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Copyright 2012 PowerPlan, Inc. All rights reserved.CONFIDENTIAL AND PROPRIETARY.
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Copyright 2014 PowerPlan, Inc. All rights reserved.CONFIDENTIAL AND PROPRIETARY.
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Maximizing the value of all your assets to your advantage
March 18th, 2014
Copyright 2012 PowerPlan, Inc. All rights reserved.CONFIDENTIAL AND PROPRIETARY.
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Agenda
Outlook on Capex
Financial Management and Information Flow in Asset-Centric Businesses
Property Taxes
Income TaxesTangible Property Regulations
Better Information and Easier Flow of Data Can Improve Your Leverage of SAP
1
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Outlook on Capex
Capex Trends in Asset Intensive Industries:
Oil & Gas Mid- and Downstream increased capex spending by 60% from 2010 to 2013
Source: U.S. Census, Annual Capital Expenditures Survey
2
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
$1.10
$1.20
$1.30
$1.40
U.S. Capex in $Trillions
Copyright 2012 PowerPlan, Inc. All rights reserved.CONFIDENTIAL AND PROPRIETARY.
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Financial Management in Asset-Centric Businesses
3
Financial ResultsStakeholder ImperativesBusiness Activities
Assets Self-construction Long-lived DD&A/ Retirements Wide geographic spread Complex
Self-construction Long-lived DD&A/ Retirements Wide geographic spread Complex
Continuous Production Large Services Footprint Capitalized Maintenance Contractor Labor Cost
Allocations
Continuous Production Large Services Footprint Capitalized Maintenance Contractor Labor Cost
Allocations
Operations
IRS: Income Taxes
Regulators: OSM, EPA, FERC, EHS, Permitting
Joint Interest & Ventures: Asset ownership
Debt Holders & Individuals: Cash flow; covenants; royalties
State Govts: Income & Property Taxes; PSCs and PSAs
Overall financial results come from simultaneously attempting to manage performance against multiple, often contradictory, incentives
Financials: Valuation; Compliance, US GAAP, IFRS, CGAAP
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Financial Management in Asset-Centric Businesses
4
AssetsSupporting Business AreasStakeholders
IRS: Income Taxes
Regulators: OSM, EPA, FERC, EHS, Permitting
Joint Interest & Ventures: Asset ownership
Debt Holders & Individuals: Cash flow; covenants; royalties
State Govts: Income & Property Taxes; PSCs and PSAs
Financials: Valuation; Compliance, US GAAP , IFRS, CGAAP
Tax, Accounting, and Operations
Regulatory Accounting and Operations
Office of the CFO
Finance and Accounting
Finance, Income Tax, and Treasury
Real Estate, Operations, Engineering, Planning, Accounting and Tax
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Capital and Cost Information Flow
IncomeTax
PropertyTax
Accounting
Regulatory
5
Operations & Engineering
Finance & Planning
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Capital and Cost Information Flow
Operations & Engineering
IncomeTax
PropertyTax
Regulatory
6
Finance & Planning
Accounting
Copyright 2012 PowerPlan, Inc. All rights reserved.CONFIDENTIAL AND PROPRIETARY.
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Operations & Engineering
IncomeTax
PropertyTax
Regulatory
7
Finance & Planning
In Most Organizations Multiple Data FeedsFlow Between Key Departments
Accounting
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Accounting
Example Challenges from Information Flows
Operations & Engineering
IncomeTax
PropertyTax
RegulatoryToo Much Accounting
In Operations
Difficult Cost SegregationGhost Assets
Limited Cost SegregationTangible Property Regulations
Slow to CloseLagging WIPComplexManual Spreadsheets
Difficultly GettingUpdated Forecasts
SeparateRegulatory
Books
8
Finance & Planning
Multiple Books(e.g. Local, GAAP, IFRS)
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Accounting
Example Challenges from Information Flows
Operations & Engineering
IncomeTax
PropertyTax
RegulatoryToo Much Accounting
In Operations
Difficult Cost SegregationGhost Assets
Limited Cost SegregationTangible Property Regulations
Slow to CloseLagging WIPComplexManual Spreadsheets
Difficultly GettingUpdated Forecasts
SeparateRegulatory
Books
9
Finance & Planning
Multiple Books(e.g. Local, GAAP, IFRS)
Copyright 2012 PowerPlan, Inc. All rights reserved.CONFIDENTIAL AND PROPRIETARY.
