IMPACT OF LATEST TAX AND ACCOUNTING CHANGES ON … · Organizations are now paying closer attention...

IMPACT OF LATEST TAX AND ACCOUNTING CHANGES ON EQUIPMENT PROCUREMENT – WHAT YOU NEED TO KNOW

KEY PROVISIONS AND PRACTICAL IMPLICATIONS FOR CLASS-8 TRUCK FLEETSFLEET ADVANTAGE WHITEPAPER SERIES

THE FUTURE OF TRUCK LEASING

Copyright 2018 Fleet Advantage | www.fleetadvantage.com | [email protected]


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INTRODUCTION

Business investment overall has been increasing largely because of the American economy, which has continued to remain healthy over the last several years. The economy grew 2.3% in the fi rst quarter1 of 2018, and while this was a slight downturn compared to the 2.9% growth registered the previous quarter, the economy remains stable and healthy across all sectors.

The healthy economy, combined with the recent tax law changes, means that investments in various types of equipment are expected to grow. According to the Equipment Leasing & Finance Association2, investments in equipment and software are expected to increase 9.1% in 2018, nearly double that of 2017. The 2018 Equipment Leasing & Finance U.S. Economic Outlook report expects the economy to grow at a clip of 2.7% in 2018, fueled by the acquisition of equipment such as construction machinery, railroad parts, and medical equipment.

In the transportation industry, companies are ordering trucks at an increased pace to keep up with demands of the economy. According to ACT Research3, sales of Class-8 trucks jumped 59 percent to 296,440 vehicles in 2017. The fi rm estimated that manufacturers will receive orders for 305,000 Class-8 trucks in 2018, which would be a 19 percent gain. However, transportation intelligence provider, FTR Transportation Intelligence has raised its 2018 production forecast to 330,000 vehicles4.

Recently approved changes to the corporate tax rate will help to further fuel this activity. Manufacturers alone are expected to save roughly $261 billion during the next decade from the Tax Cuts and Jobs Act of 2017. In particular, these savings are poised to spur additional new investments in equipment and workforce.

That being said, fi nance professionals involved in equipment acquisition, specifi cally for equipment that is advantageous to lease – such as tractor-trailers - must understand how the Tax Cuts and Jobs Act and new lease accounting standards of the Financial Accounting Standards Board (FASB) and IASB affect the lease versus buy decision. The way fi nance executives decide to procure transportation equipment can have a signifi cant impact on their company’s overall business, bottom line and fi nancial performance.

Additionally, having suffi cient knowledge of these subjects presents opportunities for companies to capture operating and cash fl ow savings by understanding the fi scal, tax, and accounting aspects of equipment leasing under the new rules.

IN THIS REPORT

This in-depth report is designed to help fi nance professionals and decision-makers within companies with private fl eets and transportation companies better understand the changes of the Tax Reform and new FASB accounting standards and how they impact equipment acquisition, particularly of Class 8 truck assets. The report will address the following:

• Differences between leasing and purchasing equipment• Advantages of leasing• Tax Reform key business provisions and implications on truck acquisition• Impact of new FASB accounting standards on acquisition strategies and key provisions• Dispelling leasing acquisition myths• How to structure a lease agreement• International provisions - summary



THE DIFFERENCE BETWEEN LEASING & PURCHASING OF EQUIPMENT

The decision to lease or purchase new equipment can have a signifi cant impact on an organization’s bottom line. Finance professionals are now increasingly relying on data, analytics and business intelligence to determine the best acquisition strategy for equipment. In the transportation space, this business intelligence is helping to point out new data that fl eets didn’t have at their fi ngertips before, such as the ability to see WHEN it is the optimal time to replace a single truck.

Organizations are now paying closer attention to a truck’s individual “TIPPINGPOINT®”, the point at which it costs more to operate an existing truck than it does to replace it with a newer model. Factors such as the cost of fuel, utilization, fi nance costs, and maintenance and repair (M&R), are all factored into an algorithm arriving at each truck’s unique TIPPINGPOINT®, giving fl eet operations personnel and fi nance departments a closer look into determining and predicting the optimum time to replace an aging truck by using data and analytics.

