10-K
TTEC HOLDINGS, INC. filed this Form 10-K on 03/06/2019
Entire Document
 

Table of Contents

TTEC HOLDINGS, INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The following table presents the classification and amount of the reclassifications from Accumulated other comprehensive income (loss) to the Statement of Comprehensive Income (Loss) (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of

 

 

 

For the Year Ended December 31,

 

Comprehensive Income

 

 

    

2018

    

2017

    

2016

    

(Loss) Classification

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative valuation

 

 

 

 

 

 

 

 

 

 

 

 

Loss on foreign currency forward exchange contracts

 

$

(17,548)

 

$

(22,792)

 

$

(28,025)

 

Revenue

 

Loss on interest rate swaps

 

 

 —

 

 

(115)

 

 

(534)

 

Interest expense

 

Tax effect

 

 

4,738

 

 

8,501

 

 

11,809

 

Provision for income taxes

 

 

 

$

(12,810)

 

$

(14,406)

 

$

(16,750)

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial loss on defined benefit plan

 

$

(446)

 

$

(522)

 

$

(1,310)

 

Cost of services

 

Tax effect

 

 

42

 

 

52

 

 

129

 

Provision for income taxes

 

 

 

$

(404)

 

$

(470)

 

$

(1,181)

 

Net income (loss)

 

 

 

 

(17)NET INCOME PER SHARE

The following table sets forth the computation of basic and diluted shares for the periods indicated (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

    

    

2018

    

2017

    

2016

 

 

 

 

 

 

 

 

 

 

Shares used in basic earnings per share calculation

 

 

46,064

 

45,826

 

47,423

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

Stock options

 

 

 6

 

10

 

10

 

Restricted stock units

 

 

314

 

536

 

286

 

Performance-based restricted stock units

 

 

 1

 

10

 

17

 

Total effects of dilutive securities

 

 

321

 

556

 

313

 

Shares used in dilutive earnings per share calculation

 

 

46,385

 

46,382

 

47,736

 

 

For the years ended December 31, 2018,  2017 and 2016, there were zero,  zero and 60 thousand options to purchase shares of common stock or performance-based restricted stock that were outstanding but not included in the computation of diluted net income per share because the exercise price exceeded the value of the shares and the effect would have been anti-dilutive. For the years ended December 31, 2018,  2017 and 2016, restricted stock units of 212 thousand,  21 thousand, and 71 thousand, respectively, were outstanding but not included in the computation of diluted net income per share because the effect would have been anti-dilutive.

 

(18)EMPLOYEE COMPENSATION PLANS

Employee Benefit Plan

The Company currently has a 401(k) profit-sharing plan that allows participation by U.S. employees who have completed six months of service, as defined, and are 21 years of age or older. Participants may defer up to 75% of their gross pay, up to a maximum limit determined by U.S. federal law. Participants are also eligible for a matching contribution. The Company may from time to time, at its discretion, make a “matching contribution” based on the amount and rate of the elective deferrals. The Company determines how much, if any, it will contribute for each dollar of elective deferrals. Participants vest in matching contributions over a three-year period. Company matching contributions to the 401(k) plan(s) totaled $5.2 million, $5.7 million and $5.1 million for the years ended December 31, 2018,  2017 and 2016, respectively.

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