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  1. Impact of Government Policies on Trade: Governments of many countries enact policies that can have a major impact on international trade flows
    1. Explain how governments might give their local firms a competitive advantage in the international trade arena
    2. Why might different tax laws on corporate income across countries allow firms from some countries to have an competitive advantage in the international trade arena
    3. If a country imposes lower corporate income tax rates, does that provide an unfair advantage

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Trinidad Tremblay
Trinidad TremblayLv2
29 Sep 2019

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1. Define the terms capital structure, cost of capital, and working capital. Focus on how they are different from each other and impact both profitability and risk.

2. Determine Grounds Keeper’s capital structure and working capital.

3. If Grounds Keeper has a required rate of return on its long-term debt of 9% (before taxes) and a required rate of return on its common stock, a tax rate of 40%, what is its weighted average cost of capital (WACC) for 2012? How could Grounds Keeper lower its WACC? (HINT: you will need to look at the balance sheet to determine the weight of debt to equity.

4. What are the advantages to Grounds Keeper in using money market instruments as financing? How does this related to financing net working capital?

Grounds Keeper

Consolidated Balance Sheets

(Dollars in thousands)

2012

2011

Assets

Current assets:

Cash and cash equivalents

78,240

44,395

Receivables

399,891

340,062

Inventories

844,737

736,677

Total current assets

1,322,868

1,121,133

Fixed assets, net

1,244,384

889,613

Other long-term assets

1,048,537

1,187,141

Total assets

3,615,789

3,197,887

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

309,222

319,465

Accruals

201,017

145,240

Notes payable

9,748

6,669

Total current liabilities

519987

471374

Long-term debt

834574

814298

Total liabilities

1,354,561

1,285,672

Stockholders’ equity:

Common stock, $0.10 par value:

15,268

15,447

Additional paid-in capital

1,464,560

1,499,616

Retained earnings

781400

397152

Total stockholders’ equity

2,261,228

1,912,215

Total liabilities and stockholders’ equity

3,615,789

3,197,887

Grounds Keeper

Consolidated Statements of Operations

(Dollars in thousands except per share data)

2012

2011

Net sales

3,889,426

2,642,390

Cost of sales

2,589,799

1,746,274

Gross profit

1,299,627

896,116

Selling and operating expenses

481,493

348,696

General and administrative expenses

219,010

187,016

Operating income

599,124

360,404

Interest expense

22,983

57,657

Income before income taxes

576,141

302,747

Income tax expense

212,641

101,699

Net Income

363,500

201,048

Basic income per share:

Average shares outstanding

154,933,948

146,214,860

Earnings per common share

2.35

1.38

Below is the provided information/scenario.

Grounds Keeper is considering adding fair trade coffee to their line of products. Other larger coffee companies are now including it, at consumers’ insistence. At a recent strategic management meeting, the company’s officers identified the following points:

Fair trade coffee may attract new customers.

Fair trade coffee would allow Grounds Keeper to demonstrate its social responsibility.

Fair trade coffee would require more paperwork to meet certification and contract requirements.

The higher cost of Fair Trade Coffee would require a higher price or a reduced profit margin.

If coffee prices worldwide continue to increase, consumers may be reluctant to pay extra for Fair Trade Coffee.

Current suppliers of coffee to Grounds Keeper might be in competition with Fair Trade Coffee cooperatives.

One officer present asked the following question: Should we as a company have a good reason to try to influence actions in other parts of the world? Don’t we have governments to do that?

Fair Trade Coffee

What is fair trade certification?
Much like organic certification, fair trade certification lets you know about the origin of a product. Fair trade certified products come from all over the world, but share a common history. Farmers who grow fair trade products receive a fair price, and their communities and the environment benefit as well.

Fair trade certified coffee directly supports a better life for farming families in the developing world through fair prices, community development and environmental stewardship. Fair trade farmers market their own harvests through direct, long-term contracts with international buyers, learning how to manage their businesses and compete in the global marketplace. Receiving a fair price for their harvest allows these farmers to invest in their families' health care and education, reinvest in quality and protect the environment. This empowerment model lifts farming families from poverty through trade, not aid, creating a more equitable and sustainable model of international trade that benefits producers, consumers, industry and the Earth. The Fair for Life label is backed by IMO, one of the third-party certifiers of fair trade products for the U.S. market.

The Fair for Life label guarantees:

Fair price: Family farmers receive fair prices for their harvest, and premiums specifically earmarked for community development projects; even higher premiums are given for certified organic products. Farmer organizations are also eligible for pre-harvest credit.

Environmental sustainability: Harmful agrochemicals and GMOs are strictly prohibited in favor of environmentally sustainable farming methods that protect farmers' health and preserve valuable ecosystems for future generations. Fair trade farmers protect the land and wildlife habitat by intercropping plant species to improve soil fertility and protect against erosion. Stringent environmental management programs, including water conservation, proper waste disposal and prohibitions on planting in protected areas further encourage environmental stewardship.

Fair labor conditions: Workers on fair trade farms enjoy freedom of association, safe working conditions and fair wages. Forced child labor is strictly prohibited.

Direct trade: Importers purchase from fair trade producer groups as directly as possible, eliminating unnecessary middlemen and empowering farmers to develop the business capacity needed to compete in the global marketplace.

Democratic and transparent organizations: Fair trade farmers and farm workers decide how to invest fair trade revenues, and proof of a democratic process is required.

Community development: Fair trade farmers and workers invest fair trade premiums in social and business development projects like scholarship programs, healthcare services and quality improvement training.

Examples of community projects include:

Members of the COSURCA coffee cooperative in Colombia successfully prevented the cultivation of more than 1,600 acres of coca and poppy used to produce illicit drugs.

In the highlands of Guatemala, indigenous Tzutuhil Mayans in the La Voz cooperative are sending local kids to college for the first time.

Near Lake Titicaca, in Peru, the CECOVASA cooperative is assisting members from Quechua and Aymara indigenous groups in improving coffee quality and transitioning to certified organic production.

The CECOCAFEN cooperative in Nicaragua established a reproductive health program providing tests for the virus that causes cervical cancer.

What is IMO "Fair for Life" fair trade certification?
"Fair for Life" is a brand neutral third party certification program for social accountability and fair trade in agricultural, manufacturing and trading operations. The program complements existing fair trade certification systems. Social accountability and fair trade have become important indicators to select business partners in a global market place. The Fair for Life Social & FairTrade Certification Program offers operators of socially responsible projects a solution for objective inspection and certification by a highly qualified external verifier. It combines strict social and fair trade standards with adaptability to local conditions.

Why is fair trade certification needed today?
Throughout the global south, family farmers follow generations of tradition to cultivate food products we enjoy every day. Yet many family farmers in the developing world don't receive a fair price for their crops. These isolated rural communities lack direct market access, often selling their premium crops below the cost of production to local middlemen who misrepresent global prices. This cycle of debt forces many to abandon their land and years of agricultural heritage, destroying the social and cultural fabric of these communities. When farming communities in the developing world suffer, the whole world suffers - forced immigration, inferior-quality products and large-scale farming methods that often compromise the environment.

Who benefits from fair trade certification?

Producers: Beyond receiving a fair, stable price, fair trade also empowers producers to invest in their organizations, improve their communities and protect the environment.

Consumers: Fair trade certification enables consumers to "vote with their dollar" by providing an independent guarantee that products were produced and traded fairly. We all lead busy lives, and we want to do the right thing, but we're busy. What if we could make a positive impact just with the purchases we make every day? And not have to go out of our way to do this? That's the compelling proposition of fair trade.

The Earth: Fair trade certification requires and rewards environmentally sustainable farming practices that protect farmers' health and preserve valuable ecosystems for future generations, and provides the resources and technical assistance needed for organic certification.

TOPICS: Consumer Behavior, Taxation, Taxes SUMMARY: Taxes are an inevitable part of doing business. What's taxed, how it's taxed and rates affect many different kinds of companies. One issue for digital companies is the increasing push for state and local government who want to tax digital business. Sales tax in the past was applied to tangible goods, but many digital products replaced them. Examples include streaming music replacing CDs, streaming video services replacing DVDs and video games online replacing physical copies of gaming software. This significantly affects state sales tax revenue which nationally dropped from an inflation adjusted growth of 1.5% from 2004 to 2014 from 3.1% in the previous decade. Some states tax some of these items while others are considering legislation to do so. Companies are pushing back saying they provide a service not a product that someone buys with permanent ownership. For consumers, taxes would increase the price of these services. Given consumer preferences for digital instead of tangible goods, it's uncertain whether increasing taxes would reduce demand. CLASSROOM APPLICATION: Companies that provide streaming services face possible changes as state and local governments consider taxing streaming video subscriptions and cloud computing. State and local governments would like to make up revenue they lost now that consumers no longer buy as many tangible goods including CDs, DVDs and video games. Sales of these items are increasingly online or with a streaming service. The shrinking tax base caused by e-commerce initially occurred when individuals bought tangible goods from out-of-state companies. Now there is the additional threat to the tax base caused by shifting consumer behavior from tangibles to streaming services. Companies recognize they need to counter legislation. For example, Netflix fought a proposed Idaho law attempting to tax certain digital items. Companies should always be aware of the political environment that affects their business and customers. As for state and local governments, the issues they face with sales tax reflect how government too is affected by changes in technology and shifts in consumer behavior. QUESTIONS: 1. How would a tax on streaming content and cloud computing affect you financially? 2. What is meant by the term "tangible goods” within the context of music, movies, books and games? 3. Discuss what has been happening to state and local tax bases over time. 4. If one city, like Chicago, or a state like Illinois taxes digital services, how might that affect the overall business climate and economy. 5. Why might demand for streaming services continue even if new taxes raised prices?

States Eye Taxes on Streaming Entertainment and Cloud Computing

Decline in DVD and CD sales has taken a bite out of revenue in recent years

State tax officials are trying to catch up with fans of “Orange Is the New Black” and One Direction.

With sales of DVDs, videogames and traditional packaged software slumping for years, more state and local governments are eyeing technologies, such as streaming video subscriptions and cloud computing, to help make up for hundreds of millions of dollars or more in lost revenue.

Applying age-old sales taxes to the era of new media hasn’t been simple. States have long taxed tangible goods, but the broad array of new digital products often don’t fit the category. Some states are trying to use existing laws, while others are taking on the politically thorny task of rewriting tax rules.

The result is a patchwork of tax policies—and some new laws—for fast-growing slices of consumer and business sales. While taxes on digital entertainment and software represent only a sliver of the $271 billion that states collected in sales taxes last year, the issue highlights the challenge states and localities face as technologies rapidly shift.

“What’s so hard about digital goods is they move so fast there’s not the time for states to grasp them and figure out what to do,” said Diane Yetter, president of Yetter, a Chicago-based sales-tax consultancy.

Last month, Tennessee extended its 7% sales tax to software and digital games that are accessed remotely. Meanwhile, Chicago is one of the first cities to wade into taxing digital goods, requiring in the coming months local taxes on cloud computing and streaming entertainment.

But Alabama lawmakers recently shelved its own “ Netflix tax” after months of study, and Vermont ended an effort to levy taxes on cloud computing after finding the technology was more akin to a service than a tangible good.

The Netflix website is displayed on laptop computers in this arranged photograph in Washington, D.C., last year. Photo: Andrew Harrer/Bloomberg News

States and cities have struggled for decades with shrinking tax bases, often driven by the decades-long decline of manufacturing, but also the more recent rise in e-commerce, which is hard to police when individuals buy goods from out-of-state companies. Nationally, the average, inflation-adjusted growth rate for state sales-tax revenue was 1.5% between 2004 and 2014, down from 3.1% a decade earlier, according to Nelson A. Rockefeller Institute of Government at the State University of New York.

“There’s a concern when you have something that the state as a policy matter has clearly chosen to tax, but it starts not being taxed because of changes in technology,” said David Gerregano, deputy revenue commissioner of Tennessee, which expects to collect $11.3 million in the first year following its tax changes, providing some additional revenue for the state’s multibillion-dollar budget.

States still don’t have a handle on how much revenue they have lost from the decline of physical media, because they typically don’t track tax collections for specific items.

Annual U.S. spending on sales and rentals of DVD and Blu-ray discs have fallen to slightly more than $10 billion from a peak of $20.2 billion less than a decade ago, according to data from Digital Entertainment Group, a trade association. Sales of CDs have seen an even sharper decline, with data from the Recording Industry Association of America showing record-company shipments fell to $1.9 billion last year from $13.2 billion in 2000. Sales of videogames also have fallen steeply in recent years.

