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Employee benefit plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of funded status of the Company's defined benefit plans and the amounts recognized

The following table sets forth the funded status of the Company’s defined benefit plans and the amounts recognized in the Company’s financial statements based on actuarial valuations carried out as of December 31, 2020 and 2021.

			As of December 31,
			2020						2021
Change in benefit obligation
Projected benefit obligation at the beginning of the year			$	80,561					$	97,660
Service cost			11,897						14,546
Actuarial loss (Gain)			6,843						(10,436)
Interest cost			5,297						5,497
Liabilities assumed on acquisition/ transfer of employees			180						—
Benefits paid			(6,388)						(9,162)
Settlements			—						(4,328)
Curtailments			—						(181)
Effect of exchange rate changes			(730)						(1,814)
Projected benefit obligation at the end of the year			$	97,660					$	91,782
Change in fair value of plan assets
Fair value of plan assets at the beginning of the year			$	70,900					$	93,809
Employer contributions			24,523						12,907
Actual gain on plan assets			5,370						4,831
Benefits paid			(6,287)						(9,162)
Settlements			—						(3,495)
Effect of exchange rate changes			(697)						(1,915)
Fair value of plan assets at the end of the year			$	93,809					$	96,975
Funded status, end of year			$	(3,851)					$	5,193
Amounts recognized in the consolidated balance sheets
Non-current assets (recorded under other assets-others)			$	10,063					$	18,932
Current liabilities (recorded under accrued expenses and other current liabilities-retirement benefits)			(1,967)						(1,746)
Non-current liabilities (recorded under other liabilities- retirement benefits)			(11,947)						(11,993)
Funded status, end of year			$	(3,851)					$	5,193

Schedule of amounts included in accumulated other comprehensive income (loss)

Amounts included in accumulated other comprehensive income (loss) as of December 31, 2019, 2020 and 2021 were as follows:

			As of December 31,
			2019						2020						2021
Net actuarial loss			$	(21,490)					$	(24,669)					$	(13,399)
Net prior service credit / (cost)			(717)						(477)						(300)
Deferred tax benefits			6,171						7,065						3,206
Other comprehensive income (loss), net			$	(16,036)					$	(18,081)					$	(10,493)

Schedule of changes in other comprehensive income (loss)

Changes in other comprehensive income (loss) during the year ended December 31, 2020 and 2021 were as follows:

			As of December 31,
			2020						2021
Net Actuarial (Loss) Gain			$	(5,891)					$	9,019
Amortization of net actuarial loss			2,242						1,379
Deferred tax (expense) benefits			894						(3,859)
Net prior service credit / (cost)			219						170
Curtailment			—						181
Settlements			—						519
Effect of exchange rate changes			491						179
Other comprehensive income (loss), net			$	(2,045)					$	7,588

Schedule of accumulated benefit obligation for defined benefit plans

:

			As of December 31,
			2020						2021
Accumulated benefit obligation			$	15,441					$	12,496
Fair value of plan assets at the end of the year			$	5,446					$	3,161

The projected benefit obligation for defined benefit plans in excess of plan assets as of December 31, 2020 and 2021 was as follows:

			As of December 31,
			2020						2021
Projected benefit obligation			$	23,090					$	18,806
Fair value of plan assets at the end of the year			$	9,176					$	5,067

Schedule of net defined benefit plan costs

Net defined benefit plan costs for the years ended December 31, 2019, 2020 and 2021 include the following components:

			Year ended December 31,
			2019						2020						2021
Service costs			$	8,915					$	11,897					$	14,546
Interest costs			4,667						5,297						5,497
Amortization of actuarial loss			1,384						2,461						1,549
Expected return on plan assets			(2,605)						(4,589)						(6,239)
One-time cost			202						—						—
Settlements			—						—						519
Net defined benefit plan costs			$	12,563					$	15,066					$	15,872

Schedule of weighted average assumptions used to determine benefit obligations and plan costs

The weighted average assumptions used to determine the benefit obligations of the Indian Gratuity Plan as of December 31, 2020 and 2021 are presented below: 

			As of December 31,
			2020												2021
Discount rate			4.45		%	-			5.90%						5.25		%	-			6.45%
Rate of increase in compensation per annum			5.20		%	-			9.00%						4.60		%	-			8.00%

The weighted average assumptions used to determine the Indian Gratuity Plan costs for the years ended December 31, 2019, 2020 and 2021 are presented below: 

			Year ended December 31,
			2019												2020												2021
Discount rate			8.30 %			-			8.40 %						6.80 %			-			7.35 %						4.45%			-			5.90%
Rate of increase in compensation per annum			5.20 %			-			11.00 %						5.20 %			-			11.50 %						5.20%			-			9.00%
Expected long term rate of return on plan assets per annum			7.50%												7.50%												7.00%			-			7.50%

The weighted average assumptions used to determine the benefit obligations of the Mexican Plan as of December 31, 2020 and 2021 are presented below:

			As of December 31,
			2020						2021
Discount rate			7.20		%				8.20		%
Rate of increase in compensation per annum			5.50		%				5.50		%

The weighted average assumptions used to determine the costs of the Mexican Plan for the years ended December 31, 2019, 2020 and 2021 are presented below: 

			Year ended December 31,
			2019						2020						2021
Discount rate			9.40		%				7.60		%				7.20		%
Rate of increase in compensation per annum			5.50		%				5.50		%				5.50		%

The weighted average assumptions used to determine the benefit obligations of the Philippines Plan as of December 31, 2020 and 2021 are presented below:

			As of December 31,
			2020						2021
Discount rate			5.26		%				7.67%
Rate of increase in compensation per annum			5.00		%				3.00%			-			6.00%

The weighted average assumptions used to determine the costs of the Philippines Plan for the years ended December 31, 2019, 2020 and 2021 are presented below: 

			Year ended December 31,
			2019						2020						2021
Discount rate			7.53		%				5.22		%				5.26		%
Rate of increase in compensation per annum			6.00		%				6.00		%				5.00		%
Expected long-term rate of return on plan assets per annum			1.00		%				2.40		%				2.00		%

The weighted average assumptions used to determine the benefit obligation of the Japan Plan as of December 31, 2020 and 2021 are presented below:

			As of December 31,
			2020												2021
Discount rate			0.17%			—			0.41%						0.14%			—			0.81%
Rate of increase in compensation per annum			0.00%												0.00%

The weighted average assumptions used to determine the costs of the Japan Plan for the years ended December 31, 2019, 2020 and 2021 are presented below:

			Year ended December 31,
			2019												2020												2021
Discount rate			0.076 %			-			0.269 %						0.094%			-			0.271%						0.17		%	-			0.41%
Rate of increase in compensation per annum			0.00 %												0.00 %												0.00%
Expected long term rate of return on plan assets per annum			0.00 %			-			1.77 %						0.00%			-			1.77%						1.77		%	-			3.12%

Schedule of fair values of plan assets

The fair values of the Company’s plan assets as of December 31, 2020 and 2021 by asset category are as follows: 

			As of December 31, 2020
			Fair Value Measurements at Reporting Date Using
									Quoted Prices in 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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