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Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2022

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, 2021						As of December 31, 2022						As of December 31, 2021						As of December 31, 2022
Foreign exchange forward contracts denominated in:
United States Dollars (sell) Indian Rupees (buy)			$	1,348,600					$	1,587,500					$	26,247					$	(25,581)
United States Dollars (sell) Mexican Peso (buy)			23,750						24,000						140						1,079
United States Dollars (sell) Philippines Peso (buy)			75,600						79,200						(2,215)						(828)
Euro (sell) United States Dollars (buy)			120,994						182,163						2,634						480
Singapore Dollars (buy) United States Dollars (sell)			3,655						50,956						65						166
Euro (sell) Romanian Leu (buy)			47,506						51,115						(233)						848
Japanese Yen (sell) Chinese Renminbi (buy)			10,440						8,185						202						(327)
United States Dollars (sell) Chinese Renminbi (buy)			45,000						41,000						120						605
Pound Sterling (sell) United States Dollars (buy)			49,031						32,594						545						1,113
United States Dollars (sell) Hungarian Font (buy)			39,000						12,000						(2,174)						828
Hungarian Font (Sell) Euro (buy)			2,828						—						(17)						—
Australian Dollars (sell) Indian Rupees (buy)			97,053						87,513						1,234						(452)
United States Dollars (Sell) Polish Zloty (buy)			—						24,000						—						1,372
Japanese Yen (sell) United States Dollars (buy)			—						10,000						—						(1,134)
Israeli Shekel (sell) United States Dollars (buy)			—						3,000						—						3
South African Rand (sell) United States Dollars (buy)			—						21,000						—						(1,652)
Interest rate swaps (floating to fixed)			460,135						432,248						(7,732)						6,350
															$	18,816					$	(17,130)

(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 other 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 values 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, 2021						As of December 31, 2022						As of December 31, 2021						As of December 31, 2022
Assets
Prepaid expenses and other current assets			$	16,064					$	17,531					$	3,130					$	2,151
Other assets			$	14,876					$	2,005					$	—					$	—
Liabilities
Accrued expenses and other current liabilities			$	11,408					$	23,662					$	1,090					$	11,495
Other liabilities			$	2,756					$	3,660					$	—					$	—

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,
			2020																		2021																		2022
			Before-Tax amount						Tax (Expense) or Benefit						Net of tax Amount						Before-Tax amount						Tax (Expense) or Benefit						Net of tax Amount						Before-Tax amount						Tax (Expense) or Benefit						Net of tax Amount
Opening balance			$	(4,126)					$	(1,466)					$	(5,592)					$	(10,921)					$	1,861					$	(9,060)					$	17,468					$	(3,404)					$	14,064
Net gains (losses) reclassified into statement of income on completion of hedged transactions			(6,171)						605						(5,566)						7,628						(1,836)						5,792						(6,815)						(413)						(7,228)
Changes in fair value of effective portion of outstanding derivatives, net			(12,966)						3,932						(9,034)						36,017						(7,101)						28,916						(31,538)						4,534						(27,004)
Gain (loss) on cash flow hedging derivatives, net			(6,795)						3,327						(3,468)						28,389						(5,265)						23,124						(24,723)						4,947						(19,776)
Closing balance			$	(10,921)					$	1,861					$	(9,060)					$	17,468					$	(3,404)					$	14,064					$	(7,255)					$	1,543					$	(5,712)

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 Cash Flow Hedging Relationships			Amount of Gain (Loss) recognized in OCI on Derivatives (Effective Portion)																		Location of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion)						Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion)
			Year ended December 31,																								Year ended December 31,
			2020						2021						2022												2020						2021						2022
Forward foreign exchange contracts			$	6,933					$	32,270					$	(44,873)					Revenue						$	4,432					$	1,354					$	3,586
Interest rate swaps			(19,899)						2,931						13,335						Cost of revenue						(4,553)						11,155						(8,668)
Treasury rate lock			—						816						—						Selling, general and administrative expenses						(1,266)						3,012						(1,148)
																					Interest expense						(4,784)						(7,893)						(585)
			$	(12,966)					$	36,017					$	(31,538)											$	(6,171)					$	7,628					$	(6,815)

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, 2020, 2021 and 2022, respectively. 

The Company had interest rate swaps under which the Company received floating rate payments based on the greater of LIBOR and the floor rate under the term loan under the Company's amended and restated credit agreement entered into in August 2018 (the "2018 Credit Agreement") and made payments based on a fixed rate. These interest rate swaps were designated as cash flow hedges. In December 2022, the Company entered into an amended and restated credit agreement (the "2022 Credit Agreement"), which replaced the 2018 Credit Agreement. Upon its entry into the 2022 Credit Agreement, the Company also modified its interest rate swaps. With the modification, the Company now has interest rate swaps under which it will (a) receive floating-rate payments based on the greater of Term SOFR and the floor rate under the term loan under the 2022 Credit Agreement and (b) make payments based on a fixed rate. The Company has elected the optional expedients and exceptions available under Reference Rate Reform Topic 848 and continues to designate its modified interest rate swaps as cash flow hedges.

6. Derivative financial instruments (Continued)

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,
												2020						2021						2022
Forward foreign exchange contracts (Note a)						Foreign exchange gains (losses), net						$	(8,055)					$	12,116					$	(29,499)
Forward foreign exchange contracts (Note b)						Foreign exchange gains (losses), net						3,963						—						—
												$	(4,092)					$	12,116					$	(29,499)

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.

b)These forward foreign exchange contracts were initially designated as cash flow hedges under ASC guidance on derivatives and hedging. These contracts were terminated because certain forecasted transactions were no longer expected to occur and therefore hedge accounting was no longer applied. Subsequently, the realized gains (losses) are recorded in foreign exchange gains (losses), net in the consolidated statements of income.

X

- Definition

A table or schedule that identifies and provides pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments which includes a combination of the type of instrument, currency being hedged, notional amount, balance sheet exposure asset (liability), or other relevant item.

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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