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Trends in System Landscapes - Gartner
Gartner sees market trends shifting
PowerPlan is an example of a System of Differentiation adjacent to ERPs like SAP
10
Source: Gartner
Systems of Innovation
Systems of DifferentiationSystems of Record
Systems of Innovation
Systems of DifferentiationSystems of Record
ERP
Copyright 2012 PowerPlan, Inc. All rights reserved.CONFIDENTIAL AND PROPRIETARY.
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Integrated Capital and Cost Information Flow
Operations & Engineering
Accounting
IncomeTax
PropertyTax
Regulatory
11
Finance & Planning
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Systems of Innovation
Systems of DifferentiationSystems of Record
ERP
Integrated Capital and Cost Information Flow
Operations & Engineering
Accounting
IncomeTax
PropertyTax
Regulatory
12
Finance & Planning
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Systems of Innovation
Systems of DifferentiationSystems of Record
ERP
Integrated Capital and Cost Information Flow
Operations & Engineering
Accounting
IncomeTax
PropertyTax
Regulatory
13
Finance & Planning
Source of the Truth
+ SAP
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WHY SHOULD A COMPANY CARE?
14
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Integrated Capital and Cost Information Flow
Reduced Risk Fewer Spreadsheets
Operations & Engineering
Operations Focused On Work/Costs/Assets Not Accounting
Regulatory Automated Regulatory TransformationImproves Credibility with Regulators
PropertyTax
Detailed Assets Drives Property Tax Minimization
IncomeTax
Detailed Assets and Automated Processing Yields Income Tax Optimization
Accounting Automated Reporting for All Stakeholders/Books (i.e. IFRS)
Finance & Planning
Up to Date Forecasts Aligned with Business Objectives
Business Outcomes
15
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EXAMPLE 1: PROPERTY TAXES
16
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Property Taxes 101
Annual tax based on valuation
Exemptions and exclusions help drive down the cost of property taxesVary from State to State, even County to CountyChange Frequently
Tangible Personal Property (TPP) Tax is based on companies reporting to the taxing authority
Valuation Methods vary as wellCost ApproachMarket Value ApproachIncome Approach
Not uncommon for customers to have from thousands to 40,000+ property tax bills in the U.S.
17
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It Can Make a Huge Difference
Example in Practice:
Company ABC had only one asset class for tracking pipe assetsPipe assets in this state could reported as plastic or steel pipeDepreciation schedule for property tax on plastic pipe was much fasterBreaking down the one asset class into different asset categories saved this company >$5M annually
18
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Property Tax Challenges: Asset & Cost Information
Many property tax returns require or allow reporting of historic original cost
Did you ask for original cost the last time you acquired assets from another company?Where is the information about historic cost being maintained, how did purchase accounting impact it?
Data requirements vary by locationHow do you set accounting policy when your assets span multiple tax jurisdictions?Is it like fractions ?Use the lowest common denominator
19
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Property Tax Challenges: Ghost Assets
Does your company have Ghost Assets?
Historically, a range of 15% to 25% of tangible personal property costs need to be removed from the property record in order to expunge ghost assets.
Source: The CPA Journal, Property Record-Keeping and Section 404 Certification, By Thomas M. Brown and Gerald J. Mehm
20
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Final Thoughts on Property Taxes
Higher Quality and More Granular Data is Key
Property Taxes are Annual If you miss retiring an asset this year, youll pay property tax every year in the future
Property Taxes are Above the LineDirect impact to EBITDA and EPS
Property Taxes are Cash out the Door
21
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EXAMPLE 2: INCOME TAXES
22
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Hot Topic: Tangible Property Regulations
IRS issued Final Regulations issued in September 2013, effective 1/1/2014
Significant update in how the IRS views capitalizationPotential to impact Financial Capitalization RulesNot optional: All business tax payers must do somethingFocus on consistency between all tax payers
Since nearly all businesses have some kind of fixed assets, virtually every business is affected by the new regulations. - Scott B. Kaplowitch, CFO.com
23
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History of Tangible Property Capitalization Regulations
24
Proposed Regulations Issued in 2008
IIRs Released: Rev. Proc. 2002-65 (Railroad Track Assets) 75% Track
Maintenance Allowance provided Rev. Proc. 2011-27 (Wireline Network Assets) 12% Network Asset
Maintenance Allowance Rev. Proc. 2011-28 (Wireless Network Assets) 5% Network Asset
Maintenance Allowance Rev. Proc. 2011-43 (Electric T&D Assets) 10% linear asset safe
harbor Rev. Proc. 2013-24 (Electric Generation Assets) UOPs and Major
Components Definitions Provided
In September 2013, the IRS issued final regulations.