As an example, a recent analysis of long-term ownership versus shorter lifecycle management illustrates a signifi cant cost savings over time. A fl eet that opted for a four-year lease model on a truck would save approximately $27,893 per truck in comparison to a seven-year ownership model because of the aforementioned factors such as fuel, utilization, fi nancing, and M&R. The shorter lease model is also cost-effective when compared to just a four-year ownership model, showing an average savings of $12,710.



PRIMARY REASONS COMPANIES LEASE RATHER THAN BUY EQUIPMENT

GENERALLY, COMPANIES LOOK TO LEASING TO PRESERVE CASH BY USING 100% FINANCING. HOWEVER, THERE ARE NUMEROUS OTHER BENEFITS THAT PROVIDE SIGNIFICANT ADVANTAGES.

Leasing offers cost savings, fl exibility, extended payment options, equipment upgrades or add-ons, improved assets and cash-fl ow management. Leasing also allows companies to keep pace with technology and aligning capital asset acquisition strategy with business needs in real time.

Additionally, leasing allows companies to avoid the risk of residual value and the expense of remarketing. Very few companies have any infrastructure whatsoever to deal with the distribution or sale of used truck equipment. When fl eets operate trucks to their functional obsolescence and all they’re worth after 8 or 10 years is salvage value, then disposal is fairly easy. But for companies that want to take advantage of newer technology, improved effi ciency, capture lower costs, and improve fi nancial metrics, it is recommended to engage a third party with specifi c expertise to take on the residual risk and the responsibility of disposing of the equipment.

All these items create economic and practical advantages compared to a loan. As a result of the recent Tax Reform, it is expected that many companies will prefer leasing to borrowing simply as a consequence of the limit on interest deductions; hence an uptick in leasing activity.

ADDITIONAL BENEFITS OF LEASING

• Tax Benefi t transfer – by transferring the tax depreciation to the lessor, companies can monetize the tax benefi ts inherent in a lease through lower payments

• Allows companies to take advantage of latest technology and avoid obsolescence • Allows outsourcing of asset management• Accelerates return on investment, increase return on assets, and increase return on capital employed • Allows companies to benefi t from bundling of hardware, software, and services• Allows customization of lease terms to match utilization patterns; there is always a bell curve of utilization

and generally, one size does not fi t all • New fi nancial reporting (new FASB Rules) still favors leasing over debt; Even though all leases will now be on

balance sheet, operating leases that contain a residual value that the lessor is responsible for are recorded at the present value of the lease payments, so there is actually less debt on the balance sheet compared to a purchase

• Provides increased fl exibility to better manage the assets and gives companies the fl exibility to adapt to changing markets and business conditions. This also allows for the addition or replacement of equipment prior to lease expiration



IMPACT OF TAX REFORM ON EQUIPMENT ACQUISITION

The Tax Reform enacted last December was the fi rst major overhaul of the federal income tax in more than 30 years with changes impacting all forms of businesses, including sole proprietorships, pass-through entities, and corporations. With it comes a complex mix of incentives and some disincentives that can both have a signifi cant impact on the decision to lease or buy. The new tax plan contains several provisions that will impact equipment procurement; lower tax rates for businesses, non-deductibility of interest expense for C corporations, limiting like-kind exchanges to real property, and expensing of depreciable assets instead of writing them off over years.

KEY PROVISIONS

Corporate Tax Rate and Corporate AMT• 21% tax rate, effective • Eliminates corporate AMT

Interest Expense Deduction• Limits deduction to net interest that exceeds 30% of adjusted taxable income (ATI) - Initially, ATI is computed without

regard to depreciation, amortization or depletion• Beginning in 2022, ATI would be decreased by those items

Expensing (formally Bonus Depreciation)• Allows immediate write-off of qualifi ed property placed in service after 9/27/17 and before 2023• Increased expensing would phase-down beginning in 2023 by 20 percentage points for each of 5 years• Used equipment qualifi es for 100% bonus for the fi rst time

Net Operating Losses (NOLs)• Limits NOLs to 80% of taxable income for losses arising in years beginning after 2017 • Repeals carryback provisions, except for certain farm and property and casualty losses; allows NOLs to be carried

forward indefi nitely

Like-Kind Exchanges - Limits to exchanges involving real property only

Dividends Received Deduction - Reduces the deduction for dividends received from other than certain small business or those treated as qualifying dividends from70% to 50%

