10-Q
TTEC HOLDINGS, INC. filed this Form 10-Q on 11/07/2018
Entire Document
 

Table of Contents

TTEC HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Letters of Credit

As of September 30, 2018, outstanding letters of credit under the Credit Agreement totaled $3.8 million and primarily guaranteed workers’ compensation and other insurance related obligations. As of September 30, 2018, letters of credit and contract performance guarantees issued outside of the Credit Agreement totaled $0.6 million.

Legal Proceedings

From time to time, the Company has been involved in legal actions, both as plaintiff and defendant, which arise in the ordinary course of business. The Company accrues for exposures associated with such legal actions to the extent that losses are deemed both probable and reasonably estimable. To the extent specific reserves have not been made for certain legal proceedings, their ultimate outcome, and consequently, an estimate of possible loss, if any, cannot reasonably be determined at this time.

Based on currently available information and advice received from counsel, the Company believes that the disposition or ultimate resolution of any current legal proceedings, except as otherwise specifically reserved for in its financial statements, will not have a material adverse effect on the Company’s financial position, cash flows or results of operations.

 

(11)NONCONTROLLING INTEREST

 

The following table reconciles equity attributable to noncontrolling interest (in thousands):

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

    

2018

    

2017

 

Noncontrolling interest, January 1

 

$

6,978

 

$

6,981

 

Net income attributable to noncontrolling interest

 

 

3,489

 

 

2,828

 

Dividends distributed to noncontrolling interest

 

 

(2,025)

 

 

(2,745)

 

Foreign currency translation adjustments

 

 

(218)

 

 

325

 

Equity-based compensation expense

 

 

 —

 

 

(291)

 

Noncontrolling interest, September 30

 

$

8,224

 

$

7,098

 

 

 

 

 

 

 

 

 

 

 

 

30