10-K

Selling, general and administrative expenses

100,256

109,217

96,587

Income from operations

Income before income taxes

Foreign currency translation adjustments

Other comprehensive loss

(45,428)

(32,381)

(64,641)

Gains (losses) on derivatives:

Gains (losses) arising during period on net investment hedges

724

(6,796)

Unrealized gains on securities:

Unrealized holding gains arising during period

116

5,777

5,460

Reclassification adjustment for gains included in net income

(6,580)

(4,555)

(942)

Unrealized gains on securities, Total

(6,464)

1,222

4,518

Defined benefit pension plans:

Net profit (loss) arising during period

802

(1,147)

280

Amortization of prior service cost included in net periodic pension cost

149

146

Defined Benefit Pension plans, Total

951

(1,118)

426

Other comprehensive loss, before tax

(50,941)

(31,553)

(66,493)

Income tax benefits (expenses) related to other comprehensive loss

1,576

(388)

(1,677)

Other comprehensive loss, net of tax

EARNINGS PER SHARE:

Weighted average common shares outstanding:

[1]	Net revenues are attributed to regions based upon customer location.
[2]	The tax rate for the year ended December 31, 2015 was impacted by favorable adjustments of $1.10 million relating to the true up of tax provisions, upon the finalization of the India tax computation and $1.20 million, relating to the finalization of state tax and local tax matters in the fourth quarter. The company has provided tax charges of $0.84 million on account of valuation allowances against the minimum alternative tax.
[3]	The tax rate for the year ended December 31, 2014 was impacted by a favorable adjustment of $1.20 million, which related to the true up of tax provisions, pursuant to finalization of the tax computation of Syntel India, which had arisen on account of setoff of inter units unabsorbed expenses in the fourth quarter. Further, a $0.86 million tax charge has arisen on account of the particular tax dispute raised during the year. The Company has provided tax charges of $1.63 million and $0.88 million on account of valuation allowances against deferred tax assets recognized on investments and the minimum alternative tax, respectively.
[4]	Earnings per share for the quarter are computed independently and may not equal the earnings per share computed for the total year.

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CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Restricted Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2012	$ 565,670	$ 1	$ 18,062	$ 67,422	$ 566,318	$ (86,133)
Beginning Balance (in shares) at Dec. 31, 2012		83,320	522
Net income	219,658				219,658
Other comprehensive loss, net of tax	(68,170)					(68,170)
Excess tax benefits on stock-based compensation plans	656		$ 656
Restricted stock activity	4,732		$ 4,732
Restricted stock activity (in shares)		194	(21)
Dividends	0	$ 0	$ 0	0	0	0
Ending Balance at Dec. 31, 2013	722,546	$ 1	$ 23,450	67,422	785,976	(154,303)
Ending Balance (in shares) at Dec. 31, 2013		83,514	501
Net income	249,740				249,740
Other comprehensive loss, net of tax	(31,941)					(31,941)
Excess tax benefits on stock-based compensation plans	1,028		$ 1,028
Restricted stock activity	6,457		$ 6,457
Restricted stock activity (in shares)		228	63
Dividends	0	$ 0	$ 0	0	0	0
Ending Balance at Dec. 31, 2014	947,830	$ 1	$ 30,935	67,422	1,035,716	(186,244)
Ending Balance (in shares) at Dec. 31, 2014		83,742	564
Net income	252,526				252,526
Other comprehensive loss, net of tax	(49,365)					(49,365)
Excess tax benefits on stock-based compensation plans	257		$ 257
Restricted stock activity	7,197		$ 7,197
Restricted stock activity (in shares)		205	(99)
Dividends	0	$ 0	$ 0	0	0	0
Ending Balance at Dec. 31, 2015	$ 1,158,445	$ 1	$ 38,389	$ 67,422	$ 1,288,242	$ (235,609)
Ending Balance (in shares) at Dec. 31, 2015		83,947	465

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CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividends per share	$ 0.00	$ 0.00	$ 0.00

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 252,526	$ 249,740	$ 219,658
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,567	16,142	14,474
Provision for doubtful debts / advances(recoveries)	494	(357)	272
Realized gains on sales of short-term investments	(18,796)	(14,619)	(3,600)
Deferred income taxes	(4,083)	(5,625)	(5,827)
Compensation expense related to restricted stock	7,197	6,457	4,732
Unrealized foreign exchange gain	(207)
Gain on sale of property and equipment	(25)	(44)
Changes in assets and liabilities:
Accounts receivable and revenue earned in excess of billings	(39,470)	(25,677)	(41,783)
Other current assets	(2,422)	(7,392)	(16,834)
Accounts payable, accrued payroll and other liabilities	8,198	16,289	28,698
Deferred revenues	4,542	(1,514)	176
Net cash provided by operating activities	223,521	233,400	199,966
Cash flows from investing activities:
Property and equipment expenditures	(17,013)	(19,218)	(20,495)
Proceeds from sale of property and equipment	191	66	46
Purchases of mutual funds	(221,097)	(349,791)	(294,010)
Purchases of term deposits with banks	(446,768)	(583,341)	(395,589)
Proceeds from sales of mutual funds	304,083	305,298	200,836
Maturities of term deposits with banks	486,651	445,717	288,719
Net cash provided by (used) in investing activities	106,047	(201,269)	(220,493)
Cash flows from financing activities:
Excess tax benefits on stock-based compensation plans	257	1,028	656
Repayment of loans and borrowings	(8,625)	(7,125)	(54,500)
Proceeds from loans and borrowings			150,000
Net cash provided by (used in) financing activities	(8,368)	(6,097)	96,156
Effect of foreign currency exchange rate changes on cash	(18,409)	(7,083)	8,506
Change in cash and cash equivalents	302,791	18,951	84,135
Cash and cash equivalents, beginning of year	197,708	178,757	94,622
Cash and cash equivalents, end of year	500,499	197,708	178,757
Supplemental disclosures of cash flow information
Cash paid for income taxes	77,794	73,039	62,967
Cash paid for interest	$ 2,215	$ 2,291	$ 1,601

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BUSINESS

BUSINESS

1.	Business

Banking and Financial Services

Healthcare and Life Sciences

Retail, Logistics and Telecom

In each of our business segments, we help our customers adapt to market change by providing a broad array of technology-based, industry-specific solutions. These solutions leverage the strong understanding we have of key underlying trends in each industry segment that we focus on. These solutions are complemented by strong capabilities in Digital Modernization, Social, Mobile, Analytics and Cloud (SMAC) technologies, Business Intelligence (BI), Knowledge Process Outsourcing (KPO), application services, testing, Enterprise Resource Planning (ERP), IT Infrastructure Management Services (IMS), and business and technology consulting.

Banking and Financial Services

Healthcare and Life Sciences

Insurance

Manufacturing

Retail, Logistics and Telecom

In Retail, we serve a wide spectrum of retailers and distributors, including supermarkets, specialty premium retailers, department stores and large mass-merchandise discounters who seek our assistance in becoming more efficient and cost-effective and in helping to drive business transformation. We also serve the entire travel and hospitality industry including airlines, hotels and restaurants, as well as online and retail travel, global distribution systems, and intermediaries and real estate companies.

In addition, there is strong demand for digital modernization services across these industries to enhance efficiency and agility of their underlying technology systems.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	Summary of Significant Accounting Policies

Principles of consolidation

The wholly owned subsidiaries of Syntel, Inc. are:

Syntel Private Limited, an Indian limited liability company, formerly known as Syntel Limited up to March 17, 2015 (“Syntel India”);

Syntel Europe Limited, a United Kingdom limited liability company;

Syntel Canada Inc., an Ontario limited liability company;

Syntel Deutschland GmbH, a German limited liability company;

Syntel (Hong Kong) Limited, a Hong Kong limited liability company;

Syntel Delaware, LLC, a Delaware limited liability company (“Syntel Delaware”);

SkillBay LLC, a Michigan limited liability company (“SkillBay”);

Syntel (Mauritius) Limited, a Mauritius limited liability company;

Syntel Consulting Inc., a Michigan corporation (“Syntel Consulting”);

Syntel Holding (Mauritius) Limited, a Mauritius limited liability company (“SHML”);

Syntel Worldwide (Mauritius) Limited, a Mauritius limited liability company (“SWML”);

Syntel (Australia) Pty. Ltd., an Australian limited liability company; and

Syntel Solutions Mexico, S. de R.L. de C.V., a Mexican limited liability company.

The wholly owned subsidiaries of Syntel Europe Limited are:

Intellisourcing, SARL, a French limited liability company;

Syntel Solutions BV, a Netherlands limited liability company; and

Syntel Switzerland GmbH, a Switzerland limited liability company

The partially owned joint venture of Syntel Delaware is:

State Street Syntel Services (Mauritius) Limited, a Mauritius limited liability company (“SSSSML”).

The wholly owned subsidiary of SSSSML is:

State Street Syntel Services Private Limited, an Indian limited liability company (“SSSSPL”).

The wholly owned subsidiaries of Syntel (Mauritius) Limited are:

Syntel International Private Limited, an Indian limited liability company (“SIPL”); and

Syntel Global Private Limited, an Indian limited liability company.

The wholly owned subsidiaries of SHML are:

Syntel Services Private Limited, an Indian limited liability company; and

Syntel Solutions (Mauritius) Limited, a Mauritius limited liability company (“SSML”).

The wholly owned subsidiary of SSML is:

Syntel Solutions (India) Private Limited, an Indian limited liability company.

The wholly owned subsidiary of SWML is:

Syntel (Singapore) PTE Limited, a Singapore limited liability company.

The wholly owned subsidiary of Syntel (Singapore) PTE Limited is:

Syntel Infotech, Inc., a Philippines corporation

Revenue recognition

The Company recognizes revenues from time-and-materials contracts as the services are performed.

Revenues are reported net of sales incentives to customers.

Reimbursements of out-of-pocket expenses are included in revenue in accordance with revenue guidance in the FASB Codification.

Stock-based employee compensation plans

Derivative instruments

Gains (Losses) on derivatives


	2015		2014			2013
	(In thousands)
Gains/ (losses) recognized in other comprehensive income (loss)	$	—	$	724	*	$	(6,796	)

*	for and up to three months ended March 31, 2014.

Gains (Losses) recognized in other income, net:


	2015		2014		2013
	(In thousands)
Gains/ (Losses) recognized in other income, net	$	—	$	3,836	$	(11,258	)

Change in Accumulated other comprehensive income (loss) by component (Net of tax expense or benefit)

The change in balances of accumulated comprehensive loss for the year ended December 31, 2015 is as follows:


										(In thousands)
	Foreign Currency Translation Adjustments			Unrealized Gains (Losses) on Securities			Defined Benefit Pension Plans			Accumulated Other Comprehensive Loss
Beginning balance	$	(189,410	)	$	4,600		$	(1,434	)	$	(186,244	)

Other comprehensive income (loss) before reclassifications		(45,736	)		50			524			(45,162	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			(4,318	)		115			(4,203	)

Net current-period other comprehensive income (loss)	$	(45,736	)	$	(4,268	)	$	639		$	(49,365	)

Ending balance	$	(235,146	)	$	332		$	(795	)	$	(235,609	)

Reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2015 is as follows:


								(In thousands)
Details about Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Statement Where Net Income Is Presented	Before Tax Amount			Tax (Expense) Benefit			Net of Tax
Unrealized gains on available for sale securities realized in current year	Other income	$	(6,580	)	$	2,262		$	(4,318	)

Amortization of prior service cost included in net periodic pension cost	Direct cost	$	149		$	(34	)	$	115

The change in balances of accumulated comprehensive loss for the year ended December 31, 2014 is as follows:


(In thousands)
	Foreign Currency Translation Adjustments			Unrealized Gains (Losses) on Securities			Defined Benefit Pension Plans			Accumulated Other Comprehensive Loss
Beginning balance	$	(157,416	)	$	3,808		$	(695	)	$	(154,303	)

Other comprehensive income (loss) before reclassifications		(28,994	)		3,853			(758	)		(25,899	)
Amounts reclassified from accumulated other comprehensive income(loss)		—			(3,061	)		19			(3,042	)

Out-of-period adjustment		(3,000	)		—			—			(3,000	)

Net current-period other comprehensive income(loss)	$	(31,994	)	$	792		$	(739	)	$	(31,941	)

Ending balance	$	(189,410	)	$	4,600		$	(1,434	)	$	(186,244	)

Reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2014 is as follows:


(In thousands)
Details about Accumulated Other Comprehensive Income (Loss)Components	Affected Line Item in the Statement Where Net Income Is Presented	Before Tax Amount			Tax (Expense) Benefit			Net of Tax
Unrealized gains on available for sale securities realized in the current year	Other income	$	(4,555	)	$	1,494		$	(3,061	)
Amortization of prior service cost included in net periodic pension cost	Direct cost	$	29		$	(10	)	$	19

The change in balances of accumulated comprehensive income (loss) for the year ended December 31, 2013 is as follows:


										(In thousands)
	Foreign Currency Translation Adjustments			Unrealized Gains (Losses) on Securities			Defined Benefit Pension Plans			Accumulated Other Comprehensive Income (Loss)
Beginning balance	$	(85,979	)	$	846		$	(1,000	)	$	(86,133	)

Other comprehensive income (loss) before reclassifications		(71,437	)		3,660			186			(67,591	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			(698	)		119			(579	)

Net current-period other comprehensive income (loss)	$	(71,437	)	$	2,962		$	305		$	(68,170	)

Ending balance	$	(157,416	)	$	3,808		$	(695	)	$	(154,303	)

Reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2013 is as follows:


								(In thousands)
Details about Accumulated Other Comprehensive Income (Loss)Components	Affected Line Item in the Statement Where Net Income Is Presented	Before Tax Amount			Tax (Expense) Benefit			Net of Tax
Unrealized gains and losses on available for sale securities	Other income	$	(942	)	$	244		$	(698	)

Amortization of prior service cost included in net periodic pension cost	Direct cost	$	146		$	(27	)	$	119

Other income, net

Other comprehensive loss

Tax on other comprehensive loss

Total tax (expense) benefit on other comprehensive income (loss) for the years ended December 31, 2015, 2014 and 2013 is as follows:


	2015			2014			2013
	(In thousands)
Tax expense on Foreign currency translation adjustments	$	(308	)	$	(337	)	$	—
Tax expense on unrealized gains on securities		2,196			(430	)		(1,556	)
Tax (expense) benefit on defined benefit pension plans		(312	)		379			(121	)

Total (taxes) benefit on other comprehensive income (loss)	$	1,576		$	(388	)	$	(1,677	)

Cash and cash equivalents

For the purpose of reporting cash and cash equivalents, the Company considers all liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Fair value of financial instruments

Concentration of credit risks

Investments

Short-term investments

Non-current term deposits with banks

Property and equipment


		Years
Office building		30
Residential property		20
Computer equipment and software		3
Furniture, fixtures and other equipment		5-7
Vehicles		3-5
Leasehold improvements		Shorter of economic life or life of lease
Leasehold land		Shorter of economic life or life of lease

Depreciation and amortization expense for the years ended December 31, 2015, 2014 and 2013 was $15.6 million, $16.1 million and $14.5 million, respectively.

Long-lived assets (other than goodwill)

Goodwill

Use of estimates

The tax rate for the year ended December 31, 2014 was impacted by a favorable adjustment of $1.20 million, which related to the true up of tax provisions, pursuant to finalization of the tax computation of Syntel India, which had arisen on account of setoff of inter units’ unabsorbed expenses. Further, a $0.86 million tax charge has arisen on account of a particular tax dispute raised during the year. The Company has provided tax charges of $1.63 million and $0.88 million on account of valuation allowances against deferred tax assets recognized on investments and the minimum alternative tax, respectively.

The tax rate for the year ended December 31, 2013 was impacted by a favorable adjustment of $1.09 million which related to the true up of tax provisions, pursuant to finalization of the tax computation for filing tax returns of Syntel India. The Government of India published notice of a Cost Inflation Index of 939 for the financial year 2013-14, to be used in the calculation of long term capital gains. In general, Cost Inflation Indexes (“CII”) are being published with an increase in the range of 4%-11%. Before the aforesaid notification, Syntel had factored the CII of 886 for financial year 2013-14, which was based on a 4% increase in inflation index from the published Index of 852 for the financial year 2012-13. Accordingly, the higher CII has resulted in recognition of additional deferred tax assets and credit to the tax expenses of $0.55 million as a discrete tax item for the quarter ended June 30, 2013. Further, a $0.43 million reversal of the tax reserve has arisen on account of the reversal of a valuation allowance, created in the past, and against deferred tax assets recognized on the allowance on the accumulated losses. During the year ended December 31, 2013, the Company reviewed the filing requirements for certain U.S. State and City income tax returns. The Company has updated the profit apportionment method in those certain states and cities. Accordingly, the Company had provided $1.59 million, out of which $0.6 million relates to the prior years.

These revisions in the above estimates during 2013 had an after-tax impact of decreasing both the basic and diluted earnings per share for the year ended December 31, 2013 by $0.04 per share.

Foreign currency translation

Earnings per share

During 2014, the Company’s Board of Directors authorized a two-for-one stock split of its outstanding common shares. On November 3, 2014, an additional common share was issued for each existing common share held by shareholders of record on October 20, 2014. Accordingly, all share and per share amounts for all periods presented in these consolidated financial statements and notes thereto, have been adjusted retroactively, where applicable, to reflect this stock split.

Vacation pay

The gross charge for unutilized earned leave was $5.3 million, $5.4 million and $5.1 million for the years ended December 31, 2015, 2014 and 2013, respectively.

The amounts accrued for unutilized earned leave were $22.4 million and $21.5 million as of December 31, 2015 and 2014, respectively, and are included within accrued payroll and related costs.

Income taxes

Recently issued accounting standards

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SHORT-TERM INVESTMENTS

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SHORT-TERM INVESTMENTS

3.	Short-Term Investments

Short-term investments included the following at December 31, 2015 and 2014:


	2015		2014
	(In thousands)
Investments in mutual funds at fair value	$	126,479	$	186,842
Term deposits with banks		413,566		466,625
Fixed Maturity Plans (FMPs) of mutual funds, at cost		—		15,886

Total	$	540,045	$	669,353

Information related to investments in mutual funds (primarily Indian Mutual Funds) is as follows at and for the years ended December 31, 2015, 2014 and 2013:


	2015		2014		2013
	(In thousands)
Cost	$	126,243	$	180,143	$	144,353
Unrealized gain, net		236		6,699		5,475

Fair value	$	126,479	$	186,842	$	149,828

Gross realized gains	$	18,796	$	14,619	$	3,600
Proceeds on sales of mutual funds		304,083		305,298		200,836
Purchases of mutual funds		221,097		349,791		294,010

Held to maturity securities

Investments in held-to-maturity securities of the Company consist of investments in the units of FMPs of mutual funds in Indian subsidiaries.


	As of December 31, 2015		As of December 31, 2014		As of December 31, 2013
	(In thousands)
Description
Aggregate fair value of the investment	$	—		16,612	$	—
Less: Gross unrecognized holding gain		—		726		—
Net carrying amount	$	—		15,886	$	—

Information related to investments in term deposits with banks included the following for the years ended December 31, 2015, 2014 and 2013:


	2015		2014		2013
	(In thousands)
Cost	$	413,566	$	466,625	$	340,349

Maturities of term deposits	$	486,651	$	445,717	$	288,719
Purchases of term deposits		446,768		583,341		395,589

REVENUE EARNED IN EXCESS OF BILLINGS AND DEFERRED REVENUE

REVENUE EARNED IN EXCESS OF BILLINGS AND DEFERRED REVENUE

4.	Revenue Earned in Excess of Billings and Deferred Revenue

Revenue earned in excess of billings at December 31, 2015 and 2014 is summarized as follows:


	2015		2014
	(In thousands)
Unbilled revenue for time-and-materials projects	$	22,171	$	16,408
Unbilled revenue for fixed-price projects, net of discounts		8,277		11,085

	$	30,448	$	27,493

Deferred revenue at December 31, 2015 and 2014 is summarized as follows:


	2015		2014
	(In thousands)
Deferred revenue on uncompleted fixed-price development contracts	$	6,859	$	1,501
Other deferred revenue		857		1,765

	$	7,716	$	3,266

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ALLOWANCES FOR DOUBTFUL ACCOUNTS

ALLOWANCES FOR DOUBTFUL ACCOUNTS

5.	Allowances for Doubtful Accounts

The movement in the allowance for doubtful accounts for the years ended December 31, 2015, 2014 and 2013 is summarized as follows:


	2015			2014			2013
	(In thousands)
Balance, beginning of year	$	703		$	2,022		$	2,168
Provision		—			—			53
Write-offs, net of recoveries		(81	)		(1,319	)		(199	)

Balance, end of year	$	622		$	703		$	2,022

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PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT

6.	Property and Equipment

Property and equipment at December 31,2015 and 2014 is summarized as follows:


	2015		2014
	(In thousands)
Office building	$	55,293	$	57,714
Computer equipment and software		54,951		54,018
Furniture, fixtures and other equipment		71,542		69,365
Vehicles		2,237		1,857
Leasehold improvements		8,058		7,579
Leasehold land		4,783		4,997
Residential property		1,637		1,709
Capital advances / work in progress		19,421		12,967

		217,922		210,206
Less accumulated depreciation and amortization		112,146		101,155

	$	105,776	$	109,051

LINE OF CREDIT AND TERM LOAN

LINE OF CREDIT AND TERM LOAN

7.	Line of Credit and Term Loan

On May 23, 2013, Syntel entered into a Credit Agreement with Bank of America, N.A. for $150 million in credit facilities consisting of a three-year term loan facility of $60 million and a three year revolving credit facility of $90 million. The maturity date of both the three year term loan facility and the three year revolving credit facility is May 23, 2016. Currently, the Company is in discussion with bank for refinancing of these facilities. The Credit Agreement is guaranteed by two of the Company’s domestic subsidiaries, SkillBay and Syntel Consulting (collectively, the “Guarantors”). In connection with the credit facilities, the Company and the Guarantors also entered into a related security and pledge agreement granting a security interest in the assets of the Company and the Guarantors, including, without limitation, a pledge of 65% of the equity interests in Syntel India.

As of December 31, 2015, the interest rate was 1.62% for the three year revolving credit facility and was 1.87% for the three year term loan facility.

As of December 31, 2015 the outstanding balances of the term loan and line of credit, including interest, were $39.83 million and $90.15 million, respectively .

Future scheduled payments on the three-year revolving credit facility and term loan, at December 31, 2015 are as follows:


	(In thousands)
2016	$	129,750

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LEASES

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LEASES

8.	Leases

Operating Lease


	(In thousands)
2016		4,998
2017		3,513
2018		2,633
2019		1,599
2020		1,243
Thereafter		1,047

	$	15,033

Total rent expense amounted to approximately $11.3 million, $10.5 million and $9.4 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Capital Lease

During 2011, the Company acquired leasehold improvements under capital lease. Future minimum annual lease commitments under capital leases as of December 31, 2015 are as follows:


	(In thousands)
2016	$	10
2017		—
2018		—
2019		—

	$	10
Less: Amount representing interest		—
Present value of minimum lease payments		10
Less: Current installments of obligations under capital leases		10

	$	—

The capital lease liability of $0.01 million has been recorded under current liability.

INCOME TAXES

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INCOME TAXES

9.	Income Taxes

Income before income taxes for the Company’s U.S. and foreign operations for the years ended December 31, 2015, 2014 and 2013 was as follows:


	2015		2014		2013
	(In thousands)
U.S.	$	42,342	$	23,966	$	26,815
Foreign		284,859		294,907		259,007

	$	327,201	$	318,873	$	285,822

Income taxes for the years ended December 31, 2015, 2014 and 2013 consisted of the following:


	2015			2014			2013
	(In thousands)
Current:
Federal	$	14,521		$	8,904		$	8,932
State		2,639			1,686			1,609
City		439			281			268
Foreign		61,393			65,187			61,182

Total current provision		78,992			76,058			71,991

Deferred:
Federal		(537	)		(1,328	)		(3	)
State		(99	)		(245	)		—
City		(16	)		(41	)		—
Foreign		(3,665	)		(5,311	)		(5,824	)

Total deferred (benefit)		(4,317	)		(6,925	)		(5,827	)

Total provision for income taxes	$	74,675		$	69,133		$	66,164

The components of net deferred tax assets as of December 31, 2015 and 2014 are as follows:


	2015			2014
	(In thousands)
Deferred tax assets
Carry-forward losses of subsidiaries	$	53		$	364
Minimum alternate tax credit of subsidiaries		30,752			27,233
Property, plant and equipment		394			344
Accrued expenses and allowances		13,820			12,071
Valuation allowance		(5,454	)		(2,616	)

Total deferred tax assets		39,565			37,396

Deferred tax liabilities
Provision for branch tax on dividend equivalent in India		(1,726	)		(1,726	)
Provision for tax on unrealized gains in India		(53	)		(2,307	)

Total deferred tax liabilities		(1,779	)		(4,033	)

Net deferred tax assets	$	37,786		$	33,363

The balance sheet classification of the net deferred tax asset is summarized as follows:


	2015		2014
	(In thousands)
Deferred tax asset, current	$	7,789	$	6,478
Deferred tax asset, non-current		29,997		26,885

	$	37,786	$	33,363

Syntel’s software development centers/units in India are located in Mumbai, Chennai Pune and Gurgaon. Software development centers/units enjoy favorable tax provisions due to their registration in Special Economic Zone (SEZ), as Export Oriented Unit (EOU) and as units located in Software Technologies Parks of India (STPI). Units registered with STPI, EOUs and certain units located in SEZ were exempt from payment of corporate income taxes for ten years of operations on the profits generated by these units or March 31, 2011, whichever was earlier. Certain units located in SEZ are eligible for 100% exemption from payment of corporate taxes for the first five years of operation and 50% exemption for the next two years and a further 50% exemption for another three years, subject to fulfillment of certain criteria laid down. New units in SEZ operational after April 1, 2005 are eligible for 100% exemption from payment of corporate taxes for the first five years of operation, 50% exemption for the next five years and a further 50% exemption for another five years, subject to fulfillment of criteria.

The benefit of the tax holiday under Indian Income Tax was $45.6 million, $43.1 million and $32.2 million for the years ended December 31, 2015, 2014 and 2013, respectively.

The following table accounts for the differences between the actual effective tax rate and the statutory U.S. Federal income tax rate of 35% for the years ended December 31, 2015, 2014 and 2013:


	2015			2014			2013
Statutory rate		35.0	%		35.0	%		35.0	%
State taxes, net of federal Benefit		0.6	%		0.2	%		0.3	%
City taxes		0.0	%		0.1	%		—
Foreign effective tax rates different from U.S. Statutory Rate¹		(12.6	%)		(14.2	%)		(11.7	%)
Tax reserves		(0.0	%)		(0.1	%)		(0.0	%)
Prior Year state tax payment		(0.4	%)		0.0	%		0.2	%
Valuation Allowance		0.2	%		0.7	%		(0.1	)%
Tax on India Entity related cost		0.0	%		0.0	%		(0.6	)%

Effective income tax rate		22.8	%		21.7	%		23.1	%

1.	The foreign jurisdiction that materially affects the effective income tax rate is India.

During the year ended December 31, 2015, 2014 and 2013, the effective income tax rates were 22.8%, 21.7% and 23.1%, respectively.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	(in millions)
	2015			2014
Balance as at January 1	$	40.47		$	30.22
Additions based on tax positions related to the current year		11.72			11.38

Additions based on tax positions for prior years		0.18			0.00
Reductions for tax positions of prior years		(0.14	)		(0.00	)
Foreign currency translation effect		(1.99	)		(1.13	)

Balance as at December 31	$	50.24		$	40.47
Income taxes paid, see below		(42.18	)		(35.86	)

Amounts, net of income taxes paid	$	8.06		$	4.61

The above table shows the unrecognized tax benefits that, if recognized, would affect the effective tax rate.

The Company had accrued approximately $1.33 million and $1.32 million for interest and penalties as of December 31, 2015 and December 31, 2014, respectively.

During the years ended December 31, 2015, 2014 and 2013, the effective income tax rate was 22.8%, 21.7% and 23.1%, respectively.

The tax rate for the year ended December 31, 2014 was impacted by a favorable adjustment of $1.20 million, relating to the true up of tax provisions, upon the finalization of the tax computation of Syntel India, which was finalized after setoff of unabsorbed inter-company expenses. Further, a $0.86 million charge of tax has arisen on account of a tax dispute raised during the year. The Company has provided tax charges of $1.63 million and $0.88 million on account of valuation allowances against deferred tax assets recognized on investments and the minimum alternative tax. Without the above, the effective tax rate for the year ended December 31, 2014 would have been 21.1%.

Syntel India received orders for appeals filed with the Commissioner of Income Tax Appeals (“CIT(A)”) against the demands raised by the Income Tax Officer for similar matters relating to the financial years 1996-97, 1997-98 and 2000-01. The contention of Syntel India was partially upheld by the CIT(A). Syntel India has gone into further appeal with the Income Tax Appellate Tribunal (“ITAT”) for the amounts not allowed by the CIT(A). Syntel India received favorable orders from the ITAT. The Income Tax Department filed further appeals before the Bombay High Court. The Bombay High Court dismissed the Income Tax Department appeals and upheld the ITAT orders on December 15, 2009. The Income Tax Department has filed a review petition before the Bombay High Court, which was rejected due to filing defects. The Income Tax Department may rectify the defects and re-submit the review petition.

For the financial year 2005-06, the Indian Income Tax Department decided against Syntel India with respect to a particular tax position, and Syntel India filed an appeal with the CIT(A). During the year ended December 31, 2010, Syntel India’s appeal for the financial year was fully allowed by CIT(A). The Income Tax Department has filed a further appeal with the ITAT for the amounts allowed by the CIT(A). During the quarter ended September 30, 2015, Syntel India received favorable orders from the ITAT. The Income Tax Department may file further appeals before the Bombay High Court. For the financial year 2006-07, the Indian Income Tax Department decided against Syntel India with respect to a particular tax position and Syntel India filed an appeal with the CIT(A). During the three months ended September 30, 2011, the Company received an order for appeal filed with CIT(A) that partially upholds Syntel India’s contentions. Syntel India has filed a further appeal with the ITAT for the amounts not allowed by the CIT(A). The Income Tax Department has filed a further appeal for the amounts allowed by the CIT(A). During the quarter ended September 30, 2015, Syntel India received favorable orders from the ITAT. The Income Tax Department may file further appeals before the Bombay High Court. For the financial year 2007-08 to 2009-10, the Indian Income Tax Department decided against Syntel India in respect to particular tax position and Syntel India has filed an appeal with the CIT(A). Syntel India received an orders for appeal filed with CIT(A) that upholds Syntel India’s contentions. The Income Tax Department has filed a further appeals for the amounts allowed by the CIT(A). During the quarter ended September 30, 2015, Syntel India received favorable orders from the ITAT for the financial year 2007-08. The Income Tax Department may file further appeals before the Bombay High Court. For the financial year 2008-09 and financial year 2009-10, the Income Tax Department’s appeals are scheduled for hearing before ITAT on a future date.

For the financial year 2007-08, the Income Tax Department also decided against Syntel International Private Limited (SIPL) in respect to a particular tax position and SIPL has filed an appeal with the CIT (A). During the three months ended September 30, 2012, SIPL has received an order for appeal filed with CIT (A), and the contention of SIPL was fully upheld. The Income Tax Department filed further appeal to the ITAT for the amounts allowed by the CIT (A). However, recent High Courts orders are in favor of the tax position taken by SIPL. Based on the CIT (A) and recent High Court orders, SIPL reviewed Uncertain Tax Position (UTP) of $0.24 million and reversed the aforementioned tax provision in September 2012. The Income Tax Department has filed a further appeal for the amounts allowed by the CIT(A). During the year ended December 31, 2015, SIPL received favorable orders from the ITAT. The Income Tax Department may file further appeals before the Bombay High Court.

SERVICE TAX AUDIT

The Company obtained a tax consultant’s advice on the aforesaid orders. The consultant is of the view that the aforesaid orders are contrary to the wording of the service tax notifications and provisions. The Company therefore believes that its claims of service tax refunds should be upheld at the appellate stage and the refunds should be accordingly granted. Based on the consultant’s tax advice, the Company is in a strong position to defend the rejection of the refunds. Accordingly, no provision has been made in the Company’s books.

Local Taxes

Minimum Alternate Tax (MAT)


Year of Expiry of MAT Credit	Amount in US$ (In millions)
2017-18	$	0.20
2018-19		0.27
2019-20		0.98
2020-21		1.63
2021-22		1.43
2022-23		5.99
2023-24		7.09
2024-25		7.78
2025-26		5.39

Total		30.76

Less: Valuation allowance		1.58

Total (net of valuation allowance)	$	29.18

EARNINGS PER SHARE

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EARNINGS PER SHARE

10.

Earnings Per Share

The reconciliation of basic and diluted earnings per share for the years ended December 31, 2015, 2014 and 2013 is as follows:

The number of shares and per share amounts for the prior periods presented have been retroactively restated to reflect the 2014 stock split.


	2015					2014					2013
	Weighted -Average Shares Out- standing		Per Share			Weighted -Average Shares Out- standing		Per Share			Weighted -Average Shares Out- standing		Per Share
	(In thousands, except per share data)
Basic earnings per share		83,982	$	3.01			83,785	$	2.98			83,582	$	2.63
Potential dilutive effect of stock options		167		(0.01	)		186		(0.01	)		182		(0.01	)

Diluted earnings per share		84,149	$	3.00			83,971	$	2.97			83,764	$	2.62

DIVIDENDS

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DIVIDENDS

11.

Dividends

The Company has not declared or paid any dividend in 2015, 2014 or 2013.

STOCK COMPENSATION PLANS

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STOCK COMPENSATION PLANS

12.

Stock Compensation Plans

Share-Based Compensation

The shares issued upon the exercise of the options are new share issues.

Restricted Stock


Year Ended December 31,	2015		2014		2013
Cost of revenues	$	2,478	$	2,139	$	1,443
Selling, general and administrative expenses		4,719		4,318		3,289

	$	7,197	$	6,457	$	4,732

No Cash was received from option exercises under all share-based payment arrangements for the years ended December 31, 2015, 2014 and 2013, respectively.


	2015					2014					2013
	Number Of Awards			Weighted Average Grant Date Fair Value		Number Of Awards			Weighted Average Grant Date Fair Value		Number Of Awards			Weighted Average Grant Date Fair Value
Unvested at January 1		564,314		$	37.37		501,292		$	28.64		521,716		$	23.25
Granted		135,440		$	46.73		293,904		$	42.79		187,056		$	36.53
Vested		(205,233	)	$	34.40		(227,882	)	$	25.03		(194,480	)	$	22.07
Forfeited		(29,231	)	$	36.38		(3,000	)	$	44.90		(13,000	)	$	24.10

Unvested at December 31		465,290		$	41.47		564,314		$	37.37		501,292		$	28.64

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

13.

Commitments and Contingencies

The Company is party to various legal actions arising in the ordinary course of business, including litigation and governmental and regulatory controls. The Company’s estimates regarding legal contingencies are based on information known about the matters and its experience in contesting, litigating and settling similar matters. It is the opinion of management with respect to pending or threatened litigation matters that unfavorable outcomes are neither probable nor remote and that estimates of possible loss are not able to be made. Although actual amounts could differ from management’s estimate, none of the actions are believed by management to involve future amounts that would be material to the Company’s financial position or results of operations.

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EMPLOYEE BENEFIT PLANS

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EMPLOYEE BENEFIT PLANS

14.

Employee Benefit Plans

In accordance with the Payment of Gratuity Act, 1972 of India, the Indian subsidiary provides for gratuity, a defined retirement benefit plan (the “Gratuity Plan”) covering eligible employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment based on the respective employee’s salary and the tenure of employment. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation and are expensed in the period determined. The Gratuity Plan is a non-funded plan. The amounts accrued under this plan are $12.3 million and $12.1 million as of December 31, 2015 and 2014, respectively, and are included within current and other non-current liabilities, as applicable. Expense recognized by Indian entities under the Gratuity Plan was $3.7 million, $3.1 million and $2.9 million for the years ended December 31, 2015, 2014 and 2013, respectively.

The following table sets forth the funded status of the Gratuity Plan of the Company and the amounts recognized in the Company’s consolidated balance sheets and statements of comprehensive income.


	(In thousands)
	2015			2014
Accumulated benefit obligation	$	6,194		$	6,026
Change in projected benefit obligation:
Projected benefit obligation at beginning of the year	$	12,057		$	8,919
Service cost		2,448			2,063
Interest cost		1,177			1,002
Actuarial loss/(gain)		(851	)		1,165
Adjustments due to transfer of employees within the group		—			(3	)
Benefits paid		(1,951	)		(814	)
Effect of exchange rate changes		(531	)		(275	)

Projected benefit obligation at end of the year	$	12,349		$	12,057

Amounts recognized in the balance sheet consists of:
Provision for gratuity (included in total current liabilities)	$	387		$	553
Provision for gratuity (included in non-current liabilities)		8,050			7,934

	$	8,437		$	8,487
As of December 31, 2015 and December 31, 2014 amounts in accumulated other comprehensive loss:
Net actuarial loss	$	489		$	1,461
Net prior service cost		134			168

Total accumulated other comprehensive loss	$	623		$	1,629

Expected amortization out of comprehensive income in 2016 is $0.03 million.


Reconciliation of net amount recognized
Net amount recognized as at beginning of the period	$	(12,057	)	$	(8,919	)
Company contributions		1,951			814
Net periodic benefit cost for the period		(3,734	)		(3,094	)
Amount recognized in accumulated other comprehensive loss		960			(1,165	)
Adjustments on account of employees transferred		—			32
Foreign currency translation adjustment		531			275

Net amount recognized as at end of the period		(12,349	)		(12,057	)
Funded status of the plans		—			—

Accrued benefit cost	$	(12,349	)	$	(12,057	)

The components of net gratuity costs are reflected below:
Service cost	$	2,448		$	2,063
Interest cost		1,177			1,002
Amortization of transition obligation		71			33
Amortization of net actuarial (gain)/loss		37			(3	)

	$	3,733		$	3,095

Weighted-average assumptions used to determine benefit obligations:


	2015	2014
Discount rate	8.5% per annum.	8.65% per annum
Long-term rate of compensation increase	11% per annum for first year, 10% for next five years & 7% thereafter	11% per annum for first year, 10% for next five years &7% thereafter

Weighted-average assumptions used to determine net periodic benefit cost:


	2015	2014
Discount rate	8.5% per annum	8.65% per annum
Long-term rate of compensation increase	11% per annum for first year, 10% for next five years & 7% thereafter	11% per annum for first year, 10% for next five years &7% thereafter

Cash Flows

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:


For the year ended December 31,	Expected contribution
For the year ended December 31,	(In thousands)
2016	$	1,077
2017		913
2018		826
2019		756
2020		711
2021–2025		3371

SEGMENT REPORTING

SEGMENT REPORTING

15.

Segment Reporting

Effective the first quarter of 2014, as a result of the completion of organizational changes, the Company changed its basis of segmentation to vertical segments as follows:

Banking and Financial Services

Healthcare and Life Sciences

Retail, Logistics and Telecom

The Company revised its years ended December 31, 2013 segment figures presented below to conform to the year ended December 31, 2015 and December 31, 2014 presentation.

In each of our business segments, we help our customers adapt to market change by providing a broad array of technology-based, industry-specific solutions. These solutions leverage the strong understanding we have of key underlying trends in each industry segment that we focus on. These solutions are complemented by strong capabilities in application services, testing, Business Intelligence (BI), IT Infrastructure Management Services (IMS), Knowledge Process Outsourcing (KPO), Social, Mobile, Analytics and Cloud (SMAC) technologies, Enterprise Resource Planning (ERP), and business and technology consulting.

Banking and Financial Services

Our Banking and Financial Services segment serves financial institutions throughout the world. Our clients include companies providing banking, investments, transaction processing, capital markets, and cards and payments services to third parties. Our clients engage us to help make their operations as effective, productive and cost-efficient as possible, and to support new capabilities. We assist these clients in such areas as: cards and payments, retail banking, wholesale banking, consumer lending, risk management, investment banking, reconciliations, fraud analysis, mobile banking, and compliance and securities services. The demand for our services in the banking and financial services sector is being driven by several significant changes in the industry. We help our customers adapt to market changes by providing technology-based, industry-specific solutions. In addition to application services, the services increasingly in demand in this segment include testing, BI, IMS, KPO, SMAC technologies, ERP, and business and technology consulting.

Healthcare and Life Sciences

Insurance

We serve the needs of global property and casualty insurers, insurance brokers, personal, commercial, life and retirement insurance service providers. These customers turn to us for assistance in improving the efficiency and effectiveness of their operations and in achieving business transformation. We focus on aspects of our clients’ operations, such as: policy administration, claims processing and compliance reporting. We also serve the growing trend among insurers to improve their sales and marketing processes by deepening direct retail customer relationships and strengthening interactions with networks of independent and captive insurance agents, often through the use of social media and mobile technologies. Additionally, many insurers seek to improve business effectiveness by reducing expense ratios and exiting non-core lines of business and operations. Our services most in demand in this segment include testing, BI, IMS, KPO, SMAC, ERP, and business and technology consulting.

Manufacturing

Our Manufacturing segment provides business consulting and technology services in a range of sub-sectors, including industrial product,

Retail, Logistics and Telecom

In Retail, we serve a wide spectrum of retailers and distributors, including supermarkets, specialty premium retailers, department stores and large mass-merchandise discounters, who seek the Company’s assistance in becoming more efficient and cost-effective and in helping to drive business transformation. Services in high demand in the retail sector include business and technology consulting, eCommerce, EAS, systems integration, testing, KPO and EIM. We also serve the entire travel and hospitality industry including airlines, hotels and restaurants, as well as online and retail travel, global distribution systems, and intermediaries and real estate companies, providing solutions such as CRM and EIM.

In Logistics, our clients look to Syntel to implement business-relevant changes that will make them more productive, competitive and cost effective. To that end, we help organizations improve operational efficiencies, enhance responsiveness and collaborate with trading partners to better serve their markets and end customers. We leverage a comprehensive understanding of the business and technology drivers of the industry. Our solutions for logistics clients include SCM, sales and operations planning mobility, POS testing, Multi-Channel, customer and retail store analytics.

In the Retail, Logistics and Telecom segment our services most in demand include testing, BI, IMS, KPO, SMAC, ERP, and business and technology consulting.

Corporate Direct Costs


	2015			2014			2013
	(In thousands)
Net Revenues:
Banking and Financial Services	$	474,943		$	455,100		$	423,238
Healthcare and Life Sciences		157,970			147,424			138,578
Insurance		133,519			137,447			122,089
Manufacturing		41,154			27,622			30,322
Retail, Logistics & Telecom		161,026			143,836			110,538

Gross Profit:	$	968,612		$	911,429		$	824,765
Banking and Financial Services		188,152			193,916			192,902
Healthcare and Life Sciences		68,822			67,289			65,828
Insurance		49,497			50,050			49,609
Manufacturing		13,111			8,136			10,844
Retail, Logistics & Telecom		69,505			63,262			48,805

Total Segment Gross Profit		389,087			382,653			367,988
Corporate Direct Cost		(5,086	)		(5,086	)		(3,799	)
Gross Profit	$	384,001		$	377,567		$	364,189
Selling, general and administrative expenses		100,256			109,217			96,587

Income from operations	$	283,745		$	268,350		$	267,602

The Company’s third largest customer, Federal Express Corporation, had revenues in excess of 10% of total consolidated revenues for the year ended 2015 and 2014. Revenue from this customer was approximately $120.1 million, $105.0 million and $68.1 million, contributing approximately 12%, 12% and 8% of total consolidated revenues during 2015, 2014 and 2013, respectively. At December 31, 2015, 2014 and 2013, accounts receivable from this customer was $12.2 million, $14.3 million and $12.3 million, respectively. The revenue from Federal Express Corporation was generated in Retail Logistics & Telecom segment.

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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+ Details

GEOGRAPHIC INFORMATION

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GEOGRAPHIC INFORMATION

16.

Geographic Information

The Company’s net revenues and long-lived assets, by geographic area, for the years ended December 31, 2015, 2014 and 2013 are as follows:


	(In thousands)
	2015		2014		2013
Net revenues (1):
North America (2)	$	872,788	$	827,425	$	757,374
India		3,740		2,167		1,334
Europe (3)		89,088		77,821		61,317
Rest of the World		2,996		4,016		4,740

Total	$	968,612	$	911,429	$	824,765

Long-lived assets (4):

North America (2)	$	3,517	$	2,645	$	2,713
India		101,686		105,949		106,133
Europe (3)		374		71		72

Rest of the World		1,105		1,292		1,593

Total	$	106,682	$	109,957	$	110,511

Notes for the Geographic Information Disclosure:

1.	Net revenues are attributed to regions based upon customer location.

2.	Primarily relates to operations in the United States.

3.	Primarily relates to operations in the United Kingdom.

4.	Long-lived assets include property and equipment, net of accumulated depreciation and amortization and goodwill.

SELECTED QUARTERLY FINANCIAL DATA

SELECTED QUARTERLY FINANCIAL DATA

17.

Selected Quarterly Financial Data (Unaudited)

Selected financial data by calendar quarter were as follows:


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
	(In thousands, except per share data)
2015
Net revenues	$	220,599	$	239,797	$	253,636	$	254,580	$	968,612
Cost of revenues		141,785		148,704		146,061		148,061		584,611

Gross profit		78,814		91,093		107,575		106,519		384,001

Selling, general and administrative expenses		35,382		21,728		15,121		28,025		100,256

Income from operations		43,432		69,365		92,454		78,494		283,745

Other income, net		9,338		9,887		10,227		14,004		43,456

Income before income taxes		52,770		79,252		102,681		92,498		327,201
Income tax expense (1)		12,749		18,673		24,990		18,263		74,675

Net income	$	40,021	$	60,579	$	77,691	$	74,235	$	252,526

Earnings per share, diluted (a)	$	0.48	$	0.72	$	0.92	$	0.88	$	3.00

Weighted average shares outstanding, diluted		84,127		84,135		84,131		84,204		84,149

2014
Net revenues	$	219,523	$	228,250	$	228,332	$	235,324	$	911,429
Cost of revenues		123,500		138,702		133,804		137,856		533,862

Gross profit		96,023		89,548		94,528		97,468		377,567

Selling, general and administrative expenses		32,221		26,321		26,566		24,109		109,217

Income from operations		63,802		63,227		67,962		73,359		268,350

Other income (expense), net		11,785		12,175		10,657		15,906		50,523

Income before income taxes		75,587		75,402		78,619		89,265		318,873
Income tax expense (2)		17,439		16,118		17,013		18,563		69,133

Net income	$	58,148	$	59,284	$	61,606	$	70,702	$	249,740

Earnings per share, diluted (a)	$	0.69	$	0.71	$	0.73	$	0.84	$	2.97

Weighted average shares outstanding, diluted		83,944		83,916		83,968		84,055		83,971

(1)

(2)

The tax rate for the year ended December 31, 2014 was impacted by a favorable adjustment of $1.20 million, which related to the true up of tax provisions, pursuant to finalization of the tax computation of Syntel India, which had arisen on account of setoff of inter units unabsorbed expenses in the fourth quarter. Further, a $0.86 million tax charge has arisen on account of the particular tax dispute raised during the year. The Company has provided tax charges of $1.63 million and $0.88 million on account of valuation allowances against deferred tax assets recognized on investments and the minimum alternative tax, respectively.

(a)	Earnings per share for the quarter are computed independently and may not equal the earnings per share computed for the total year.

During 2014, the Company’s Board of Directors authorized a two-for-one stock split of its outstanding common shares. On November 3, 2014, an additional common share was issued for each existing common share held by shareholders of record on October 20, 2014. Accordingly, all share and per share amounts for all periods presented above, have been adjusted retroactively, where applicable, to reflect this stock split.

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CONSOLIDATION OF A VARIABLE INTEREST ENTITY

CONSOLIDATION OF A VARIABLE INTEREST ENTITY

18.

CONSOLIDATION OF A VARIABLE INTEREST ENTITY

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FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

19.

FAIR VALUE MEASUREMENTS

The fair value hierarchy consists of the following three levels:

Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities.

Level 3 – Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

The following table summarizes our financial assets measured at fair value on a recurring basis as of December 31, 2015:


	(In millions)
	Level 1		Level 2		Level 3		Total
Short term investments
Available for sale securities	$	126.5	$	—	$	—	$	126.5
Term deposits	$	—		413.7	$	—		413.7

Total assets measured at fair value	$	126.5	$	413.7	$	—	$	540.2

The following table summarizes our financial assets measured at fair value on a recurring basis as of December 31, 2014:


	Level 1		Level 2		Level 3		Total
Short term investments
Available for sale securities	$	186.8	$	—	$	—	$	186.8
Term deposits	$	—		466.7	$	—		466.7

Total assets measured at fair value	$	186.8	$	466.7	$	—	$	653.5

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TERM DEPOSITS

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TERM DEPOSITS

20.

Term Deposits

The following table summarizes the term deposits with various banks outstanding as at December 31, 2015 and December 31, 2014.


	(In millions)
Balance Sheet Item	As at December 31, 2015		As at December 31, 2014
Cash & cash equivalents	$	—	$	13.0
Short term investments		413.6		466.6
Non-current assets		0.1		0.1

Total	$	413.7	$	479.7

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

21.

RELATED PARTY TRANSACTIONS

There were no related party transactions in 2015, 2014 and 2013.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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RECLASSIFICATIONS

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RECLASSIFICATIONS

22.

RECLASSIFICATIONS

Reclassifications of prior period share and per-share amounts due to the two-for-one stock split are effected to conform to the current period presentation.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

Principles of consolidation

Principles of consolidation

The wholly owned subsidiaries of Syntel, Inc. are:

Syntel Private Limited, an Indian limited liability company, formerly known as Syntel Limited up to March 17, 2015 (“Syntel India”);

Syntel Europe Limited, a United Kingdom limited liability company;

Syntel Canada Inc., an Ontario limited liability company;

Syntel Deutschland GmbH, a German limited liability company;

Syntel (Hong Kong) Limited, a Hong Kong limited liability company;

Syntel Delaware, LLC, a Delaware limited liability company (“Syntel Delaware”);

SkillBay LLC, a Michigan limited liability company (“SkillBay”);

Syntel (Mauritius) Limited, a Mauritius limited liability company;

Syntel Consulting Inc., a Michigan corporation (“Syntel Consulting”);

Syntel Holding (Mauritius) Limited, a Mauritius limited liability company (“SHML”);

Syntel Worldwide (Mauritius) Limited, a Mauritius limited liability company (“SWML”);

Syntel (Australia) Pty. Ltd., an Australian limited liability company; and

Syntel Solutions Mexico, S. de R.L. de C.V., a Mexican limited liability company.

The wholly owned subsidiaries of Syntel Europe Limited are:

Intellisourcing, SARL, a French limited liability company;

Syntel Solutions BV, a Netherlands limited liability company; and

Syntel Switzerland GmbH, a Switzerland limited liability company

The partially owned joint venture of Syntel Delaware is:

State Street Syntel Services (Mauritius) Limited, a Mauritius limited liability company (“SSSSML”).

The wholly owned subsidiary of SSSSML is:

State Street Syntel Services Private Limited, an Indian limited liability company (“SSSSPL”).

The wholly owned subsidiaries of Syntel (Mauritius) Limited are:

Syntel International Private Limited, an Indian limited liability company (“SIPL”); and

Syntel Global Private Limited, an Indian limited liability company.

The wholly owned subsidiaries of SHML are:

Syntel Services Private Limited, an Indian limited liability company; and

Syntel Solutions (Mauritius) Limited, a Mauritius limited liability company (“SSML”).

The wholly owned subsidiary of SSML is:

Syntel Solutions (India) Private Limited, an Indian limited liability company.

The wholly owned subsidiary of SWML is:

Syntel (Singapore) PTE Limited, a Singapore limited liability company.

The wholly owned subsidiary of Syntel (Singapore) PTE Limited is:

Syntel Infotech, Inc., a Philippines corporation

Revenue recognition

Revenue recognition

The Company recognizes revenues from time-and-materials contracts as the services are performed.

Revenues are reported net of sales incentives to customers.

Reimbursements of out-of-pocket expenses are included in revenue in accordance with revenue guidance in the FASB Codification.

Stock-based employee compensation plans

Stock-based employee compensation plans

Derivative instruments

Derivative instruments

Gains (Losses) on derivatives


	2015		2014			2013
	(In thousands)
Gains/ (losses) recognized in other comprehensive income (loss)	$	—	$	724	*	$	(6,796	)

*	for and up to three months ended March 31, 2014.

Gains (Losses) recognized in other income, net:


	2015		2014		2013
	(In thousands)
Gains/ (Losses) recognized in other income, net	$	—	$	3,836	$	(11,258	)

Change in Accumulated other comprehensive income (loss) by component (Net of tax expense or benefit)

Change in Accumulated other comprehensive income (loss) by component (Net of tax expense or benefit)

The change in balances of accumulated comprehensive loss for the year ended December 31, 2015 is as follows:


										(In thousands)
	Foreign Currency Translation Adjustments			Unrealized Gains (Losses) on Securities			Defined Benefit Pension Plans			Accumulated Other Comprehensive Loss
Beginning balance	$	(189,410	)	$	4,600		$	(1,434	)	$	(186,244	)

Other comprehensive income (loss) before reclassifications		(45,736	)		50			524			(45,162	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			(4,318	)		115			(4,203	)

Net current-period other comprehensive income (loss)	$	(45,736	)	$	(4,268	)	$	639		$	(49,365	)

Ending balance	$	(235,146	)	$	332		$	(795	)	$	(235,609	)

Reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2015 is as follows:


								(In thousands)
Details about Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Statement Where Net Income Is Presented	Before Tax Amount			Tax (Expense) Benefit			Net of Tax
Unrealized gains on available for sale securities realized in current year	Other income	$	(6,580	)	$	2,262		$	(4,318	)

Amortization of prior service cost included in net periodic pension cost	Direct cost	$	149		$	(34	)	$	115

The change in balances of accumulated comprehensive loss for the year ended December 31, 2014 is as follows:


(In thousands)
	Foreign Currency Translation Adjustments			Unrealized Gains (Losses) on Securities			Defined Benefit Pension Plans			Accumulated Other Comprehensive Loss
Beginning balance	$	(157,416	)	$	3,808		$	(695	)	$	(154,303	)

Other comprehensive income (loss) before reclassifications		(28,994	)		3,853			(758	)		(25,899	)
Amounts reclassified from accumulated other comprehensive income(loss)		—			(3,061	)		19			(3,042	)

Out-of-period adjustment		(3,000	)		—			—			(3,000	)

Net current-period other comprehensive income(loss)	$	(31,994	)	$	792		$	(739	)	$	(31,941	)

Ending balance	$	(189,410	)	$	4,600		$	(1,434	)	$	(186,244	)

Reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2014 is as follows:


(In thousands)
Details about Accumulated Other Comprehensive Income (Loss)Components	Affected Line Item in the Statement Where Net Income Is Presented	Before Tax Amount			Tax (Expense) Benefit			Net of Tax
Unrealized gains on available for sale securities realized in the current year	Other income	$	(4,555	)	$	1,494		$	(3,061	)
Amortization of prior service cost included in net periodic pension cost	Direct cost	$	29		$	(10	)	$	19

The change in balances of accumulated comprehensive income (loss) for the year ended December 31, 2013 is as follows:


										(In thousands)
	Foreign Currency Translation Adjustments			Unrealized Gains (Losses) on Securities			Defined Benefit Pension Plans			Accumulated Other Comprehensive Income (Loss)
Beginning balance	$	(85,979	)	$	846		$	(1,000	)	$	(86,133	)

Other comprehensive income (loss) before reclassifications		(71,437	)		3,660			186			(67,591	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			(698	)		119			(579	)

Net current-period other comprehensive income (loss)	$	(71,437	)	$	2,962		$	305		$	(68,170	)

Ending balance	$	(157,416	)	$	3,808		$	(695	)	$	(154,303	)

Reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2013 is as follows:


								(In thousands)
Details about Accumulated Other Comprehensive Income (Loss)Components	Affected Line Item in the Statement Where Net Income Is Presented	Before Tax Amount			Tax (Expense) Benefit			Net of Tax
Unrealized gains and losses on available for sale securities	Other income	$	(942	)	$	244		$	(698	)

Amortization of prior service cost included in net periodic pension cost	Direct cost	$	146		$	(27	)	$	119

Other income, net

Other income, net

Other comprehensive loss

Other comprehensive loss

Tax on other comprehensive loss

Tax on other comprehensive loss

Total tax (expense) benefit on other comprehensive income (loss) for the years ended December 31, 2015, 2014 and 2013 is as follows:


	2015			2014			2013
	(In thousands)
Tax expense on Foreign currency translation adjustments	$	(308	)	$	(337	)	$	—
Tax expense on unrealized gains on securities		2,196			(430	)		(1,556	)
Tax (expense) benefit on defined benefit pension plans		(312	)		379			(121	)

Total (taxes) benefit on other comprehensive income (loss)	$	1,576		$	(388	)	$	(1,677	)

Cash and cash equivalents

Cash and cash equivalents

For the purpose of reporting cash and cash equivalents, the Company considers all liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Fair value of financial instruments

Fair value of financial instruments

Concentration of credit risks

Concentration of credit risks

Investments

Investments

Short-term investments

Non-current term deposits with banks

Property and equipment

Property and equipment


		Years
Office building		30
Residential property		20
Computer equipment and software		3
Furniture, fixtures and other equipment		5-7
Vehicles		3-5
Leasehold improvements		Shorter of economic life or life of lease
Leasehold land		Shorter of economic life or life of lease

Depreciation and amortization expense for the years ended December 31, 2015, 2014 and 2013 was $15.6 million, $16.1 million and $14.5 million, respectively.

Long-lived assets (other than goodwill)

Long-lived assets (other than goodwill)

Goodwill

Goodwill

Use of estimates

Use of estimates

The tax rate for the year ended December 31, 2014 was impacted by a favorable adjustment of $1.20 million, which related to the true up of tax provisions, pursuant to finalization of the tax computation of Syntel India, which had arisen on account of setoff of inter units’ unabsorbed expenses. Further, a $0.86 million tax charge has arisen on account of a particular tax dispute raised during the year. The Company has provided tax charges of $1.63 million and $0.88 million on account of valuation allowances against deferred tax assets recognized on investments and the minimum alternative tax, respectively.

The tax rate for the year ended December 31, 2013 was impacted by a favorable adjustment of $1.09 million which related to the true up of tax provisions, pursuant to finalization of the tax computation for filing tax returns of Syntel India. The Government of India published notice of a Cost Inflation Index of 939 for the financial year 2013-14, to be used in the calculation of long term capital gains. In general, Cost Inflation Indexes (“CII”) are being published with an increase in the range of 4%-11%. Before the aforesaid notification, Syntel had factored the CII of 886 for financial year 2013-14, which was based on a 4% increase in inflation index from the published Index of 852 for the financial year 2012-13. Accordingly, the higher CII has resulted in recognition of additional deferred tax assets and credit to the tax expenses of $0.55 million as a discrete tax item for the quarter ended June 30, 2013. Further, a $0.43 million reversal of the tax reserve has arisen on account of the reversal of a valuation allowance, created in the past, and against deferred tax assets recognized on the allowance on the accumulated losses. During the year ended December 31, 2013, the Company reviewed the filing requirements for certain U.S. State and City income tax returns. The Company has updated the profit apportionment method in those certain states and cities. Accordingly, the Company had provided $1.59 million, out of which $0.6 million relates to the prior years.

These revisions in the above estimates during 2013 had an after-tax impact of decreasing both the basic and diluted earnings per share for the year ended December 31, 2013 by $0.04 per share.

Foreign currency translation

Foreign currency translation

Earnings per share

Earnings per share

During 2014, the Company’s Board of Directors authorized a two-for-one stock split of its outstanding common shares. On November 3, 2014, an additional common share was issued for each existing common share held by shareholders of record on October 20, 2014. Accordingly, all share and per share amounts for all periods presented in these consolidated financial statements and notes thereto, have been adjusted retroactively, where applicable, to reflect this stock split.

Vacation pay

Vacation pay

The gross charge for unutilized earned leave was $5.3 million, $5.4 million and $5.1 million for the years ended December 31, 2015, 2014 and 2013, respectively.

The amounts accrued for unutilized earned leave were $22.4 million and $21.5 million as of December 31, 2015 and 2014, respectively, and are included within accrued payroll and related costs.

Income taxes

Income taxes

Recently issued accounting standards

Recently issued accounting standards

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

Net Gain (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) Relating to Foreign Exchange Contracts Designated as Net Investment Hedges

Gains (Losses) on derivatives


	2015		2014			2013
	(In thousands)
Gains/ (losses) recognized in other comprehensive income (loss)	$	—	$	724	*	$	(6,796	)

*	for and up to three months ended March 31, 2014.

Net Gains (Losses) Recorded in Other Income and Consolidated Statements of Income (Expense), Net Relating to Foreign Exchange Contracts Not Designated as Hedges

Gains (Losses) recognized in other income, net:


	2015		2014		2013
	(In thousands)
Gains/ (Losses) recognized in other income, net	$	—	$	3,836	$	(11,258	)

Change in Balances of Accumulated Comprehensive Income (Loss)

The change in balances of accumulated comprehensive loss for the year ended December 31, 2015 is as follows:


										(In thousands)
	Foreign Currency Translation Adjustments			Unrealized Gains (Losses) on Securities			Defined Benefit Pension Plans			Accumulated Other Comprehensive Loss
Beginning balance	$	(189,410	)	$	4,600		$	(1,434	)	$	(186,244	)

Other comprehensive income (loss) before reclassifications		(45,736	)		50			524			(45,162	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			(4,318	)		115			(4,203	)

Net current-period other comprehensive income (loss)	$	(45,736	)	$	(4,268	)	$	639		$	(49,365	)

Ending balance	$	(235,146	)	$	332		$	(795	)	$	(235,609	)

The change in balances of accumulated comprehensive loss for the year ended December 31, 2014 is as follows:


(In thousands)
	Foreign Currency Translation Adjustments			Unrealized Gains (Losses) on Securities			Defined Benefit Pension Plans			Accumulated Other Comprehensive Loss
Beginning balance	$	(157,416	)	$	3,808		$	(695	)	$	(154,303	)

Other comprehensive income (loss) before reclassifications		(28,994	)		3,853			(758	)		(25,899	)
Amounts reclassified from accumulated other comprehensive income(loss)		—			(3,061	)		19			(3,042	)

Out-of-period adjustment		(3,000	)		—			—			(3,000	)

Net current-period other comprehensive income(loss)	$	(31,994	)	$	792		$	(739	)	$	(31,941	)

Ending balance	$	(189,410	)	$	4,600		$	(1,434	)	$	(186,244	)

The change in balances of accumulated comprehensive income (loss) for the year ended December 31, 2013 is as follows:


										(In thousands)
	Foreign Currency Translation Adjustments			Unrealized Gains (Losses) on Securities			Defined Benefit Pension Plans			Accumulated Other Comprehensive Income (Loss)
Beginning balance	$	(85,979	)	$	846		$	(1,000	)	$	(86,133	)

Other comprehensive income (loss) before reclassifications		(71,437	)		3,660			186			(67,591	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			(698	)		119			(579	)

Net current-period other comprehensive income (loss)	$	(71,437	)	$	2,962		$	305		$	(68,170	)

Ending balance	$	(157,416	)	$	3,808		$	(695	)	$	(154,303	)

Reclassifications out of Accumulated Other Comprehensive Income (Loss)

Reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2015 is as follows:


								(In thousands)
Details about Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Statement Where Net Income Is Presented	Before Tax Amount			Tax (Expense) Benefit			Net of Tax
Unrealized gains on available for sale securities realized in current year	Other income	$	(6,580	)	$	2,262		$	(4,318	)

Amortization of prior service cost included in net periodic pension cost	Direct cost	$	149		$	(34	)	$	115

Reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2014 is as follows:


(In thousands)
Details about Accumulated Other Comprehensive Income (Loss)Components	Affected Line Item in the Statement Where Net Income Is Presented	Before Tax Amount			Tax (Expense) Benefit			Net of Tax
Unrealized gains on available for sale securities realized in the current year	Other income	$	(4,555	)	$	1,494		$	(3,061	)
Amortization of prior service cost included in net periodic pension cost	Direct cost	$	29		$	(10	)	$	19

Reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2013 is as follows:


								(In thousands)
Details about Accumulated Other Comprehensive Income (Loss)Components	Affected Line Item in the Statement Where Net Income Is Presented	Before Tax Amount			Tax (Expense) Benefit			Net of Tax
Unrealized gains and losses on available for sale securities	Other income	$	(942	)	$	244		$	(698	)

Amortization of prior service cost included in net periodic pension cost	Direct cost	$	146		$	(27	)	$	119

Total (Tax) Benefit on Other Comprehensive Income (Loss)

Total tax (expense) benefit on other comprehensive income (loss) for the years ended December 31, 2015, 2014 and 2013 is as follows:


	2015			2014			2013
	(In thousands)
Tax expense on Foreign currency translation adjustments	$	(308	)	$	(337	)	$	—
Tax expense on unrealized gains on securities		2,196			(430	)		(1,556	)
Tax (expense) benefit on defined benefit pension plans		(312	)		379			(121	)

Total (taxes) benefit on other comprehensive income (loss)	$	1,576		$	(388	)	$	(1,677	)

Schedule of Estimated Useful Lives

Depreciation is computed primarily using the straight-line method over the estimated useful lives as follows:


		Years
Office building		30
Residential property		20
Computer equipment and software		3
Furniture, fixtures and other equipment		5-7
Vehicles		3-5
Leasehold improvements		Shorter of economic life or life of lease
Leasehold land		Shorter of economic life or life of lease

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SHORT-TERM INVESTMENTS (Tables)

Summary of Short-term Investments

Short-term investments included the following at December 31, 2015 and 2014:


	2015		2014
	(In thousands)
Investments in mutual funds at fair value	$	126,479	$	186,842
Term deposits with banks		413,566		466,625
Fixed Maturity Plans (FMPs) of mutual funds, at cost		—		15,886

Total	$	540,045	$	669,353

Investments in Held-to-Maturity Securities

Investments in held-to-maturity securities of the Company consist of investments in the units of FMPs of mutual funds in Indian subsidiaries.


	As of December 31, 2015		As of December 31, 2014		As of December 31, 2013
	(In thousands)
Description
Aggregate fair value of the investment	$	—		16,612	$	—
Less: Gross unrecognized holding gain		—		726		—
Net carrying amount	$	—		15,886	$	—

Schedule of Investments in Term Deposits

Information related to investments in term deposits with banks included the following for the years ended December 31, 2015, 2014 and 2013:


	2015		2014		2013
	(In thousands)
Cost	$	413,566	$	466,625	$	340,349

Maturities of term deposits	$	486,651	$	445,717	$	288,719
Purchases of term deposits		446,768		583,341		395,589

Mutual Funds

Schedule of Investments in Mutual Funds

Information related to investments in mutual funds (primarily Indian Mutual Funds) is as follows at and for the years ended December 31, 2015, 2014 and 2013:


	2015		2014		2013
	(In thousands)
Cost	$	126,243	$	180,143	$	144,353
Unrealized gain, net		236		6,699		5,475

Fair value	$	126,479	$	186,842	$	149,828

Gross realized gains	$	18,796	$	14,619	$	3,600
Proceeds on sales of mutual funds		304,083		305,298		200,836
Purchases of mutual funds		221,097		349,791		294,010

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

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REVENUE EARNED IN EXCESS OF BILLINGS AND DEFERRED REVENUE (Tables)

Revenue Earned In Excess Of Billings And Deferred Revenue

Revenue earned in excess of billings at December 31, 2015 and 2014 is summarized as follows:


	2015		2014
	(In thousands)
Unbilled revenue for time-and-materials projects	$	22,171	$	16,408
Unbilled revenue for fixed-price projects, net of discounts		8,277		11,085

	$	30,448	$	27,493

Summary of Deferred Revenue

Deferred revenue at December 31, 2015 and 2014 is summarized as follows:


	2015		2014
	(In thousands)
Deferred revenue on uncompleted fixed-price development contracts	$	6,859	$	1,501
Other deferred revenue		857		1,765

	$	7,716	$	3,266

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ALLOWANCES FOR DOUBTFUL ACCOUNTS (Tables)

Summary of Allowance for Doubtful Accounts

The movement in the allowance for doubtful accounts for the years ended December 31, 2015, 2014 and 2013 is summarized as follows:


	2015			2014			2013
	(In thousands)
Balance, beginning of year	$	703		$	2,022		$	2,168
Provision		—			—			53
Write-offs, net of recoveries		(81	)		(1,319	)		(199	)

Balance, end of year	$	622		$	703		$	2,022

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PROPERTY AND EQUIPMENT (Tables)

Schedule of Property and Equipment

Property and equipment at December 31,2015 and 2014 is summarized as follows:


	2015		2014
	(In thousands)
Office building	$	55,293	$	57,714
Computer equipment and software		54,951		54,018
Furniture, fixtures and other equipment		71,542		69,365
Vehicles		2,237		1,857
Leasehold improvements		8,058		7,579
Leasehold land		4,783		4,997
Residential property		1,637		1,709
Capital advances / work in progress		19,421		12,967

		217,922		210,206
Less accumulated depreciation and amortization		112,146		101,155

	$	105,776	$	109,051

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LINE OF CREDIT AND TERM LOAN (Tables)

Future Scheduled Payments on Line of Credit and Term Loan

Future scheduled payments on the three-year revolving credit facility and term loan, at December 31, 2015 are as follows:


	(In thousands)
2016	$	129,750

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LEASES (Tables)

Future Minimum Annual Lease Commitments Under Operating Leases

Future minimum lease payments under all non-cancelable leases expiring beyond one year as of December 31, 2015 are as follows:


	(In thousands)
2016		4,998
2017		3,513
2018		2,633
2019		1,599
2020		1,243
Thereafter		1,047

	$	15,033

Future Minimum Annual Lease Commitments Under Capital Leases

Future minimum annual lease commitments under capital leases as of December 31, 2015 are as follows:


	(In thousands)
2016	$	10
2017		—
2018		—
2019		—

	$	10
Less: Amount representing interest		—
Present value of minimum lease payments		10
Less: Current installments of obligations under capital leases		10

	$	—

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INCOME TAXES (Tables)

Schedule of Income Before Income Tax

Income before income taxes for the Company’s U.S. and foreign operations for the years ended December 31, 2015, 2014 and 2013 was as follows:


	2015		2014		2013
	(In thousands)
U.S.	$	42,342	$	23,966	$	26,815
Foreign		284,859		294,907		259,007

	$	327,201	$	318,873	$	285,822

Schedule of Components of Income Tax

Income taxes for the years ended December 31, 2015, 2014 and 2013 consisted of the following:


	2015			2014			2013
	(In thousands)
Current:
Federal	$	14,521		$	8,904		$	8,932
State		2,639			1,686			1,609
City		439			281			268
Foreign		61,393			65,187			61,182

Total current provision		78,992			76,058			71,991

Deferred:
Federal		(537	)		(1,328	)		(3	)
State		(99	)		(245	)		—
City		(16	)		(41	)		—
Foreign		(3,665	)		(5,311	)		(5,824	)

Total deferred (benefit)		(4,317	)		(6,925	)		(5,827	)

Total provision for income taxes	$	74,675		$	69,133		$	66,164

Schedule of Components of Net Deferred Tax Assets

The components of net deferred tax assets as of December 31, 2015 and 2014 are as follows:


	2015			2014
	(In thousands)
Deferred tax assets
Carry-forward losses of subsidiaries	$	53		$	364
Minimum alternate tax credit of subsidiaries		30,752			27,233
Property, plant and equipment		394			344
Accrued expenses and allowances		13,820			12,071
Valuation allowance		(5,454	)		(2,616	)

Total deferred tax assets		39,565			37,396

Deferred tax liabilities
Provision for branch tax on dividend equivalent in India		(1,726	)		(1,726	)
Provision for tax on unrealized gains in India		(53	)		(2,307	)

Total deferred tax liabilities		(1,779	)		(4,033	)

Net deferred tax assets	$	37,786		$	33,363

Schedule of Net Deferred Tax Asset Liability Balance Sheet Classification

The balance sheet classification of the net deferred tax asset is summarized as follows:


	2015		2014
	(In thousands)
Deferred tax asset, current	$	7,789	$	6,478
Deferred tax asset, non-current		29,997		26,885

	$	37,786	$	33,363

Differentiation between Federal Statutory Tax Rate and Effective Tax Rate

The following table accounts for the differences between the actual effective tax rate and the statutory U.S. Federal income tax rate of 35% for the years ended December 31, 2015, 2014 and 2013:


	2015			2014			2013
Statutory rate		35.0	%		35.0	%		35.0	%
State taxes, net of federal Benefit		0.6	%		0.2	%		0.3	%
City taxes		0.0	%		0.1	%		—
Foreign effective tax rates different from U.S. Statutory Rate¹		(12.6	%)		(14.2	%)		(11.7	%)
Tax reserves		(0.0	%)		(0.1	%)		(0.0	%)
Prior Year state tax payment		(0.4	%)		0.0	%		0.2	%
Valuation Allowance		0.2	%		0.7	%		(0.1	)%
Tax on India Entity related cost		0.0	%		0.0	%		(0.6	)%

Effective income tax rate		22.8	%		21.7	%		23.1	%

1.	The foreign jurisdiction that materially affects the effective income tax rate is India.

Schedule of Unrecognized Tax Benefit Reconciliation

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	(in millions)
	2015			2014
Balance as at January 1	$	40.47		$	30.22
Additions based on tax positions related to the current year		11.72			11.38

Additions based on tax positions for prior years		0.18			0.00
Reductions for tax positions of prior years		(0.14	)		(0.00	)
Foreign currency translation effect		(1.99	)		(1.13	)

Balance as at December 31	$	50.24		$	40.47
Income taxes paid, see below		(42.18	)		(35.86	)

Amounts, net of income taxes paid	$	8.06		$	4.61

Minimum Alternate Tax (MAT)

Expiration Years of Minimum Alternate Tax Credit

The MAT credit as of December 31, 2015 of $29.18 million (net of valuation allowance of $1.58) shall be utilized before March 31 of the following financial years and shall expire as follows:


Year of Expiry of MAT Credit	Amount in US$ (In millions)
2017-18	$	0.20
2018-19		0.27
2019-20		0.98
2020-21		1.63
2021-22		1.43
2022-23		5.99
2023-24		7.09
2024-25		7.78
2025-26		5.39

Total		30.76

Less: Valuation allowance		1.58

Total (net of valuation allowance)	$	29.18

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EARNINGS PER SHARE (Tables)

Computation of Earnings Per Share

The reconciliation of basic and diluted earnings per share for the years ended December 31, 2015, 2014 and 2013 is as follows:

The number of shares and per share amounts for the prior periods presented have been retroactively restated to reflect the 2014 stock split.


	2015					2014					2013
	Weighted -Average Shares Out- standing		Per Share			Weighted -Average Shares Out- standing		Per Share			Weighted -Average Shares Out- standing		Per Share
	(In thousands, except per share data)
Basic earnings per share		83,982	$	3.01			83,785	$	2.98			83,582	$	2.63
Potential dilutive effect of stock options		167		(0.01	)		186		(0.01	)		182		(0.01	)

Diluted earnings per share		84,149	$	3.00			83,971	$	2.97			83,764	$	2.62

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STOCK COMPENSATION PLANS (Tables)

Stock-Based Compensation Impact on Company's Operations


Year Ended December 31,	2015		2014		2013
Cost of revenues	$	2,478	$	2,139	$	1,443
Selling, general and administrative expenses		4,719		4,318		3,289

	$	7,197	$	6,457	$	4,732

Summary of Activity for Restricted Stock Awards Granted


	2015					2014					2013
	Number Of Awards			Weighted Average Grant Date Fair Value		Number Of Awards			Weighted Average Grant Date Fair Value		Number Of Awards			Weighted Average Grant Date Fair Value
Unvested at January 1		564,314		$	37.37		501,292		$	28.64		521,716		$	23.25
Granted		135,440		$	46.73		293,904		$	42.79		187,056		$	36.53
Vested		(205,233	)	$	34.40		(227,882	)	$	25.03		(194,480	)	$	22.07
Forfeited		(29,231	)	$	36.38		(3,000	)	$	44.90		(13,000	)	$	24.10

Unvested at December 31		465,290		$	41.47		564,314		$	37.37		501,292		$	28.64

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EMPLOYEE BENEFIT PLANS (Tables)

Schedule of Funded Status of Gratuity Plan

The following table sets forth the funded status of the Gratuity Plan of the Company and the amounts recognized in the Company’s consolidated balance sheets and statements of comprehensive income.


	(In thousands)
	2015			2014
Accumulated benefit obligation	$	6,194		$	6,026
Change in projected benefit obligation:
Projected benefit obligation at beginning of the year	$	12,057		$	8,919
Service cost		2,448			2,063
Interest cost		1,177			1,002
Actuarial loss/(gain)		(851	)		1,165
Adjustments due to transfer of employees within the group		—			(3	)
Benefits paid		(1,951	)		(814	)
Effect of exchange rate changes		(531	)		(275	)

Projected benefit obligation at end of the year	$	12,349		$	12,057

Amounts recognized in the balance sheet consists of:
Provision for gratuity (included in total current liabilities)	$	387		$	553
Provision for gratuity (included in non-current liabilities)		8,050			7,934

	$	8,437		$	8,487
As of December 31, 2015 and December 31, 2014 amounts in accumulated other comprehensive loss:
Net actuarial loss	$	489		$	1,461
Net prior service cost		134			168

Total accumulated other comprehensive loss	$	623		$	1,629

Expected amortization out of comprehensive income in 2016 is $0.03 million.


Reconciliation of net amount recognized
Net amount recognized as at beginning of the period	$	(12,057	)	$	(8,919	)
Company contributions		1,951			814
Net periodic benefit cost for the period		(3,734	)		(3,094	)
Amount recognized in accumulated other comprehensive loss		960			(1,165	)
Adjustments on account of employees transferred		—			32
Foreign currency translation adjustment		531			275

Net amount recognized as at end of the period		(12,349	)		(12,057	)
Funded status of the plans		—			—

Accrued benefit cost	$	(12,349	)	$	(12,057	)

The components of net gratuity costs are reflected below:
Service cost	$	2,448		$	2,063
Interest cost		1,177			1,002
Amortization of transition obligation		71			33
Amortization of net actuarial (gain)/loss		37			(3	)

	$	3,733		$	3,095

Weighted-Average Assumptions Used to Determine Benefit Obligation

Weighted-average assumptions used to determine benefit obligations:


	2015	2014
Discount rate	8.5% per annum.	8.65% per annum
Long-term rate of compensation increase	11% per annum for first year, 10% for next five years & 7% thereafter	11% per annum for first year, 10% for next five years &7% thereafter

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted-average assumptions used to determine net periodic benefit cost:


	2015	2014
Discount rate	8.5% per annum	8.65% per annum
Long-term rate of compensation increase	11% per annum for first year, 10% for next five years & 7% thereafter	11% per annum for first year, 10% for next five years &7% thereafter

Schedule of Expected Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:


For the year ended December 31,	Expected contribution
For the year ended December 31,	(In thousands)
2016	$	1,077
2017		913
2018		826
2019		756
2020		711
2021–2025		3371

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SEGMENT REPORTING (Tables)

Schedule of Revenues from External Customers and Segment Gross Profit

Revenues from external customers and gross profit for the Banking and Financial Services; Healthcare and Life Sciences; Insurance; Manufacturing; and Retail, Logistics and Telecom segments for three years ended December 31, 2015, 2014 and 2013 are as follows:


	2015			2014			2013
	(In thousands)
Net Revenues:
Banking and Financial Services	$	474,943		$	455,100		$	423,238
Healthcare and Life Sciences		157,970			147,424			138,578
Insurance		133,519			137,447			122,089
Manufacturing		41,154			27,622			30,322
Retail, Logistics & Telecom		161,026			143,836			110,538

Gross Profit:	$	968,612		$	911,429		$	824,765
Banking and Financial Services		188,152			193,916			192,902
Healthcare and Life Sciences		68,822			67,289			65,828
Insurance		49,497			50,050			49,609
Manufacturing		13,111			8,136			10,844
Retail, Logistics & Telecom		69,505			63,262			48,805

Total Segment Gross Profit		389,087			382,653			367,988
Corporate Direct Cost		(5,086	)		(5,086	)		(3,799	)
Gross Profit	$	384,001		$	377,567		$	364,189
Selling, general and administrative expenses		100,256			109,217			96,587

Income from operations	$	283,745		$	268,350		$	267,602

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GEOGRAPHIC INFORMATION (Tables)

Net Revenues and Long-Lived Assets by Geographic Area

The Company’s net revenues and long-lived assets, by geographic area, for the years ended December 31, 2015, 2014 and 2013 are as follows:


	(In thousands)
	2015		2014		2013
Net revenues (1):
North America (2)	$	872,788	$	827,425	$	757,374
India		3,740		2,167		1,334
Europe (3)		89,088		77,821		61,317
Rest of the World		2,996		4,016		4,740

Total	$	968,612	$	911,429	$	824,765

Long-lived assets (4):

North America (2)	$	3,517	$	2,645	$	2,713
India		101,686		105,949		106,133
Europe (3)		374		71		72

Rest of the World		1,105		1,292		1,593

Total	$	106,682	$	109,957	$	110,511

Notes for the Geographic Information Disclosure:

1.	Net revenues are attributed to regions based upon customer location.

2.	Primarily relates to operations in the United States.

3.	Primarily relates to operations in the United Kingdom.

4.	Long-lived assets include property and equipment, net of accumulated depreciation and amortization and goodwill.

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SELECTED QUARTERLY FINANCIAL DATA (Tables)

Selected Quarterly Financial Data

Selected financial data by calendar quarter were as follows:


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
	(In thousands, except per share data)
2015
Net revenues	$	220,599	$	239,797	$	253,636	$	254,580	$	968,612
Cost of revenues		141,785		148,704		146,061		148,061		584,611

Gross profit		78,814		91,093		107,575		106,519		384,001

Selling, general and administrative expenses		35,382		21,728		15,121		28,025		100,256

Income from operations		43,432		69,365		92,454		78,494		283,745

Other income, net		9,338		9,887		10,227		14,004		43,456

Income before income taxes		52,770		79,252		102,681		92,498		327,201
Income tax expense (1)		12,749		18,673		24,990		18,263		74,675

Net income	$	40,021	$	60,579	$	77,691	$	74,235	$	252,526

Earnings per share, diluted (a)	$	0.48	$	0.72	$	0.92	$	0.88	$	3.00

Weighted average shares outstanding, diluted		84,127		84,135		84,131		84,204		84,149

2014
Net revenues	$	219,523	$	228,250	$	228,332	$	235,324	$	911,429
Cost of revenues		123,500		138,702		133,804		137,856		533,862

Gross profit		96,023		89,548		94,528		97,468		377,567

Selling, general and administrative expenses		32,221		26,321		26,566		24,109		109,217

Income from operations		63,802		63,227		67,962		73,359		268,350

Other income (expense), net		11,785		12,175		10,657		15,906		50,523

Income before income taxes		75,587		75,402		78,619		89,265		318,873
Income tax expense (2)		17,439		16,118		17,013		18,563		69,133

Net income	$	58,148	$	59,284	$	61,606	$	70,702	$	249,740

Earnings per share, diluted (a)	$	0.69	$	0.71	$	0.73	$	0.84	$	2.97

Weighted average shares outstanding, diluted		83,944		83,916		83,968		84,055		83,971

(1)

(2)

The tax rate for the year ended December 31, 2014 was impacted by a favorable adjustment of $1.20 million, which related to the true up of tax provisions, pursuant to finalization of the tax computation of Syntel India, which had arisen on account of setoff of inter units unabsorbed expenses in the fourth quarter. Further, a $0.86 million tax charge has arisen on account of the particular tax dispute raised during the year. The Company has provided tax charges of $1.63 million and $0.88 million on account of valuation allowances against deferred tax assets recognized on investments and the minimum alternative tax, respectively.

(a)	Earnings per share for the quarter are computed independently and may not equal the earnings per share computed for the total year.

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FAIR VALUE MEASUREMENTS (Tables)

Financial Assets Measured at Fair Value on Recurring Basis

The following table summarizes our financial assets measured at fair value on a recurring basis as of December 31, 2015:


	(In millions)
	Level 1		Level 2		Level 3		Total
Short term investments
Available for sale securities	$	126.5	$	—	$	—	$	126.5
Term deposits	$	—		413.7	$	—		413.7

Total assets measured at fair value	$	126.5	$	413.7	$	—	$	540.2

The following table summarizes our financial assets measured at fair value on a recurring basis as of December 31, 2014:


	Level 1		Level 2		Level 3		Total
Short term investments
Available for sale securities	$	186.8	$	—	$	—	$	186.8
Term deposits	$	—		466.7	$	—		466.7

Total assets measured at fair value	$	186.8	$	466.7	$	—	$	653.5

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TERM DEPOSITS (Tables)

Term Deposits with Various Banks Outstanding

The following table summarizes the term deposits with various banks outstanding as at December 31, 2015 and December 31, 2014.


	(In millions)
Balance Sheet Item	As at December 31, 2015		As at December 31, 2014
Cash & cash equivalents	$	—	$	13.0
Short term investments		413.6		466.6
Non-current assets		0.1		0.1

Total	$	413.7	$	479.7

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Summary of Significant Accounting Policies- Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2012 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) Derivative	Dec. 31, 2013 USD ($) Derivative $ / shares	Jun. 30, 2013 USD ($)
Significant Accounting Policies [Line Items]
Other comprehensive income			$ (49,365)	$ (31,941)	$ (68,170)
Other comprehensive income, foreign currency translation adjustments			45,400	32,400	64,700
Out-of-period adjustment relating to the past period adjustments			3,000
Money market fund		$ 500,500	500,500	197,700
Fixed Maturity Plans (FMPs) of mutual funds, at cost		0	0	15,886
Term deposits		413,600	413,600	466,600
Non current term deposits with banks		77	77	105
Depreciation and amortization expense			15,600	16,100	14,500
Favorable adjustment upon review of uncertain tax liabilities	$ 240			1,200	$ 1,090
Additional tax charge on account of tax dispute				860
Tax charges related to deferred tax assets on long-term gain on investment				1,630
Valuation allowances		5,454	5,454	2,616
Inflation growth rate					4.00%
Additional deferred tax assets and credit to tax expense						$ 550
Reversal based on valuation allowance					$ 430
Increase from update to apportionment methodology					$ 1,590
Decrease in basic and diluted due to revisions in payment of tax \| $ / shares					$ 0.04
Foreign exchange gain (loss)			18,100	10,700	$ 9,000
Out-of-period adjustment				3,000
Unutilized earned leave expense			5,300	5,400	5,100
Accrual for unutilized earned leave		22,400	22,400	21,500
Foreign Currency Translation Adjustments
Significant Accounting Policies [Line Items]
Other comprehensive income			(45,736)	(31,994)	(71,437)
Out-of-period adjustment				3,000
Prior Years
Significant Accounting Policies [Line Items]
Increase from update to apportionment methodology					$ 600
Minimum Alternate Tax (MAT)
Significant Accounting Policies [Line Items]
Valuation allowances			840
Valuation allowances		840	840	880
India Tax Authority
Significant Accounting Policies [Line Items]
Favorable adjustment upon review of uncertain tax liabilities			1,100
Local Jurisdiction
Significant Accounting Policies [Line Items]
Favorable adjustment upon review of uncertain tax liabilities		1,200	1,200
Minimum
Significant Accounting Policies [Line Items]
Rate of Inflation					4.00%
Maximum
Significant Accounting Policies [Line Items]
Rate of Inflation					11.00%
Foreign Exchange Forward
Significant Accounting Policies [Line Items]
Foreign exchange forward contracts, notional amount				160,000	$ 341,000
Derivative contracts expired				160,000	$ 341,000
Gain on expiration of contracts				$ 4,560
Foreign exchange forward contracts outstanding \| Derivative				0	0
Loss on expiration of contracts					$ 18,050
Foreign Exchange Forward \| Client Contracts
Significant Accounting Policies [Line Items]
Loss on expiration of contracts					11,260
Foreign Exchange Forward \| Intercompany Contracts
Significant Accounting Policies [Line Items]
Loss on expiration of contracts					$ 6,790
Foreign Exchange Forward \| Minimum
Significant Accounting Policies [Line Items]
Foreign exchange forward contracts, minimum maturity date, months				1 month	1 month
Foreign Exchange Forward \| Maximum
Significant Accounting Policies [Line Items]
Foreign exchange forward contracts, maximum maturity date				6 months	7 months
Restricted Deposits
Significant Accounting Policies [Line Items]
Term deposits		$ 600	$ 600	$ 530

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Net Losses Recorded in Accumulated Other Comprehensive Income Gain (Loss) Relating to Foreign Exchange Contracts Designated as Net Investment Hedges (Detail) - USD ($)
$ in Thousands

Designated as Hedging Instrument

Dec. 31, 2014

Dec. 31, 2013

Derivative [Line Items]

Gains/ (losses) recognized in other comprehensive income (loss)

$ 724

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$ (6,796)

[1]	for and up to three months ended March 31, 2014.

Net Gains (Losses) Recorded in Other Income and Consolidated Statements of Income (Expense), Net Relating to Foreign Exchange Contracts Not Designated as Hedges (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Gains/ (Losses) recognized in other income, net	$ 3,836	$ (11,258)

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Change in Balances of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (186,244)	$ (154,303)	$ (86,133)
Other comprehensive income (loss) before reclassifications	(45,162)	(25,899)	(67,591)
Amounts reclassified from accumulated other comprehensive income (loss)	(4,203)	(3,042)	(579)
Out-of-period adjustment		(3,000)
Net current-period other comprehensive income (loss)	(49,365)	(31,941)	(68,170)
Ending balance	(235,609)	(186,244)	(154,303)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(189,410)	(157,416)	(85,979)
Other comprehensive income (loss) before reclassifications	(45,736)	(28,994)	(71,437)
Out-of-period adjustment		(3,000)
Net current-period other comprehensive income (loss)	(45,736)	(31,994)	(71,437)
Ending balance	(235,146)	(189,410)	(157,416)
Unrealized Gains (Losses) on Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	4,600	3,808	846
Other comprehensive income (loss) before reclassifications	50	3,853	3,660
Amounts reclassified from accumulated other comprehensive income (loss)	(4,318)	(3,061)	(698)
Net current-period other comprehensive income (loss)	(4,268)	792	2,962
Ending balance	332	4,600	3,808
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,434)	(695)	(1,000)
Other comprehensive income (loss) before reclassifications	524	(758)	186
Amounts reclassified from accumulated other comprehensive income (loss)	115	19	119
Net current-period other comprehensive income (loss)	639	(739)	305
Ending balance	$ (795)	$ (1,434)	$ (695)

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

XML 67 R51.htm IDEA: XBRL DOCUMENT

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains (losses) on available for sale securities, Before tax amount	$ 116	$ 5,777	$ 5,460
Unrealized gains (losses) on available for sale securities, Tax (expense) benefit	2,196	(430)	(1,556)
Amortization of prior service cost included in net periodic pension cost, Before tax amount	951	(1,118)	426
Direct Cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of prior service cost included in net periodic pension cost, Before tax amount	149	29	146
Amortization of prior service cost included in net periodic pension cost, Tax (expense) benefit	(34)	(10)	(27)
Amortization of prior service cost included in net periodic pension cost, Net of tax	115	19	119
Other Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains (losses) on available for sale securities, Before tax amount	(6,580)	(4,555)	(942)
Unrealized gains (losses) on available for sale securities, Tax (expense) benefit	2,262	1,494	244
Unrealized gains (losses) on available for sale securities, Net of tax	$ (4,318)	$ (3,061)	$ (698)

XML 68 R52.htm IDEA: XBRL DOCUMENT

Total Tax (Expense) Benefit on Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components of Taxes Other Than Income [Line Items]
Tax expense on Foreign currency translation adjustments	$ (308)	$ (337)
Tax expense on unrealized gains on securities	2,196	(430)	$ (1,556)
Tax (expense) benefit on defined benefit pension plans	(312)	379	(121)
Total (taxes) benefit on other comprehensive income (loss)	$ 1,576	$ (388)	$ (1,677)

XML 69 R53.htm IDEA: XBRL DOCUMENT

Schedule of Estimated Useful Lives (Detail)	12 Months Ended
Schedule of Estimated Useful Lives (Detail)	Dec. 31, 2015
Office Building
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Residential Property
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Computer Equipment and Software
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Furniture, Fixtures And Other Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Furniture, Fixtures And Other Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	Shorter of economic life or life of lease
Leasehold Land
Property, Plant and Equipment [Line Items]
Estimated useful life	Shorter of economic life or life of lease

XML 70 R54.htm IDEA: XBRL DOCUMENT

Summary of Short-term Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Investments in mutual funds at fair value	$ 126,479	$ 186,842	$ 149,828
Term deposits with banks	413,566	466,625	$ 340,349
Fixed Maturity Plans (FMPs) of mutual funds, at cost		15,886
Total	$ 540,045	$ 669,353

XML 71 R55.htm IDEA: XBRL DOCUMENT

Schedule of Investments in Mutual Funds (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Cost	$ 126,243	$ 180,143	$ 144,353
Unrealized gain, net	236	6,699	5,475
Fair value	126,479	186,842	149,828
Gross realized gains	18,796	14,619	3,600
Proceeds on sales of mutual funds	304,083	305,298	200,836
Purchases of mutual funds	$ 221,097	$ 349,791	$ 294,010

XML 72 R56.htm IDEA: XBRL DOCUMENT

Investments in Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015
Schedule of Held-to-maturity Securities [Line Items]
Aggregate fair value of the investment	$ 16,612
Less: Gross unrecognized holding gain	726
Net carrying amount	$ 15,886	$ 0

XML 73 R57.htm IDEA: XBRL DOCUMENT

Schedule of Investments in Term Deposits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Cost	$ 413,566	$ 466,625	$ 340,349
Maturities of term deposits	486,651	445,717	288,719
Purchases of term deposits	$ 446,768	$ 583,341	$ 395,589

XML 74 R58.htm IDEA: XBRL DOCUMENT

Revenue Earned in Excess of Billings and Deferred Revenue (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Revenue Earned in Excess of Billings [Line Items]
Revenue earned in excess of billings	$ 30,448	$ 27,493
Time-And-Materials Projects
Revenue Earned in Excess of Billings [Line Items]
Revenue earned in excess of billings	22,171	16,408
Fixed-Price Projects
Revenue Earned in Excess of Billings [Line Items]
Revenue earned in excess of billings	$ 8,277	$ 11,085

XML 75 R59.htm IDEA: XBRL DOCUMENT

Summary of Deferred Revenue (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 7,716	$ 3,266
Fixed-Price Projects
Deferred Revenue Arrangement [Line Items]
Deferred revenue	6,859	1,501
Other Deferred Revenue
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 857	$ 1,765

XML 76 R60.htm IDEA: XBRL DOCUMENT

Summary of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance, beginning of year	$ 703	$ 2,022	$ 2,168
Provision			53
Write-offs, net of recoveries	(81)	(1,319)	(199)
Balance, end of year	$ 622	$ 703	$ 2,022

XML 77 R61.htm IDEA: XBRL DOCUMENT

Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property and equipment	$ 217,922	$ 210,206
Less accumulated depreciation and amortization	112,146	101,155
Property and equipment, net	105,776	109,051
Office Building
Property, Plant and Equipment [Line Items]
Property and equipment	55,293	57,714
Computer Equipment and Software
Property, Plant and Equipment [Line Items]
Property and equipment	54,951	54,018
Furniture, Fixtures And Other Equipment
Property, Plant and Equipment [Line Items]
Property and equipment	71,542	69,365
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment	2,237	1,857
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment	8,058	7,579
Leasehold Land
Property, Plant and Equipment [Line Items]
Property and equipment	4,783	4,997
Residential Property
Property, Plant and Equipment [Line Items]
Property and equipment	1,637	1,709
Capital Advances / Work In Progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 19,421	$ 12,967

XML 78 R62.htm IDEA: XBRL DOCUMENT

Line of Credit and Term Loan - Additional Information (Detail) - USD ($)		3 Months Ended
	May. 23, 2013	Dec. 31, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Line of credits, outstanding balance			$ 129,750,000
Term Loan Facility
Line of Credit Facility [Line Items]
Line of credit, principal payment		$ 2,250,000
Credit Agreement
Line of Credit Facility [Line Items]
Line of credit, interest rate description	The interest rates applicable to loans incurred under the Credit Agreement are (a) with respect to Revolving Loans, (i) the Eurodollar Rate plus 1.25% with respect to Eurodollar Loans and (ii) the Base Rate plus 0.25% with respect to Base Rate Loans, and (b) with respect to the Term Loan, (i) the Eurodollar Rate plus 1.50% with respect to Eurodollar Loans and (ii) the Base Rate plus 0.50% with respect to Base Rate Loans (each as defined in the Credit Agreement).
Credit Agreement \| Term Loan Facility
Line of Credit Facility [Line Items]
Line of credit, effective interest rate		1.87%
Line of credits, outstanding balance		$ 39,830,000
Credit Agreement \| Term Loan Facility \| Eurodollar
Line of Credit Facility [Line Items]
Line of credit, interest rate	1.50%
Credit Agreement \| Term Loan Facility \| Base Rate
Line of Credit Facility [Line Items]
Line of credit, interest rate	0.50%
Credit Agreement \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit, effective interest rate		1.62%
Line of credits, outstanding balance		$ 90,150,000
Credit Agreement \| Revolving Credit Facility \| Eurodollar
Line of Credit Facility [Line Items]
Line of credit, interest rate	1.25%
Credit Agreement \| Revolving Credit Facility \| Base Rate
Line of Credit Facility [Line Items]
Line of credit, interest rate	0.25%
Bank of America \| Credit Agreement
Line of Credit Facility [Line Items]
Line of credit, total borrowings	$ 150,000,000
Line of credit, pledge equity interest	65.00%
Bank of America \| Credit Agreement \| Term Loan Facility
Line of Credit Facility [Line Items]
Line of credit, maturity period	3 years
Line of credit, value	$ 60,000,000
Maturity date of debt instrument	May 23, 2016
Bank of America \| Credit Agreement \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit, maturity period	3 years
Line of credit, value	$ 90,000,000
Maturity date of debt instrument	May 23, 2016

XML 79 R63.htm IDEA: XBRL DOCUMENT

Future Scheduled Payments on Line of Credit and Term Loan (Detail) $ in Thousands	Dec. 31, 2015 USD ($)
Term Loan
Schedule Of Debt Instruments [Line Items]
Line of credit and term loan, future schedule payment 2016	$ 129,750

XML 80 R64.htm IDEA: XBRL DOCUMENT

Future Minimum Annual Lease Commitments Under Operating Leases (Detail) $ in Thousands	Dec. 31, 2015 USD ($)
Operating Leased Assets [Line Items]
2016	$ 4,998
2017	3,513
2018	2,633
2019	1,599
2020	1,243
Thereafter	1,047
Total	$ 15,033

XML 81 R65.htm IDEA: XBRL DOCUMENT

Leases - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Leases Disclosure [Line Items]
Total rent expenses	$ 11,300	$ 10,500	$ 9,400
Accumulated depreciation on capital leases	640	530
Depreciation expense	130	140
Capital lease obligation, current	10
Property, Plant and Equipment, Other Types
Leases Disclosure [Line Items]
Leasehold Improvements on capital leases	$ 900	$ 940

XML 82 R66.htm IDEA: XBRL DOCUMENT

Future Minimum Annual Leases Commitments Under Capital Leases (Detail) $ in Thousands	Dec. 31, 2015 USD ($)
Capital Leased Assets [Line Items]
2016	$ 10
2017	0
2018	0
2019	0
Capital Lease Obligations, Total	10
Less: Amount representing interest	0
Present value of minimum lease payments	10
Less: Current installments of obligations under capital leases	10
Capital lease, non current liability	$ 0

XML 83 R67.htm IDEA: XBRL DOCUMENT

Schedule of Income Before Income Tax (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Income Before Income Tax [Line Items]
U.S.									$ 42,342	$ 23,966	$ 26,815
Foreign									284,859	294,907	259,007
Income before income taxes	$ 92,498	$ 102,681	$ 79,252	$ 52,770	$ 89,265	$ 78,619	$ 75,402	$ 75,587	$ 327,201	$ 318,873	$ 285,822

XML 84 R68.htm IDEA: XBRL DOCUMENT

Schedule of Components of Income Tax (Detail) - USD ($)
$ in Thousands

Schedule Of Income Taxes [Line Items]

Total current provision

Total deferred (benefit)

(4,317)

(6,925)

(5,827)

Total provision for income taxes

The tax rate for the year ended December 31, 2014 was impacted by a favorable adjustment of $1.20 million, which related to the true up of tax provisions, pursuant to finalization of the tax computation of Syntel India, which had arisen on account of setoff of inter units unabsorbed expenses in the fourth quarter. Further, a $0.86 million tax charge has arisen on account of the particular tax dispute raised during the year. The Company has provided tax charges of $1.63 million and $0.88 million on account of valuation allowances against deferred tax assets recognized on investments and the minimum alternative tax, respectively.

XML 85 R69.htm IDEA: XBRL DOCUMENT

Schedule of Components of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Deferred Tax Assets and Liabilities [Line Items]
Carry-forward losses of subsidiaries	$ 53	$ 364
Minimum alternate tax credit of subsidiaries	30,752	27,233
Property, plant and equipment	394	344
Accrued expenses and allowances	13,820	12,071
Valuation allowance	(5,454)	(2,616)
Total deferred tax assets	39,565	37,396
Provision for branch tax on dividend equivalent in India	(1,726)	(1,726)
Provision for tax on unrealized gains in India	(53)	(2,307)
Total deferred tax liabilities	(1,779)	(4,033)
Net deferred tax assets	$ 37,786	$ 33,363

XML 86 R70.htm IDEA: XBRL DOCUMENT

Schedule of Net Deferred Tax Asset Balance Sheet Classification (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Balance Sheet Classification of Deferred Income Tax Assets and Liabilities [Line Items]
Deferred tax asset, current	$ 7,789	$ 6,478
Deferred tax asset, non-current	29,997	26,885
Net deferred tax assets	$ 37,786	$ 33,363

XML 87 R71.htm IDEA: XBRL DOCUMENT

Income Taxes - Additional Information (Detail) $ in Thousands		1 Months Ended	3 Months Ended								12 Months Ended
	Jul. 13, 2011 USD ($)	Sep. 30, 2012 USD ($)	Dec. 31, 2015 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2013 USD ($)	Sep. 30, 2012 USD ($)	Mar. 31, 2012 USD ($) Entity	Dec. 31, 2011 USD ($)	Sep. 30, 2010 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2010 USD ($)	Mar. 31, 2013 Entity	Dec. 31, 2005 USD ($)
Income Taxes [Line Items]
Exemption from corporate income taxes											10 years
Corporate income taxes, years											15 years
Benefit of tax holiday under Indian Income Tax											$ 45,600	$ 43,100	$ 32,200
Accrued taxes, likely amount			$ 306,000								$ 306,000
Statutory provision											35.00%	35.00%	35.00%
Effective income tax rate											22.80%	21.70%	23.10%
Income taxes paid against liabilities for unrecognized tax benefits			42,180								$ 42,180	$ 35,860
Unrecognized tax liability			50,240			$ 30,220					50,240	40,470	$ 30,220
Expense recognized for accrued interest and penalties											70	440
Accrued interest and penalties related to unrecognized tax benefits			1,330								1,330	1,320
Unrecognized tax benefits, tax disputes											1,540
Unrecognized tax benefits, potential tax disputes											3,160
Favorable adjustment upon review of tax liabilities		$ 240										1,200	$ 1,090
Valuation allowance			5,454								$ 5,454	$ 2,616
Effective tax rate reconciliation resulting from certain adjustments											23.30%	21.10%	23.50%
Tax charge related to deferred tax assets on long-term gain on investment												$ 860
Tax charges related to deferred tax assets on long-term gain on investment												1,630
Reversal based on valuation allowance													$ 430
Increase from update to apportionment methodology													1,590
Income tax adjustments provision reversal														$ 330
Provision for unrecognized tax benefit against tax dispute			130								$ 130	860
Income tax audit, service tax objection amount						$ 670	$ 430			$ 3,850
Service tax audit objection received	$ 3,000
Closure of service tax audit objection amount			850								850
Service tax return with show cause notice											2,040
Service tax including penalty and interest demanded by tax department			3,950								$ 3,950
Interest percentage on service tax penalty											18.00%
Local tax liability gross			1,100								$ 1,100	5,900
Local tax liability net			700								700	3,800
Valuation allowance, net tax charge			37,786								37,786	33,363
Prior Years
Income Taxes [Line Items]
Increase from update to apportionment methodology													$ 600
Minimum Alternate Tax (MAT)
Income Taxes [Line Items]
Valuation allowance			840								840	880
Two Thousand Two To Two Thousand Five Financial Years
Income Taxes [Line Items]
Unrecognized Indian income tax liabilities																$ 4,820
Income tax liability recognized																$ 720
Fourth Quarter Twenty Eleven
Income Taxes [Line Items]
Income tax audit, service tax objection amount					$ 560
Received service tax refund					320				$ 150
First Quarter Twenty Twelve
Income Taxes [Line Items]
Received service tax refund								$ 130
Fourth Quarter Twenty Thirteen
Income Taxes [Line Items]
Income tax audit, service tax objection amount					50
Received service tax refund					200
July 2013 - March 2014
Income Taxes [Line Items]
Income tax audit, service tax objection amount				$ 290
Received service tax refund				$ 510
Second Quarter Two Thousand Fourteen
Income Taxes [Line Items]
Income tax audit, service tax objection amount					120
Received service tax refund					$ 120
Mumbai
Income Taxes [Line Items]
Number of units \| Entity															3
India Tax Authority
Income Taxes [Line Items]
Favorable adjustment upon review of tax liabilities											1,100
Local Jurisdiction
Income Taxes [Line Items]
Favorable adjustment upon review of tax liabilities			1,200								1,200
Unit in Chennai
Income Taxes [Line Items]
Number of units \| Entity								1
Other Disputes
Income Taxes [Line Items]
Unrecognized Indian income tax liabilities			1,590								1,590
Income tax liability recognized			820								$ 820
Certain Units In SEZ \| First Five Years
Income Taxes [Line Items]
Corporate income taxes, exemption percentage											100.00%
Certain Units In SEZ \| Additional Two Years
Income Taxes [Line Items]
Corporate income taxes, exemption percentage											50.00%
Certain Units In SEZ \| Additional Three Years
Income Taxes [Line Items]
Corporate income taxes, exemption percentage											50.00%
New Units In SEZ \| First Five Years
Income Taxes [Line Items]
Corporate income taxes, exemption percentage											100.00%
New Units In SEZ \| Next Five Years
Income Taxes [Line Items]
Corporate income taxes, exemption percentage											50.00%
New Units In SEZ \| Another Five Years
Income Taxes [Line Items]
Corporate income taxes, exemption percentage											50.00%
Minimum Alternate Tax (MAT)
Income Taxes [Line Items]
Valuation allowance			1,580								$ 1,580
Valuation allowances												$ 880
Minimum alternate tax credit expiration period											10 years
Valuation allowance, net tax charge			$ 29,180								$ 29,180

XML 88 R72.htm IDEA: XBRL DOCUMENT

Differentiation between Federal Statutory Tax Rate and Effective Tax Rate (Detail)

Income Tax Rate Reconciliation [Line Items]

Statutory rate

35.00%

State taxes, net of federal Benefit

Foreign effective tax rates different from U.S. Statutory Rate

Prior Year state tax payment

Tax on India Entity related cost

0.00%

(0.60%)

Effective income tax rate

22.80%

21.70%

23.10%

[1]	The foreign jurisdiction that materially affects the effective income tax rate is India.

XML 89 R73.htm IDEA: XBRL DOCUMENT

Schedule of Unrecognized Tax Benefit Reconciliation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Unrecognized Tax Benefits [Line Items]
Beginning balance	$ 40,470	$ 30,220
Additions based on tax positions related to the current year	11,720	11,380
Additions based on tax positions for prior years	180	0
Reductions for tax positions of prior years	(140)	0
Foreign currency translation effect	(1,990)	(1,130)
Ending balance	50,240	40,470
Income taxes paid, see below	(42,180)	(35,860)
Amounts, net of income taxes paid	$ 8,060	$ 4,610

XML 90 R74.htm IDEA: XBRL DOCUMENT

Expiration Years of Minimum Alternate Tax Credit (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Tax Credit Carryforward [Line Items]
Less: valuation allowance	$ 5,454	$ 2,616
Net deferred tax assets	37,786	$ 33,363
Minimum Alternate Tax (MAT)
Tax Credit Carryforward [Line Items]
Minimum Alternate Tax Credit	30,760
Less: valuation allowance	1,580
Net deferred tax assets	29,180
Minimum Alternate Tax (MAT) \| 2017-18
Tax Credit Carryforward [Line Items]
Minimum Alternate Tax Credit	200
Minimum Alternate Tax (MAT) \| 2018-19
Tax Credit Carryforward [Line Items]
Minimum Alternate Tax Credit	270
Minimum Alternate Tax (MAT) \| 2019-20
Tax Credit Carryforward [Line Items]
Minimum Alternate Tax Credit	980
Minimum Alternate Tax (MAT) \| 2020-21
Tax Credit Carryforward [Line Items]
Minimum Alternate Tax Credit	1,630
Minimum Alternate Tax (MAT) \| 2021-22
Tax Credit Carryforward [Line Items]
Minimum Alternate Tax Credit	1,430
Minimum Alternate Tax (MAT) \| 2022-23
Tax Credit Carryforward [Line Items]
Minimum Alternate Tax Credit	5,990
Minimum Alternate Tax (MAT) \| 2023-24
Tax Credit Carryforward [Line Items]
Minimum Alternate Tax Credit	7,090
Minimum Alternate Tax (MAT) \| 2024-25
Tax Credit Carryforward [Line Items]
Minimum Alternate Tax Credit	7,780
Minimum Alternate Tax (MAT) \| 2025-26 [Member]
Tax Credit Carryforward [Line Items]
Minimum Alternate Tax Credit	$ 5,390

XML 91 R75.htm IDEA: XBRL DOCUMENT

Computation of Earnings Per Share (Detail) - $ / shares
shares in Thousands

Earnings Per Share Basic And Diluted [Line Items]

Basic earnings per share, Weighted Average Shares

83,982

83,785

83,582

Potential dilutive effect of stock options

167

186

182

Diluted earnings per share, Weighted Average Shares

Basic earnings per share, Earnings per Share

$ 3.01

$ 2.98

$ 2.63

Potential dilutive effect of stock options

(0.01)

Diluted earnings per share, Earnings per Share

[1]	Earnings per share for the quarter are computed independently and may not equal the earnings per share computed for the total year.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

XML 92 R76.htm IDEA: XBRL DOCUMENT

Dividends - Additional Information (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividends Payable [Line Items]
Dividend declared	$ 0.00	$ 0.00	$ 0.00

XML 93 R77.htm IDEA: XBRL DOCUMENT

Stock Compensation Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2011	Dec. 31, 2010	Jun. 01, 2006
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Restricted stock-based compensation expense	$ 7,197,000	$ 6,457,000	$ 4,732,000
Cash received from options exercised	0	$ 0	$ 0
Restricted stock, unrecognized stock-based compensation cost	$ 15,900,000
Restricted stock, weighted-average remaining requisite service period	2 years 6 months
25% of the shares issued
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Incentive restricted stock issued	135,440	293,904	187,056	182,728	418,716
Shares granted exercise price	$ 0	$ 0	$ 0	$ 0	$ 0
Percentage of shares vested	25.00%	25.00%	25.00%	25.00%	25.00%
Employee Stock Option
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Common stock reserved for issuance						16,000,000
Options granted vesting period	4 years
Employee Stock Option \| Maximum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Options granted vesting period	10 years

XML 94 R78.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Impact on Company Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted stock-based compensation expense	$ 7,197	$ 6,457	$ 4,732
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted stock-based compensation expense	2,478	2,139	1,443
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted stock-based compensation expense	$ 4,719	$ 4,318	$ 3,289

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Summary of Activity for Restricted Stock Awards Granted (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Number Of Awards
Unvested at beginning of period	564,314	501,292	521,716
Granted	135,440	293,904	187,056
Vested	(205,233)	(227,882)	(194,480)
Forfeited	(29,231)	(3,000)	(13,000)
Unvested at end of period	465,290	564,314	501,292
Weighted Average Grant Date Fair Value
Unvested at beginning of period	$ 37.37	$ 28.64	$ 23.25
Granted	46.73	42.79	36.53
Vested	34.40	25.03	22.07
Forfeited	36.38	44.90	24.10
Unvested at end of period	$ 41.47	$ 37.37	$ 28.64

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Commitments and Contingencies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Loss Contingencies [Line Items]
Commitments for capital expenditure	$ 29,000,000	$ 31,800,000
Accrual related to litigation	$ 0	$ 350,000

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Employee Benefit Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Employee contribution percentage	60.00%
Employee contribution amount	$ 18,000
Defined Benefit Plan, contributions by employer	0
Contribution expense recognized by Indian entities	1,951,000	$ 814,000
Expected amortization out of comprehensive income	30,000
Provident Fund
Defined Benefit Plan Disclosure [Line Items]
Contribution expense recognized by Indian entities	6,500,000	4,700,000	$ 3,300,000
Gratuity Plan
Defined Benefit Plan Disclosure [Line Items]
Contribution expense recognized by Indian entities	3,700,000	3,100,000	$ 2,900,000
Accrued liability for retirement plan	$ 12,300,000	$ 12,100,000

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Schedule of Funded Status of Gratuity Plan (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 6,194	$ 6,026
Projected benefit obligation at beginning of the year	12,057	8,919
Service cost	2,448	2,063
Interest cost	1,177	1,002
Actuarial loss/(gain)	(851)	1,165
Adjustments due to transfer of employees within the group.		(3)
Benefits paid	(1,951)	(814)
Effect of exchange rate changes	(531)	(275)
Projected benefit obligation at end of the year	12,349	12,057
Provision for gratuity (included in total current liabilities)	387	553
Provision for gratuity (included in non-current liabilities)	8,050	7,934
Defined Benefit Pension Plan, Liabilities	8,437	8,487
Net actuarial loss	489	1,461
Net prior service cost	134	168
Total accumulated other comprehensive loss	$ 623	$ 1,629

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Reconciliation of Net Amount Recognized (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Net amount recognized as at beginning of the period	$ (12,057)	$ (8,919)
Company contributions	1,951	814
Net periodic benefit cost for the period	(3,734)	(3,094)
Amount recognized in accumulated other comprehensive loss	960	(1,165)
Adjustments on account of employees transferred		32
Foreign currency translation adjustment	531	275
Net amount recognized as at end of the period	(12,349)	(12,057)
Funded status of the plans	0	0
Accrued benefit cost	(12,349)	(12,057)
Service cost	2,448	2,063
Interest cost	1,177	1,002
Amortization of transition obligation	71	33
Amortization of net actuarial (gain)/loss	37	(3)
Net periodic benefit costs	$ 3,733	$ 3,095

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Weighted-Average Assumptions Used to Determine Benefit Obligation (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items]
Discount rate per annum	8.50%	8.65%
Discount rate for Years ended Dec 31, 2015 and 2014	8.5% per annum for 2015 and 8.65% per annum for 2014
Long-term rate of compensation increase for Years ended Dec 31, 2015 and 2014	11% per annum for first year, 10% for next five years & 7% thereafter
First Year [Member]
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items]
Long-term rate of compensation increase per annum	11.00%	11.00%
Next Five Years
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items]
Long-term rate of compensation increase per annum	10.00%	10.00%
There After [Member]
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items]
Long-term rate of compensation increase per annum	7.00%	7.00%

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Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items]
Discount rate per annum	8.50%	8.65%
Discount rate for Years ended Dec 31, 2015 and 2014	8.5% per annum for 2015 and 8.65% per annum for 2014
Long-term rate of compensation increase for Years ended Dec 31, 2015 and 2014	11% per annum for first year, 10% for next five years & 7% thereafter
First Year [Member]
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items]
Long-term rate of compensation increase per annum	11.00%	11.00%
Next Five Years
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items]
Long-term rate of compensation increase per annum	10.00%	10.00%
There After [Member]
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items]
Long-term rate of compensation increase per annum	7.00%	7.00%

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Schedule of Expected Future Benefit Payments (Detail) $ in Thousands	Dec. 31, 2015 USD ($)
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items]
2016	$ 1,077
2017	913
2018	826
2019	756
2020	711
2021-2025	$ 3,371

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Financial Data for Each Segment (Detail) - USD ($)
$ in Thousands

Selling, general and administrative expenses

Income from operations

Banking and Financial Services

Healthcare and Life Sciences

Retail, Logistics & Telecom

Operating Segments | Banking and Financial Services

Operating Segments | Healthcare and Life Sciences

Operating Segments | Insurance

Operating Segments | Manufacturing

Operating Segments | Retail, Logistics & Telecom

Corporate direct costs

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Gross Profit

$ (5,086)

$ (3,799)

[1]	Net revenues are attributed to regions based upon customer location.

Segment Reporting - Additional Information (Detail) - USD ($)
$ in Thousands

American Express Corp.

Concentration of sales by customer

10.00%

Percent of total consolidated revenues from customer

$ 204,000

$ 201,600

$ 205,500

21.00%

22.00%

25.00%

Accounts receivable from customer

Concentration of sales by customer

10.00%

Percent of total consolidated revenues from customer

$ 140,600

$ 126,400

$ 129,300

15.00%

14.00%

16.00%

Accounts receivable from customer

Federal Express Corporation

Concentration of sales by customer

10.00%

Percent of total consolidated revenues from customer

$ 120,100

$ 105,000

$ 68,100

12.00%

8.00%

Accounts receivable from customer

[1]	Net revenues are attributed to regions based upon customer location.

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Net Revenues and Long Lived Assets by Geographic Area (Detail) - USD ($)
$ in Thousands

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[1]	Net revenues are attributed to regions based upon customer location.
[2]	Long-lived assets include property and equipment, net of accumulated depreciation and amortization and goodwill.
[3]	Primarily relates to operations in the United States.
[4]	Primarily relates to operations in the United Kingdom.

Selected Quarterly Financial Data (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

Selling, general and administrative expenses

Income from operations

Other income (expense), net

Income before income taxes

Earnings per share, diluted