Section 179 Expensing - Increases to $1 million for qualifi ed property placed in service in tax years beginning after 2017, with a phase-out beginning at $2.5 million

Pass-Through Provisions - Allows individual taxpayers to deduct 20% of qualifi ed business income from a partnership, S corporation, or sole proprietorship subject to certain limitations



IMPACT OF TAX REFORM ON EQUIPMENT ACQUISITION

IMPLICATIONS

Two of the most obvious areas that impact the lease vs buy decision are 100% expensing and the lower tax rate. The corporate tax rate has been cut to 21% with immediate write-off for equipment. Bonus depreciation is doubled to 100% and companies can write-off the full amount of qualifying purchases in the same year of acquisition, which is intended to spur investment. In addition, used equipment will qualify for bonus depreciation for the fi rst time.

When companies choose to lease trucks, they can continue to deduct the cost of leased assets as operating expenses and the tax benefi ts inherent in tax-advantaged leases get passed along to the lessee through lower pricing.

Additionally, the tax reform rules are going to have an impact on the tax affected computations completed during a lease vs. buy analysis. Sharon Kay, Partner, Washington National Tax Offi ce for Grant Thornton LLP, addressed the lease versus purchase scenario on a webinar with Fleet Advantage hosted by CFO magazine. She said that organizations shouldn’t forget to take into account these new tax implications, especially since many organizations historically have relied on a variety of factors that have led to legacy decision-making practices that were based more on routine, rather than fi nancial implications.

As an example, consider the tax impact of purchasing today versus having the interest expense postponed to a future year or the treatment of a rental deduction.

Also, the fact that you can have book to tax differences on when you can recover the tax impact on those rent deductions as well. Don’t fall into the trap of assuming tax is going to be the same as book; you should go the extra steps of considering how the tax affected the impact of each of these in your computations5.

TAKING A CLOSER LOOK AT NEW BONUS DEPRECIATION

Even though the accelerated depreciation has been increased, with lower tax rates, the tax savings are signifi cantly less. For example, when purchasing an asset using bonus depreciation (which has been available for the last 10 years) the buyer was eligible for typically 60% depreciation at a 37% tax rate or a net of 22.2%. The new tax reform allows 100%, however, it is at a 21% tax rate - yielding only 21% tax benefi t. Also, there can often be a substantial difference in state and local taxes over 36 of the 48 contiguous states.

Additionally, a lease allows the lessee to make sales tax payments on the monthly lease payment month over month, as opposed to making the full sales tax payment at the time of acquisition. Because leases generally have a substantial residual value at expiration, the lessee is avoiding sales tax expense on a signifi cant portion of the asset’s acquisitions cost.

VARIABLES Company Name Equipment Type Cost Per Unit Sales Tax % Purchase Sales Tax Cost

LEASE RATE FACTORLease Term (Years)Monthly Lease Rate FactorMonthly Lease PaymentMonthly Sales Tax PaymentLease Sales Tax

ADVANTAGE TO LEASE:

5

Sample CompanyTractor

$100,0006.00%$6,000

1.390%$1,390

$83$5,004

$996

SAMPLE SALES TAX ANALYSISPURCHASE vs LEASE



IMPACT OF NEW FASB ACCOUNTING STANDARDS ON ACQUISITION STRATEGIES

Daryl Buck, National Managing Partner, Accounting Advisory Services for Grant Thornton LLP, recently discussed FASB standards on a webinar with Fleet Advantage hosted by CFO magazine addressing the implications of tax and accounting changes on the decision to lease versus purchase. Prior to working at Grant Thornton, Buck worked at FASB and helped establish and improve generally accepted principles (GAAP) for all sectors, as well as coordinate them with international fi nancial reporting standards (IFRS).

According to Buck, the main objective of the FASB in issuing the new topic 842 as well as the IASB’s objective in issuing their similar standard IFRS 16 was to record the lessee’s obligations under the lease agreements on the balance sheet as liabilities. The initial impetus for this, particularly in the U.S., really came in 2005 from a study that was performed by the staff of the FCC where they looked at various forms of off-balance sheet fi nancing including leases. And at that point, they noted that there were a lot of lease obligations that were reported in the footnotes to the fi nancial statements. During the review requested from the FCC, the FASB and the IASB both determined that the rights and obligations that are contained in lease agreements meet the defi nitions of assets and liabilities under their respective conceptual frameworks5.

