XML 50 R38.htm IDEA: XBRL DOCUMENT v3.23.1

Derivative financial instruments (Tables)

3 Months Ended

Mar. 31, 2023

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, 2022						As of March 31, 2023						As of December 31, 2022						As of March 31, 2023
Foreign exchange forward contracts denominated in:
United States Dollars (sell) Indian Rupees (buy)			$	1,587,500					$	1,489,500					$	(25,581)					$	(1,524)
United States Dollars (sell) Mexican Peso (buy)			24,000						29,250						1,079						3,194
United States Dollars (sell) Philippines Peso (buy)			79,200						78,900						(828)						1,220
Euro (sell) United States Dollars (buy)			182,163						173,384						480						(1,793)
Singapore Dollars (buy) United States Dollars (sell)			50,956						50,956						166						763
Euro (sell) Romanian Leu (buy)			51,115						39,254						848						1,312
Japanese Yen (sell) Chinese Renminbi (buy)			8,185						27,385						(327)						248
United States Dollars (sell) Chinese Renminbi (buy)			41,000						31,500						605						473
Pound Sterling (sell) United States Dollars (buy)			32,594						26,342						1,113						581
United States Dollars (sell) Hungarian Font (buy)			12,000						15,000						828						1,980
Australian Dollars (sell) Indian Rupees (buy)			87,513						85,495						(452)						2,458
United States Dollars (Sell) Polish Zloty (buy)			24,000						21,000						1,372						1,416
Japanese Yen (sell) United States Dollars (buy)			10,000						10,000						(1,134)						(202)
Israeli Shekel (sell) United States Dollars (buy)			3,000						3,000						3						164
South African Rand (sell) United States Dollars (buy)			21,000						21,000						(1,652)						1,177
United States Dollars (Sell) Brazilian Real (buy)			—						4,000						—						38
United States Dollars (Sell) Costa Rica Colon (buy)			—						4,000						—						69
Interest rate swaps (floating to fixed)			432,248						425,276						6,350						4,679
															$	(17,130)					$	16,253

(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 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 value 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, 2022						As of March 31, 2023						As of December 31, 2022						As of March 31, 2023
Assets
Prepaid expenses and other current assets						$	17,531					$	20,041					$	2,151					$	8,476
Other assets						$	2,005					$	3,059					$	—					$	—
Liabilities
Accrued expenses and other current liabilities						$	23,662					$	12,157					$	11,495					$	1,110
Other liabilities						$	3,660					$	2,056					$	—					$	—

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: 

			Three months ended March 31,
			2022																		2023
			Before  tax Amount						Tax  (Expense)  or Benefit						Net of  tax Amount						Before  tax Amount						Tax  (Expense) or Benefit						Net of  tax Amount
Opening balance			$	17,468					$	(3,404)					$	14,064					$	(7,255)					$	1,543					$	(5,712)
Net gains (losses) reclassified into statement of income on completion of hedged transactions			648						(151)						497						2,191						(538)						1,653
Changes in fair value of effective portion of outstanding derivatives, net			4,239						(869)						3,370						18,824						(4,079)						14,744
Gain (loss) on cash flow hedging derivatives, net			3,591						(718)						2,873						16,633						(3,541)						13,091
Closing balance			$	21,059					$	(4,122)					$	16,937					$	9,378					$	(1,998)					$	7,379

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)
			Three months ended March 31,															Three months ended March 31,
			2022						2023									2022						2023
Forward foreign exchange contracts			$	(2,592)					$	17,375					Revenue			$	296					$	635
Interest rate swaps			$	6,831					$	1,449					Cost of revenue			1,654						(1,413)
															Selling, general and administrative expenses			551						(191)
															Interest expense			(1,853)						3,160
			$	4,239					$	18,824								$	648					$	2,191

												Amount of Gain (Loss) recognized in Statement of Income on Derivatives
												Three months ended March 31,
Derivatives not designated as hedging instruments						Location of Gain (Loss)  recognized in Statement of Income on Derivatives						2022						2023
Forward foreign exchange contracts (Note a)						Foreign exchange gains (losses), net						$	(3,522)					$	7,851
												$	(3,522)					$	7,851

6. Derivative financial instruments (Continued)

(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.

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.

+ References

No definition available.

+ Details

Name:	g_ScheduleOfAggregateNotionalAmountsOfOutstandingDerivativeInstrumentTogetherWithRelatedBalanceSheetExposureTableTextBlock
Namespace Prefix:	g_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ Details

Name:	us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration