Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Retirement Benefits [Abstract] |
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| Summary of Change in Projected Benefit Obligation |
The following table sets forth the activity and the funded status of the gratuity plans and the amounts recognized in the Company’s consolidated financial statements: | | | | | | | | | | | | | | | Change in projected benefit obligation | | 2024 | | 2023 | | Projected benefit obligation as of January 1 | | $ | 24,237 | | $ | 21,531 | | | | | | | | Service cost | | 4,429 | | 3,799 | | | Interest cost | | 1,552 | | 1,569 | | | Benefits paid | | (1,465) | | (1,382) | | | Prior service cost | | 2 | | | — | | | Acquisition adjustments | | 398 | | | — | | Actuarial loss/(gain) (1) | | 1,546 | | (1,166) | | | Effect of exchange rate changes | | (845) | | (114) | | | Projected benefit obligation as of December 31 | | $ | 29,854 | | $ | 24,237 | | | Change in plan assets | | | | | | Plan assets as of January 1 | | $ | 17,134 | | | $ | 14,449 | | | Actual return | | 1,369 | | | 1,220 | | | Employer contribution | | 3,353 | | | 2,913 | | Benefits paid (2) | | (1,338) | | | (1,343) | | | Effect of exchange rate changes | | (555) | | | (105) | | | | | | | | Plan assets as of December 31 | | $ | 19,963 | | | $ | 17,134 | | | | | | | | Unfunded status as of December 31 | | $ | 9,891 | | $ | 7,103 | | Unfunded amount recognized in the consolidated balance sheets | | | | | | Non-current liability (included under other non-current liabilities) | | $ | 9,555 | | | $ | 6,925 | | | Current liability (included under accrued employee costs) | | 336 | | | 178 | | | Total accrued liability | | $ | 9,891 | | | $ | 7,103 | | | | | | | | Accumulated benefit obligation as of December 31 | | $ | 20,181 | | | $ | 16,655 | | | Plan assets in excess/(shortfall) of accumulated benefit obligation as of December 31 | | $ | (218) | | | $ | 479 | |
(1) During the years ended December 31, 2024 and 2023, actuarial gain was driven by changes in actuarial assumptions, offset by experience adjustments on present value of benefit obligations. (2) Benefits payments were substantially made through the plan assets during the years ended December 31, 2024 and 2023.
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| Components of Net Periodic Benefit Costs |
Components of net periodic benefit costs recognized in consolidated statements of income and actuarial (gain)/loss reclassified from AOCI, were as follows: | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | 2024 | | 2023 | | 2022 | | Service cost | $ | 4,429 | | | $ | 3,799 | | | $ | 3,770 | | | Interest cost | 1,552 | | | 1,569 | | | 1,232 | | | Expected return on plan assets | (1,237) | | | (1,048) | | | (872) | | | Amortization of actuarial (gain)/loss, gross of tax | (602) | | | (94) | | | 592 | | | Net gratuity cost | $ | 4,142 | | | $ | 4,226 | | | $ | 4,722 | | | | | | | | | Amortization of actuarial (gain)/loss, gross of tax | $ | (602) | | | $ | (94) | | | $ | 592 | | | Income tax effects on above | 33 | | | (74) | | | (179) | | | Amortization of actuarial (gain)/loss, net of tax | $ | (569) | | | $ | (168) | | | $ | 413 | |
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| Summary of Components of Actuarial Gain/(Loss) |
The components of retirement benefits included in AOCI, excluding tax effects, were as follows: | | | | | | | | | | | | | | | | | | | | As of December 31, | | | 2024 | | 2023 | | 2022 | | Net actuarial gain/(loss) | $ | (1,239) | | | $ | 777 | | | $ | (462) | | | Net prior service cost | (4) | | | (5) | | | (8) | | | Amount recognized in AOCI, excluding tax effects | $ | (1,243) | | | $ | 772 | | | $ | (470) | |
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| Summary of Weighted Average Actuarial Assumptions |
The weighted average actuarial assumptions used to determine benefit obligations and net gratuity cost were: | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | 2024 | | 2023 | | 2022 | | Discount rate | 6.9 | % | | 7.1 | % | | 7.3 | % | | Rate of increase in compensation levels | 7.3 | % | | 7.0 | % | | 7.8 | % | | Expected long-term rate of return on plan assets per annum | 7.3 | % | | 7.3 | % | | 7.3 | % |
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| Summary of Expected Benefit Payments |
| | | | | | | Expected benefit payments during the year ending December 31, | | | 2025 | $ | 3,916 | | | 2026 | $ | 3,943 | | | 2027 | $ | 4,229 | | | 2028 | $ | 3,657 | | | 2029 | $ | 3,401 | | | 2030 to 2033 | $ | 12,899 | |
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| Schedule of Company's Contribution Plan |
The Company’s contributions to various defined contribution plans was as follows: | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | 2024 | | 2023 | | 2022 | | Contribution to the 401(k) Plans | | $ | 6,325 | | | $ | 5,967 | | | $ | 5,205 | | | Contributions to the defined contribution plans in foreign subsidiaries of the Company | | $ | 28,070 | | | $ | 23,045 | | | $ | 18,215 | |
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