KEY PROVISIONS

Effective Dates• Public Companies – Fiscal Years Beginning after 12/15/18• All Others – Fiscal Years Beginning after 12/15/19• Early Application Will Be Permitted

Dual Approach for Lease Transactions• Classifi cation Virtually Unchanged• Capital Leases are now Finance Leases• Operating Leases are still Operating Leases

All Leases on Balance Sheet• Right of Use Asset• Corresponding Liability is Non-Debt• Discounted at Implicit Rate, or Lessee’s Incremental Borrowing Rate

No Impact on P&L • Operating Lease Payments Expensed on Straight Line• Consistent with Current GAAP Requirements

Financing options and services for equipment acquisitions will be more innovative and customer driven



IMPACT OF NEW FASB ACCOUNTING STANDARDS ON ACQUISITION STRATEGIES

IMPLICATIONS

The key difference between the previous standard and the update is the recognition of a right-of- use-asset and a lease liability on the balance sheet for those leases previously classifi ed as operating leases.

Capital Leases are now termed as Finance Leases, while Operating Leases remain as Operating Leases. While both lease classifi cations require the leased asset and liability to be presented on the balance sheet at the present value of the future required lease payments, the income statement will essentially be unchanged from today’s lease accounting standard.

An ongoing myth, particularly in trucking, is that having a lease on the balance sheet is counterproductive to meeting fi nancial goals. This is simply untrue. The new lease accounting standards still have a dual approach. Both are recorded on the balance sheet as a Right-of-Use Asset; the corresponding liability is non-debt; and are discounted at the implicit rate or the lessee’s incremental borrowing rate.

There is no impact to the P&L, and Operating Lease payments, in particular, are expensed on a straight line, consistent with current GAAP requirements. Capital Leases are recorded the same way as previously, with depreciation and interest components.

LEASE STILL FAVORABLE OVER LOAN IN MOST CASES

• “Operating” Lease Advantages

Capitalized Amount is PV of Rents

In U.S., Expense is Straight Line

Under IFRS, Expense is Front-Loaded

Under Both Scenarios, Leasing – Compared to

Borrowing to Buy – Will Show Better Return on Assets,

Return on Invested Capital, or Return on Capital

Employed

TAX• Domestic corporations allowed a 100%

deduction for foreign-source portion of dividends received from 10% owned foreign subsidiaries

• One-time transition tax on post-1986 earnings of 10% owned foreign subsidiaries accumulated in periods of 10% corporate shareholder ownership. 15.5% rate on cash and cash equivalents, and 8% rate on the remainder

• Mandatory annual inclusion of “global intangible low-taxes income”

• INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) - IASB

IASB ISSUED IFRS 16 – LEASES IN JANUARY 2016• Effective from January 1, 2109

Companies can apply before that date but only if it also applies IFRS 15, Revenue from Contracts with Customers

• IASB uses single model for leases; Eliminates classifi cation as Operating or Finance Leases

• Lessee Required to Recognize Assets and Liabilities for all leases with

term > 12 Months Depreciation of all lease assets

separately recorded from interest in the Income Statement

Costs recognized in P&L similar to Capital Leases today

INTERNATIONAL PROVISIONS



DISPELLING LEASING ACQUISITION MYTHS

TAX REFORM

The initial reaction is that companies should buy rather than lease in order to take advantage of 100% expensing to defer their tax liability. While that may be true, it’s important to realize that with a lower tax rate, the tax benefi ts are actually less valuable now than before, so the after-tax cost of purchasing equipment has actually gone up. Although the after-tax cost of leasing has actually gone up as well, it’s to a much lesser degree because with a fair market value lease, you avoid the risk of residual value and the expense of remarketing.

FASB ACCOUNTING CHANGES

Under the new U.S. accounting rules, customers with Operating Leases will fi nd that the capitalized asset cost is lower compared to a loan or cash purchase. Why? Because the balance sheet presentation of an Operating Lease refl ects only the present value of the rents due under the contract as the asset amount, and as a result, it is still “partially” off-balance sheet. Also, it’s important to note that the corresponding liability is classifi ed as “non-debt”.