IIRs in Process: Natural Gas T&D Assets Retail Industry Assets
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Summary of Tangible Property Regulations
IRS guidelines look to defines the Unit of Property for tax reporting purposes
Building have seven specific units of propertyPlant Equipment generally looks for functional interdependence of assetsOther industry specific guidance
Tax payer reviews expenditures to determine the impact on unit of property
Betterment, Adaptation, or Restoration Significance and Facts and CircumstancesDoesnt matter if capital or expenseof financial reporting
Several safe harbors exist
25
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Key Considerations for Tangible Property Regulations
CapEx for Book &
Repair for Tax
Compliance & Work PapersOther Tax Interactions
Full Asset Life Tracking & Retirements
26
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2014 Key Initiative
Most Tax Payers are adopting a strategy in 2014 for the first time
IRS requires filing a change of accounting method for 2014Which safe harbors are strategic?
Compliance RequirementsWork papersCalculationsDont double count anything
27
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Better Information Flow Can Have a Real Impact
Support Tangible Property Regulations
Cost SegregationExample of 3.52% NPV using 6% discount rate
28
Source: http://www.costsegs.com/
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Benefits of a Cost Segregation Study with New Regs
Source: AICPA, The Tax Advisor, Temporary Regulations Create New Applications for Cost-Segregation Studies http://www.aicpa.org/publications/taxadviser/2012/september/pages/clinic-story-03.aspx
Example 1: Alice replaced 30 windows to her office building for which she previously engaged a cost segregation study. Under the final regulations, Alice must determine whether the expenditures constitute improvements to the building system. She refers to the cost segregation study to find there are 300 windows in the building. Based on her analysis of the guidelines, the overall physical building structure; therefore, the replacement does not constitute an improvement to the office building. Alice may deduct as repair and maintenance costs any expenditures not otherwise required to be capitalized under other provisions of the Code or regulations.
29
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Benefits of a Cost Segregation Study with New Regs
Example 2: Brian builds a new office building for $10 million and enlists an engineering firm to perform a cost segregation study. Brian eventually renovates the office building and capitalizes its expenditures based on the improvement guidelines in the final regulations. The scope of this renovation includes the disposal of 4,500 square feet of interior walls, 1,000 square feet of ceiling tiles, and 500 linear feet of electrical wiring. The previously issued cost-segregation report includes details listing the unadjusted depreciable cost per unit of each retired component. Brian uses the specific identification method to identify to which capital accounts the disposition applies. Based on the details provided in the study, Brian calculates the loss he may recognize on the retired assets.
Source: AICPA, The Tax Advisor, Temporary Regulations Create New Applications for Cost-Segregation Studies http://www.aicpa.org/publications/taxadviser/2012/september/pages/clinic-story-03.aspx
30
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OTHER IMPACT AREAS
31
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Operations & Engineering
Accounting
IncomeTax
PropertyTax
Regulatory
32
Finance & Planning
Property Tax and Income Tax are just two of the stakeholders in the new paradigm of Capital
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CONCLUSIONS
33
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Key Take Aways
Capex is Growing
Information is required from and for a large group of internal and external stakeholders, each with unique requirements
Challenges of Asset-Centric Businesses include: Property Tax, Income Tax, Regulatory, etc.
Gain the most from your SAP solution with PowerPlan: Improve information flow Address the information requirements of your internal and external
audiences Leverage available tools to increase the value of SAP for your company
For More Information: http://www.powerplan.com http://www.irs.gov/pub/irs-irbs/irb13-43.pdf
34
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Jim DahlbyVice President, PowerPlan, Inc.
jdahlby@pwrplan.com770-937-3002
Questions?
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Disclaimer
SAP, R/3, mySAP, mySAP.com, SAP NetWeaver, Duet, PartnerEdge, and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies.Wellesley Information Services is neither owned nor controlled by SAP.
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