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Short-term borrowings
12 Months Ended
Dec. 31, 2022
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, 2021 and 2022, the limits available were $24,727 and $22,882, respectively, of which $5,848 and $5,392, respectively, was utilized, constituting non-funded drawdown.
15. Short-term borrowings (Continued)
(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, 2021 and 2022. As of December 31, 2021 and 2022, a total of $2,017 and $153,658, respectively, was utilized, of which $0 and $151,000, respectively, constituted funded drawdown and $2,017 and $2,658, 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, 2022, the Company was in compliance with the financial covenants of the 2022 Credit Agreement.