As mentioned previously, since the cost of an Operating Lease is reported as a straight-line expense of the full lease payment each period, there is no front-end loaded P&L impact that comes from expensing depreciation and imputed interest costs as there is when a customer borrows to make an outright asset purchase. The P&L impact is different under the international accounting standards (the expenses are front-end loaded), but the result under both standards is that leasing – compared to borrowing to buy – will show a better Return on Assets (ROA), a better Return on Invested Capital (ROIC), and a better Return on Capital Employed (ROCE) for the lessee, which are measures used by many companies and equity analysts.

THE PREFFERED WAY TO STRUCTURE A LEASE AGREEMENT

With organizations realizing greater benefi ts of shorter lifecycles, they have turned to leasing as a solution for equipment acquisition. However, not all lease structures are created equal. Companies are taking an even closer look now at how certain equipment lease structures impact their overall fi nancial performance. Knowing the intricacies of different types of leases and structures can help achieve better key fi nancial performance metrics.It is recommended that companies use fi xed-rate fi nancing with fl exible provisions that include an early exchange to manage equipment obsolescence and have fi xed reduced extension options in the event Capex is not available at the time of the asset’s predetermined end of use period. Return on equity should also be an important guideline.

With reduced tax rates, the return on equity will be higher in 2018 merely due to tax reform.Cash should be preserved for expanding organization’s business through acquisitions, organic growth or stock buybacks and other areas that enhance shareholder value and improve cash fl ow.



Even with the changes to the tax rate and FASB accounting standards, in the case of truck acquisition, purchase of equipment remains more costly compared with shorter-term leasing of the equipment. What’s more, leasing remains the preferred method for companies regardless if they have a stronger or weaker balance sheet.

DISPELLING LEASING ACQUISITION MYTHS

SUMMARY

LESSEE BENEFITS CURRENT RULES NEW RULES• Added source of capital• Fixed rate (vs. revolver)• 100% financing, level payments• Lower payments resulting from tax benefits and residual investment by lessor• Skip / seasonal payments• Financing for training and installation costs• Trade potentially unusable MACRS benefits (AMT, NOL) for lower payments• Expensing of full payment on income tax returns

• Options to fit varying business needs at end of lease term• Add-ons / upgrades made easy• Manage technology cycle / reduce obsolescence risk• Manage asset replacement cycles

• Off-balance sheet asset and obligation• Asset amount on balance sheet is less than cost

• Improves debt, ROA and ROE ratios• Liability on balance sheet (non-debt in U.S.)• On-book obligation lower than debt or cash due to residual investment

• Will have little impact to debt ratios and financial measures• Streamlined financing process for many transactions

CONVENIENCE• Streamlined financing process for many transactions No change

CAPITAL NEEDS No change

CASH FLOW SAVINGS No change

TAX BENEFITS No change

FLEXIBILITY No change

ASSET MANAGEMENT No change

FINANCIAL REPORTING BENEFITS(OPERATING LEASES)



CONCLUSION

For years, transportation organizations relied upon legacy decision-making practices for their acquisition strategies. This typically meant they followed a mentality of squeezing every ounce of use out of their investment in their tractor-trailers. We refer to this practice as functional obsolescence. Over the years, data has proven this to be ineffective, costly, and detrimental toward the bottom line, leading to an uncompetitive position within the industry, and fewer fi nancial resources to enable business expansion.

Today, data analytics are serving as the catalyst for change for a shift in the industry mindset as it relates to acquisition strategy. With data at our fi ngertips, organizations with private fl eets and for-hire carriers are instead focusing on economic obsolescence of each individual truck, meaning shorter asset lifecycles are proving more cost-effective toward an organization’s bottom line. A robust economy that’s forcing many organizations to reshape these acquisition strategies means there is a lot at stake in order to lower costs and remain ultra-competitive. What’s more, this allows organizations to position themselves with the proper resources available for business expansion potential through the greater use of available corporate funds. While all this economic activity has persisted, new tax reform and accounting standards have placed an even greater emphasis on the decision to lease versus purchase equipment.

As such, businesses will ramp up efforts to fulfi ll the requirements of the new accounting rules for their leased equipment. With the new lease accounting standard taking effect beginning in 2019, businesses with leases on the books will be focusing on compliance in earnest this year. In response, they will fi nd that equipment fi nance providers are developing strategies and products that are benefi cial to lessees under the new framework.