States have likely lost hundreds of millions of dollars a year in tax revenue from those three items, perhaps more than $1 billion. Not all states assess sales tax, and in the 45 states that do, rates range from less than 3% to more than 7%, when local taxes aren’t included.

As CD and DVD sales have fallen, first downloads and then streaming subscriptions have notched rapid growth. Netflix Inc., for instance, drew in $2.01 billion in sales in this year’s first half from its U.S. streaming video business. The company says its offerings are currently taxable in roughly half of U.S. states and certain municipalities.

Another fast-growing area that could bolster state coffers is cloud computing, an amorphous term that includes renting online computing storage and using remote Internet-connected servers for number crunching. Gartner Inc. projects the cloud-computing market in the U.S. will reach $115 billion next year, which includes business processing, infrastructure and security.

Idaho has moved cautiously on taxing cloud computing and streaming video. Two years ago, the state decided to exempt most cloud-based software from sales taxes, viewing it as a service. The following year, it exempted downloadable software, while taxing digital music, video, books and games, according to the state tax commission.

Netflix, which determined it had to collect sales taxes on subscriptions under the Idaho law, fought the law at the capitol in Boise. “Netflix unquestionably provides a service, not the sale or rental of digital products,” the company said in comments to the Idaho State Tax Commission.

Earlier this year, Idaho legislators passed a new law specifying that unless the consumer got a permanent right to the content, it wasn’t taxable, which exempts streaming services from the sales tax.

Meanwhile, Chicago is facing pushback from businesses for its effort to drum up about $12 million a year in taxes from various digital offerings. For now, the city has extended the period for businesses to come into compliance on cloud computing to the start of next year, and new exemptions are under discussion.

Asked about Chicago’s move, a Netflix spokeswoman said the company has “no broader policy beyond reviewing situations on a case-by-case basis.”

Many Fedwatchers are convinced the central bank is just hours away from announcing the first increase to its benchmark federal-funds rate in nearly a decade. If that happens, there will be repercussions for stocks and bonds, on Main Street and Wall Street, and for economies in all corners of the world. For some, the impact could be felt right away, and for others, the shakeout may be felt more acutely over time, especially if the Fed follows the first rate hike with sustained tightening.

Here’s a roundup from Journal staffers about who wins and who loses when rates rise.

Banks. Banks have been yearning for the Federal Reserve to start raising rates for years to stem the decline in their net interest margin, an important measure of banks’ profitability. The interest rates banks charge on many loans are directly tied to the Fed’s target rate, meaning they immediately earn more interest on those items, while deposit rates move more gradually. Goldman Sachs Group Inc. analysts recommends owning the stocks of banks whose depositors are likely to stick around: Bank of America Corp., J.P. Morgan Chase & Co., Wells Fargo & Co., PNC Financial Services Group, Inc. and E*Trade Financial Corp. –Peter Rudegeair

Corporate bonds. Corporate bonds could take a hit if the Fed raises rates, but should outperform benchmark U.S. Treasury debt, analysts say. Part of the reason is bond math: When rates rise, prices fall. But corporate bonds carry higher interest rates than Treasurys, to compensate investors for the added risk of default, so these bonds have more cushion to absorb a rate increase. After a major selloff in the market for higher-yielding junk debt in recent weeks, some analysts now expect that junk bonds–excluding the hardest hit energy and commodity sectors–will perform better than investment-grade debt should the Fed make a move. “As long as we’re selective about credits, [high-yield bonds] probably offers us a better opportunity in a rising-rate environment,” said Priscilla Hancock, global fixed income strategist at J.P. Morgan Asset Management. “When the Fed raises rates, it’s supposed to suggest the economy is strengthening.” –Mike Cherney

Dollar. Most investors and analysts say the dollar’s nearing the end of its bull run, even if the Federal Reserve raises rates Wednesday or early in 2016. The greenback’s risen ahead of past tightening cycles, and then sold off before interest rates reached their apex. “The European Central Bank probably has to step up and ease policy again in 2016, and the Fed will likely have more than one interest-rate move next year; add those up and yield spreads still are generally moving in the dollar’s favor,” said Westpac Bank’s Richard Franulovich. “The dollar’s rally is hitting its mature phase, but it’s definitely got further to run.” The dollar has already strengthened 24% against other currencies since June 2014. Many investors predict that uneven U.S. growth or volatile global markets would discourage the Fed from raising rates as rapidly as in previous tightening cycles, limiting further upside. –James Ramage

Emerging markets. A rise in U.S. interest rates could provide a litmus test for many emerging economies and show how prepared they are to withstand the potential capital outflows triggered by higher U.S. yields and a stronger dollar. Retaining foreign capital has already been challenging for emerging countries, many of which are struggling with slowing growth and substantial debt. So far, emerging-market currencies have absorbed most of the pains, losing 18% against the dollar this year through last week. Stocks, which are priced in local currencies, were down 17%, but dollar-denominated EM bonds have fared better, still managing to hold on to single-digit gains this year. “Given how much EM currencies have already fallen this year, we don’t expect much turmoil in the near term,” if the Fed begins to tighten as expected, said Jorge Mariscal, chief investment officer of emerging markets at UBS Wealth Management, which oversees $1.9 trillion in invested assets. “What matters is the path of the interest rates in the U.S. going forward.” UBS expects four more rate increases next year, which will be problematic for a number of vulnerable emerging countries, including Brazil, Turkey, South Africa and Indonesia. –Carolyn Cui

Euro. Expectations for higher U.S. interest rates and easier monetary policy in the eurozone drove the euro down 22% against the dollar since May 2014. In theory, a Fed rate increase should push the euro even lower. But the common currency’s future has been complicated by investors’ penchant for using euros to fund trades for higher-yielding assets. Thus, the euro stands to gain whenever investors grow risk-averse and trim or exit those bets. In addition, euro-bears have proven particularly sensitive to central-bank expectations. The euro isn’t likely to reach parity with the dollar anytime soon, says Mizuho Bank’s Sireen Harajli. “Fundamentals would call for a weaker euro,” she says. “But unless the ECB asks for more stimulus, it would be difficult for the euro to weaken significantly from here.” However, few investors foresee a substantial euro rally in the coming weeks, either. –James Ramage

Gold. Prices slumped to five-year lows in recent weeks as expectations of higher rates from the Fed hit fever-pitch. Bets that benefit if gold prices fall outpaced wagers that gold will rally by a record margin of 17,949 contracts on Dec. 1, according to CFTC data. Tighter monetary policy is likely to make it harder for gold, which doesn’t pay interest, to compete with yield-bearing assets like Treasury bonds. However, some market watchers say the policy shift is already reflected in low gold prices, and the market could pop higher if the Fed reiterates that subsequent rate increases will be spread out. –Tatyana Shumsky

High-quality stocks. Stocks with healthy balance sheets, high returns on capital, muted volatility, elevated margins and track records of stable sales and earnings growth stand to benefit when rates are rising. Per data compiled by Goldman Sachs Group Inc., these names have a history of outperforming their lesser-quality counterparts in the three months following an initial rate rise. Companies with strong balance sheets, for instance, typically outperform those with weak ones by an average 5% three months after liftoff, according to Goldman. –Kristen Scholer

Housing market. Higher short-term interest rates won’t wreck housing, and in the near-term might have hardly any impact at all. For one, the rate of mortgages, as with those of other long-term loans, have only an indirect relationship with short-term rates and are influenced more heavily by factors such as inflation expectations and economic growth. The rate on a 30-year fixed-rate mortgage–which last week was at 3.95% according to Freddie Mac–almost surely is already pricing in expectations of a Fed move on Wednesday. That said, over the next year, some economists expect mortgage rates to rise about half a percentage point. All else being equal, that would hurt home prices as borrowers would need to buy a cheaper house to keep the same monthly payment. A recent poll of home buyers by real-estate broker Redfin Corp. said that higher mortgage rates would have the biggest impact on the lower-end of the housing market. –Joe Light

Life insurers. Few companies are rooting for a sustained rise in interest rates as loudly as U.S. insurers are, and life insurers are leading the cheers. Most insurers earn substantial income from investing premiums, and they typically favor high-quality bonds, whose yields have plummeted in recent years amid the sustained low interest-rate environment. Life insurers depend more heavily on investment income than do car, home and some sorts of business insurers. That’s because life insurers can collect premiums for decades before paying out a claim, and rely on that investment income to make a policy profitable. For many older policies on life insurers’ books, the companies expected to earn far-higher yields than newly invested cash fetches today. MetLife Inc. Chief Executive Steve Kandarian argues that life-insurance buyers will benefit too, as low rates make the cost of the coverage “much more expensive than it needs to be.” Low rates also raise the cost of running risk-management programs. Such hedging programs are important for those life insurers selling certain types of income-stream guarantees. –Leslie Scism

Money-market funds. The Fed’s 0.25% interest-rate increase will begin showing up in the yields of money-market mutual funds within days, welcome news for investors. Funds for individual investors that invest in both corporate and government debt currently yield just 0.01% on average, according to researcher iMoneyNet Inc. The higher rates should be fully reflected in just over a month, but investors in some money funds may not see the full increase, says Peter Crane, president of Crane Data LLC. Fund managers have temporarily trimmed fees to keep expenses from eating up the funds’ paltry yields and taking a bite out of investors’ principal. As interest rates rise, some part of the increase is likely to go toward increasing funds’ fee charges, Mr. Crane says. Across the industry, “my wild guess is that half of the first rate hike might flow through to investors, but it could be more,” he says. –Daisy Maxey

Oil. The latest plunge in oil prices has pummeled the stock and bond prices of some U.S. energy producers and raised fears of a spate of defaults across the sector. Increased interest rates could hurt producers that are already struggling to pay debts amid sharply lower cash flow. That could be positive for oil prices in the long run, if U.S. producers are forced out of business and domestic production declines as a result, reducing the global glut of crude. But in the near-term, the most direct effect on oil prices would probably come from the dollar. If the dollar still has room to run in the wake of a rate hike, the rising dollar could weigh on oil prices by making dollar-traded oil more expensive for buyers using foreign currencies. –Nicole Friedman

Rate-sensitive stocks. Companies considered rate-sensitive are those that have high dividend yields. Consumer staples, telecoms and utilities fall into this category, as all three sectors yield more than the S&P 500. They have been attractive investments amid the low-yield environment the past several years. But, as rates rise, bonds are poised to become more attractive than their current state, which could steal some of the thunder away from high-dividend yielding shares. –Kristen Scholer

Stocks with a large portion of floating-rate debt. Firms that have a decent amount of variable debt–where interest payments adjust as market rates rise or fall–stand to take a hit. As rates rise, so too will the cost of floating-rate debt. “When the tightening cycle finally starts, the immediate impact will be felt by firms with high proportions of variable rate borrowing,” wrote Goldman. Among the 10 S&P 500 sectors, financials and industrials have the greatest portion of floating-rate debt with it accounting for 16% and 10%, respectively, of all debt for those sectors. –Kristen Scholer

Treasurys. The Fed’s policy has a more direct impact on short-term government debt whose yields are highly sensitive to changes in the fed-fund rate. The yield on the two-year note recently traded near 1%, headed for the highest closing since May 2010. Many investors expect the yield to rise if the Fed raises interest rates on Wednesday. But some argue the yield has nearly doubled in the past two months and if the Fed signals that further tightening will happen at a very slow pace, some may book profit from their short bets on the two-year notes.

The Fed’s impact on long-term bonds is more subdued. The value of those bonds are influenced by a broad basket of factors, including the global growth and inflation outlook. A rate increase by the Fed may drive some investors to sell long-term bonds. But given concerns about the global economic outlook, there likely plenty of investors who could seek safety in long-term Treasury debt, especially with many focusing on the recent stress from the junk debt market. Any signal of a slow tightening path would keep a lid on long-term bond yields.

One way an interest-rate increase could weigh on the U.S. government debt market is by making newly-minted bonds more attractive to buy, thus dragging down the value of outstanding bonds. –Min Zeng

In the discussion of "housing market," if we keep the same monthly payment (note: these are future cash outflows), will mortgage borrowers be able to buy a cheaper or more expansive house with the rate hike (note: the mortgage loan the borrower takes out to buy the house is the present value)? Explain briefly please.

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