | (946) |
Closing Balance at December 31 | $ | 34,300 |  |  | $ | 25,651 |

X
- Definition Schedule Of Income Tax Expense (Benefit). + References No definition available. + Details
Name: | g_ScheduleOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | g_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of remaining tax loss carry forwards over a number of years. + References No definition available. + Details
Name: | g_ScheduleOfRemainingTaxLossCarryForwardsExpirationTableTextBlock
Namespace Prefix: | g_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32559-109319 + Details
Name: | us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration