|
Employee Benefit Plans (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Funded Status of Defined Benefit Plans and Amount Recognized |
The following
table sets forth the funded status of the defined benefit plans and
the amounts recognized in the Company’s financial statements
based on an actuarial valuation carried out as of December 31,
2012 and 2013.
|
|
|
|
|
|
|
|
|
| |
|
As of
December 31, |
|
| |
|
2012 |
|
|
2013 |
|
|
Change in benefit
obligation
|
|
|
|
|
|
|
|
|
|
Projected benefit
obligation at the beginning of the year
|
|
$ |
22,044 |
|
|
$ |
29,821 |
|
|
Service cost
|
|
|
4,047 |
|
|
|
4,511 |
|
|
Actuarial loss
(gain)
|
|
|
4,699 |
|
|
|
(1,310 |
) |
|
Interest cost
|
|
|
1,807 |
|
|
|
2,104 |
|
|
Liabilities assumed on
acquisition
|
|
|
24 |
|
|
|
— |
|
|
Benefits paid
|
|
|
(2,818 |
) |
|
|
(2,996 |
) |
|
Effect of exchange rate
changes
|
|
|
18 |
|
|
|
(3,534 |
) |
|
|
|
|
|
|
|
|
|
|
Projected benefit
obligation at the end of the year
|
|
$ |
29,821 |
|
|
$ |
28,596 |
|
|
|
|
|
|
|
|
|
|
|
Change in fair value
of plan assets
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets
at the beginning of the year
|
|
$ |
16,274 |
|
|
$ |
14,957 |
|
|
Employer
contributions
|
|
|
901 |
|
|
|
12,325 |
|
|
Actual gain on plan
assets
|
|
|
1,255 |
|
|
|
1,037 |
|
|
Acturial
gain/(loss)
|
|
|
14 |
|
|
|
(6 |
) |
|
Benefits paid
|
|
|
(2,818 |
) |
|
|
(2,996 |
) |
|
Effect of exchange rate
changes
|
|
|
(669 |
) |
|
|
(2,519 |
) |
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets
at the end of the year
|
|
$ |
14,957 |
|
|
$ |
22,798 |
|
|
|
|
|
|
|
|
|
|
|
| Amounts Included in Other Comprehensive Income (Loss) |
Amounts
included in other comprehensive income (loss) as of
December 31, 2012 and 2013 were as follows:
|
|
|
|
|
|
|
|
|
| |
|
As of
December 31, |
|
| |
|
2012 |
|
|
2013 |
|
|
Net actuarial
loss
|
|
$ |
(7,664 |
) |
|
$ |
(5,659 |
) |
|
Deferred tax
assets
|
|
|
1,903 |
|
|
|
1,765 |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income,
net
|
|
$ |
(5,761 |
) |
|
$ |
(3,894 |
) |
|
|
|
|
|
|
|
|
|
|
| Changes in Accumulated Other Comprehensive Income (Loss) |
Changes in
other comprehensive income (loss) during the year ended December
31, 2013 were as follows:
|
|
|
|
|
|
|
2013 |
|
|
Net Actuarial
loss
|
|
$ |
1,353 |
|
|
Amortization of net
actuarial loss
|
|
|
640 |
|
|
Deferred income
taxes
|
|
|
(138 |
) |
|
Effect of exchange rate
changes
|
|
|
12 |
|
|
|
|
|
|
|
Other comprehensive income
(loss), net
|
|
$ |
1,867 |
|
|
|
|
|
|
|
| Net Defined Benefit Plan Costs |
Net defined
benefit plan costs for the years ended December 31, 2011, 2012
and 2013 include the following components:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of
December 31, |
|
| |
|
2011 |
|
|
2012 |
|
|
2013 |
|
|
Service costs
|
|
$ |
3,620 |
|
|
$ |
4,047 |
|
|
$ |
4,511 |
|
|
Interest costs
|
|
|
1,542 |
|
|
|
1,807 |
|
|
|
2,104 |
|
|
Amortization of actuarial
loss
|
|
|
540 |
|
|
|
854 |
|
|
|
421 |
|
|
Expected return on plan
assets
|
|
|
(715 |
) |
|
|
(961 |
) |
|
|
(968 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Gratuity Plan
costs
|
|
$ |
4,987 |
|
|
$ |
5,747 |
|
|
$ |
6,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair Values of Plan Assets |
The fair values
of Company’s plan assets as of December 31, 2012 and
2013 by asset category are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of December 31,
2013 |
|
| |
|
Fair Value Measurements
at Reporting Date Using |
|
| |
|
|
|
|
Quoted Prices in
Active Markets for
Identical Assets |
|
|
Significant Other
Observable
Inputs |
|
|
Significant Other
Unobservable
Inputs |
|
| |
|
Total |
|
|
(Level
1) |
|
|
(Level
2) |
|
|
(Level
3) |
|
|
Asset Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$ |
10,674 |
|
|
$ |
10,674 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Fixed Income Securities
(Note a)
|
|
|
9,490 |
|
|
|
1,092 |
|
|
|
8,398 |
|
|
|
— |
|
|
Other Securities (Note
b)
|
|
|
2,634 |
|
|
|
1,326 |
|
|
|
1,308 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
22,798 |
|
|
$ |
13,092 |
|
|
$ |
9,706 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of December 31,
2012 |
|
| |
|
Fair Value Measurements
at Reporting Date Using |
|
| |
|
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets |
|
|
Significant Other
Observable Inputs |
|
|
Significant
Other
Unobservable
Inputs |
|
| |
|
Total |
|
|
(Level
1) |
|
|
(Level
2) |
|
|
(Level
3) |
|
|
Asset Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$ |
165 |
|
|
$ |
165 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Fixed Income Securities
(Note a)
|
|
|
11,880 |
|
|
|
1,315 |
|
|
|
10,565 |
|
|
|
— |
|
|
Other Securities (Note
b)
|
|
|
2,912 |
|
|
|
1,481 |
|
|
|
1,431 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
14,957 |
|
|
$ |
2,961 |
|
|
$ |
11,996 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Include investments in
funds that invest 100% of their assets in fixed income securities
such as money market instruments, government securities and public
and private bonds. |
| (b) |
Include investments in
funds that invest 50% to 85% of their assets in fixed income
securities and the remaining portion in equity
securities. |
|
| Benefit Payments Reflect Expected Future Service |
The expected
benefit payments set forth below reflect expected future
service:
|
|
|
|
|
|
Year ending
December 31,
|
|
|
|
|
|
2014
|
|
$ |
4,696 |
|
|
2015
|
|
|
4,981 |
|
|
2016
|
|
|
5,508 |
|
|
2017
|
|
|
5,996 |
|
|
2018
|
|
|
6,441 |
|
|
2019 – 2023
|
|
|
28,952 |
|
|
|
|
|
|
|
|
$ |
56,574 |
|
|
|
|
|
|
|
| Amount Contributed to Defined Contribution Plans in Various Jurisdictions |
During the years
ended December 31, 2011, 2012 and 2013, the Company
contributed the following amounts to defined contribution plans in
various jurisdictions:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year ended
December 31, |
|
| |
|
2011 |
|
|
2012 |
|
|
2013 |
|
|
India
|
|
$ |
13,014 |
|
|
$ |
14,102 |
|
|
$ |
14,443 |
|
|
U.S.
|
|
|
2,295 |
|
|
|
3,012 |
|
|
|
3,268 |
|
|
U.K.
|
|
|
1,047 |
|
|
|
1,444 |
|
|
|
1,789 |
|
|
Hungary
|
|
|
34 |
|
|
|
58 |
|
|
|
22 |
|
|
China
|
|
|
8,317 |
|
|
|
10,888 |
|
|
|
14,681 |
|
|
Mexico
|
|
|
27 |
|
|
|
27 |
|
|
|
27 |
|
|
Morocco
|
|
|
150 |
|
|
|
156 |
|
|
|
90 |
|
|
South Africa
|
|
|
321 |
|
|
|
327 |
|
|
|
221 |
|
|
Hong Kong
|
|
|
21 |
|
|
|
34 |
|
|
|
19 |
|
|
Netherlands
|
|
|
— |
|
|
|
1,523 |
|
|
|
2,135 |
|
|
Philippines
|
|
|
10 |
|
|
|
15 |
|
|
|
14 |
|
|
Singapore
|
|
|
8 |
|
|
|
9 |
|
|
|
15 |
|
|
Japan
|
|
|
1,163 |
|
|
|
1,589 |
|
|
|
2,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
26,407 |
|
|
|
33,184 |
|
|
|
38,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit Obligations Of Gratuity Plan
|
|
| Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs |
The weighted
average assumptions used to determine the benefit obligations of
the Gratuity Plan as of December 31, 2012 and 2013 are
presented below:
|
|
|
|
|
| |
|
As of
December 31,
|
| |
|
2012
|
|
2013
|
|
Discount rate
|
|
8.85%-9.70% |
|
9.55% |
|
Rate of increase in
compensation per annum
|
|
5.20%-11.00% |
|
5.20%-11.00% |
|
|
for the first 3 years and 6%
thereafter |
|
|
|
|
Gratuity Plan Costs
|
|
| Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs |
The weighted
average assumptions used to determine the Gratuity Plan costs for
the years ended December 31, 2011, 2012 and 2013 are presented
below:
|
|
|
|
|
|
|
| |
|
Year ended
December 31,
|
| |
|
2011
|
|
2012
|
|
2013
|
|
Discount rate
|
|
9.30%-9.70% |
|
9.30%-9.70% |
|
8.85% |
|
Rate of increase in
compensation per annum
|
|
8.00%-8.10% |
|
5.20%-11.00% |
|
5.20%-11.00% |
|
|
for the first 3 years
and 6%
thereafter
|
|
|
|
|
|
Expected long term rate of
return on plan assets per annum
|
|
7.30%-8.00% |
|
7.30%-8.50% |
|
8.50% |
|
|
Benefit Obligations Of The Mexican Plan
|
|
| Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs |
The weighted
average assumptions used to determine the benefit obligations of
the Mexican Plan as of December 31, 2012 and 2013 are
presented below:
|
|
|
|
|
|
|
|
|
| |
|
As of December 31, |
|
| |
|
2012 |
|
|
2013 |
|
|
Discount rate
|
|
|
6.50 |
% |
|
|
6.50 |
% |
|
Rate of increase in
compensation per annum
|
|
|
5.50 |
% |
|
|
5.50 |
% |
|
|
Mexican Plan Costs
|
|
| Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs |
The weighted
average assumptions used to determine the Mexican Plan costs for
the years ended December 31, 2011, 2012 and 2013 are presented
below:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year ended December 31, |
|
| |
|
2011 |
|
|
2012 |
|
|
2013 |
|
|
Discount rate
|
|
|
7.50 |
% |
|
|
6.50 |
% |
|
|
6.50 |
% |
|
Rate of increase in
compensation per annum
|
|
|
5.50 |
% |
|
|
5.50 |
% |
|
|
5.50 |
% |
|
Expected long term rate of
return on plan assets per annum
|
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
Benefit Obligations Of Japan Plan
|
|
| Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs |
The weighted
average assumptions used to determine the benefit obligation of the
Japan Plan as of December 31, 2012 and 2013 are presented
below:
|
|
|
|
|
|
|
|
|
| |
|
As of December 31, |
|
| |
|
2012 |
|
|
2013 |
|
|
Discount rate
|
|
|
0.90 |
% |
|
|
0.50 |
% |
|
Rate of increase in
compensation per annum
|
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
Japan Plan Costs
|
|
| Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs |
The weighted
average assumptions used to determine the Japan Plan costs for the
years ended December 31, 2011, 2012 and 2013 are presented
below:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year ended December 31, |
|
| |
|
2011 |
|
|
2012 |
|
|
2013 |
|
|
Discount rate
|
|
|
0.90 |
% |
|
|
0.90 |
% |
|
|
0.90 |
% |
|
Rate of increase in
compensation per annum
|
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
Expected long term rate of
return on plan assets per annum
|
|
|
0.00 |
% |
|
|
2.69 |
% |
|
|
2.69 |
% |
|
|
Benefit Obligations Of Philippines Plan
|
|
| Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs |
The weighted
average assumptions used to determine the benefit obligation of the
Philippines Plan as of December 31, 2012 and 2013 are
presented below:
|
|
|
|
|
| |
|
As of December 31,
|
| |
|
2012
|
|
2013
|
|
Discount rate
|
|
4.39%-5.62% |
|
4.95%-5.32% |
|
Rate of increase in
compensation per annum
|
|
4.00%-8.00% |
|
4.00%-7.00% |
|
|
Philippines Plan Costs
|
|
| Weighted Average Assumptions used to Determine Benefit Obligations and Plan Costs |
The weighted
average assumptions used to determine the Philippines Plan costs
for the years ended December 31, 2011, 2012 and 2013 are
presented below:
|
|
|
|
|
|
|
|
|
| |
|
Year ended
December 31, |
| |
|
2011 |
|
|
2012
|
|
2013
|
|
Discount rate
|
|
|
6.29 |
% |
|
4.39%-5.62% |
|
4.95%-5.62% |
|
Rate of increase in
compensation per annum
|
|
|
4.00 |
% |
|
4.00%-8.00% |
|
4.00%-7.00% |
|
Expected long term rate of
return on plan assets per annum
|
|
|
5.00 |
% |
|
5.00% |
|
5.00% |
|