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 components of the Company’s Provision for (benefit from) income taxes are as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

    

2018

    

2017

    

2016

 

Current provision for (benefit from)

 

 

 

 

 

 

 

 

 

 

Federal

 

$

2,771

 

$

48,556

 

$

(373)

 

State

 

 

2,754

 

 

99

 

 

372

 

Foreign

 

 

18,933

 

 

12,643

 

 

14,447

 

Total current provision for (benefit from)

 

 

24,458

 

 

61,298

 

 

14,446

 

Deferred provision for (benefit from)

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(943)

 

 

14,441

 

 

(2,390)

 

State

 

 

(138)

 

 

707

 

 

103

 

Foreign

 

 

(6,894)

 

 

1,629

 

 

704

 

Total deferred provision for (benefit from)

 

 

(7,975)

 

 

16,777

 

 

(1,583)

 

Total provision for (benefit from) income taxes

 

$

16,483

 

$

78,075

 

$

12,863

 

 

The following reconciles the Company’s effective tax rate to the federal statutory rate (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

    

2018

    

2017

    

2016

 

Income tax per U.S. federal statutory rate (21%, 35%, 35%)

 

$

11,810

 

$

31,110

 

$

17,605

 

State income taxes, net of federal deduction

 

 

2,003

 

 

460

 

 

(158)

 

Change in valuation allowances

 

 

2,191

 

 

(924)

 

 

(129)

 

Foreign income taxes at different rates than the U.S.

 

 

(3,758)

 

 

(14,417)

 

 

(10,206)

 

Foreign withholding taxes

 

 

785

 

 

323

 

 

590

 

Losses in international markets without tax benefits

 

 

(68)

 

 

1,098

 

 

2,474

 

Nondeductible compensation under Section 162(m)

 

 

615

 

 

647

 

 

104

 

Liabilities for uncertain tax positions

 

 

1,105

 

 

1,607

 

 

(133)

 

Permanent difference related to foreign exchange gains

 

 

136

 

 

142

 

 

388

 

(Income) losses of foreign branch operations

 

 

475

 

 

(824)

 

 

(635)

 

Non-taxable earnings of noncontrolling interest

 

 

(594)

 

 

(1,030)

 

 

(1,128)

 

Foreign dividend less foreign tax credits

 

 

(1,748)

 

 

(4,798)

 

 

(4,646)

 

Decrease (increase) to deferred tax asset - change in tax rate

 

 

(1,944)

 

 

1,101

 

 

443

 

State income tax credits

 

 

19

 

 

207

 

 

100

 

Foreign earnings taxed currently in U.S.

 

 

3,976

 

 

3,143

 

 

3,673

 

Taxes related to prior year filings

 

 

(1,659)

 

 

(865)

 

 

2,554

 

Taxes related to acquisition accounting

 

 

2,110

 

 

 —

 

 

 —

 

Transition tax

 

 

 —

 

 

61,569

 

 

 —

 

Other

 

 

1,029

 

 

(474)

 

 

1,967

 

Income tax per effective tax rate

 

$

16,483

 

$

78,075

 

$

12,863

 

 

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