Company: G
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001398659-25-000035
Chunk: 122

Company: Genpact LTD
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7A
Chunk 122
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 fiscal 2024, such an increase would have had an impact of up to $14.0 million on our net interest expense.

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We manage a portion of our interest rate risk related to floating rate indebtedness by entering into interest rate swaps under which we receive floating rate payments based on the greater of Term SOFR and the floor rate under our term loan and make payments based on a fixed rate. As of December 31, 2024, we were party to interest rate swaps covering a total notional amount of $234.4 million. Under our swap agreements outstanding as of December 31, 2024, the rate that we pay to banks in exchange for Term SOFR ranges between 4.25% and 4.72%.

We executed a treasury rate lock agreement for $350 million in connection with future interest payments to be made on the 2021 Senior Notes, and the treasury rate lock agreement was designated as a cash flow hedge. The treasury rate lock agreement was terminated on March 23, 2021, and a deferred gain was recorded in accumulated other comprehensive income and is being amortized to interest expense over the life of the 2021 Senior Notes. The remaining gain to be amortized related to the treasury rate lock agreement as of December 31, 2024 was $0.2 million.

We executed treasury rate lock agreements for $400 million in connection with future interest payments to be made on the 2024 Senior Notes, and the treasury rate lock agreements were designated as cash flow hedges. These treasury rate lock agreements were terminated on May 30, 2024, and a deferred loss was recorded in accumulated other comprehensive income and is being amortized to interest expense over the life of the 2024 Senior Notes. The remaining loss to be amortized related to the treasury rate lock agreements as of December 31, 2024 was $0.4 million.

Credit risk

As of December 31, 2024, we had accounts receivable, including deferred billings, net of allowance for credit losses, of $1,321.5 million. No single client owed more than 10% of our accounts receivable balance as of December 31, 2024.