Company: G
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001398659-25-000059
Chunk: 119

Company: Genpact LTD
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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 ASU No 2025-01, which clarifies the effective date for adoption of the ASU No 2024-03. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on the presentation of its consolidated statements of income and disclosures.

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GENPACT LIMITED AND ITS SUBSIDIARIESNotes to the Consolidated Financial Statements(Unaudited)(In thousands, except per share data and share count)

3. Accounts receivable, net of allowance for credit losses

The following table provides details of the Company’s allowance for credit losses on accounts receivable: Year ended December 31, 2024Three months ended March 31, 2025Opening balance as of January 1$18,278 $12,094 Additions (net), charged to income statement7,582 8,742 Deductions/effect of exchange rate fluctuations(13,766)(1,089)Closing balance$12,094 $19,747  Accounts receivable were $1,210,700 and $1,211,841, and allowances for credit losses were $12,094 and $19,747, resulting in net accounts receivable balances of $1,198,606 and $1,192,094 as of December 31, 2024 and March 31, 2025, respectively.In addition, deferred billings were $130,253 and $167,838 and allowances for credit losses on deferred billings were $7,320 and $5,872, resulting in net deferred billings balances of $122,933 and $161,966 as of December 31, 2024 and March 31, 2025, respectively. During the three months ended March 31, 2024 and 2025, the Company recorded a charge of $3,078 and a release  of $1,448, respectively, to the income statement on account of credit losses on deferred billings. Deferred billings, net of related allowances for credit losses, are included under “Other assets” in the Company’s consolidated balance sheet as of December 31, 2024 and March 31, 2025.    

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GENPACT LIMITED AND ITS SUBSIDIARIESNotes to the Consolidated