Financing options and services for equipment acquisitions will be more innovative and customer driven, and a changing business landscape and disruptive technologies will drive equipment fi nance companies to meet their customers’ unique demands. The industry should also expect to see more tailored fi nancial solutions to help companies innovate and solve business challenges.

Assets that are inert or have a long life are assets that companies should prioritize for purchase. However, companies that rely on sophisticated assets like trucks with high repair costs or energy consumption should be mindful of the risk of economic obsolescence, such as a food service company with a private fl eet that typically has low net margins. Being able to optimize asset management and capture savings throughout their supply chain is not only essential to their business model but helps them gain a competitive advantage.

We encourage companies and their fi nancial executives to become familiar with the new lease accounting rules and provisions of the new tax laws. Many of these issues are fairly complex and it is important for fi nancial executives to analyze and understand how these changes may impact their balance sheet, fi nancial plan, and tax strategy, and then adjust accordingly to help improve their fi nancial performance. Regardless of whether companies buy or lease, they will enjoy lower tax rates which should help expand their business and have an overall positive impact on the economy.



ABOUT FLEET ADVANTAGE

ABOUT THE AUTHOR

BRIAN HOLLAND, CPA, CTP, CGMA PRESIDENT AND CHIEF FINANCIAL OFFICER

Brian Holland is a market-focused business and fi nancial leader with more than 20 years of experience driving revenue, profi t, process, and performance improvements in start-up and accelerated-growth environments. At Fleet Advantage, Brian is responsible for all fi nancial affairs as well as building the infrastructure necessary to support the company’s aggressive growth. He has been a catalyst in initiating strategies and executing tactical plans that create new business opportunities and deliver sales growth. He also oversees lease syndications and maintains banking relationships and program funding agreements with many of the top banks in the U.S.

Prior to joining Fleet Advantage, Brian served as Vice President of Operations and Chief Financial Offi cer for Toshiba Business Solutions Florida/Georgia, where he oversaw the fi nancial, operations, and administrative functions for Toshiba’s largest subsidiary and its eight locations in the Southeast U.S. His background also includes roles as CFO, Vice President of Operations, President, and CEO with fi nancial services and technology-based companies, including Hospitality Solutions International and IKON Offi ce Solutions. Brian has specifi c expertise with high-growth and high-tech fi rms, as well as extensive experience in equipment leasing. A CPA and graduate of Georgia Southern University, Brian is also active in the community, volunteering his time and expertise to numerous nonprofi t organizations. Brian serves as a Board Member for the Equipment Leasing and Finance Association.

Fleet Advantage is a leasing, consulting, fi nance and asset management company focused on helping private fl eets and for-hire carriers leverage data to elevate their supply chain distribution operation from a support function to a competitive differentiator with quantifi able revenue enhancement strategies.

Stay up-to-date with trendsblog.fl eetadvantage.comwww.fl eetadvantage.com

Contact Fleet Advantageinfo.fl eetadvantage.com954-615-4400

APPENDIX1. “First reading on fi rst-quarter GDP up 2.3%, vs 2.0% growth expected”; CNBC; April 27, 2018 | https://www.

cnbc.com/2018/04/27/fi rst-reading-on-q1-2018-gdp.html2. “How Tax Changes Will Affect New Equipment Strategy & Procurement”; Equipment Finance Advisor; January

8, 2018 | http://www.equipmentfa.com/blogs/7559/how-tax-changes-will-affect-new-equipment-strategy-procurement

3. “Heavy-Duty Truck Orders Surge in 2017, Strong 2018 Forecast”; Trucks.com; January 10, 2018 | https://www.trucks.com/2018/01/10/truck-orders-surge-2017/

4. Heavy-Duty Truck Orders Soared 76% in February”; The Wall Street Journal; March 5, 2018 | https://www.wsj.com/articles/heavy-duty-truck-orders-soared-76-in-february-1520281882

5. “The Lease vs. Buy Decision in 2018 Under New Tax and Accounting Regulations; CFO; April 5, 2018 | http://aef.argyleforum.com/lease-vs-buy-decision-in-2018

IMPACT OF LATEST TAX AND ACCOUNTING CHANGES ON … · Organizations are now paying closer attention...

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