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Employee benefit plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Schedule of funded status of the Company's defined benefit plans and the amounts recognized | The following table sets forth the funded status of the Company’s defined benefit plans and the amounts recognized in the Company’s financial statements based on actuarial valuations carried out as of December 31, 2020 and 2021.
| As of December 31,
| 2020 |  | 2021
Change in benefit obligation |  |  |
Projected benefit obligation at the beginning of the year | $ | 80,561 |  |  | $ | 97,660 |
Service cost | 11,897 |  |  | 14,546 |
Actuarial loss (Gain) | 6,843 |  |  | (10,436) |
Interest cost | 5,297 |  |  | 5,497 |
Liabilities assumed on acquisition/ transfer of employees | 180 |  |  | — |
Benefits paid | (6,388) |  |  | (9,162) |
Settlements | — |  |  | (4,328) |
Curtailments | — |  |  | (181) |
Effect of exchange rate changes | (730) |  |  | (1,814) |
Projected benefit obligation at the end of the year | $ | 97,660 |  |  | $ | 91,782 |
Change in fair value of plan assets |  |  |
Fair value of plan assets at the beginning of the year | $ | 70,900 |  |  | $ | 93,809 |
Employer contributions | 24,523 |  |  | 12,907 |
Actual gain on plan assets | 5,370 |  |  | 4,831 |
Benefits paid | (6,287) |  |  | (9,162) |
Settlements | — |  |  | (3,495) |
Effect of exchange rate changes | (697) |  |  | (1,915) |
Fair value of plan assets at the end of the year | $ | 93,809 |  |  | $ | 96,975 |
Funded status, end of year | $ | (3,851) |  |  | $ | 5,193 |
Amounts recognized in the consolidated balance sheets |  |  |
Non-current assets (recorded under other assets-others) | $ | 10,063 |  |  | $ | 18,932 |
Current liabilities (recorded under accrued expenses and other current liabilities-retirement benefits) | (1,967) |  |  | (1,746) |
Non-current liabilities (recorded under other liabilities- retirement benefits) | (11,947) |  |  | (11,993) |
Funded status, end of year | $ | (3,851) |  |  | $ | 5,193 |
Schedule of amounts included in accumulated other comprehensive income (loss) | Amounts included in accumulated other comprehensive income (loss) as of December 31, 2019, 2020 and 2021 were as follows:
| As of December 31,
| 2019 |  | 2020 |  | 2021
Net actuarial loss | $ | (21,490) |  |  | $ | (24,669) |  |  | $ | (13,399) |
Net prior service credit / (cost) | (717) |  |  | (477) |  |  | (300) |
Deferred tax benefits | 6,171 |  |  | 7,065 |  |  | 3,206 |
Other comprehensive income (loss), net | $ | (16,036) |  |  | $ | (18,081) |  |  | $ | (10,493) |
Schedule of changes in other comprehensive income (loss) | Changes in other comprehensive income (loss) during the year ended December 31, 2020 and 2021 were as follows:
| As of December 31,
| 2020 |  | 2021
Net Actuarial (Loss) Gain | $ | (5,891) |  |  | $ | 9,019 |
Amortization of net actuarial loss | 2,242 |  |  | 1,379 |
Deferred tax (expense) benefits | 894 |  |  | (3,859) |
Net prior service credit / (cost) | 219 |  |  | 170 |
Curtailment | — |  |  | 181 |
Settlements | — |  |  | 519 |
Effect of exchange rate changes | 491 |  |  | 179 |
Other comprehensive income (loss), net | $ | (2,045) |  |  | $ | 7,588 |
Schedule of accumulated benefit obligation for defined benefit plans | :
| As of December 31,
| 2020 |  | 2021
Accumulated benefit obligation | $ | 15,441 |  | $ | 12,496
Fair value of plan assets at the end of the year | $ | 5,446 |  | $ | 3,161
The projected benefit obligation for defined benefit plans in excess of plan assets as of December 31, 2020 and 2021 was as follows:
| As of December 31,
| 2020 |  | 2021
Projected benefit obligation | $ | 23,090 |  |  | $ | 18,806 |
Fair value of plan assets at the end of the year | $ | 9,176 |  | $ | 5,067
Schedule of net defined benefit plan costs | Net defined benefit plan costs for the years ended December 31, 2019, 2020 and 2021 include the following components:
| Year ended December 31,
| 2019 |  | 2020 |  | 2021
Service costs | $ | 8,915 |  |  | $ | 11,897 |  |  | $ | 14,546 |
Interest costs | 4,667 |  |  | 5,297 |  |  | 5,497 |
Amortization of actuarial loss | 1,384 |  |  | 2,461 |  |  | 1,549 |
Expected return on plan assets | (2,605) |  |  | (4,589) |  |  | (6,239) |
One-time cost | 202 |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | 519 |
Net defined benefit plan costs | $ | 12,563 |  |  | $ | 15,066 |  |  | $ | 15,872 |
Schedule of weighted average assumptions used to determine benefit obligations and plan costs | The weighted average assumptions used to determine the benefit obligations of the Indian Gratuity Plan as of December 31, 2020 and 2021 are presented below:
| As of December 31,
| 2020 |  | 2021
Discount rate | 4.45 | % | - | 5.90% |  | 5.25 | % | - | 6.45%
Rate of increase in compensation per annum | 5.20 | % | - | 9.00% |  | 4.60 | % | - | 8.00%
The weighted average assumptions used to determine the Indian Gratuity Plan costs for the years ended December 31, 2019, 2020 and 2021 are presented below:
| Year ended December 31,
| 2019 |  | 2020 |  | 2021
Discount rate | 8.30 % | - | 8.40 % |  | 6.80 % | - | 7.35 % |  | 4.45% | - | 5.90%
Rate of increase in compensation per annum | 5.20 % | - | 11.00 % |  | 5.20 % | - | 11.50 % |  | 5.20% | - | 9.00%
Expected long term rate of return on plan assets per annum | 7.50% |  | 7.50% |  | 7.00% | - | 7.50%
The weighted average assumptions used to determine the benefit obligations of the Mexican Plan as of December 31, 2020 and 2021 are presented below:
| As of December 31,
| 2020 |  | 2021
Discount rate | 7.20 | % |  | 8.20 | %
Rate of increase in compensation per annum | 5.50 | % |  | 5.50 | %
The weighted average assumptions used to determine the costs of the Mexican Plan for the years ended December 31, 2019, 2020 and 2021 are presented below:
| Year ended December 31,
| 2019 |  | 2020 |  | 2021
Discount rate | 9.40 | % |  | 7.60 | % |  | 7.20 | %
Rate of increase in compensation per annum | 5.50 | % |  | 5.50 | % |  | 5.50 | %
The weighted average assumptions used to determine the benefit obligations of the Philippines Plan as of December 31, 2020 and 2021 are presented below:
| As of December 31,
| 2020 |  | 2021
Discount rate | 5.26 | % |  | 7.67%
Rate of increase in compensation per annum | 5.00 | % |  | 3.00% | - | 6.00%
The weighted average assumptions used to determine the costs of the Philippines Plan for the years ended December 31, 2019, 2020 and 2021 are presented below:
| Year ended December 31,
| 2019 |  | 2020 |  | 2021
Discount rate | 7.53 | % |  | 5.22 | % |  | 5.26 | %
Rate of increase in compensation per annum | 6.00 | % |  | 6.00 | % |  | 5.00 | %
Expected long-term rate of return on plan assets per annum | 1.00 | % |  | 2.40 | % |  | 2.00 | %
The weighted average assumptions used to determine the benefit obligation of the Japan Plan as of December 31, 2020 and 2021 are presented below:
| As of December 31,
| 2020 |  | 2021
Discount rate | 0.17% | — | 0.41% |  | 0.14% | — | 0.81%
Rate of increase in compensation per annum | 0.00% |  | 0.00%
The weighted average assumptions used to determine the costs of the Japan Plan for the years ended December 31, 2019, 2020 and 2021 are presented below:
| Year ended December 31,
| 2019 |  | 2020 |  | 2021
Discount rate | 0.076 % | - | 0.269 % |  | 0.094% | - | 0.271% |  | 0.17 | % | - | 0.41%
Rate of increase in compensation per annum | 0.00 % |  | 0.00 % |  | 0.00%
Expected long term rate of return on plan assets per annum | 0.00 % | - | 1.77 % |  | 0.00% | - | 1.77% |  | 1.77 | % | - | 3.12%
Schedule of fair values of plan assets | The fair values of the Company’s plan assets as of December 31, 2020 and 2021 by asset category are as follows:
| As of December 31, 2020
| Fair Value Measurements at Reporting Date Using
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Other Unobservable Inputs
| Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Asset Category |  |  |  |  |  |  |
Cash | 21,707 |  |  | 21,707 |  |  | — |  |  | — |
Fixed income securities (Note a) | 63,444 |  |  | — |  |  | 63,444 |  |  | — |
Other securities (Note b) | 8,658 |  |  | — |  |  | 8,658 |  |  | — |
Total | $ | 93,809 |  |  | $ | 21,707 |  |  | $ | 72,102 |  |  | $ | — |
| As of December 31, 2021
| Fair Value Measurements at Reporting Date Using
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Other Unobservable Inputs
| Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Asset Category |  |  |  |  |  |  |
Cash | 14,059 |  |  | 14,059 |  |  | — |  |  | — |
Fixed income securities (Note a) | 80,612 |  |  | — |  |  | 80,612 |  |  | — |
Other securities (Note b) | 2,304 |  |  | — |  |  | 2,304 |  |  | — |
Total | $ | 96,975 |  |  | $ | 14,059 |  |  | $ | 82,916 |  |  | $ | — |
(a)Includes investments in funds that invest 100% of their assets in fixed income securities such as money market instruments, government securities and public and private bonds. (b)Includes investments in funds that invest primarily in fixed income securities and the remaining portion in equity securities.
Schedule of expected benefit plan payments | The expected benefit plan payments set forth below reflect expected future service:
Year ending December 31, |
2022 | $ | 12,938 |
2023 | 13,353 |
2024 | 14,310 |
2025 | 15,182 |
2026 | 16,250 |
2027 - 2031 | 83,964 |
| $ | 155,997 |
Schedule of amounts contributed to defined contribution plans in various jurisdictions | During the years ended December 31, 2019, 2020 and 2021, the Company contributed the following amounts to defined contribution plans in various jurisdictions:
| Year ended December 31,
| 2019 |  | 2020 |  | 2021
India | $ | 29,729 |  |  | $ | 30,396 |  |  | $ | 37,508 |
U.S. | 19,401 |  |  | 19,491 |  |  | 21,496 |
U.K. | 19,260 |  |  | 18,643 |  |  | 19,874 |
China | 18,816 |  |  | 16,436 |  |  | 24,988 |
Other regions | 8,538 |  |  | 11,481 |  |  | 15,516 |
Total | $ | 95,744 |  |  | $ | 96,447 |  |  | $ | 119,382 |

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